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Bloomberg Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. Futures slid as much as 1.1 percent in New York on Wednesday, declining for a third straight day, after the US Energy Information Administration said stocks of gasoline and distillate fuels grew by a combined 9.25 million barrels …

ABU DHABI / WAM President Adama Barrow of the Republic of Gambia has expressed his country’s interest in promoting economic and investment cooperation with the United Arab Emirates. This came during a meeting with Mohamed Helal Al Muhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, at the Emirates Palace in Abu Dhabi. Preident Barrow, during the meeting, …

Bloomberg Emirates NBD PJSC’s first-half profit jumped 49 percent as Dubai’s biggest bank benefitted from the sale of a stake in its card payments processing unit. Net income advanced to AED7.48 billion ($2.04 billion) from 5.02 billion a year earlier, the state-controlled lender said in a statement. The bank made AED2.1 billion from the initial public offering of Network International …

Bloomberg Mexico’s Petroleos Mexicanos announced plans to reverse a decade and half of declining crude production as early as next year and balance its budget by 2021. The peso and the company’s bonds weakened on skepticism that the strategy to achieve those goals will be effective. Under the presidency of Andres Manuel Lopez Obrador, Pemex will invest 1.95 trillion pesos …

Bloomberg Suzlon Energy Ltd., which became India’s biggest convertible-note defaulter in 2012, slumped in Mumbai after missing payments on dollar-denominated convertibles. Shares of the stressed wind-turbine maker fell as much as 8.6 perce-nt in trading on Wednesday after missing a deadline to repay $172 million outstanding on the securities. While an earlier debt revamp helped the company’s shares surge in …

Bloomberg US new-home construction fell in June for a second month as a drop in apartment building outweighed a pickup in single-family projects. Residential starts declined 0.9 percent to a 1.25 million annualised rate, the slowest in three months, according to government figures. Permits, a proxy for future construction, dropped 6.1 percent to a 1.22 million rate, also reflecting a …

Bloomberg US equity futures drifted with European stocks as a mixed bag of corporate earnings gave traders food for thought amid fresh trade tensions. Treasuries yields edged lower and European government bonds climbed. Contracts on the S&P 500, Dow Jones and Nasdaq gave up some their early gains after Bank of America’s net interest income fell short of analysts’ expectations, …

Bloomberg Nigeria’s benchmark stock index fell for a fifth day, a slump that underscores foreign investor frustration over a lack of policy progress since President Muhammadu Buhari won re-election in February. The index dropped 0.5 percent by earlier close to the lowest since May 2017. It has declined 13 percent in the five months since Buhari, who is still to …

Bloomberg The Guernsey stock exchange says it was stood up by the UK regulator when trying to share information on some of the holdings in Neil Woodford’s flagship fund. The “Financial Conduct Authority failed to show up,” the exchange said in a statement and published by the UK’s Treasury Committee. “Eventually, without explanation, an FCA PA called to suggest reorganisation.” …

Bloomberg Australia’s banking regulator is set for a major overhaul after a government-commissioned review found it had a “culture of conformity” and needed to become more forceful. In a scathing 146-page report released on Wednesday, the Australian Prudential Regulation Authority (APRA) was found to be slow to act, tentative in addressing issues that don’t entail traditional financial risks, and have …