Bloomberg Norway can’t afford an abrupt cut in spending if the economy of western Europe’s biggest oil and gas producer is to continue growing, according to the man who most polls suggest will be prime minister after elections this year. Jonas Gahr Store, the leader of Norway’s opposition Labor Party, warned against a sudden adjustment after record expenditure by ...

  Bloomberg Oil edged lower after a report showed US gasoline supplies increased for the first time in nine weeks even as crude stockpiles dropped. Gasoline inventories rose 1.54 million barrels last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-barrel decline. Crude inventories fell 1.03 million barrels to 532.3 million last ...

  Bloomberg China’s shadow banking is back in full swing, an unintended side effect of the government’s campaign against financial leverage, which has curbed traditional lending and squeezed bond financing. Data from the central bank showed that off-balance sheet lending surged 754 billion yuan ($109 billion) in March, taking the first quarter’s total increase to a record 2.05 trillion yuan. ...

  Bloomberg Pakistan is mulling a tax amnesty to bring back wealth hidden in foreign assets, a move that may boost stocks, bonds and property. The government is considering submissions by Pakistan’s business community seeking relief on undeclared offshore holdings, said Syed Masoud Ali Naqvi, a member of government’s Tax Reformers Implementation and Monitoring Committee. No plan has yet been ...

  Bloomberg A revival in China’s polyester industry has produced a new billionaire. Zhuang Kuilong, chairman of textile maker and distributor Xinfengming Group Co., saw his wealth surge almost 60 percent after its shares began trading Tuesday in Shanghai. The increase gave Zhuang, who owns 45 percent of the Tongxiang-based business, a net worth of at least $1.7 billion, according ...

  Bloomberg A long-simmering trade dispute between the US and Canada over lumber is heating up, increasing the cost of building houses and causing American businesses to hunt for supplies in other countries. A detente between the normally friendly neighbors expired in October, and a new agreement isn’t on the horizon. That’s contributed to a more than 20 percent surge ...

  Bloomberg Verizon Communications Inc. is considering merger possibilities to reset the course of the company given the fast-changing structure of the industry, and would be open to talks with Comcast Corp., Walt Disney Co. or CBS Corp., said Chief Executive Officer Lowell McAdam. Verizon, the largest US wireless carrier, is seeking new sources of growth as the mobile-phone business ...

  Bloomberg European car sales in March rose to their highest level for the month as Fiat Chrysler Automobiles NV and Renault SA took advantage of a solid economy to lure more buyers. Benefiting from extra working days due to the Easter holiday in April this year, industrywide registrations climbed 11 percent to 1.94 million vehicles last month, the Brussels-based ...

Bloomberg Akzo Nobel NV, battling an unwanted $24 billion approach from PPG Industries Inc., will carve out its chemicals division and return 1.6 billion euros ($1.7 billion) to shareholders in a move Chief Executive Officer Ton Buechner said is more profitable than a takeover of the centuries-old paintmaker. The separation of chemicals will be carried out within 12 months and ...

  Bloomberg Markets struck a note of cautious optimism on Wednesday, with European stocks rising and haven assets declining. UK shares fell as the pound extended its gain following the surprise election announcement. Banks and automakers helped spur the rebound in Stoxx Europe 600 Index following the biggest one-day loss since November. Sterling edged higher after hitting the strongest level ...