Bloomberg Oil headed for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of the US strategic reserves to tame rampant prices. West Texas Intermediate futures swung between gains and losses Friday, and were down about 13% this week, the most since April 2020. The US plans to release 1 million barrels a …

  Bloomberg South Africa’s plan to add an estimated $6.5 billion worth of private power generation has been further delayed as the nation continues to suffer from intermittent power outages. The signing of power purchase agreements by preferred bidders for the 2,000 megawatt risk mitigation, or emergency power, program was postponed due to “outstanding matters and conditions” with state-owned electricity …

Bloomberg China’s biggest oil company posted its best profit since 2014 as it benefited from rising energy prices. PetroChina Co’s net income rose to 92 billion yuan ($14.5 billion) in 2021, more than quadrupling the level from the previous year, according to its annual earnings release. Oil and gas production rose 3.4%, while the refining business recovered from a loss …

  Bloomberg Kenya Airways Plc’s board gave approval for the carrier to hedge prices for more than 35% of its fuel needs and is in talks with the African Airlines Association for bulk fuel purchases in a drive to cut costs. Fuel accounts for at least a quarter of costs for the airline in which the Kenyan government has a …

Bloomberg Christian Smalls, who started a labour union after being fired by Amazon.com Inc, was on track to potentially win a historic election to unionise one of the e-commerce giant’s facilities in New York. When federal labour officials overseeing the election halted the count, Smalls’ upstart Amazon Labor Union had 1,518 yes votes compared with 1,154 no votes from workers …

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda is determined to stick with targeting long-term bond yields near zero, even as it leaves him increasingly at variance with global peers and propels a depreciating exchange rate. At stake for Kuroda is the credibility of his five-year-old policy framework, designed to secure sustained 2 percent inflation. The BOJ has been …

  Bloomberg Commerzbank AG warned that risks to its outlook have increased following Russia’s invasion of Ukraine and the sanctions imposed on Moscow. Geopolitical risks could impact economic growth through higher prices for raw materials and sanctions, while Russian “countersanctions” might affect Commerzbank’s portfolios, Germany’s second-biggest listed lender said in its annual report. “There are numerous risk factors that could …

  Bloomberg UK credit card borrowing jumped at its strongest pace in records dating back to 1993, adding to evidence that a surge in the cost of living is straining household finances. Borrowing on charge cards rose 1.5 billion pounds ($2 billion) in February alone, the Bank of England said. That drove up the value of unsecured credit including personal …

  Bloomberg JPMorgan Chase & Co’s fledgling digital bank is going after more customers in the UK with a new savings account. Chase, which launched in the UK last September, will offer a variable interest rate of 1.5%, the company said. That’s more than double the rate offered by similar online banks including Goldman Sachs Group Marcus. Deposits will be …

  Bloomberg Ecobank Transnational Inc, the pan-African lender with operations in 35 countries, foresees slower growth this year as a devaluation of local currencies pushes up its costs and make it more difficult for its clients to do business. The Togo-based lender predicts revenue growth will slow to 1% to 3% this year, from 5% in 2021, while loan extensions …