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Bloomberg When OPEC and Russia review their strategy for clearing a global oil glut, they’ll face an unusual problem: it could be working just a bit too well. As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near $70 a barrel. That’s prompted warnings — from Iran’s oil minister …

Reuters Oman’s sovereign wealth fund is planning to start a $1 billion infrastructure fund to boost investment in projects including the Gulf state’s road, transport and energy systems, according to people familiar with the matter. The State General Reserve Fund is talking to international banks and potential investors for the financing, the people said, asking not to be identified because …

Bloomberg Economists brought forward their estimate of when the European Central Bank will set an end-date for its bond-buying program, amid signs that more optimistic views on inflation might be gaining sway among policy makers. While no action is expected at the Governing Council meeting on January 25, almost half of respondents in a Bloomberg survey predicted the ECB will …

Bloomberg Indian bank shares surged the most since November on a report the government is considering allowing foreign investors to own larger stakes in the country’s lenders. The Bankex Index, a gauge for 10 lenders, rose 2 percent to a new record high as of 9:30 a.m. in Mumbai. Gains were led by privately owned Yes Bank Ltd., which is …

Bloomberg The Bank of Canada indicated it’s in no rush to pursue aggressive interest rate hikes, citing “important unknowns” such as the future of Nafta as it raised borrowing costs for the third time since July. At a rate decision, central bank officials led by Governor Stephen Poloz sought to quell expectations Canada’s economic boom could prompt them to move …

Bloomberg Barclays Plc is eliminating as many as 100 senior staff at its investment bank as the unit’s chief, Tim Throsby, overhauls the underperforming division, according to people familiar with the decision. The cutbacks will fall mainly at the managing director and director levels and are evenly split between Europe and the US, said the people, who asked not to …

Bloomberg The Argentine peso has a split personality, with analysts forecasting both big losses in the spot market and the highest total return for emerging-market investors. The reason for the divergence comes down to inflation and interest rates. Consumer-price increases of more than 20 percent will wreak havoc on the peso’s value, but any weakness will be more than offset …

Bloomberg Bank of America Corp. once excited investors by pledging steep cost cuts by the end of this year. It still has a ways to go. The lender showed promise on revenue growth, as net interest income jumped to the highest in more than five years and revenue from trading and investment banking both topped estimates. Now, analysts question whether …

DUBAI / WAM A new report from Middle East Electricity (MEE) states the GCC requires a combined $131 billion worth of investment in electricity generation, transmission and distribution over the next five years to cope with increasing demand from growing populations, expanding economies and climatic changes. The report, ‘GCC Power Market’, reveals that despite the GCC’s current power-generating capacity of …

Bloomberg US stocks rose as earnings season continued with another major bank reporting healthy results. The dollar rose, while Treasuries declined with gold, as Congress appeared closer to a deal to avert a government shutdown after January 19. All major equity gauges were higher, with semiconductor companies leading gainers. The S&P 500 Index climbed after Bank of America Corp. beat …