June, 2016

• 7 June

  China’s doorway to the West

  

    Bloomberg Growing up in a fishing village along the Yangtze River in Chongqing, PengJianhu used to clamber down to the water from his home perched on wooden stilts and nestled into the riverbank’s steep cliffs. For Peng, the nation’s largest river system is an economic wellspring, linking his home to bustling coastal markets some 1,400 km (870 miles) to ...

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• 7 June

  Brexit no issue for UK stocks with traders doubting polls

  

    Bloomberg U.K. stocks are posting their best performance in eight years, even as polls are increasingly pointing to a potential exit from the European Union. The weakening of the pound and a surge in miners have helped the FTSE All-Share Index erase its annual loss, making it outrun the Stoxx Europe 600 Index by the most since 2008. British ...

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• 7 June

  German industry output recovers in April on investment surge

  

    Bloomberg German industrial production rebounded in April in a sign that Europe’s largest economy is benefiting from a pick-up in investment. Output, adjusted for seasonal swings, rose 0.8 percent from March, when it dropped a revised 1.1 percent, data from the Economy Ministry in Berlin showed on Tuesday. In Spain, industrial production was unchanged in April from the previous ...

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• 7 June

  Shell deepens spending cuts, vows higher savings from BG

  

    Bloomberg Royal Dutch Shell Plc cut spending plans further and promised increased savings following its record purchase of BG Group Plc as it continues to adjust to the slump in oil prices. Europe’s biggest energy company will spend $29 billion this year, it said on Tuesday. That compares with a May forecast for capital expenditure “trending toward” $30 billion, ...

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• 7 June

  Michelin to speed up savings plan to match rivals’ profitability

  

    Bloomberg Michelin & Cie. plans to accelerate cost savings through 2020 in a bid to match rival tyre manufacturers’ profitability, Chief Financial Officer Marc Henry said. Michelin is targeting spending reductions of €1.2 billion ($1.36 billion) from 2017 through 2020 with job cuts, shifting production outside of Europe, reducing the amount of raw materials used per tyre and introducing ...

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• 7 June

  Brexit opposed by Japan Inc. as $59 billion rides on ballot

  

    Bloomberg Japan Inc. has $59 billion at stake on the June 23 referendum in the U.K., when Britons vote to either leave or stay in the European Union. That’s the amount Japanese companies have invested in the U.K., which benefits more from the Asian nation than any other country outside Europe apart from the U.S., according to figures compiled ...

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• 7 June

  Saudi to cut public sector wage bill in post-oil plan

  

  Bloomberg   Saudi Arabia plans to cut the public-sector wage bill as well as subsidies by 2020, scaling back the state largess that helped ensure political loyalty in the largest Arab economy. The reductions are a pillar of the National Transformation Program the Saudi cabinet approved on Monday. A major component of the Vision 2030 plan unveiled by Deputy Crown ...

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• 7 June

  Riyadh renewable goals favour gas

    Bloomberg Saudi Arabia is scaling back renewable power targets as the world’s biggest oil exporter plans to use more natural gas, backing away from goals set when crude prices were triple their current level, according to Energy Minister Khalid Al-Falih. The kingdom aims to have power generation from renewable resources like the sun make up 10 percent of the ...

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• 7 June

  Lenders told to stop lowballing

    Bloomberg Saudi Arabia is cracking down on banks that are lowballing interest rate submissions, people with knowledge of the matter said. The Saudi Arabia Monetary Agency has written to banks instructing them not to submit levels to the Saudi Interbank Offered Rate that are below what they’re actually willing to lend at, four people said, asking not to be ...

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• 7 June

  GE buys stake in Sonnen to boost solar storage

  

    California / Bloomberg GE Ventures bought a stake in Germany’s Sonnen GmbH to boost its presence in the fast-growing market for battery systems built to store solar power. GE’s unit is paying a “mid double-digit million-euro” sum for a minority stake in the company, according to a statement by Wildpoldsried, Bavaria-based Sonnen. The company said other investors are considering ...

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