Wednesday, August 4

BLOOM

BLOOM, energy, PMN Business

Oil Renews Decline as US Inventories Expand, Delta Spreads

Article content (Bloomberg) — Oil fell after a surprise build in US stockpiles and as investors weighed the impact on demand from the rapid spread of the delta variant. West Texas Intermediate lost 0.6% in early Asian trading, resuming declines after a rise on Tuesday. The American Petroleum Institute was said to report an 806,000 barrel gain in US crude inventories, according to people familiar with the figures. The climb would be first since May, if confirmed by the Energy Information Administration later Wednesday. Gasoline holdings also expanded. Article content Crude has been thrown into retreat since hitting the highest since 2014 earlier this month as the delta variant surged in parts of Asia, and spread in the US and Europe. That challenge has coincided with the Organization of...
BLOOM, Canada, PMN Business

CN Rail Gets Revenue Boost from Mining, Oil and Lumber Shipments

Article content (Bloomberg) — Canadian National Railway Co. is cashing in on a commodities boom that's fueling demand for exports from Canada. Strong orders for goods such as metals, lumber and oil gave Canada's largest railway a boost in the second quarter, with total freight revenue jumping 14% from a year earlier. That helped the Montreal-based company post profit that was almost double that of a year ago, when the Covid-19 pandemic took hold. The positive earnings report came as the company pursues a takeover of Kansas City Southern. It's awaiting a decision by the Surface Transportation Board that will determine whether it can proceed with a deal. Article content "We should know in a couple of weeks, sometime in late July or early August, when the STB has had the time to reflect o...
BLOOM, energy, PMN Business

Peak Profit Spells Danger for Europe’s Earnings Season

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Joe Easton and Clara Hernanz Lizarraga Article content (Bloomberg) — Pain is likely to come down fast and hard for any European company that doesn't deliver this earnings season. At least, that's the early read from a handful of names among the ones that have reported so far. Online-only fashion retailer Asos Plc saw almost a fifth of its market value wiped out in a single day on weaker sales on Thursday. Just Eat Takeaway.com and Siemens Gamesa Renewable Energy SA also tumbled after disappointing investors last week. A sales beat by UK trench-coat maker Burberry Group Plc on Friday wasn't enough to impress investors and the shares fell as much as 5.2%. Advertisement This advertisement h...
BLOOM, Canada, PMN Business

Facebook Extends Pushback on Biden Criticism of Social Media

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Shamim Adam Publishing date: Jul 17, 2021 • 11 minutes ago • 2 minute read • Join the conversation Article content (Bloomberg) — Facebook Inc. expanded on its pushback to President Joe Biden's comment that social media networks enabled the spread of misinformation about vaccines, saying that it won't take the blame for the administration missing its target to get 70% of Americans inoculated by July 4. Biden said Friday that social media networks are “killing people” by allowing the spread of misinformation about coronavirus vaccines, saying that “the only pandemic we have is among the unvaccinated” after he was asked about his message for tech companies. Advertisement This ...
BLOOM, energy, PMN Business

Record Steel Prices Inject Life Into Long-Suffering Industry

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Eddie Spence, Irina Anghel and Annie Lee Publishing date: Jul 17, 2021 • 11 minutes ago • 4 minute read • Join the conversation Article content (Bloomberg) — There's rarely been a better time to be in the steel business. Prices have boomed worldwide this year, smashing record after record. Roaring industrial demand is propelling those rallies, with plants straining to boost supply after lying dormant during the pandemic. On top of that, powerhouses China and Russia are trying to limit exports to help other industries at home. "If you'd asked me six months ago what was my most positive vision for the first half of 2021, I don't think I would've even come close to the reality," Carlo...
BLOOM, energy, PMN Business

Air Force Nuclear Cruise Missiles Seen Costing About $29 Billion

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Tony Capaccio Article content (Bloomberg) — The US Air Force's new nuclear cruise missile will cost at least $29 billion to develop, procure, operate and sustain, a Pentagon evaluation found. That's $2 billion more than the service's estimate, with the major difference stemming from the development and procurement phases for as many as 1,020 of the air-launched missiles, known as the Long-Range Standoff Weapon. The Pentagon's Cost Assessment and Program Evaluation office estimated $16.2 billion for those parts of the program, compared with $14.2 billion projected by the Air Force, according to figures obtained by Bloomberg News. Advertisement This advertisement has not loaded yet, but yo...
BLOOM, Canada, PMN Business

Indonesia’s Wealth Fund Runs ’36-Hour’ Days to Bridge Trust Gap

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Fathiya Dahrul Article content (Bloomberg) — Indonesia's new wealth fund has been working “36-hour” days to translate the investment potential of Southeast Asia's largest economy to foreign investors, said its new chief. Indonesia Investment Authority's team of 20 is currently studying 50 companies for potential funds, said Ridha Wirakusumah, president director at the fund known as INA. The challenge is in building trust in the still uncertain world of doing business in Indonesia, where policies can change rapidly and companies may not stick to stated timelines. Advertisement This advertisement has not loaded yet, but your article continues below. Article content “We need to be abl...
BLOOM, Canada, PMN Business

China Tech’s Trillion-Dollar Stock Slump Signals Buyer Beware

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Ishika Mookerjee Article content (Bloomberg) — For weeks now, optimists have said China's tech crackdown has been priced in by the stock market. A fresh round of regulatory angst has shaken that thesis to its core. The market capitalization of shares in a gauge of China's internet sector dropped by about $200 billion this week alone, as Beijing vowed to increase scrutiny over data collection and overseas listings. It has slumped by more than $1.1 trillion since a Feb. 17 peak, with the index down some 35%, according to calculations by Bloomberg. Advertisement This advertisement has not loaded yet, but your article continues below. Article content China's pivot to data-amassing tita...
BLOOM, Canada, PMN Business

Seoul Social Distances, Australia Gets More Shots: Virus Update

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Bloomberg News Article content (Bloomberg) — South Korea is tightening curbs on social distancing rules in the greater Seoul area for two weeks starting July 12, Yonhap News reported. Growing concern that vaccines deployed across much of the developing world aren’t capable of thwarting the delta variant has prompted some countries to look at offering third doses. Australian Prime Minister Scott Morrison said his government has negotiated with Pfizer Inc. for millions of vaccine doses to be delivered ahead of previous schedules. Meanwhile, Pfizer plans to request U.S. emergency authorization in August for a third booster dose of its vaccine. Advertisement This advertisement has not loaded yet...
BLOOM, energy, PMN Business

Europe CEOs Join Lawmakers in Urge for Massive Clean Energy Push

Article content (Bloomberg) — A group of 40 European Union lawmakers and chief executives across the industry called on the bloc's top officials to ensure that a planned green overhaul speeds up the deployment of renewables and helps the region's producers in an unprecedented shift to climate neutrality. The European Commission needs to show ambition and determination to make the EU's energy system fit for a stricter 2030 emissions-reduction target, they said in an open letter to Commission President Ursula von der Leyen and the bloc's climate chief, Frans Timmermans. The EU regulatory arm is due to unveil on July 14 a set of measures to align its economy with the Green Deal, whose overarching target is to make Europe the world's first net-zero emissions continent. Article content “Man...