Berlin is urged to act quickly by corporate bosses on the weak economy
German business leaders called for Berlin to quickly form a new Government on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs and red tape, as well as increased competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats.
Berlin must act quickly to fix the economy
German business leaders called for Berlin to form a new cabinet quickly on Monday, warning that Europe's largest economy cannot afford to waste time while companies are suffering from high costs, bureaucracy and increasing competition from abroad. The CDU/CSU won the Sunday national elections, clearing the way for a new coalition government with the Social Democrats.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "We do not need to discuss the issues anymore, they are already well-known. We need action now." We must act now because the rest of world isn't waiting.
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants…
German business leaders react to the election results
The conservative CDU/CSU group won the most votes at Sunday's election. They could form a coalition with the Social Democrats, easing market concerns that Europe's largest economy would be run by a three-way alliance. "Germany needs to quickly regain its competiveness." Energy policy is crucial. It is essential to expand gas-fired plants…
European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office…
KKR will take 25% of Eni's biofuel unit valued at $13 billion.
The U.S. Fund KKR has bought a 25% stake of Enilive's biofuels business, owned by the Italian energy company Eni. This deal values Enilive at 12.7 billion dollars ($11.75 billion), including debt. Eni said that KKR’s 2,94 billion euro acquisition improves Eni’s financial position and ensures it retains its control over Enilive.
Credit Agricole, a French bank, has bought stakes in 11 wind farms
Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France. By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to the complex permitting procedures and multiple appeals filed against projects, France is behind other countries in offshore wind.
Vattenfall Launches Maiden Green Bond
Swedish energy company Vattenfall has issued a EUR500mln green bond, its first such issuance, with the proceeds earmarked for a number of projects, including renewables.The bond with a tenor of seven years is offering investors the chance to “support the transformation of the energy system”.The proceeds from the…
US Energy Investors Eye Cheap Takeovers as Oil Prices Sink
Sinking oil prices are turning distressed US energy companies into takeover targets for opportunistic private investors who are prepared to offer expensive debt in return for ownership stakes, as the sector struggles to access traditional forms of bank financing.A slowing global economy and fears of excess oil supply…
Shell Sells its Danish Upstream Assets for $1.9 Bln
Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn.
Wison Delivers FLNG Barge
Wison Offshore & Marine (“Wison”) has announced that the company has completed the final delivery for the world’s first barge-based floating natural gas liquefaction and storage facility (Caribbean FLNG). Prior to the delivery, the contracts for project financing provided by Bank of China, Deutsche Bank and supported…
Oman Oil Closes $2 Billion Loan Financing
Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said. The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices. Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion…
Oil Rebounds Slightly After Disappointing OPEC Meeting
OPEC, other producers extend production cut to March 2018; output controls could be extended to 2019. Oil prices edged back up on Friday after a 5 percent fall in the previous session on disappointment that an OPEC-led decision to extend current production curbs did not go deeper. At Thursday's meeting in Vienna…
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months…
Elliott Presses BHP to Shed Petroleum
BHP petroleum business has value of more than $20 billion. Activist investor Elliott Management raised the pressure for strategic changes at BHP on Tuesday, calling for an independent review of the mining giant's petroleum business. Elliott, which has built up a 4.1 percent stake in BHP's London-listed arm and is urging changes to boost shareholder value…
Deutsche, Morgan Stanley Bullish on European Energy
Two big brokers have given a thumbs up to the European oil & gas sector on attractive valuations. The sector, the second-worst performers in the region so far this year, as stocks were hit by weakness in crude oil prices and have failed to keep up with their subsequent recovery. Oil and gas stocks are down 1.3 percent, compared with a 5.2 percent gain for the broader market.
Shell Reluctant to Part with California Refinery amid Asset Sale
Royal Dutch Shell is in talks with several potential buyers for its refinery outside of San Francisco, but the Anglo-Dutch oil giant is reluctant to part with its last asset in California, three people familiar with the process say. The company is in the midst of a massive asset sale, shedding properties from Thailand…
BB Energy buys Morgan Stanley's Aussie Diesel Terminal
BB Energy has bought Morgan Stanley's diesel terminal in Australia as the oil trader expands outside its core European and Middle East markets, the trading company said on Tuesday. The U.S. bank and its peers JPMorgan Chase & Co, Deutsche Bank and Goldman Sachs have been selling their physical commodity interests after the U.S.
