Bloomberg The outlook for declining oil production in Venezuela may get grimmer if the US bans supply of a key commodity used to help Venezuelan crude flow from oilfields to the coast. Production in the Orinoco oil belt, which accounts for half of the country’s output, depends on heavy naphtha imported from the US to reach global markets. Naphtha is ...

Bloomberg Exxon Mobil Corp. has shut production platforms and a processing plant in the highlands of natural gas exp-orter Papua New Guinea after an earthquake struck the Pacific nation. The US oil giant closed the facilities to assess damage from a magnitude 7.5 earthquake early on Monday morning, it said in a statement. Administrative buildings, living quarters and a mess ...

Bloomberg Samsung Electronics Co. grabbed centre stage in Barcelona at Mobile World Congress with the unveiling of its latest flagship handset: the Galaxy S9. The South Korea-based technology giant is banking on new features such as augmented reality-based emojis, camera upgrades, and stereo speakers in a form-factor similar to 2017’s model to take on Apple Inc.’s iPhone X. It also ...

Bloomberg Major Japanese brokerages are set to raise pay for newly hired college graduates this year as competition for talent intensifies amid a rebound in retail business and a chronic labour shortage. Daiwa Securities Group Inc. plans to increase base salaries for the 600 school-leavers starting in April from the 245,000 yen ($2,300) a month their predecessors got a year ...

Bloomberg Alibaba Group Holding Ltd. has agreed to buy the shares of food delivery startup Ele.me it doesn’t already own to boost its last mile delivery network, a person familiar with the matter said. The e-commerce giant, which owned 23 percent of Ele.me as of May, plans to buy the stock from investors including Baidu Inc., the person said, requesting ...

Bloomberg The car industry is witnessing one of its biggest disruptions since Karl Benz assembled the first automobile more than a century ago, and Li Shufu wants to play an active part in the revolution. The founder and chairman of Zhejiang Geely Holding Group Co. has become the top shareholder in Daimler AG, the German company that traces its roots ...

Bloomberg Go East, expatriates looking to make the big bucks. Mumbai, India’s financial, commercial and entertainment capital, tops global rankings for expat salaries, according to a survey conducted by HSBC Bank International Ltd. Foreigners moving to the subcontinent’s most populous city reported average annual earnings of $217,165. That’s more than double the global expat average of $99,903, the HSBC Expat ...

Bloomberg Hinduja Group India Ltd., owned by the billionaire Hinduja brothers, is considering buying a majority stake in state-owned MauBank Ltd. of Mauritius, according to two people with knowledge of the matter. Selling control of MauBank would enable the Mauritian government to recoup some of the money its used to bail out the lender. The state has spent $182 million ...

Bloomberg United Parcel Service (UPS) Inc. is suing the European Union for 1.7 billion euros ($2.1 billion) in compensation for the damage it says it suffered when regulators wrongly vetoed its attempted takeover of parcel delivery rival TNT Express NV. UPS is asking the EU’s General Court to award it compensation plus interest and taxes it would pay on any ...

Bloomberg General Electric Co.’s boss wants investors to know that all the negative headlines dogging the manufacturer don’t tell the whole story. The company is already changing for the better after “a very tough year,” CEO John Flannery plans to say in an upcoming letter to shareholders. GE is rethinking its structure, cutting costs and enhancing management accountability. It’s also ...