Finance news

• New Saudi minister is believer in reform and low oil price

  07-05-2016 21:37 via news.yahoo.com
  LONDON/DUBAI (Reuters) - It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia's health minister, Khalid al-Falih, a favourite to take over the oil ministry from his mentor Ali al-Naimi, was not panicking. Falih told an audience of oil executives, bankers and policymakers at the World Economic Forum in Davos that the world's top oil exporter might benefit from oil below $30 per barrel.
  
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• Saudi shake-up rolls on with big reshuffle of economic posts

  07-05-2016 20:11 via news.yahoo.com
  
  By Angus McDowall and Katie Paul RIYADH (Reuters) - Saudi Arabia's King Salman on Saturday replaced his veteran oil minister and restructured some big ministries in a major reshuffle apparently intended to support a wide-ranging economic reform programme unveiled last week. The most eye-catching move was the creation of a new Energy, Industry and Natural Resources Ministry under Khaled al-Falih, chairman of the state oil company Aramco.
  
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• Saudi Arabia names Khalid al-Falih energy minister to replace Naimi

  07-05-2016 20:11 via news.yahoo.com
  
  By Rania El Gamal and Reem Shamseddine DUBAI/KHOBAR, Saudi Arabia (Reuters) - Saudi Arabia, the world's largest crude oil exporter, on Saturday appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. The change is unlikely to mean a shift in Saudi oil policy, which is being crafted to a large degree by Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom's energy and economic polic
  
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• Saudi Arabia replaces oil minister in cabinet reshuffle

  07-05-2016 18:17 via news.yahoo.com
  
  Saudi Arabia's King Salman on Saturday replaced his veteran oil minister and the central bank governor in a major reshuffle of senior positions a week after announcing big economic reforms. Salman also named new ministers to run the water, transport, commerce, social affairs, health and pilgrimage portfolios and restructured some ministries in a shake-up focused on areas where the government has promised change. The most eye-catching change was the creation of a new Energy, Industry and Natural
  
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• Greece calls for eurozone approval of reform package

  07-05-2016 18:13 via news.yahoo.com
  
  Greek Finance Minister Euclid Tsakalotos called on eurozone countries on Saturday to approve his economic reforms and warned of the price of a "failed state" if crucial talks next week ran aground. "Nobody should believe that another Greek crisis, leading perhaps to another failed state in the region, could be beneficial to anyone," Tsakalotos said in a letter seen by AFP. Despite months of discussions, Greece's reforms have yet to win the backing of all its creditors largely due to differences
  
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• Why April's hiring slowdown may show caution on US economy

  07-05-2016 15:29 via news.yahoo.com
  
  WASHINGTON (AP) — American employers signaled their caution about a sluggish economy by slowing their pace of hiring in April after months of robust job growth.
  
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• Power to the people: electric bikes take off in North Korea

  07-05-2016 11:04 via news.yahoo.com
  
  By James Pearson PYONGYANG (Reuters) - Wheels have long been a sign of economic status for both individuals and nations, and on the lightly trafficked streets of Pyongyang, capital of impoverished and isolated North Korea, electric bicycles are the hottest new ride on the road. Almost unseen two years ago, the Chinese-made two-wheelers are a common site this week in the city, which hosts the first congress of the country's ruling Workers' Party in 36 years. Kim Jong Un, whose family has run the
  
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• South Africa says bringing finances under control after Moody's lowers outlook

  07-05-2016 09:36 via news.yahoo.com
  
  South Africa's Treasury said on Saturday that the government was bringing public finances under control despite recent "adverse political developments." The Treasury was responding to Moody's announcement late Friday that it was maintaining South Africa's investment-grade rating while assigning a negative outlook to it. There have been mounting concerns that South African government debt will be downgraded to junk this year in the face of sluggish economic growth and political ructions after Pre
  
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• Opinion poll shows tight contest in Australian election race

  07-05-2016 09:27 via news.yahoo.com
  
  By Peter Gosnell SYDNEY (Reuters) - Australia's conservative government is running neck-and-neck with the center-left Labor opposition, according to an opinion poll published on Saturday, a day before elections were widely expected to be called for July 2. Australian media has reported extensively that Prime Minister Malcolm Turnbull would formally set in motion the election process on Sunday, starting a two-month campaign that will likely focus on Australia's flagging economy and hot-button iss
  
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• Scandals deal blow to Panama's image as financial hub

  07-05-2016 07:51 via news.yahoo.com
  
  Panama's reputation as a world-class financial hub is being torn apart from the double scandals of the Panama Papers and now the US designating one of its most prominent families as top money launderers for drug cartels. "This is like a magnitude-10 earthquake for Panama's economic system and society, but it shouldn't be a surprise," said Miguel Antonio Bernal, a professor in constitutional law at the University of Panama. "The country's image has been damaged by these scandals," said Francisco
  
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• If trend stands, consumer stocks to boost market

  07-05-2016 02:38 via news.yahoo.com
  
  The U.S. stock market could get a shot in the arm next week as consumer-facing companies report earnings in a season in which the sector has so far been the overachiever. First-quarter earnings are winding down and the consumer discretionary components of the S&P 500 are the only sector showing double-digit earnings growth from a year ago. Following year-end holidays, the first quarter is not typically a good one for consumer spending.
  
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• BRIEF-Anterra Energy announces CCAA protection and cease trade orders

  07-05-2016 00:28
  
  * Anterra Energy Inc announces CCAA protection and cease
  trade orders
  
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