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Bloomberg Irving Oil Corp.’s refinery in New Brunswick, a major supplier of fuel to the northeastern US, was shut after an explosion and fire in a diesel unit. The hydrotreater, which removes sulfur from diesel to make fuel that meets environmental standards, was in the part of the refinery that was still running, while other units were shut for maintenance ...

Bloomberg China has turned half a trillion dollars of central bank money into bricks and mortar, and there’s more to come. That transformation can be best seen in Heze, a ‘small’ city of about nine million in the province of Shandong. There, local authorities have ripped down more than a quarter of a million older houses since 2015, some of ...

Bloomberg Prime Minister Narendra Modi’s government is considering tapping Non Resident Indians (NRIs) to lure foreign exchange (forex) flows and prop up a sagging rupee, according to people with knowledge of the matter. Officials from the finance ministry and the Reserve Bank of India (RBI) are discussing a plan to raise money from NRIs, the people said asking not to ...

Bloomberg The $220 billion rout in shares of Tencent Holdings Ltd. has entered uncharted territory. Not only has the Chinese Internet giant lost more market value than any other company worldwide this year, its 38% drop from a closing high in January is now the deepest since Tencent’s 2004 listing in Hong Kong. The stock has been mired in a ...

Bloomberg Hong Kong will add artificial islands to counter a runaway property market that’s made the city the world’s least affordable for housing. The government will aim to reclaim 1,700 acres (688 hectares) off Lantau Island, the city’s Chief Executive Carrie Lam said on Wednesday in a policy address. That compares with the 1,670 acres of extra land that a ...

Bloomberg Indonesia has a blunt message for the US Federal Reserve’s Jerome Powell and other global financial chiefs gathering in Bali this week: be mindful of the effects of your policies on emerging economies. Even though authorities in the Southeast Asian nation are taking the right steps to stabilise the currency and keep deficits on the current account and budget ...

Bloomberg Zimbabwe will introduce currency reforms once it’s addressed imbalances in government finances, Finance Minister Mthuli Ncube said. The state plans to put the economy on a stronger footing through measures including cutting expenditure and increasing the efficiency of government delivery systems, Ncube said in a statement emailed on Wednesday from the capital, Harare. “These reforms shall be accompanied by ...

Bloomberg The US is threatening to block the UK from a 46-nation public procurement agreement, a move that would deny British companies from accessing a near $2 trillion marketplace after leaving the European Union, according to two officials with knowledge of the situation. The UK will apply to rejoin the Government Procurement Agreement, a $1.7 trillion trade accord that governs ...

Bloomberg The UK economy appears to be on course for its best calendar quarter in almost two years, despite a weaker-than-expected performance in August. Gross domestic product grew 0.7 percent in the three months through August, the Office for National Statistics said on Wednesday. In August alone, output was unchanged. Economists had predicted growth of 0.1 percent. However, a similar ...

Bloomberg British and European Union officials are locked in talks in Brussels over a compromise Brexit deal that could see the UK remain temporarily in the EU’s customs regime, people familiar with the negotiations said. With just a week before a crucial summit of EU leaders that could determine the outcome of Brexit, officials from each side are wrangling over ...