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Trump's low oil price promise is a risk and a boon for emerging markets

Donald Trump has promised to "drill, baby, drill" to halve energy costs, a plan that sends shivers through the governments of emerging market oil producers anxious about dollar earnings and fills poorer importing countries with hope. In practical terms, Trump, the incoming president of the world's biggest oil producer, cannot fully control prices. The United States has limited influence over producer group OPEC+, the Organization of the Petroleum Exporting Countries and allies, and it does not have a state oil company Trump can order to increase output.

Reuters 28 minutes ago

Exclusive-Bangladesh halves power buying from India's Adani amid payment dispute

Bangladesh has halved the power it buys from neighbouring India's Adani Power, citing lower winter demand, government officials told Reuters on Monday, amid disagreements over dues running into hundreds of millions of dollars. Adani, whose founder has been accused by U.S. authorities of being involved in a bribery scheme in India, charges which he has denied, halved supply to Bangladesh on Oct. 31 over payment delays as the country battles a foreign exchange shortage. Subsequently Bangladesh told Adani to keep supplying only half the power for now, officials said, although it will keep paying its old dues.

Morning Bid: Dollar flexes on Trump swipe, French politics, yuan slide

While the trade threat seems notional, it contained some heft in markets who had assumed a second Trump presidency would be overtly behind weakening the dollar's value. Reserve status and exchange rate value are two different things, of course, but the comments seemed to bolster the currency nonetheless. France's far-right National Rally will likely back a no-confidence motion against the government unless there's a "last-minute miracle", with lawmaker Marine Le Pen giving Prime Minister Michel Barnier until Monday to yield to RN's demands as a part of protracted horse trading over the annual budget plan.

Bezos Backs AI Chipmaker Vying With Nvidia at $2.6 Billion Value

(Bloomberg) -- Amazon.com Inc. founder Jeff Bezos joined Samsung in a $700 million bet on Tenstorrent, valuing the AI chip startup with ambitions of taking on Nvidia Corp. at about $2.6 billion.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesTenstorrent, which hopes to create a chip to try and break Nvidia’s stranglehold on the AI business, raised capital in a funding round led by South Korea’s AF

New US solar tariffs on Southeast Asia to raise prices, cut profit margins

A new round of U.S. solar panel import tariffs on Southeast Asian producers is expected to raise consumer prices and cut into producer profit margins, but was largely anticipated by industry, analysts said. The new duties announced on Friday by the Commerce Department extend the United States' anti-dumping regime in Southeast Asia to solar cells, from just finished modules previously.

US Tightens Curbs on China’s Access to AI Memory and Chips Tools

(Bloomberg) -- The Biden administration unveiled new restrictions on China’s access to vital components for chips and AI, escalating a campaign to contain Beijing’s technological ambitions.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesThe Department of Commerce slapped additional curbs on the sale of high-bandwidth memory and chipmaking gear, including that produced by US firms at foreign facili

Trump’s pick to run FCC is an ominous sign for Big Tech

The country’s tech titans might need to start fortifying defenses against the agenda of incoming Federal Communications Commission chair Brendan Carr.

Prosus Swings to Profit in First Half After Asset Sales

(Bloomberg) -- Prosus NV reported a first-half profit as the technology investor sold stakes in online businesses in China and South Africa.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesGroup adjusted earnings before interest and taxes totaled $60 million in the six months through end-September from a loss a year earlier, the Amsterdam-based company said in a statement Monday. The group sold mor

Saudi Arabia may slash January crude prices for Asia

Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey. The price cuts come after the gap between front and third-month Dubai prices narrowed in backwardation by 86 cents in November from the month before, Reuters data showed, despite TotalEnergies snapping up as much as 15.5 million barrels of crude on the S&P Global Platts window.

Japan’s Kioxia Sets IPO Price Range for ¥126 Billion Listing

(Bloomberg) -- Japanese memory maker Kioxia Holdings Corp. has set a tentative price range for its initial public offering that’s in line with its earlier indication.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIn Traffic-Weary Toronto, a Battle Breaks Out Over Bike LanesThe price range was set at ¥1,390 ($9.23) to ¥1,520, compared with the indicative price of ¥1,390 per share, according to its filing. Calculation based on the upper range suggests that w

Adani Power says no indication of Bangladesh reviewing power deal

Adani Power said on Monday it has no indication that the Bangladesh government is reviewing a power purchase agreement with the company, a day after Reuters reported that the country is looking to renegotiate the deal. Reuters reported on Sunday that Bangladesh wants to sharply lower prices under the deal with Adani Group, unless it is cancelled by a court that has called for an investigation into the 25-year deal. The High Court ordered a committee of experts last week to examine the contract under which Adani supplies power from a $2 billion coal-fired plant in eastern India.