Bloomberg Hedge funds are increasingly pessimistic on oil as US stockpiles surge and crude refining plunges. Bets on a West Texas Intermediate crude rout rose 7.6% in the week ended October 15 and almost tripled since mid-September. A report showing American crude storage rose for a fifth week while refiners cut processing rates to the lowest since 2017 only reinforced …

Bloomberg Tanzania is open to discussions with investors on the $10 billion Bagamoyo Port project, but will prioritise the interests of the East African nation, the Daily News newspaper reported, citing Tanzania Ports Authority Director General Deusdedit Kakoko. Talks on the proposed port have stalled because investors’ conditions were likely to prevent Tanzania from reaping the maximum benefit from the …

Washington / WAM The global economy is projected to grow by about 3 percent this year, but the pace has continued to weaken since April,according to the International Monetary and Financial Committee (IMFC). ”Growth is projected to pick up next year, but the outlook is highly uncertain and subject to elevated downside risks. These include trade tensions, policy uncertainty, and …