June, 2016

• 12 June

  Teine Energy to buy Penn West oil assets for $763mn

  

    Bloomberg Teine Energy Ltd., the energy company backed by Canada Pension Plan Investment Board, has agreed to buy oil-producing properties from Penn West Petroleum Ltd. for C$975 million ($763 million) in cash. The deal involves all of Penn West’s properties in the Canadian province of Saskatchewan, including its Dodsland Viking light-oil assets in the east and the medium and ...

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• 12 June

  Brazil’s fiscal accounts were a nasty surprise to Temer’s team

  

    Bloomberg Brazil’s fiscal accounts were in worse shape than initially thought after the suspension of Dilma Rousseff, underscoring the challenge facing the country’s new economic team, acting President Michel Temer said. “It was surprising, in a negative way, what we encountered,” Temer told the Folha de S. Paulo newspaper in an interview on its website. “The fiscal accounts were ...

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• 12 June

  Wal-Mart Canada to stop accepting Visa cards

  

    Bloomberg Wal-Mart Canada, a unit of Wal-Mart Stores Inc., said it will no longer accept Visa credit cards because the fees applied to purchases are too high. “To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees,” ...

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• 12 June

  Uruguay to export energy to Argentina

  Bloomberg Ventus Ingenieria SRL, a Uruguayan wind-farm developer, is close to receiving a permit to export electricity to Argentina amid an excess of power generation in its home market. Uruguay’s government is considering a temporary permit to accelerate the deal while the government works through the standard regulatory procedures, according to Francis Raquet, a director at Ventus. The Montevideo-based company ...

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• 12 June

  India to revamp civil aviation rules

  

    New Delhi / Tribune News Service The Indian government has proposed a slew of amendments to the civil aviation rules, including reducing cancellation charges, increasing compensation if a passenger is prevented from boarding, and streamlining the process of refunds. The proposed amendments, which have been discussed with airlines, were uploaded on the website of the Directorate General of Civil ...

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• 12 June

  Air France says 80% of flights maintained

  

    Paris / Bloomberg Air France, hobbled by a strike involving more than a quarter of its pilots, said about 80 percent of its flights would operate on Saturday and Sunday. Air France-KLM Group’s French arm will maintain more than 80 percent of scheduled long-haul flights and about 70 percent of European services on Sunday, it said in a statement, ...

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• 12 June

  Harps Food buys three former Wal-Mart stores

  

    New York / Tribune News Service Anne Hatfield, a spokeswoman for Wal-Mart, didn’t immediately respond to a Globe phone call and email messages. The Express stores that were closed were much smaller than what Wal-Mart calls a supercenter. The Express stores were 12,000-15,000 square feet compared with 180,000 square feet sported by the big stores. Noel Mayor John Lafley ...

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• 12 June

  Pioneering solar pilots ‘make sci-fi a reality’

  

    New York / AFP The Swiss pilot readying to cross the Atlantic in a solar-powered plane on the next leg of a record-breaking, round-the-world mission says he is making science fiction reality. Bertrand Piccard, a psychiatrist and balloonist, will next command Solar Impulse 2 when meteorologists determine the best five-to-six day window for the ocean crossing from New York ...

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• 12 June

  Amazon to discuss music service with labels

  

    Washington / Bloomberg Amazon.com Inc. is discussing plans for a stand-alone music service, separate from its Prime subscription, with record labels, according to a person familiar with the matter. The technology giant hasn’t reached any deals yet, said the person, who asked not to be identified discussing private information. The $9.99-a-month service may be introduced in the coming months, ...

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• 12 June

  Bahrain braces to become textile hub

  

    Tribune News Service Bahrain is going to be the hub of a new $200 million textile business spread across the Middle East and North Africa (Mena) region. MRS Fashions, which has been putting Bahrain on the global fashion map for the past 16 years through its manufacturing unit in the kingdom, is now setting up its new regional head ...

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