Bloomberg Deutsche Bank AG and UBS Group AG briefly explored the idea of a megamerger earlier this year that would have created continental Europe’s biggest financial institution, people with knowledge of the matter said. Top Deutsche Bank and UBS officials held preliminary discussions in recent months about a potential combination, according to the people, who asked not to be identified …

Bloomberg Wells Fargo & Co is in negotiations to settle a US probe into procurement of low-income housing tax credits as its top lawyer tries to clean up issues before handing off the chief executive officer role. The US Justice Department is aiming to resolve an investigation into multiple banks’ alleged manipulation of tax-credit bidding in the next couple months, …

Bloomberg Oil posted its worst May performance in seven years as global trade tensions escalat-ed, undermining the outlook for energy demand growth. Futures tumbled 5.5 percent in New York to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and US Treasuries. President Donald Trump’s threat …

Bloomberg Leaders of Islamic nations condemned attacks on Saudi Arabian oil facilities and ships off the coast of the UAE that have been blamed on Iran and its Yemeni Houthi allies, saying the international community should preserve the region’s stability. The Organization of Islamic Cooperation held a summit in Mecca a day after back-to-back emergency meetings of Gulf and Arab …

Dubai / Emirates Busines The Dubai Gold & Commodities Exchange (DGCX) saw a spike in Indian Rupee (INR) trading in May as the India election came to a close, leading the exchange to record a monthly average open interest (AOI) of 406,203 contracts in the month, its highest AOI since November 2016. Ongoing political tensions across Europe on the back …

Bloomberg US President Donald Trump terminated India’s designation as a developing nation under a trade program, eliminating an exception that allowed the country to export nearly 2,000 products to the US duty-free. “I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump said in a proclamation. “Accordingly, …

Bloomberg China is mobilising its vast state-run energy industry to prepare for an economic tussle with the US that could escalate further and might last for years. Top oil executives were busy this week touting the need for energy security, and even discussing the previously far-fetched notion that the nation could be cut off from overseas supplies. The public comments …

Bloomberg Canadian Natural Resources Ltd has evacuated its Pelican Lake and Woodenhouse operations in northern Alberta in the first major shut-in of oil production triggered by wildfires this year. The producer removed all 240 people working in the two sites, halting a combined 65,000 barrels a day of heavy crude, according to a statement. Three years ago, blazes razed entire …

Bloomberg India’s largest green energy company, ReNew Power Ltd, is considering raising funds through asset sales, after shelving plans for an initial public offering. Backed by Goldman Sachs Group Inc., the company has renewable assets of over 7 gigawatts, of which more than 4 gigawatts are operational. It makes sense to sell some assets when “the ability to execute and …

Bloomberg Forget drones. The future of deliveries may be robo-vans. A Chinese startup called Neolix kicked off mass production of its self-driving delivery vehicles — saying it’s the first company globally to do so — and has lined up giants such as JD.Com Inc and Huawei Technologies Co as customers. Neolix expects to deliver a thousand of the vehicles, which …