It’s easy to see the oil and gas asset sell-off proposed by Norges Bank Investment Management, the entity that runs Norway’s $1 trillion sovereign wealth fund, as a bet on the hydrocarbon industry’s long-term decline. Indeed, Siv Jensen, Norway’s finance minister and the proposal’s addressee, predicted such a decline in a conference speech on Friday. But there’s a better reason ...

At a global economic conference last weekend, the US was everywhere and nowhere. In conversations at the World Economic Forum’s Global Future Councils, people wrestled with challenges to the global trading system, developing infrastructure for the 21st century, and restoring trust in experts and leadership. Donald Trump was never far off — his election being a kind of shorthand for ...

Is Tesla Inc.’s Semi on the verge of doing to the trucking industry what the iPhone did to telecommunications? Probably not — but the decarbonization of road freight may still upend both the logistics business and the oil industry. To see why, have a look at the International Energy Agency’s estimates last week for future oil demand. Consumption by passenger ...

Reuters Middle Eastern stock markets generally fell on Sunday, weighed down by geopolitics, while Dana Gas shares sank in Abu Dhabi because of a British High Court ruling on its Islamic bonds. In the last few weeks, geopolitics has become a significant factor for regional markets amid concern about instability in Lebanon and the possibility of strong Saudi action against ...

Bloomberg Soapmaker and real-estate stocks have taken over a rally that used to be led by social networks and smartphone makers. Companies with stable earnings and dividends have shepherded gains in November, the first time this year that the two best-performing industries are defensive ones. So, while this looked like just another week in the bull market, it was actually ...

Bloomberg China’s financial regulators proposed sweeping rules to curb risks in the country’s $15 trillion of asset-management products as leaders move to tighten supervision and break an implicit guarantee that’s driven investment into such vehicles. Financial institutions should offer yields based on the net asset value of the products they issue, to reflect the risks and return of the underlying ...

Bloomberg A former HSBC Holdings Plc banker filed a lawsuit after being told he couldn’t have his bonus because he helped clients cheat on their taxes. The bank responded by counter-suing him for wasting its time. Rajesh Parmar is suing HSBC Private Bank UK for more than 1.8 million pounds ($2.4 million) in unpaid bonuses and damages, accusing it of ...

Bloomberg Lloyds Banking Group Plc is in exclusive talks to sell and lease back its City of London headquarters to a company linked to China’s Hengli Group, two people with knowledge of the deal said. The Chinese conglomerate offered about 150 million pounds ($198 million) for the 25 Gresham Street building, the people said, asking not to be identified because ...

Bloomberg About a third of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa. “In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you need is a phone.” ...

Bloomberg At 80 years old, the self-proclaimed father of the ultra-discount airline model is still swinging for the fences, stealing the spotlight at this year’s Dubai Airshow with the biggest order ever placed for Airbus SE commercial aircraft. William Augustus Franke, co-founder and managing partner of private equity firm Indigo Partners, joined Airbus in announcing the deal for 430 aircraft, ...