Bloomberg Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters, about a week after the Saudis and Russia announced a new policy to revive oil production. Saudi Energy Minister Khalid Al-Falih will meet with Kuwait’s Bakheet Al-Rashidi and the UAE’s Suhail Al Mazrouei — also the holder of OPEC’s ...

Bloomberg For oil traders, there’s no place quite like Saldanha Bay. When prices slumped in 2014, trading houses generated outsize profits by storing millions of barrels of crude in the deep-water harbor north of Cape Town. Now storage facilities at the port — where South Africa built vast concrete bunkers in the 1970s that helped insulate the apartheid regime from ...

Bloomberg Darren Woods is mounting a strong defense of his plan to rescue Exxon Mobil Corp. from its share-price slump with a multibillion dollar investment spree that’s at odds with the belt-tightening undertaken by rivals. Far from preaching spending caps or showering investors with cash, Woods’ solution, outlined in an interview, is to invest heavily in mega-projects that he says ...

Bloomberg Untapped offshore wind is luring Japan’s biggest commodity houses to invest in projects in Taiwan and at home, buoyed by favorable government policies that support development of the clean power. Mitsui & Co. this month bought a stake in the Taiwanese wind developer Yushan Energy Co. that gives the Tokyo-based company a 20 percent stake in a 300-megawatt offshore ...

Bloomberg Embattled coal and nuclear power-plant operators stand to get a lot more money to provide capacity to the biggest US electricity grid — if they can hold on for another three years. Generators are going to make $140 a megawatt-day for the year starting in June 2021, 83 percent more than the prior year, according to the results of ...

Bloomberg Stocks declined, while Treasuries and the dollar rallied as the escalating political crisis in Italy engulfed markets. The S&P 500 Index dropped for a third session, following the biggest decline since March in the Stoxx Europe 600 Index, as Italian political turmoil lead to gridlock and set the course for another election. The flight from risk began in Italy’s ...

Bloomberg It looks like the debt crisis days of 2012 all over again for investors, as Italian, Portuguese and Greek bond yields surged and billionaire George Soros warned of an “ existential threat” to the European Union. The trigger was the prospect of anti-EU, nationalist parties in Italy turning a repeat election into a de facto referendum on Italy’s membership ...

Bloomberg The Fed should slow its pace of policy normalisation to help re-align price expectations around 2 percent and maintain the credibility of its inflation target, Federal Reserve Bank of St. Louis President James Bullard said on Tuesday in Tokyo. “Inflation expectations in the US remain somewhat low, suggesting that further normalisation may not be necessary to keep inflation near ...

Bloomberg Bad loans at India’s five biggest state-run banks were about 456.8 billion rupees ($6.8 billion) more than the lenders had assessed. Audits by the regulator for the year ended March 31, 2017, revealed the discrepancies, triggering large losses as the banks increased provisions. If you add IDBI Bank Ltd., which doesn’t feature among the biggest but got the largest ...

Bloomberg Al Ahli Bank of Kuwait is on the look out for acquisitions in the Gulf region as it seeks to boost revenue from international operations. “We want to manage and absorb the last merger, but we’re always looking for acquisitions,” Chief Executive Officer Michel Accad said in an interview in Kuwait City. “We can consider anything at the right ...