Claudio Descalzi’s nomination as chief executive officer of Eni SpA puts a life-long oil man in charge of Italy’s largest crude producer, demonstrating Prime Minister Matteo Renzi’s preference for technocrats over political appointees to run the country’s biggest companies.
The Standard & Poor’s 500 Index rebounded from the worst weekly loss in two years, weathering a selloff in the final hour, after retail sales rose the most since 2012 and Citigroup Inc.’s earnings unexpectedly rose. Treasuries fell with the ruble and commodities advanced on concern the situation in Ukraine is worsening.
The recovery rate at the Johan Sverdrup field, Norway’s biggest crude discovery in decades, could beat forecast and reach more than 70 percent, according to Aker ASA’s billionaire chairman Kjell Inge Roekke.
Scottish independence risks undermining investment in low-carbon energy because the smaller nation wouldn’t be able to afford the same level of subsidies as the U.K., the Department of Energy and Climate Change said.