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Dyson is developing an electric car at its headquarters in Wiltshire with help from public money, according to government documents. The company, which makes a range of products that utilise the sort of highly efficient motors needed for an electric car such as vacuum cleaners, hand dryers and bladeless fans, last year refused to rule out rumours it was building one. But on Wednesday, the government appeared to have accidentally disclosed Dyson is working on one, along with other big companies outside of the automotive industry, such as Apple . “The government is funding Dyson to develop a new battery electric vehicle at their headquarters in Malmesbury, Wiltshire. This will secure £174m of investment in the area, creating over 500 jobs, mostly in engineering,” said the National Infrastructure Delivery Plan, published on Wednesday. When Dyson CEO, Max Conze, was asked last year if the company was working on an […]
Russian Bond Skeptics Surface in Worst Week Since Oil Collapse
Bank of Russia’s unexpectedly hawkish turn at its last rate meeting and the slump in oil prices are casting a shadow over the third-biggest bond rally in emerging markets. Bonds slid last week, pushing yields up the most since January and reining in this month’s returns for the country’s debt to 9.2 percent. The retreat still isn’t enough for analysts at banks including Renaissance Capital, Morgan Stanley and Societe Generale SA, who predict government bonds, or OFZs, have further to fall. OFZs “still do look expensive to us,” Oleg Kouzmin, a Moscow-based economist at Renaissance Capital and a former central bank adviser. “They ignore the risks that oil could be lower, with subsequent implications for the ruble and the policy rate.” Traders anticipating a resumption of rate cuts scrambled to scale back their bets last week after central bank Governor Elvira Nabiullina warned March 18 that the “moderately tight”
BEIJING, March 28 (Xinhua) — China’s commercial crude oil stocks increased 1.08 percent in February over January, while stocks of refined oil products went up 17.34 percent, data monitored by Xinhua News Agency showed on Monday. Last month, China imported 31.72 million tonnes of crude oil, according to the report. Gasoline stocks dropped 7.23 percent as the travelling peak during the China New Year holiday fueled demand. Diesel stocks increased 38.26 percent due to factories shutting down during the holiday, according to the report. Kerosene stocks gained 7.51 percent, said the report.
Oil Firms Slow Exploration to Weather Low-Price Era
The world’s biggest oil companies are draining their petroleum reserves faster than they are replacing them—a symptom of how a deep oil-price decline is reshaping the energy industry’s priorities. In 2015, the seven biggest publicly traded Western energy companies, including Exxon Mobil Corp. XOM 0.27 % and Royal Dutch Shell RDS.A 1.22 % PLC, replaced just 75% of the oil and natural gas they pumped, on average, according to a Wall Street Journal analysis of company data. It was the biggest combined drop in inventory that companies have reported in at least a decade. For Exxon, 2015 marked the first time in more than two decades it didn’t fully replace production with new reserves, according to the company. It reported replacing 67% of its 2015 output. In the past, shrinking reserves could send investors
Shell has said it plans to raise $30bn from asset sales worldwide as it moves to offset the cost of the BG acquisition, completed last month just weeks after oil prices plunged to a13-year low near $27 a barrel. But the company has yet to identify in public precisely which fields will be under scrutiny. “A review of all assets, including those in the North Sea, is under way as part of our commitment to the $30bn asset sale,” a Shell spokesman said on Sunday. Shell has nearly 2,500 employees in the North Sea, where it has operated more than 33 offshore installations. Ben van Beurden, the group’s chief executive, said last month the global disposals would take place between 2016 and 2018 and he expected less than $10bn of asset sales to take place during 2016. “The buyers are there,” he said, naming other oil and gas companies and private equity groups as potential purchasers.