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Bloomberg New York gasoline traders have figured out something the rest of the oil world is dying to know how to do: balance the market. Mid-Atlantic gasoline supplies are now more than 5 million barrels lower than year-ago levels, an impressive decline considering stockpiles in the region swelled to 42.3 million in February — the highest level in government records ...

Bloomberg Crude oil inventories will decline at a faster pace worldwide in the second half of the year as demand increases and OPEC members comply better with a global agreement to cut output, Kuwait’s OPEC Governor Haitham al-Ghais said. The Organization of Petroleum Exporting Countries and other major producers including Russia agreed in May to extend their supply-cuts deal through ...

Bloomberg The US is seeking to recover $144 million in assets, including proceeds from a luxury condominium on Manhattan’s Billionaires’ Row in New York, which prosecutors claim were spoils from bribes paid for Nigerian oil contracts. The Justice Department, in a lawsuit filed in Houston, said two Nigerian businessmen made corrupt payments to a Nigerian official who oversaw the country’s ...

Bloomberg A Chinese consortium agreed to pay S$16 billion ($11.6 billion) for Global Logistic Properties Ltd., the warehouse operator backed by Singapore’s sovereign wealth fund, in Asia’s biggest buyout. GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management. The group, which also includes founder Ming Mei’s SMG, Bank ...

Bloomberg Infosys Ltd. raised its annual revenue outlook after eking out a 1 percent rise in quarterly net income, as newer digital services helped it bag contracts despite shrinking client budgets. Asia’s second-largest outsourcer of IT services forecast a 7.1 to 9.1 percent climb in revenue for the year ending March 2018 on a US dollar basis. That beat analyst ...

Bloomberg These are great times for China’s gargantuan steel industry as product prices soar to multi-year highs, mills’ profits swell and speculators stake out record positions in futures markets in the country that makes half of global supply. They could be over soon. While demand in Asia’s top economy has remained strong, “as the property market cools and investment growth ...

Bloomberg India is considering a proposal to lift a cap on investment by foreign retailers in local supermarkets, according to people with the knowledge of the matter. A meeting led by Prime Minister Narendra Modi may decide on a proposal to allow 100 percent investment by retailers such as Wal-Mart Stores Inc. and Carrefour SA if they agree to sell ...

Bloomberg The US will seek to use a United Nations fund designed to aid nations hard hit by climate change to promote the construction of coal-fired power plants around the world. The US already donated $1 billion to the so-called Green Climate Fund, and it can now use its seat on that board to advance American-energy interests globally, a White ...

Bloomberg Uber Technologies Inc. shareholders and its board, led by early backer Benchmark, have discussed selling some of their shares to SoftBank Group Corp. and other potential investors, people familiar with the matter said. The talks represent a major turning point for the company. It has amassed more than 500 investors who fought to own a piece of the world’s ...

Bloomberg The long-running trade dispute over softwood lumber may be nearing an end, with Canada indicating it wants to settle the issue with the US before the renegotiation of the North American Free Trade Agreement begins later this year. “We’re going to continue to work very hard towards that,” Canadian Prime Minister Justin Trudeau said to reporters in Providence, Rhode ...