NEW DELHI / WAM A landmark agreement signed in February between the UAE and India expanding their bilateral energy relationship has started bearing fruit. India’s state-owned oil exploration company, ONGC Videsh Ltd (OVL) annou-nced receipt of the first tranche of equity oil cargo from Abu Dhabi’s Lower Zakum oilfield. A shipload of Das blend crude oil has reached New Mangalore …

Bloomberg Enbridge Inc.’s decision to implement and then scrap new rules governing Canada’s biggest export pipeline system sent crude prices on a record roller coaster move this week, earning the pipeline operator both friends and enemies. BP Plc filed a complaint this week with Canada’s National Energy Board saying Enbridge used an “unreasonable exercise of discretion” when it announced and …

Bloomberg As China looks to buy more from the US this year, its oil purchases are helping a bit. Sales increased by about $1.2 billion in the first four months of 2018 compared with a year earlier, thanks to stronger global crude prices. China has offered to boost purchases of US goods by about $25 billion this year ahead of …

Bloomberg Deutsche Bank AG is seeking to sell its portfolio of non-investment grade energy loans, worth about $3 billion, according to people with knowledge of the matter. The Frankfurt-based lender, which said in May it was closing its Houston office, is planning to sell the loan book as a whole and has marketed it to North American and European peers, …

Bloomberg Massive offshore wind turbines keep getting bigger, and that’s helping make the power cheaper — to the point where developers say new projects in US waters can compete with natural gas. The price “is going to be a real eye-opener,” said Bryan Martin, chairman of Deepwater Wind LLC, which won an auction in May to build a 400-megawatt wind …

Bloomberg The world’s favourite stocks fought through to their seventh rally in nine weeks, though not without landing a few blows on traders. For about 24 hours on Thursday and Friday, losses in the FAANG block looked liable to snowball, bringing back memories of a similarly out-of-the-blue lurch almost exactly a year ago today. But the nervousness abated, possibly aided …

Bloomberg The pound could be in for a wild ride as the UK’s Brexit bill goes to a vote in Parliament. Traders will be watching for signs of what kind of Brexit UK lawmakers will decide on, as well as how Prime Minister Theresa May is faring, with the pound set to sell off if her leadership looks to be …

Bloomberg HSBC Holdings Plc’s Steven Major is starting to show a little less conviction on two of his big investment calls of recent years: bullish Treasuries and bearish credit. The shift comes as traders shaken by weeks of turbulence across asset classes regain their footing. In European credit markets, the biggest high-grade sell-off in more than two years has created …

Bloomberg Banks responsible for about half of India’s internal trade have joined a consortium that aims to introduce blockchain technology in order to speed up processes and reduce hurdles to approving new loans. Fourteen local banks have signed up for the India Trade Connect consortium, which hired the Bengaluru-based software firm Infosys Ltd. to develop a blockchain platform for loans …

Bloomberg UBS Group AG’s asset-management head Ulrich Koerner is adding job cuts to a raft of initiatives intended to turn around the 792 billion-franc ($807 billion) business. The Swiss bank is trimming jobs as it focusses on growth in China and lower-margin passive and sustainable investing, according to people with knowledge of the matter. The unit eliminated at least 100 …