Bloomberg OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut. The country with Africa’s largest crude reserves currently produces 600,000 barrels a day, state-run National Oil Corp. Chairman Mustafa Sanalla said in a statement posted on the company’s website. ...

  Kuwait City / AFP Kuwait must enact further subsidy reforms to trim its budget deficit resulting from low oil prices despite political sensitivity, the International Monetary Fund has said. Posting its first budget shortfall of $15 billion last fiscal year following 16 years of surpluses, OPEC member Kuwait has adopted a series of austerity measures raising the prices of ...

  Bloomberg Siemens AG Chief Executive Officer Joe Kaeser said he expects revenue from Saudi Arabia to reach $5 billion by 2020 as Europe’s biggest engineering company focuses on energy projects and emerging markets. The first orders from Saudi Arabia are expected in the 2017 fiscal year, bolstered by spending on alternative energy sources like wind farms, Kaeser said in ...

  Bloomberg Shenhua Group Corp., China’s biggest coal producer, is seeking to limit sales of the fuel to end-users and choke off supplies to traders amid government pressure on the nation’s major miners to cool surging prices. The Beijing-based company has changed its thermal coal sales policy to limit how much trading companies can buy and allow some sales to ...

  Bloomberg Wesfarmers Ltd., the Australian retail-to-fertilizer conglomer- ate, has kicked off a sale process for its two coal mines in the country after prices for the commodity soared this year, according to people with knowledge of the matter. The Perth-based company has sent preliminary information on the Curragh and Bengalla mines to potential buyers ahead of calling for bids, ...

  Bloomberg Cotton supplies at Indian markets dropped by more than half after Prime Minister Narendra Modi’s surprise move to withdraw and replace high-denomination banknotes. Prices have already climbed about 4 percent as farmers withhold supplies, Aurobinda Gayan, vice president for research at trader Kotak Commodity Services Ltd., said in an interview on Tuesday. They may climb further through early ...

  Bloomberg Tencent Holdings Ltd. posted a 43 percent rise in third-quarter profit that only just missed expectations, as its consistent ability to attract Chinese gamers and social media mavens fueled advertising growth despite growing competition. Net income climbed to 10.6 billion yuan ($1.5 billion) in the three months ended September, the Shenzhen-based company said Wednesday. That compares with the ...

Äänekoski / AFP Nokia was once the motor of Finland’s economy, but since the demise of the company’s mobile phone business the Nordic country has struggled to find a new engine for growth. But after nine sluggish years and a three-year recession that ended in 2015, could Finland’s centuries-old, if unglamorous, forestry sector, hold the answer? A rare bit of ...

  Bloomberg Mercedes-Benz is rolling out a 300,000-euro ($323,000) limited-edition convertible under its ultra high-end Maybach nameplate, as the German automaker seeks to burnish its luxury image and bankroll its investment in electric cars. With a limited run of 300 vehicles, the Mercedes-Maybach S650 will be available next year and come with quilted leather seats, matching luggage and a device ...

  Bloomberg Google is going ahead with delayed plans to expand its London offices, saying it will build a 10-story building on the site in a move that the UK government called a vote of confidence in the country’s post-Brexit future. The company, the largest unit of Alphabet Inc., said it would be able to house as many as 7,000 ...