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2014-03-17 08:01:00

RWE AGREES

RWE AGREES

THE TELEGRAPH. The German power giant is to sell its oil and gas unit to a Russian billionaire in a £4bn deal.

German power giant RWE is to sell its oil and gas unit to a Russian billionaire in a €5bn (£4bn) deal, it emerged last night.
The debt-laden company, which owns supplier npower in the UK, has agreed to sell its Dea unit to L1 Energy, the investment vehicle backed by Russian billionaire Mikhail Fridman.
The deal would be the first for L1 Energy, set up by Mr Fridman and co-investor German Khan to invest some proceeds from the sale of their shares in oil venture TNK-BP.
RWE this month reported its first full-year loss since the foundation of the modern Germany in 1949 as slumping power prices led to billions of euros in writedowns.
It is struggling under €30bn of debt, and along with other utilities, is trying to sell assets and renegotiate supply agreements with Gazprom, the state-owned Russian gas export monopoly. RWE chief executive Peter Terium said the agreement was a "major milestone" in meeting the company's goal for a strategic realignment.

Tags: RWE, OIL, GAS, GERMAN, RUSSIA

Chronicle:

RWE AGREES
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

RWE AGREES
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

RWE AGREES
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

RWE AGREES
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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