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Bloomberg PricewaterhouseCoopers LLP was fined $6.6 million for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the UK accounting regulator. The Financial Reporting Council announced the fine Wednesday, along with penalties against Nicholas Boden, a senior PwC audit partner. The misconduct related to ...

Bloomberg Italy’s economic recovery extended for a tenth straight quarter, boosting optimism that growth can become sustainable this year amid a rise in industrial production. Gross domestic product expanded 0.4 percent in the three months through June, the same as in the first quarter, Rome-based statistics agency Istat said in ...

Bloomberg Volvo AB’s second-quarter operating profit rise 39 percent, buoyed by resilient European demand for trucks and a production cut in the US to adjust for an expected slowdown, while construction-equipment earnings rebounded from a year-earlier provision. Earnings adjusted for one-time items rose to $1.03 billion from 6.13 billion kronor ...

DUBAI / Reuters OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes ...

BENGHAZI / Reuters Production at Libya’s Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday. Field employees had difficulty accessing some of the field’s facilities after cars and ...

Bloomberg When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts ...

Bloomberg A month after dealing a blow to OPEC, Ecuador says it will cap output at a more comfortable level than it had initially pledged. The South American country will limit its production at its current 541,000 barrels a day to avoid undermining the group’s output-curbs deal, Ecuadorian Oil Minister ...

Bloomberg Five years after dodging a shutdown, the largest oil refinery on the East Coast is once again teetering on the brink. Sunoco Inc. and the private equity firm Carlyle Group LP formed Philadelphia Energy Solutions, a joint venture, in 2012 to rescue the refinery in an effort that also ...

Bloomberg Aviva Plc and China Resources Power Holdings Co. are among companies considering bids for Statkraft AS’s stakes in its offshore UK wind farms, people familiar with the matter said, amid a surge in interest for Europe’s green energy assets. Macquarie Group Ltd. and Copenhagen Infrastructure Partners K/S are also ...

Bloomberg Companies from Alibaba Group Holding Ltd. to China Life Insurance Co. will participate in a $11.7 billion share sale by China’s second-largest wireless carrier as part of a government push to draw private capital into its state-owned enterprises. According to the plan, investors including Tencent Holdings Ltd. and Baidu ...