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Oil slips as Saudis stand by to raise production

Oil prices on Friday gave up gains made earlier this week after the world’s top crude exporter Saudi Arabia said it stood ready to raise output to new record highs, potentially adding to a global supply glut. A stronger U.S. currency against the euro also weighed on the dollar-denominated oil market after the International Monetary Fund pulled out of stalled debt talks with Greece. Saudi Arabia said it was in

Bullish Uber plans to invest $1 billion in China in 2015

SHANGHAI/BENGALARU (Reuters) – Ride-hailing service Uber Technologies Inc plans to invest more than $1 billion in China this year as the controversial ride-hailing app looks to rev up growth in the world’s second largest economy, an executive at the firm said on Friday. In an emailed letter to investors, first published by the Financial Times newspaper, Uber head Travis Kalanick said China was the “number one priority” for the company