Bloomberg Saudi Arabian Oil Co. and some of the kingdom’s biggest companies said they’ll pay Saudi staff more money, matching a royal order that extended handouts to government workers to ease public discontent over rising prices. Aramco, preparing for what could be the world’s largest initial public offering, will pay “eligible employees” an extra 1,000 riyals ($267) a month for …

Bloomberg Oil rose after drilling activity in the US eased, adding to signs the global crude surplus is abating. West Texas Intermediate futures rose 0.5 percent, following a 1.7 percent increase last week, when they hit a three-year high. Rigs drilling for crude fell by five to 742 in the seven days ended January 5, according to Baker Hughes data. …

SINGAPORE/ Reuters Profits for Asia’s oil refiners dropped to their lowest since May last year as rising supplies dragged down regional fuel prices at the same time that global crude oil prices have climbed to two-year highs, data on Thomson Reuters Eikon showed. Margins at a typical complex refinery in Singapore fell to $5.93 a barrel, the lowest since May …

Bloomberg Retailer United Electronics Co., the second-best performing Saudi Arabian stock of 2017, is looking to increased demand for televisions before this year’s soccer World Cup, expanded consumer credit and rising online sales to counter any slowdown caused by the start of value-added tax. The company, known as eXtra, plans to open new stores in 2018 as it seeks to …

Bloomberg UBS Group AG is in discussions to acquire a majority stake in its Chinese securities joint venture, Chief Executive Officer Sergio Ermotti said, as global banks rush to take advantage of Beijing’s pledge to further open its financial markets. UBS has started talks with its local partners on taking a 51 percent stake in the venture, Ermotti said in …

Bloomberg A former Royal Bank of Scotland Group Plc trader was fined 250,000 pounds ($338,000) and banned from working in the industry by the UK markets regulator for manipulating Libor, five years after the bank was penalised for its role in the scandal. The Financial Conduct Authority issued the penalty against Neil Danziger on Monday, saying the ex-trader “routinely” made …

Bloomberg After a quiet start to January, this week could see bigger bets come back into play on the pound. With the UK Parliament returning from recess and a slew of data, investors will be looking to put on fresh sterling positions, according to Neil Jones, head of currency sales at Mizuho Bank Ltd. Despite lingering Brexit uncertainty and a …

Bloomberg Romania unexpectedly raised borrowing costs for the first time in almost a decade as inflation bounces back and its economy expands at one of the continent’s quickest paces. The central bank lifted its benchmark interest rate to 2 percent from a record-low 1.75 percent on Monday, according to an emailed statement. The move was predicted by five of 15 …

Bloomberg Milton Friedman put a nail in the coffin of the original version of the Phillips Curve 50 years ago when he correctly foresaw that the US could simultaneously suffer from high unemployment and lofty inflation. A growing number of economists are now trying to lay to rest Phillips Curve 2.0, still in use at the Federal Reserve and other …

Bloomberg Travellers from around the world faced more chaos after flooding at New York’s John F. Kennedy International Airport caused fresh flight delays and diversions amid operations already strained by a snowstorm and freezing temperatures. The meltdown, two days after the year’s first major snowstorm, left passengers to deal with long lines to rebook cancelled flights and to search through …