Bloomberg Oil traded near $52 after entering a bull market as US industry data showed an unexpected decline in crude stockpiles, the first decrease since Hurricane Harvey hit the Texas coast last month and shuttered refineries. Futures fell 0.2 percent in New York after slipping on Tuesday. Inventories fell by 761,000 barrels last week, the American Petroleum Institute was said ...

Bloomberg The offshore drilling market will take a long time to rebalance as more consolidation and rig retirements are needed to cut oversupply, according to DNB ASA, Norway’s biggest bank. While the market has probably reached bottom, the question is how long it will stay there, Kristin Holth, DNB’s head of global ocean industries, said in a phone interview on ...

Bloomberg The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to Trafigura Group. The global market could face a shortage by 2019, Ben Luckock, co-head of Group Market Risk at the third-largest independent oil trader, said at the S&P Global Platts APPEC conference. As much as 9 ...

Bloomberg An ExxonMobil subsidiary this week said it would root out methane leaks and upgrade production technology as part of an effort to manage industrial pollution, the latest move by an energy sector that’s beginning to take matters into its own hands while the Trump administration works to roll back Obama-era climate rules. The quiet announcement contrasts with recent events ...

RIYADH / Emirates Business Otis Saudi Arabia has been selected for the prestigious Riyadh Metro – lines 4, 5 and 6 – by FAST Consortium of companies, which is led by Spanish construction group FCC and includes partners Samsung C&T, Alstom, Strukton, Freyssinet Saudi Arabia; and is contracted by the High Commission for the Development of Arriyadh. Otis, the world’s ...

Bloomberg Meituan Dianping, China’s largest group-buying and restaurant reviews service, is said to be close to finalising a deal to raise at least $3 billion from investors including Capital Group, according to people familiar with the matter. The company backed by WeChat-operator Tencent Holdings Ltd. is said to be targeting at least $3 billion at a $28 billion valuation, the ...

Bloomberg General Electric Co. said if Indian officials walk away from a multibillion-dollar locomotive contract, the move would damage efforts to create jobs and chill foreign investment. Altering the deal would “undermine one of the most promising infrastructure projects in the country,” GE said. India may also be on the hook for “substantial fees associated with this project,” the company ...

Bloomberg The kingdom of Saudi Arabia has issued an order allowing women to drive, ending a long-standing policy. It’s also a royal opportunity for global automakers eager to make further inroads into the Middle East’s biggest economy. Saudi Arabia’s move to open up its auto market to about half of its 32 million total population will have a profound impact ...

Bloomberg Billionaire Li Ka-shing’s CK Hutchison Holdings Ltd. and Jack Ma’s Ant Financial unit will form a joint venture to offer a digital wallet service in Hong Kong. The wallet will come under the AlipayHK brand which was already launched in May, CK Hutchison said. The mobile app will allow users to make in-store payments in 4,000 retail outlets and ...

Bloomberg Nike Inc.’s US business continued to sputter last quarter, putting more pressure on its operations in Asia and Latin America to pick up the slack. The world’s biggest sportswear maker relied on strong overseas growth—especially in China—to overcome a weakening US business and help it post first-quarter profit that topped estimates. The company also cited a move to streamline ...