Bloomberg Business

Global oil markets are on track for a sharp supply deficit of more than 2 million barrels a day this quarter as Saudi Arabia slashes production, OPEC data indicate.

The UK’s Financial Conduct Authority said asset managers need to justify the fees charged on their funds as competition within the industry picks up.

(Bloomberg) — Supply Lines is a daily newsletter that tracks global trade. Sign up here.

Uganda’s shilling headed for the biggest drop in almost eight years as officials said they would need to revise the budget after the World Bank halted new funding to the country for its passage of anti-LGBTQ legislation.

The Nigerian naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows.

Blackstone Inc. raised $7.1 billion for a fund to finance solar companies, electric car parts makers and technology to cut carbon emissions.

Lulu Group International, which operates one of the Middle East’s largest hypermarket chains, is raising 10 billion dirhams ($2.72 billion) to refinance debt ahead of a potential initial public offering, people familiar with the matter said.

Milojko Spajic, a former finance minister and Goldman Sachs Group Inc. credit analyst, was tapped to become prime minister by Montenegro’s president after his party prevailed in general elections.