DUBAI / Reuters Major Gulf stock market indexes mostly closed lower on Sunday after oil prices plunged at the end of last week to a three-month low, but shares in Dubai’s Shuaa Capital and Saudi Arabia’s Bank Aljazira surged in response to company-specific news. Saudi Arabia’s index dropped 1.2 percent as the share prices of all 14 listed petrochemical ...

  Bloomberg Vitol Group BV, the trader that shipped the first cargo of US crude after export restrictions ended in late 2015, predicts the country’s oil exports will grow “a lot more” because of rising production in Texas. US crude shipments briefly surged to a record 1.21 million barrels a day in mid-February, up from 32,000 in 2010, when most ...

  Bloomberg Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. The Pacific island nation wants some of the world’s top explorers to allow a portion of its natural gas to stay in the country, said Nixon Duban, the ...

  Bloomberg After splurging $200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blow-outs. Chevron Corp., owner of the $54 billion Gorgon facility, Australia’s largest resource development, along with Inpex Corp. and Santos Ltd. are ...

  Bloomberg Contracts to sell electricity directly to corporate users are among the key demand drivers for wind and solar power, while the influence of state mandates wanes, according to a report by Moody’s Investors Service. Multiple factors are spurring corporate power deals, especially from companies that have set their own sustainability goals. And the shift comes as costs continue ...

  Bloomberg Exxon Mobil Corp. announced a $20 billion building spree in the heart of the US chemical and refining industry, a program it said would create 45,000 jobs. President Donald Trump quickly tweeted his support, calling the oil producer a “special company.” The only problem? The announcement just gave a name to a series of investments the company began ...

  ROCKLAND / AP Hitachi Ltd. is aiming to expand its rail business in the US by bidding for streetcar and light-rail projects as President Donald Trump pledges to spend as much as $1 trillion to upgrade infrastructure across the country. The Japanese conglomerate “sees quite a big opportunity” in the US, Alistair Dormer, chief executive officer of Hitachi Rail ...

  Bloomberg Unlike most startups, WeWork Cos. doesn’t seem to struggle with raising money. Soon it’ll start spreading some of its cash around to smaller startups, partly in the hopes of luring them to become WeWork customers. The New York-based co-working giant said it’ll give away $20 million in cash prizes to entrepreneurs and small businesses in a series of ...

  Bloomberg German-based chipmaker X-Fab Silicon Foundries SE expects to raise about 500 million euros ($530 million) via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said it intends to list shares on the Euronext Paris exchange in a primary offering of new shares worth 250 million euros ...

  Bloomberg EBay Inc. is exporting a method to boost cross-border sales it pioneered in Russia to 120 territories, as the online marketplace seeks to recapture growth in the face of competition from Amazon and Alibaba. In many places, EBay still means domestic classifieds; Americans mostly sell to Americans, Britons mostly to UK customers. But a few years ago, EBay’s ...