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Bloomberg Oil traded below $70 a barrel as supply concerns eased after American drilling rose to the highest since 2015, and on growing investor optimism crude output in Libya may climb from early next year. Futures in New York were little changed, following a 3.1 percent decline last week. Working US oil rigs increased by four to 873 last week, ...

Bloomberg Rwanda is considering partnering with oil and gas companies for the next stage of exploring Lake Kivu for more hydrocarbons, a government official said. The East African nation has conducted the first round of shallow drilling for geochemistry tests in the methane-gas-producing lake in the west of the country, according to Mines, Petroleum and Gas Board Chief Executive Officer ...

Bloomberg BP Plc and Eni SpA could re-start work on a project in Libya in the first quarter, setting the stage for the OPEC member to boost production by “hundreds of thousands of barrels” a day, the head of the country’s state oil company said. Crude production in the North African nation is averaging “well above 1 million barrels a ...

Bloomberg Fiat Chrysler Automobiles NV agreed to sell its car-parts unit, Magneti Marelli, to KKR & Co.’s Calsonic Kansei in the first major deal for the Italian-American carmaker under new Chief Executive Officer Mike Manley. The transaction, valued at 6.2 billion euros ($7.1 billion), will create Japan-based Magneti Marelli CK Holdings, according to a statement. Beda Bolzenius, chief executive officer ...

Bloomberg Royal Philips NV shares fell to the lowest level in seven years after missing earnings expectations and warning trade wars and Brexit will weigh on its business. The Dutch health-technology company’s profit and sales growth missed estimates, with the shortfall most notably at the personal-health unit that makes products like electric toothbrushes, shavers and equipment to help with sleep ...

Bloomberg Four-fifths of UK companies have cut or withheld investment because of the uncertainty caused by Brexit, Britain’s biggest business lobby said. Some 58 percent of businesses have made plans to cut jobs, adjust supply chains, relocate production and services or stockpile products if no clarity emerges soon on Britain’s future relationship with the European Union after Brexit, according to ...

Bloomberg Short seller Fahmi Quadir, who’s betting against Tesla Inc., said the carmaker faces risks to its supply chain because some vendors haven’t been getting paid. Quadir, the founder and chief investment officer of Safkhet Capital LP, made a name for herself by shorting the drugmaker formerly known as Valeant Pharmaceuticals around its peak in 2015. She said her firm ...

Bloomberg Netflix Inc. will make its most important announcement of the year on Tuesday, reporting how many new customers signed up for the world’s largest paid online TV service over the past three months. With tech stocks taking a drubbing this month, investors will be seeking reassurance that the company’s disappointing second quarter was just a blip and not a ...

Bloomberg Instagram co-founder Kevin Systrom, in his first public appearance since leaving the photo-sharing app, said he felt comfortable moving on because it was already on a path to broader success at parent company, Facebook Inc. “It didn’t feel done by any stretch of the imagination, but it felt like it was in orbit, and if we let go and ...

Competition is dying. That’s the latest complaint against American business. We have too many super-sized firms, excessively large and unnaturally profitable. Dubious mergers, permitted by toothless antitrust laws, boost companies’ market power and squash rivals. The lifeblood of a dynamic economy is competition; its erosion — if true — would be a momentous event. But is it true? Let’s see. ...