Africa's largest trading block is attracting attention of global investors and businessmen. The recent 'Africa 2016' investment forum held in Egypt had participation of over 1,500 businessmen and government representatives. Foreign investors have called for more reforms and policy changes among African nations.
Energy
China to lay off 6 million state workers
China has decided to layoff millions of workers from 'zombie enterprises' in the next two to three years. For relocating retrenched workers, the government will spend Yuan 100 billion ($15.27 billion). China's economy is suffering from industrial overcapacity and pollution levels.
Premier Oil's Loss Deepens in 2015 as Global Oil Industry Falls
Premier Oil posted a widened loss in the year 2015 amid lower oil price. The firm also urged the government to promote infrastructure policies in the North Sea to lure investment.
Exxon may face downgrading by Moody's amid bleak oil prices
Exxon Mobil Corp may lose credit rating from Moody's Investors Service. Moody's on Thursday lowered its outlook for Exxon from stable to negative. Exxon is suffering from cash flows in the wake of continuous drop in oil prices.
Spruce Finance secures $130 million loan deal with Investec Plc for 80 MW of residential solar ventures
Spruce Finance is securing a multimillion deal in financing by hiring Investec Plc in effort of supporting the development of around 80 megawatts of US rooftop solar assets.
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Williams Cos has decided to offload its Canadian operations for $1 billion. It is hoping to put it on the block in next week. In fact, it has already appointed two investment banks to oversee the sale process.
Asian shares fell back from a seven-week high on Tuesday as oil prices fell more than 2 percent. The sudden drop happened after the Asia-Pacific indices rose to its highest level since the beginning of the year, after seeing the rise in oil prices before reversing back.
Mexico is currently aiming to increase its fuel imports in order to attract investment as well as to bring down the fuel prices for buyers. This energy reform activity will boost the competition among private oil firms in Mexico.
Industrial overcapacity in China may have adverse impact on the domestic market and global economy. A number of new units came up owing to easily available loans and government subsidies in the world's second largest economy. A latest report calls for more radical measures including greater privatization to streamline the Chinese domestic industry.
Investment inflows into oil and gas projects are dropping significantly. The investments in oil projects in 2016 is forecast to fall below £1 billion from the five-year annual average of £8 billion.
Japan's retail electricity market is about to be liberalized, which has the top power companies as well new entrants vying for a share. The companies have come up with their mascots to lure the customers, from a suited gorilla to a cuddly bear, in a land where such characters are loved by children and adults alike.
Russia's leading oil producer, Rosneft has proposed investing another $500 million in Venezuela's state-owned Petroleos de Venezuela SA, to increase their stake from the original 16.7%. The proposition has come at a time when the country has declared an economic emergency after oil prices dropped to an alarming $24 a barrel.
Standard & Poor's (S&P) has cut rating on Kingdom of Saudi Arabia (KSA) as it's suffering from lower oil prices. The long -term foreign and local currency sovereign credit has been lowered to 'A minus/ A-2' from 'A plus / A-1.'
UAE Minister of State Sultan Al Jaber has assumed the charge as Director General at Abu Dhabi National Oil Company (Adnoc). Al Jaber has to overcome turbulent conditions in the oil industry as the lower oil prices, oversupply and consumption are the major challenges ahead of him.
