Company news in brief
Oil hits highest levels since 2015
Oil prices hit their highest levels since July 2015 early yesterday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Brent futures, the international benchmark for oil prices, hit US$62.44 per barrel.
Barclays said it was raising its average Q4 Brent price forecast by US$6 per barrel to US$60 per barrel. – Nampa/Reuters
Toyota interested in Israeli auto tech
Japan's Toyota Motor Corp is seeking more investments in Israeli robotics and vehicle technologies after its venture arm led a US$14 million investment in Intuition Robotics in July.
The startup, which makes robots for the elderly, was the first Israeli investment for Toyota AI Ventures, a new us$100 million fund investing in artificial intelligence, robotics, autonomous mobility and data and cloud computing.
Israel is a growing centre for automotive technology. Earlier this year Intel Corp bought autonomous vehicle firm Mobileye - one of Israel's biggest tech companies – for US$15.3 billion. – Nampa/Reuters
ADNOC to sign US$6 bln loan with 13 banks
Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a US$6 billion loan which has received commitments from a group of 13 banks, sources said.
ADNOC, which manages almost all of the proven oil reserves in the UAE, is raising the financing as part of an overhaul of its capital structure which involves, among other things, additional debt raising exercises and the initial public offering of minority stakes in some of its units.
The club loan has been largely oversubscribed, having attracted commitments of US$750 million each from a group of 13 banks. – Nampa/Reuters
Shell looks beyond road fuels
While the world braces for the electric-vehicle revolution, Royal Dutch Shell is betting on growing appetite for asphalt and plastics to sustain its century-old oil refining business for the coming decades.
Refining, together with trading, marketing and chemicals - known together as downstream - has proved its importance during the oil industry's downturn since 2014, providing the bulk of Shell's profits as the price of crude collapsed.
Shell is forecasting that the demand for gasoline could reach an apex by the 2030s. The company plans to double the size of its chemicals business by the middle of the next decade with several new plants. – Nampa/Reuters
UK car sales down for 7th consecutive month
British new car sales in October fell by about 12% y-o-y, marking a seventh consecutive month of decline. Sales were hurt by a decline in business and consumer confidence, the Society of Motor Manufacturers and Traders said.
Demand for diesel cars slumped by about 30%, the industry body said.
The SMMT urged the government to use this month's autumn budget to restore stability to the market and encourage the purchase of the latest low emission vehicles. – Nampa/Reuters
Oil prices hit their highest levels since July 2015 early yesterday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Brent futures, the international benchmark for oil prices, hit US$62.44 per barrel.
Barclays said it was raising its average Q4 Brent price forecast by US$6 per barrel to US$60 per barrel. – Nampa/Reuters
Toyota interested in Israeli auto tech
Japan's Toyota Motor Corp is seeking more investments in Israeli robotics and vehicle technologies after its venture arm led a US$14 million investment in Intuition Robotics in July.
The startup, which makes robots for the elderly, was the first Israeli investment for Toyota AI Ventures, a new us$100 million fund investing in artificial intelligence, robotics, autonomous mobility and data and cloud computing.
Israel is a growing centre for automotive technology. Earlier this year Intel Corp bought autonomous vehicle firm Mobileye - one of Israel's biggest tech companies – for US$15.3 billion. – Nampa/Reuters
ADNOC to sign US$6 bln loan with 13 banks
Abu Dhabi National Oil Co (ADNOC), the United Arab Emirates oil giant, is expected to sign by the end of this week a US$6 billion loan which has received commitments from a group of 13 banks, sources said.
ADNOC, which manages almost all of the proven oil reserves in the UAE, is raising the financing as part of an overhaul of its capital structure which involves, among other things, additional debt raising exercises and the initial public offering of minority stakes in some of its units.
The club loan has been largely oversubscribed, having attracted commitments of US$750 million each from a group of 13 banks. – Nampa/Reuters
Shell looks beyond road fuels
While the world braces for the electric-vehicle revolution, Royal Dutch Shell is betting on growing appetite for asphalt and plastics to sustain its century-old oil refining business for the coming decades.
Refining, together with trading, marketing and chemicals - known together as downstream - has proved its importance during the oil industry's downturn since 2014, providing the bulk of Shell's profits as the price of crude collapsed.
Shell is forecasting that the demand for gasoline could reach an apex by the 2030s. The company plans to double the size of its chemicals business by the middle of the next decade with several new plants. – Nampa/Reuters
UK car sales down for 7th consecutive month
British new car sales in October fell by about 12% y-o-y, marking a seventh consecutive month of decline. Sales were hurt by a decline in business and consumer confidence, the Society of Motor Manufacturers and Traders said.
Demand for diesel cars slumped by about 30%, the industry body said.
The SMMT urged the government to use this month's autumn budget to restore stability to the market and encourage the purchase of the latest low emission vehicles. – Nampa/Reuters
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