Bloomberg The company behind a major tourism destination on Saudi Arabia’s Red Sea coast that will include an archipelago of more than 90 islands as well as desert and mountain scenery hopes to award up to $2.7 billion in construction contracts by the end of 2020. “Between now and the end of the year, we hope to award another two …

Bloomberg Seven hundred tons of Russian refinery equipment has just completed a journey worthy of a great explorer. The parts manufactured in Volgograd will be used to upgrade Gazprom Neft PJSC’s Omsk refinery. That’s a trip of 2,599 kilometers by land, but the oversized cargo had to be taken by water. That required a journey of more than 9,000 kilometers …

Bloomberg Petroleos Mexicanos replaced the head of its trading arm PMI with Ulises Hernandez, formerly an executive of Pemex Exploration and Production, after a mass exodus by former management. Hernandez, previously the head of resources, reserves and partnerships at Pemex, will replace Raul Enrique Galicia, according to a statement. PMI’s crude trading division will also have new management, as Armando …

Bloomberg Amazon.com Inc defended the privacy features of its Alexa digital assistant — and introduced some new tools to reassure users — following months of debate about the practices of the technology giant and its largest competitors. “We care about this,” Dave Limp, leader of the company’s devices business, said at Amazon’s headquarters in Seattle. “Privacy is absolutely foundational to …

Bloomberg EHang, one of China’s largest drone makers, has made a confidential application for an initial public offering with Nasdaq Inc, according to people with knowledge of the matter. EHang plans to float 10 percent to 15 percent of its shares, with the company’s valuation not yet set due to volatile market conditions, said one of the people, who asked …

Bloomberg China’s top maker of electric-vehicle batteries plans to spend $1.4 billion building its first factory in the southwest of the country, adding to ambitious plans for next decade even as the short-term EV outlook get buffeted by subsidy cuts and demand uncertainties. Contemporary Amperex Technology Co will build the facility in Sichuan province, an outpost of China’s car industry, …

Bloomberg Facebook Inc is trying to broaden its virtual horizons. The company’s virtual reality unit Oculus announced Facebook Horizon, described as “an ever-expanding VR world” where people can interact with others as digital avatars. Users will be able to add features and elements to the world, which Facebook said will be “constantly growing with extraordinary creations made by Horizon citizens.” …

Bloomberg Wells Fargo & Co named Charlie Scharf chief executive officer, marking a new era in the bank’s efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years. Scharf, the CEO of Bank of New York (BNY) Mellon Corp, will replace interim chief Allen Parker on October 21, capping a wide-ranging …

Bloomberg Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability. Shares of the state-controlled bank slumped the most since its 2015 initial public offering and its bonds …

Bloomberg The Bank for International Settlements (BIS) started an open-ended fund for central bank investments in green bonds, it said in a statement. The institution, which is often referred to as the central bankers’ central bank, said the fund comes in response to growing demand for climate-friendly investments. It should also help institutions incorporate sustainability objectives into the management of …