News

Bloomberg Exxon Mobil Corp. and Chevron Corp. delivered their strongest third-quarter results in four years, capping a week in which Big Oil enjoyed profits not seen since the days of $100 crude. Both companies reported double-digit production increases in the Permian Basin, the shale region in Texas and New Mexico that’s propelling total US oil output to an all-time high. ...

Bloomberg Sounds like Suncor Energy Inc.’s top executive is getting tired of analysts asking questions about lagging Canadian oil prices. On the company’s earnings call, Steve Williams was met with a slew of inquiries about how Western Canadian crude’s growing gap to US barrels is affecting his company. His answer: For the most part, it’s not. That’s a response he ...

Bloomberg Alibaba Group Holding Ltd. adopted a cautious tone on the outlook for the global economy even as signs emerged of a possible end to a US and Chinese trade war. China’s largest e-commerce company reported quarterly earnings well above analysts’ estimates, while also trimming its prediction for full-year sales by as much as 6 percent. Shares slid as much ...

Bloomberg Zhou Hongyi made a savvy move this year when he shifted his company listing to Shanghai from New York. The February switch added $12 billion overnight to his fortune. The 48-year-old chairman of 360 Security Technology Inc. has since experienced the downside of listing in China, after stocks tumbled on concerns about a US trade war and a slowing ...

Bloomberg As China’s push for clear skies sends the world’s biggest steel industry hunting for better quality iron ore, suppliers in India are ramping up capacity to cater to the growing export market, according to the local unit of Moody’s Investors Service. Indian producers of iron ore pellets — a less polluting form of the mineral that can be fed ...

Bloomberg Vietnam is proposing to allow international Internet companies such as Alphabet Inc.’s Google and Facebook Inc. one year to comply with a controversial cyber law that goes into effect on January 1 and requires them to open local offices and store data of Vietnamese users in the country. The Ministry of Public Security posted a draft decree on its ...

Bloomberg US President Donald Trump’s trade war isn’t only rattling global soybean markets. It’s also shifting the flow of crops within the US, changing pricing patterns and boosting how much of this season’s bumper crop needs to be stored. Traders shipping soybeans through the Pacific Northwest, a key export hub to China, are now diverting supply from that route south ...

Bloomberg The US trade deficit widened more than forecast in September to a seven-month high as imports expanded and the merchandise gap with China hit a record amid an escalating tariff war. The gap for goods and services increased 1.3 percent from the prior month to $54 billion, Commerce Department data showed. The median estimate of economists surveyed by Bloomberg ...

Bloomberg Canada’s unemployment rate fell back to four-decade lows, but sluggish wage increases and slumping exports offer little evidence the economy is running hot enough to warrant accelerated interest rate increases. Statistics Canada released jobs data that showed modest employment gains, but with a shrinking labour force and the slowest wage gains in a year. A separate trade report continued ...

Bloomberg Facebook Inc. was slapped with a symbolic 500,000-pound ($645,000) fine by the UK’s privacy regulator for “serious” violations of data protection rules that paved the way for the Cambridge Analytica scandal. The fine is the highest possible for the Information Commissioner’s Office under old rules that predated this year’s European Union revamp of privacy penalties. The ICO said that ...