Bloomberg Saudi Arabia is scaling back renewable power targets as the world’s biggest oil exporter plans to use more natural gas, backing away from goals set when crude prices were triple their current level, according to Energy Minister Khalid Al-Falih. The kingdom aims to have power generation from renewable resources like the sun make up 10 percent of the ...

  Bloomberg Saudi Arabia is cracking down on banks that are lowballing interest rate submissions, people with knowledge of the matter said. The Saudi Arabia Monetary Agency has written to banks instructing them not to submit levels to the Saudi Interbank Offered Rate that are below what they’re actually willing to lend at, four people said, asking not to be ...

  California / Bloomberg GE Ventures bought a stake in Germany’s Sonnen GmbH to boost its presence in the fast-growing market for battery systems built to store solar power. GE’s unit is paying a “mid double-digit million-euro” sum for a minority stake in the company, according to a statement by Wildpoldsried, Bavaria-based Sonnen. The company said other investors are considering ...