July, 2016

• 13 July

  Pound reaps rewards as May’s succession calms political storm

  

    Bloomberg After weeks of political turmoil, a semblance of stability is returning to U.K. politics, and the pound is feeling the benefit. Sterling is headed for its longest winning streak in two months before Theresa May took over as prime minister on Wednesday, ending a period of political instability that has lasted since the U.K. voted to leave the ...

  Read More »
• 13 July

  Consumers take back seat in $19bn Romanian GDP revamp proposal

  

    Bloomberg Romanian consumers, the driving force behind one of Europe’s fastest-growing economies, must step aside under a new growth plan that will funnel €17bn into manufacturing and production, according to Deputy Prime Minister Costin Borc. The strategy — drawn up with the central bank and President Klaus Iohannis — runs to 2020 and envisages gross domestic product jumping by ...

  Read More »
• 13 July

  Eurozone industrial output slides in May

  AFP Eurozone industrial production fell back 1.2 percent month on month in May, reversing a revised 1.4 percent rise for April, Eurostat data showed on Wednesday, raising concerns of sluggish growth. Explaining the fall, the European statistics body cited production of energy falling by 4.3 percent, capital goods by 2.3 percent and durable consumer goods by 1.4 percent. A Capital ...

  Read More »
• 13 July

  Draghi’s bazooka elevating stress levels as insurers face test

  

    Bloomberg European insurers, whose profits are being eroded by Mario Draghi’s quantitative easing program, face a stress test headache that risks requiring them to set aside more capital, further hurting their ability to make money. The timing of the regulator’s “stress test couldn’t be worse as the results will be rather negative,” said Lutz Roehmeyer, who helps oversee about ...

  Read More »
• 13 July

  Oil retreats after industry data shows US stockpiles expanding

  

    Bloomberg Oil fell from the biggest gain in three months after U.S. industry data showed the nation’s crude stockpiles increased, adding to concerns about oversupply. Futures lost as much as 1.5 percent in New York. Inventories rose 2.2 million barrels last week, the American Petroleum Institute was said to report. Government data Wednesday is forecast to show a decline. ...

  Read More »
• 13 July

  Corn rises as US demand gets a boost from Brazil’s woes

  

    Bloomberg Corn futures jumped after the latest U.S. government forecast for domestic inventories was less than expected, indicating that lower production in Brazil is boosting demand on the international grain market for American exports. U.S. stockpiles will be 2.081 billion bushels as of Aug. 31, 2017, the end of the marketing year, U.S. Department of Agriculture data showed Tuesday. ...

  Read More »
• 13 July

  Hyperloop’s co-founder sues firm, claims mismanagement of funds

  

    Bloomberg Hyperloop Technologies Inc., a startup trying to develop Elon Musk’s idea to use levitation for high-speed transportation, was sued by a co-founder over claims that the company’s financiers are killing it through their own greed. Shervin Pishevar, the Silicon Valley venture capitalist who helped form Hyperloop in 2014, was accused in the lawsuit by fellow co-founder Brogan BamBrogan ...

  Read More »
• 13 July

  Lightstream pitches recapitalization to cut debt by $904 million

    Bloomberg Lightstream Resources Ltd., a Canadian energy company struggling to repay creditors, is proposing a debt-for-equity swap that would see its top-ranked bondholders take majority ownership. The oil producer, facing a July 15 deadline to make an interest payment, has an agreement regarding the proposal with a committee representing 91.5 percent of the second-lien secured notes, the company said ...

  Read More »
• 13 July

  Peru sol’s top forecaster raises estimate on US rate

  

    Bloomberg The best forecaster for the Peruvian sol is raising his estimate for the currency as expectations fade that the U.S. Federal Reserve will raise interest rates this year. Lee Hardman, a currency analyst at Bank of Tokyo – Mitsubishi UFG, the best forecaster of the sol in the second quarter, expects it to weaken to 3.4 per dollar ...

  Read More »
• 13 July

  Barrick to restart Pascua-Lama project

  

    Bloomberg Barrick Gold Corp., the biggest gold miner, is looking into ways to restart its stalled Pascua-Lama project on the Chile-Argentina border, including a staged development. Possible changes to the decade-old mine plan include a smaller open pit, an underground mine on either side of the border or starting with one line in the mill to generate cash for ...

  Read More »