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Bloomberg Alberta is working to encourage construction of a C$2 billion ($1.5 billion) partial-upgrading facility that would turn more of the province’s sludgy bitumen into higher-value products. The facility, designed by Calgary-based Value Creation Inc, would be located near Edmonton and process 77,500 barrels of diluted bitumen a day into products like medium synthetic crude and ultra-low sulfur diesel. The ...

Bloomberg Pipeline giant Kinder Morgan Inc is weighing a sale of the largest transporter of carbon dioxide in North America, which could fetch more than $5 billion, according to people familiar with the matter. Its shares rose on the news. The Houston-based company is working with advisers to seek buyers for its CO2 business, said the people, who asked to ...

Bloomberg One of the largest investors in Gulfport Energy Corp. is urging changes at the natural gas and oil company, saying its board lacks the experience needed to correct its lagging performance. Firefly Value Partners, which said it and its affiliates own 8.1 percent of Gulfport, also wants the company to implement a $500 million share buyback program, according to ...

Bloomberg China will join a group including the US and the European Union in negotiating new rules to cover the $25 trillion e-commerce market. The EU and 47 other members of the World Trade Organization (WTO) launched the discussions, according to a statement. If successful, a digital trade accord hashed out through the Geneva-based trade body would establish a baseline ...

Bloomberg Key iPhone assembler Hon Hai Precision Industry Co, also known as Foxconn Technology Group, is increasing its presence in Vietnam and India amid the growing trade spat between the US and China. In a series of filings, the company said it had injected up to $213.5 million into an Indian unit between September and January for “long-term investment,” and ...

Bloomberg China’s foreign minister urged countries not to use “fabricated” excuses to block Huawei Technologies Co, as Vodafone Group Plc joined a list of companies that are shunning the telecommunications equipment supplier. “Using national power to tarnish and take measures against a certain company, without any evidence, is both unfair and immoral,” Foreign Minister Wang Yi told reporters as he ...

Bloomberg Beleaguered Infrastructure Leasing and Financial Services may appoint an auditor to look into the financial statements of the company and its subsidiaries dating back five years, the Economic Times reported, citing people with direct knowledge of the matter. The newly appointed company would also scrutinise the role of IL&FS’ previous auditors, EY, Deloitte, and KPMG. The report would have ...

Bloomberg Malaysia will terminate a $20 billion rail project with contractor China Communications Construction Co, Economic Affairs Minister Mohamed Azmin Ali said. The Cabinet decided the East Coast Rail Link project was “beyond the government’s financial capability,” he said. Malaysia Finance Minister Lim Guan Eng wouldn’t corroborate Azmin’s comments, saying an official announcement would be issued if necessary by next ...

Bloomberg As China goes, so goes Starbucks. The chain, which helped introduce Americans to European coffee culture, is under pressure from Wall Street to do the same in China. It’s opening stores at a rate of nearly 600 a year, but an economic slowdown there, exacerbated by the trade war with the US, have curbed its previously breakneck sales growth. ...

Bloomberg The prospect of a delayed Brexit may be pushing up the pound, but it’s not the best news for the UK economy. Sterling has rallied above $1.30 this week amid increasing signs of support from lawmakers across Parliament for extending the negotiating period set to expire on March 29. While that would remove the imminent possibility of a chaotic ...