Bloomberg Africa’s richest man, Aliko Dangote, plans to start selling gasoline, diesel and aviation fuel by early 2020 from an oil refinery he’s building near Lagos, Nigeria’s commercial capital. The $10 billion refinery, set to be one of the world’s largest and process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Edwin Devakumar, group executive …

Bloomberg Oil explorers deployed more rigs in the US this week as crude prices breached $75 per barrel for the first time since 2014. The US working oil rigs rose by five this week to 863, halting two straight weeks of declines, according to data from Baker Hughes. Shale fields in the Southwest and Great Plains accounted for most of …

Bloomberg The day after Chinese e-commerce giant JD.com Inc.’s mid-year sale, a company drone took off from a playground in the city of Xi’an to deliver one of the orders in a football-sized box to a village in the mountains to the south. The six-rotor craft is one of about 40 JD.com designed to cut delivery times for items such …

Bloomberg Fully digital screens are replacing speedometres and dials in vehicles, making industry leader Japan Display Inc. optimistic about boosting sales to global carmakers. While most new models usually have a centre information panel for maps, entertainment and other functions, manufacturers are also increasingly replacing the dashboard facing the driver with a flat screen. Look inside the latest BMW or …

Bloomberg Baidu Inc. has unveiled an artificial intelligence(AI) chip to run intensive computing in everything from datacentres to autonomous driving, as the Chinese search giant prepares to launch its first self-driving vehicles in Japan. The AI chip, “Kunlun”, joins rival efforts from tech giants around the world, including local peers such as networking giant Huawei Technologies Co. search rankings. Baidu’s …

Bloomberg Byton, the Chinese electric-vehicle startup founded by former BMW AG executives, is forging ahead with plans to enter the US market even as the trade war casts a cloud of unpredictability for the push. The company plans to begin production of its $45,000 electric SUV in 2019 and still targets a US entry in 2020, CEO Carsten Breitfeld said. …

Bloomberg Increasing investment by firms in technology means the UK’s abysmal productivity growth should soon start to recover, according to a Bank of England (BOE) staff blog. A shortage of skills and labour is acting as a catalyst for firms to introduce productivity-boosting technology such as automation, said Will Holman and Tim Pike, who work in the central bank’s division …

Bloomberg India’s central bank may increasingly be turning to the currency futures market to stem a slide that sent the rupee to a record low last month, according to analysts and traders. The Reserve Bank of India (RBI)  probably intervened to the tune of $2.5 billion in May — the highest for any month so far this year — and …

Bloomberg JPMorgan Chase & Co. denied a report in German magazine WirtschaftsWoche that it’s interested in acquiring a stake in Deutsche Bank AG, after the lender’s share price slumped. The New York-based bank and Industrial & Commercial Bank of China Ltd. were named as being interested in an investment because Frankfurt will increase in importance after Brexit, the magazine said, …

Bloomberg Credit Suisse Group AG agreed to pay $77 million to settle US bribery probes claiming the lender’s Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. The bank over seven years tried to hire more than 100 employees at the request of government officials in the Asia-Pacific region, resulting in …