Bloomberg Business

Oil rose a second consecutive week as investors monitored progress made Friday on debt-ceiling talks to avoid a US default.

Top commerce officials from the US and China agreed to strengthen communications even as they traded complaints about each other’s policies, with the meeting a sign that Beijing and Washington are trying to prevent their relations from worsening further.

Belem, a city in Brazil’s Amazon rainforest region, will host the United Nations’ annual climate change summit in 2025, President Luiz Inacio Lula da Silva announced Friday.

Turkish President Recep Tayyip Erdogan accused his political opponents of making false allegations about the banking system, saying citizens have no problems in withdrawing their cash from lenders.

Sempra’s Southern California Gas utility is concentrating on making energy bills affordable after natural gas rates soared last winter amid cold weather and energy shortages.

Colombia’s Finance Ministry is planning to pay off in full its $5.8 billion debt with state-controlled oil producer Ecopetrol SA, according to a person with direct knowledge of the matter.

UBS Group AG is winding down a business in its US mortgage unit that focuses on “to-be-announced” trading, which involves forward sales of such securities.

The International Monetary Fund urged the US to immediately raise or suspend its debt limit, and warned that getting “stubbornly high” inflation back to the Federal Reserve’s 2% goal will require elevated interest rates through much of 2024.

Cathie Wood defended her firm’s decision to bail on Nvidia Corp. before the chipmaker’s shares surged 160%, saying the computer-chip industry’s boom-bust cycle poses risks.