DUBAI / Reuters Kuwait’s Agility, one of the largest Gulf logistics companies, said it had agreed to pay $95 million in cash to settle a civil lawsuit accusing it of defrauding the United States military on food supply contracts. It follows the earlier settlement of the parallel criminal portion of the case involving more than $8.6 billion of contracts that ...

Bloomberg Britain’s fleet of solar panels generated a record amount of electricity, as the nation basked in sunshine during the hottest day of the year. UK solar power output rose to a record 8.75 gigawatts at 1 p.m. London time, according to data compiled by National Grid Plc and Sheffield University. That satisfied 24% of electricity demand and broke the ...

Bloomberg After sparing its prized US market from oil-output cuts, Saudi Arabia plans to “markedly” reduce exports to its political ally in the coming weeks in an effort to reduce swollen and highly visible crude inventories in the world’s biggest consumer. “Exports to the US will drop measurably,” Energy and Industry Minister Khalid Al-Falih told reporters after chairing a meeting ...

Bloomberg In China, a bicycle-sharing phenomenon is changing the way urban dwellers get around — and forcing listed manufacturers to scramble to get a slice of the profits. Across major cities such as Beijing and Shanghai, sidewalks are filling up with parked bikes that anyone with an app can unlock with a swipe of their phone. The cost is a ...

Bloomberg SoftBank Group Corp., the Japanese company that raised a $93 billion fund for technology investments, is considering boosting its stake in chipmaker Nvidia Corp., people familiar with the matter said. The firm would raise its holding over time and begin to work more closely with Nvidia, the people said, asking not to be identified because the deliberations are private. ...

Bloomberg BMW, Mercedes-Benz and VW are getting their turn in the crosshairs of US President Donald Trump, who’s making a habit out of attacking the visible — and free trade-dependent — auto industry. “The Germans are bad, very bad,” Der Spiegel cited Trump as saying to unidentified participants at a closed-door meeting with European Union officials in Brussels. “Look at ...

Bloomberg The US and Russia are engaged in a rivalry for dominance once again, this time in the wheat market. After Russia recently pulled ahead, the US has fought back, with the help of a weaker dollar. One irony of the situation is that the US is taking market share partly amid the FBI investigation into ties between President Donald ...

Bloomberg California Governor Jerry Brown criticized a US Senate bill that aims to simplify auto efficiency standards, warning the measure represents a step toward decimating requirements that manufacturers produce cleaner cars. Legislation introduced by Missouri Republican Roy Blunt would align the differing approaches that separate US agencies take to regulating fuel mileage and carbon emissions. Sponsors include Michigan Democrat Debbie ...

Bloomberg The European Union will demand its top court have the power to enforce the rights of its citizens in Britain after Brexit. In a draft working paper circulated this week, the EU Council of bloc members said the European Court of Justice should have “full jurisdiction” over the rights of nationals and that the European Commission should have the ...

Bloomberg Egypt carried out air strikes against militants across the border in Libya, saying they targeted the group responsible for a deadly attack on Christians earlier on Friday. At least 29 people, some of them children, were killed when gunmen in military fatigues opened fire on a bus carrying members of the Coptic Christian minority in Minya province, about 200 ...