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Snow keeps natural gas prices down in Texas

  Bloomberg Natural gas in balmy Texas is feeling the chill of California’s snowy peaks 1,200 miles away. West Coast power producers are ditching gas in favor of cheap, plentiful hydroelectric power, which is surging after the wettest year ever across the Northern Sierra Nevada range. Much of that moisture fell as snow which is now melting, soaking fields, filling ...

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Oil resumes decline as US output expands

  Bloomberg Oil resumed its decline as US production increased for an 11th week in the longest run of gains since 2012. Futures lost as much as 1.1 percent in New York after climbing 0.3 percent. Crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration. US inventories fell ...

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Sunrun falls on report of SEC probe into solar cancellations

  Bloomberg Sunrun Inc., the largest independent US rooftop company, fell the most in more than 11 months after the Wall Street Journal reported that the Securities and Exchange Commission is investigating whether the company adequately disclosed how many customers canceled contracts. The San Francisco-based rooftop installer dropped 8.8 percent to $4.75 at the close in New York, the most ...

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China’s risk crackdown rattles its municipal bond market

  Bloomberg China’s deleveraging campaign is providing a reality check to the fledgling municipal bond market. Set up in 2015 to bring transparency to local-government borrowing practices, the new market benefited from the perception that Beijing had the provinces’ backs, with yields largely on par with the sovereign despite some weak municipal balance sheets. Not anymore — a clampdown on ...

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Australia could block Elliott proposal to move BHP listing

  Bloomberg Australia would block any attempt to move BHP Billiton Ltd.’s main sharemarket listing to the UK as proposed by New York-based activist investor Elliott Management Corp., Treasurer Scott Morrison said. “It is unthinkable that any Australian government could allow this original Big Australian to head offshore,” Morrison said in a statement. If BHP implemented Elliott’s proposals, “it may ...

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Strong rupee could ease India ‘investment rules’

  Bloomberg A surging rupee, rising currency reserves and a comfortable current-account gap could see India’s central bank consider relaxing rules on outward investments, paving the way for domestic companies to step up their shopping abroad, especially in Latin America and Africa. An uptick in overseas acquisitions would help keep a lid on the rupee, which is among the top ...

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Revamp of net-neutrality rules left to FCC Chairman

  Bloomberg Federal Communications Commission Chairman Ajit Pai wants to gut Obama-era net neutrality rules, but even he says the matter is best left to someone else: the lawmakers in Congress. Broadband companies AT&T Inc., Verizon Communications Inc. and Comcast Corp. support Pai’s initiative but also want Congress — rather than his agency — to step in and end a ...

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Euro-area growth gathers speed as top 3 economies converge

  Bloomberg Activity in euro-area manufacturing and services accelerated more than initially estimated as growth in the region’s three largest economies converged. A composite Purchasing Managers’ Index rose to 56.8 in April from 56.4 in March, IHS Markit said on Thursday. An April 21 flash report was for an increase to 56.7. The spread between gauges for the rates of ...

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