More shale, who cares? Saudi Arabia pushes for at least $70 oil

More shale, who cares? Saudi Arabia pushes for at least $70 oil
DUBAI/LONDON (Reuters) – Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. FILE PHOTO: U.S. President Donald Trump welcomes Saudi Arabia’s Crown Prince Mohammed bin Salman in the... Read More

China’s auto, internet giants set up 9.76 billion yuan fund to invest in ride-sharing industry

China’s auto, internet giants set up 9.76 billion yuan fund to invest in ride-sharing industry
FILE PHOTO: A man stands near the logo of Alibaba Group at the company’s newly-launched office in Kuala Lumpur, Malaysia June 18, 2018. REUTERS/Lai Seng Sin/File Photo BEIJING (Reuters) – China’s major automobile and internet companies, including Chongqing Changan Automobile, Alibaba and Tencent, are setting up a 9.76 billion yuan ($1.46 billion) joint venture to invest in ride-sharing industry, Chongqing... Read More

China’s Geely Auto promises more models to support sales in uncertain domestic market

China’s Geely Auto promises more models to support sales in uncertain domestic market
BEIJING (Reuters) – China’s Geely Automobile Holdings said on Thursday that it will invest more in new energy vehicles and higher-end models after forecasting flat sales in 2019 due to uncertainty about domestic demand. Geely, China’s highest profile car maker globally thanks to the Geely group’s investments in Volvo and Daimler, sold 1.5 million cars last year, 20 percent higher... Read More

Solar and wind firms call the ‘Green New Deal’ too extreme

Solar and wind firms call the ‘Green New Deal’ too extreme
WASHINGTON/LOS ANGELES (Reuters) – U.S. solar and wind power companies may have the most to gain from the Green New Deal, an ambitious proposal backed by several Democratic presidential candidates to end U.S. fossil fuel consumption within a decade. FILE PHOTO: U.S. Representative Alexandria Ocasio-Cortez (D-NY) and Senator Ed Markey (D-MA) hold a news conference for their proposed “Green New... Read More

Reliance sends fuel from India, Europe to Venezuela to sidestep U.S. sanctions

Reliance sends fuel from India, Europe to Venezuela to sidestep U.S. sanctions
NEW DELHI/MEXICO CITY (Reuters) – India’s Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January... Read More

China Geely Auto’s full-year profit jumps 18 percent, shares climb

China Geely Auto’s full-year profit jumps 18 percent, shares climb
BEIJING (Reuters) – China’s Geely Automobile Holdings posted an 18 percent jump in annual net profit, driven by higher sales of its sedans and sports utility vehicles (SUVs), but forecast flat sales growth in 2019 due to uncertainty about domestic demand. FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China... Read More

China’s Geely posts 18 percent profit jump, predicts flat 2019 sales

China’s Geely posts 18 percent profit jump, predicts flat 2019 sales
BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd said higher sales of its sedans and sports utility vehicles (SUVs) drove 2018 net profit up 18 percent, but forecast flat sales growth for this year due to uncertainty about overall domestic demand. FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China... Read More