Bloomberg PayPal Holdings Inc. pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency. “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for …

Bloomberg Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The 0.7% rise in New York-traded futures wasn’t enough to correct a 5.5% drop for the week. Rising US payrolls and the lowest unemployment rate in five decades undercut prospects of interest-rate cuts by the Federal Reserve. “The …

Bloomberg Venezuela’s state oil company has briefly cut output in the Orinoco Belt — which accounts for about half of the nation’s total production — to a maximum of 200,000 barrels a day after swelling inventories forced blending plants to shut. Petroleos de Venezuela SA set a production limit at the extra-heavy crude area of the Orinoco, the country’s main …