Bloomberg State-run insurer Life Insurance Corporation of India (LIC) dropped early in its Mumbai trading debut after a record initial public offering that priced at the top of the range and was oversubscribed nearly three times. The shares plunged as much as 9.4% to 860 rupees in Mumbai, versus their IPO price of 949, before paring about half of the …

Bloomberg Saudi Aramco’s downstream business, a key area of investment for the world’s largest oil exporter, saw its earnings more than double as it benefited from a global shortage of refining capacity. The unit, which produces transport fuels like gasoline and diesel, reported $10.2 billion in first-quarter earnings before interest and taxes, up from $4.4 billion a year earlier, it …

Bloomberg Oil rallied as a global squeeze on refined products continued to pull fuel prices higher. West Texas Intermediate rose 1.6% to trade near $112 on Monday as US gasoline futures topped $4 a gallon for the first time ever. Rising futures tend to trickle through to the pump quickly, signaling more pain for drivers when the summer driving season …