Reuters Expectations for inflows of foreign funds in coming months boosted Saudi Arabia’s stock market to a multi-year high on Sunday, while a leap by Dubai’s biggest bank, Emirates NBD, lifted that index. The Saudi index surged 1.8 percent, its biggest daily gain since last June, to 7,696 points, its highest finish since November 2015. The index, which had added …

Bloomberg Bitcoin’s rough week headed for a bitter ending. The virtual currency fell 6 percent to $8,760 in New York, after earlier losing as much as 10 percent. Bitcoin has slumped more than 20 percent this week amid increased regulatory scrutiny in the US and Japan, an attempted theft at one of the biggest trading venues, and news that the …

Bloomberg EON SE agreed to acquire Innogy SE from German rival RWE AG, transforming the energy industry as Europe’s largest economy continues its switch to renewable power. In a complicated deal involving shares and asset swaps, EON SE will emerge with the retail and network businesses of both companies, while RWE will end up owning the combined renewable generation businesses …

Bloomberg Across Britain, energy companies are hoping that Brexit just might just go away. Energy has only been a sideshow in the discussions about the UK leaving the European Union even though it’s a key part of the trade bloc’s single market. Power and natural gas companies say Britain’s existing relationship with the bloc on energy matters should remain in …

Bloomberg Jordan selected 45 companies including France’s Total SA and Saudi Arabia’s ACWA Power as finalists to bid for six solar and wind energy power plants with total capacity of 300 megawatts of power. The 31 companies selected for the four solar power plants include Linuo Group, FRV Solar Holdings, ACWA Power, Chint Solar, Total Solar and TBEA Xinjiang Sunoasis, …

Bloomberg Oil trading giants including Glencore Ltd. and Vitol SA paid millions of dollars to a former PDVSA trader to get the inside track on Venezuelan oil deals, according to a lawsuit filed by a trust for Petróleos de Venezuela SA. The alleged conspiracy, which includes more than two dozen companies and individuals, even has a name worthy of a …

Reuters Bahrain-listed Investcorp plans to launch a $100 million fund dedicated to Oman’s pension funds, the alternative asset manager said on Sunday. Investcorp’s new fund will focus on private equity investments in the United States and Europe, the company said in an emailed statement, and will target mid-sized companies across a broad range of sectors. Investcorp, which manages more than …

Bloomberg JPMorgan Chase & Co. sees initial public offerings and M&A driving Middle East deals this year in what the US bank expects to be its busiest in the region. Private sector mergers and state sell-offs as part of privatisation plans will accelerate, while corporate bond sales are also likely to rise, Sjoerd Leenart, the bank’s global head of corporate …

Bloomberg UBS Group AG boosted Chief Executive Officer Sergio Ermotti’s pay and increased the bank’s bonus pool by about 6 percent after underlying profit rose. The Zurich-based lender boosted the bonus pool for 2017 to 3.1 billion Swiss francs ($3.3 billion), according to its annual report. Ermotti remains the highest-paid executive, earning 14.2 million francs, up from the 13.7 million …

Bloomberg Just because China’s financial regulators are cracking down on cryptocurrencies doesn’t mean they’re souring on the idea of digital money. People’s Bank of China Governor Zhou Xiaochuan made that clear at a press conference in Beijing, saying physical cash may one day become obsolete. Zhou said the PBOC is looking into digital currencies as it pursues faster, cheaper and …