Urban transportation is undergoing a revolution. Offerings such as Uber and Lyft, as well as car- and bike-sharing services are widely believed to reduce congestion and generally make urban dwellers more mobile; driverless cars are expected to provide further benefits. Yet the notion that these innovations always make things better is far from a given: The new services are a ...

Bloomberg US stocks rose with European shares on Tuesday after China said it won’t use the yuan as a weapon in any trade dispute. Oil briefly rose above $75 a barrel for the first time since November 2014. All major US benchmarks were higher, paced by strength in energy, on lighter than normal volume heading into the US. Telecom companies ...

Bloomberg Crude soared above $75 a barrel in New York for the first time since 2014 on signs global supply outages outweigh OPEC’s pledged production rise. Futures in New York jumped as much as 1.7 percent. Even as US President Donald Trump — facing sky-high retail gasoline prices ahead of midterm elections — urges to boost output more than it ...

Bloomberg Two top Chinese central bank officials vowed to keep the yuan stable on Tuesday, stoking speculation that policy makers are prepared to take tougher actions to arrest the plunge in the currency. Using standard language to describe the stance on the currency, People’s Bank of China Governor Yi Gang said China will “keep the yuan exchange rate basically stable ...

Bloomberg The South African Reserve Bank has written to the National Credit Regulator requesting a probe into loan- origination fees charged by Capitec Bank Holdings Ltd., according to a person familiar with the matter. The referral came after the issue was raised in a report by short-seller Viceroy Research in January, said the person, asking not to be identified because ...

Bloomberg Societe Generale SA is acquiring the Commerzbank AG business that includes the German lender’s exchange-traded products and market-making operations as it seeks expansion in Europe’s largest economy. The French bank will take over investments products, flow products and asset management businesses based in Frankfurt, London, Paris, Hong Kong and Zurich, according to an e-mailed statement on Tuesday. While it ...

Bloomberg Philippine central bank Governor Nestor Espenilla faces mounting challenges as he begins his second year in office. The 59-year-old central banker is set to miss his inflation target, the peso is wallowing near a 12-year low, and he is facing criticism he took too long to raise interest rates. He ends the first year of his six-year term in ...

Bloomberg US financials are still nursing their June hangover. The Financial Select Sector SPDR exchange-traded fund is trading to the downside yet again in early trading, weighed down by Citigroup and Bank of America. The drop follows the KBW Bank Index’s dramatic day that delivered the biggest intraday reversal — from up as much as 2.1 percent to ending in ...

Bloomberg Australia left its key interest rate unchanged at a record low on Tuesday as the currency’s recent decline aids the economy by offering exporters some insulation against global trade ructions. Reserve Bank Governor Philip Lowe kept the cash rate at 1.5 percent, as expected by all economists and where it’s stood since August 2016. The Australian dollar this week ...

Bloomberg Travellers are about to get cheaper flights in Argentina as President Mauricio Macri curbs price floors that have propped up domestic airfares. In an effort to boost tourism, the government will allow airlines to drop prices as low as they want for domestic service as of August 15. The rule change only applies to round trips, and customers must ...