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Bloomberg They are the building blocks of our daily stuff, from sports shoes to computer keyboards, created when oil and natural gas molecules are split, or cracked, to produce ethylene, propylene and other chemicals. The petrochemicals are big business in the oil-rich Persian Gulf, and they’re poised for further growth. Energy producers view these compounds increasingly as a key to …

Bloomberg Petroleo Brasileiro SA jumped on news that its chief financial officer is taking over as interim CEO, offering some continuity to investors rattled by political pressure at the state-controlled oil producer. Ivan Monteiro was named after the resignation of Pedro Parente, as Brazilian politicians called for a chief executive officer more focussed on the good of the nation than …

Bloomberg Canadian crude surged by the most ever after Enbridge Inc. said it won’t implement a new procedure to stop shippers from claiming more space than they can use on a key pipeline linking Alberta’s oil sands with US refineries. Western Canadian Select jumped as much as $12.20 a barrel to $13.80 below the US benchmark, the narrowest spread since …

Bloomberg The global rally in risk assets that sent US stocks to a 12-week high sputtered on Tuesday, with the S&P 500 struggling to push higher. Treasuries rose while Italian bonds fell. Contracts for the S&P 500 had signalled the underlying gauge would extend gains following its highest finish since mid-March, but momentum faded as the open neared. After a …

Bloomberg Crude declined after the US government was said to have asked Saudi Arabia and other OPEC producers to raise oil supply. The request for a 1 million-barrel-a-day increase follows Washington’s decision to re-impose sanctions on Iranian crude exports that had removed roughly the same amount from global markets when restrictions were previously in place earlier this decade. OPEC pumped …

Bloomberg The British government sold a 2.5 billion pound ($3.3 billion) stake in Royal Bank of Scotland Group Plc, reducing its majority holding a decade after it bailed out the lender during the financial crisis. The state sold 7.7 percent in the lender at 271 pence per share to institutional investors, it said in a statement on Tuesday. Shares in …

Bloomberg This year won’t see a re-run of nightmare on EM street, according to a trio of top American banks, more than a few money managers and even a former central banker. Goldman Sachs Group Inc. says fundamentals in emerging markets are mostly intact in the wake of the recent stress test from higher US interest rates, a rally in …

Bloomberg GCB Bank of Ghana Ltd. said it received a 2.2 billion-cedi ($461 million) bond from the central bank for taking over the assets of two failed lenders in 2017. Ghana’s biggest lender by branch network acquired the liabilities and some assets of UT Bank Ltd. and Capital Bank Ltd. in August after the companies collapsed as they failed to …

Bloomberg Societe Generale SA agreed with US authorities to settle probes into interest-rate manipulation and the bribery of Libyan officials, drawing a line under two of the French bank’s biggest legal headaches. SocGen agreed to pay undisclosed penalties to resolve US investigations that it submitted misleading numbers for the London interbank offered rate and, in a separate case, bribed Libyans …

Bloomberg Malaysia’s central bank Governor Muhammad Ibrahim offered to resign from his post two years into his term, according to people familiar with the matter, who declined to be identified because the discussions are confidential. The move comes less than a month after Prime Minister Mahathir Mohamad won a surprise election victory and his newly installed finance minister, Lim Guan …