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Bloomberg Uber Technologies Inc. is under investigation by federal authorities in New York for its alleged use of a spyware programme designed to undermine competition for its digital ride-hailing service, according to people familiar with the matter. The executive charged with making sure Uber follows the law, Global Head of Compliance Joseph Spiegler, resigned last week after a year and ...

Bloomberg A closely-held Chinese oil company agreed to buy a minority stake in Rosneft PJSC for about $9 billion, deepening energy and political ties with Russia amid increasing tensions with the US. The deal sees Glencore Plc and Qatar’s sovereign wealth fund selling most of their holding in Russia’s biggest crude producer, which they acquired to much fanfare in December. ...

DUBA / Reuters Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy told Reuters. The cuts in allocations are in line with Saudi Arabia’s commitments to the OPEC-led supply reduction pact, under which the top oil exporter is required to cut 486,000 ...

Bloomberg Plans to sell a stake in Saudi Arabian Oil Co. are “well underway,” the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programs. The government’s privatization program “continues to gain traction,” the Ministry of Culture and Information said in a statement. Officials have said the kingdom plans ...

Bloomberg Oil declined the most since July as Hurricane Irma threatened to slash energy demand that had only just begun to recover from the wrath of Harvey. Futures slid 3.3% in New York. While Valero Energy Corp. and other refiners resumed fuel production after Harvey roared ashore two weeks ago, demand for gasoline and other transportation fuels may falter across ...

ASTANA / Reuters Kazakhstan is aiming for a standalone deal with leading global oil producers on restraining its crude production due to a need to crank up output at its Kashagan field, a Kazakh official said. The Central Asian nation increased oil and gas condensate output by 9.9 percent in January-July to 49.907 million tonnes, or 1.724 million barrels per ...

ALGIERS / Reuters Algeria’s government has approved draft amendments to a law aimed at securing new funding sources to cover budget deficits as it struggles to cope with a sharp fall in energy earnings. Amendments to the Money and Credit Law were endorsed at a cabinet meeting, chaired by President Abdelaziz Bouteflika, that discussed plans for the newly appointed government ...

Bloomberg China will expand its agricultural use of environment-damaging plastic film to boost crop production even as authorities try to curb soil pollution, a government scientist said. Some 1.45 million metric tons of polyethylene are spread in razor-thin sheets across 49 million acres—an area about half the size of California—of farmland in China. Use of the translucent material may exceed ...

Bloomberg India must boost growth if it’s to provide enough jobs for what will be the world’s biggest workforce, and history shows that some of the country’s best economic phases have come when society is most open, said Raghuram Rajan. Speaking a week after data showed growth in Asia’s No. 3 economy unexpectedly slowed to 5.7 percent, the former governor ...

Bloomberg China will set a deadline for automakers to end sales of fossil-fuel powered vehicles, a move aimed at pushing companies to speed efforts in developing electric vehicles for the world’s biggest auto market. Xin Guobin, the vice minister of industry and information technology, said the government is working with other regulators on a timetable to end production and sales. ...