July, 2016

• 13 July

  ‘Oil to trade as high as $60 until at least 2018’

  

    Bloomberg Crude oil will rise to a range of $50 to $60 a barrel until at least 2018 as demand increases and markets absorb an oversupply that’s led to lower prices over the last two years, according to the acting oil minister of OPEC member Kuwait. OPEC should stick with its policy of pumping at near record levels as ...

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• 13 July

  Libya govt set to reopen oil ports

  

    Bloomberg Libya’s government of national unity is working to reopen four of the OPEC country’s biggest oil ports after securing a deal to unify the fractured nation’s state energy company. Four ports accounting for about 860,000 barrels a day in crude-exporting capacity have been shut due to political turmoil and fighting. A July 2 deal to unify rival administrations ...

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• 13 July

  Kuwait plans to sell stakes in four oil units

  

    Bloomberg Kuwait is taking steps to sell minority stakes in as many as four units of the state oil producer as the Middle Eastern government plans to tap global capital markets for funds and improve efficiency in its most important industry. The government has a four-year plan to organize and execute sales of shares in the international units and ...

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• 13 July

  Saudi Arabia reform drive confronts jobs challenge

  

    Riyadh / AFP Their heads bowed, young Saudi men concentrate on exam papers in a workshop filled with industrial machines that will help them earn a living. The students at the Higher Institute for Plastics Fabrication (HIPF) learn to manufacture plastic bags, pipes, bottles and other products, skills they immediately put to work in what the government says is a ...

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• 13 July

  RBI braces for Basel battle as state struggles with debt pile

  

    Bloomberg The Reserve Bank of India is bracing for a fight on proposed changes to the global regulatory framework that would hit the country’s lenders with higher capital charges for the mountain of government debt on their books. Tighter rules would bite India’s banks, already struggling with surging bad loans and higher provisions. With nearly 30 percent of their ...

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• 13 July

  Oil companies shares gain as kerosene price rises

  

    Bloomberg Indian oil producers Oil and Natural Gas Corp and Oil India Ltd gained as the government was said to have allowed refiners to raise the price of kerosene each month for 10 months, reducing the burden of subsidies. ONGC rose as much as 6 percent to 241.55 rupees, the highest on an intraday basis in six months, and ...

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• 13 July

  Abe advisers urge coordinated stimulus

  

    Bloomberg Japan cut its forecasts for growth and inflation as two key advisers to Prime Minister Shinzo Abe urged coordinated stimulus from the government and the central bank to support the ailing economy. Current thinking in the government is for a fiscal package of about 10 trillion yen ($96 billion), according to people familiar with the discussions. Koichi Hamada ...

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• 13 July

  Offshore Yuan pares gains as trade data signals demand slowdown

  

    Bloomberg The offshore yuan pared gains as a slide in imports prompted speculation that China’s central bank will ease monetary policy to boost consumer demand. A third monthly decline in exports also damped sentiment, showing the limitations of China’s strategy of boosting shipments by weakening the yuan against the exchange rates of its trade partners. The yuan earlier surged ...

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• 13 July

  Tokyo Disneyland to witness visitors boost by 2020

  

    Bloomberg  The operator of Tokyo Disneyland expects overseas visitors to more than double by 2020 to around 4 million as Walt Disney Co’s first resort outside the US rides on publicity generated by Shanghai’s new theme park and a government plan to draw more tourists to Japan. Oriental Land Co which is licensed to operate the Tokyo resort consisting ...

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• 13 July

  Spanish banks surge as fears ebb over EU mortgage ruling

  

    Bloomberg Spanish banks such as Banco Popular Espanol SA surged after an aide to the European Union’s top court said they may avoid having to refund billions of euros to customers who paid too much interest on home loans before a 2013 ruling on so-called mortgage floors. Spain is entitled to apply the time limit due to the “macroeconomic ...

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