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Bloomberg Oil resumed its decline as industry data showed US crude stockpiles extended gains, exacerbating an inventory overhang. Futures lost as much as 1.4 percent in New York after rising 1.8 percent in the previous three sessions. The American Petroleum Institute signaled US inventories probably climbed a second week, ahead of Energy Information Administration data which is forecast to show ...

Bloomberg US shale is coming perilously close to puncturing its own rally. Just months after predicting double-digit production increases, largely based on crude prices sitting between $55 and $60 a barrel, drillers are suddenly contemplating the possibility of retrenchment as a stubborn global supply glut is keeping prices near $46. It’s a reversal that could accomplish what OPEC and other ...

Bloomberg China’s leverage crackdown is forcing local companies to confront their addiction to short-term bond sales that they use to roll over debt. The shock therapy is worsening the outlook for corporate defaults in the second half of this year after borrowing costs jumped to a two-year high. With yields surging, Chinese non-banking firms sold 131 billion yuan ($19.3 billion) ...

Bloomberg India’s wholesale price inflation slowed in May from a year earlier on the back of falling food costs, indicating subdued price pressures in the pipeline and adding to expectations that the central bank may lower interest rates in coming months. Wholesale price index rises 2.17 percent in May from a year earlier, compared with a median estimate of 2.9 ...

Bloomberg The International Monetary Fund raised its growth estimate for China for the second time this year while also cautioning that deep reforms are still needed to break away from debt-fueled expansion. The world’s second-largest economy will expand by 6.7 percent in 2017, the Washington-based fund said in its annual report on Article IV consultations published on Wednesday. That’s up ...

Bloomberg Nintendo Co. announced a slate of new titles for its new hybrid console Switch, moving to capitalize on early excitement for its newest video-game system. A Pokemon role-playing game for the Switch is in development, Kyoto-based Nintendo said Tuesday on a webcast at the start of the industry’s annual Electronic Entertainment Expo in Los Angeles. The company and Ubisoft ...

Bloomberg Fiat Chrysler diesel vehicles spewed pollution as much as 20 times the legal limit, according to testing by the same researchers who first recorded the excess emissions in Volkswagen AG’s diesel cheating scandal. The results shed new light on the US Justice Department’s allegations in a civil lawsuit last month that Fiat Chrysler Automobiles NV has used illegal “defeat ...

Bloomberg The squeeze on UK households intensified in the three months through April as wage growth lagged further behind inflation. Average earnings rose 1.7 percent, the slowest annual pace for more than two years, the Office for National Statistics said on Wednesday. But they fell 0.6 percent after inflation is taken into account, the largest drop since August 2014. In ...

Bloomberg Shaw Communications Inc. sold its ViaWest data service business to Peak 10 Holding Corp. for C$2.3 billion ($1.7 billion), three years after the Canadian telecommunications company bought it for C$1.3 billion. ViaWest and Peak 10 combined will be North America’s largest privately held data center company, Shaw said in a statement. The deal frees up cash for Shaw to ...

Bloomberg The former chief executive officer of Noble Group Ltd. has filed a lawsuit against founder Richard Elman claiming that he’s owed stock in the embattled commodity trader. Yusuf Alireza, who left the company in May 2016, filed the suit against Elman in the High Court of Hong Kong alleging contract breaches, according to a writ of summons. Alireza seeks ...