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Results for news from the Financial Times with keyword SAUDIS DECIDED PROP OIL
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oil Amp Gas
Schlumberger cuts fleet as oil weakens
$800m writedown on ships marks industry’s first significant cutback since crude’s recent drop
... work in a different way to deliver financial outperformance for ourselves and for our customers.” ... ... work in a different way to deliver financial outperformance for ourselves and for our customers.” ... ... work in a different way to deliver financial outperformance for ourselves and for our customers.” ... ... free cash flow of a number of E & P [exploration and production] companies.” He said: “With oil now at the $70 per barrel level . . . it is even clearer than it was nine months ago tha ...
Tue, 02 Dec 2014 21:49:11 GMT

Capital Markets
Lower inflation outlook as oil drops
Strengthens case for maintenance of loose monetary policy
... interest rates. If inflation expectations are still falling, it is a box that will be un-ticked.” ... ... interest rates. If inflation expectations are still falling, it is a box that will be un-ticked.” ... ... interest rates. If inflation expectations are still falling, it is a box that will be un-ticked.” ... ... gloom about global economic demand, said Khrishnamoorthy Sooben, a Barclays analyst. “It’s been oil prices most recently but over the past few months it’s also been the global growth slowdown wh ...
Tue, 02 Dec 2014 20:27:13 GMT

Insurance
Boutique advisers share in spoils of £5.2bn merger
Aviva takeover of Friends Life was especially sweet for the specialists working on the deal
... rival insurer Friends ranks as the largest deal between two UK companies since the financial crisis. ... ... rival insurer Friends ranks as the largest deal between two UK companies since the financial crisis. ... ... rival insurer Friends ranks as the largest deal between two UK companies since the financial crisis. ... ... gers and acquisitions among UK companies, five banks and one boutique advisory firm shared in the spoils of the largest UK deal in more than six years. Bankers said the Aviva takeover of Friends Life ...
Tue, 02 Dec 2014 18:17:15 GMT

Middle East Amp North Africa
Iraq and Kurds end dispute over oil
Victory for PM Haider al-Abadi and forces confronting Isis
... to consider cutting back on supply, the deal means the supply is likely to be higher than expected. ... ... to consider cutting back on supply, the deal means the supply is likely to be higher than expected. ... ... to consider cutting back on supply, the deal means the supply is likely to be higher than expected. ... ... realise revenues,” he said. The agreement likely means further downward pressure on the price of oil and highlights the difficulties facing Opec. At a time when some members believe Iraq needs to c ...
Tue, 02 Dec 2014 17:44:01 GMT

Politics Amp Policy
Ministers propose government-built houses
Under plans the government would commission thousands of homes, sell them and keep any profit
... aking empty announcements. The Tories and the Lib Dems have no plan to tackle the housing crisis.” ... ... aking empty announcements. The Tories and the Lib Dems have no plan to tackle the housing crisis.” ... ... ts. The Tories and the Lib Dems have no plan to tackle the housing crisis.” ... ... aking empty announcements. The Tories and the Lib Dems have no plan to tackle the housing crisis.” ...
Tue, 02 Dec 2014 11:38:08 GMT

Currencies
oil’s pain and gain for EM currencies

... What is the marginal propensity to consume from oil consuming nations? We don’t know,” he says. ... ... What is the marginal propensity to consume from oil consuming nations? We don’t know,” he says. ... ... policy, and the dollar’s trajectory, next year. “Will they spend or save? What is the marginal propensity to consume from oil consuming nations? We don’t know,” he says. ... ... trajectory, next year. “Will they spend or save? What is the marginal propensity to consume from oil consuming nations? We don’t know,” he says. ...
Mon, 01 Dec 2014 18:06:14 GMT

Europe
UMP heavyweights snub Sarkozy proposal
Call to create guiding committee of party’s former prime ministers falls flat
... zy’s task. Both Mr Juppé and Mr Fillon have confirmed their intention to compete for the ticket. ... ... zy’s task. Both Mr Juppé and Mr Fillon have confirmed their intention to compete for the ticket. ... ... h presidential ambitions of his own, put it more bluntly, suggesting that the main intention of the proposal was to corral rivals. “He [Sarkozy] is selling us the idea of a committee of wise men on ... ... zy’s task. Both Mr Juppé and Mr Fillon have confirmed their intention to compete for the ticket. ...
Mon, 01 Dec 2014 17:37:18 GMT

oil Amp Gas
oil slide hits struggling Venezuelans
Falling crude likely to lengthen queues for basic goods such as food and medicine
... hit rock bottom. We cannot get any worse.” Additional reporting by John Paul Rathbone in London ... ... hit rock bottom. We cannot get any worse.” Additional reporting by John Paul Rathbone in London ... ... hit rock bottom. We cannot get any worse.” Additional reporting by John Paul Rathbone in London ... ... sidised oil to allies such as Cuba; devaluing the currency to boost the value of dollar-denominated oil receipts; increasing heavily subsidised domestic gas prices; and selling foreign assets such as ...
Mon, 01 Dec 2014 17:15:29 GMT

oil Amp Gas
oil price drop scuppers Petroceltic deal
Cash-rich exploration company retreats from share offer valued at nearly £500m
... rldview’s support for the fundraising, although it was at the expense of a boardroom cull in July. ... ... rldview’s support for the fundraising, although it was at the expense of a boardroom cull in July. ... ... chairman Robert Adair and chief executive Brian O’Cathain, said the withdrawal of Dragon Oil’s proposed offer still left the company well positioned to continue with its development plans as an i ... ... rgets. “The offered price was set at a time of a much higher oil price,” he said. “The recent oil equity meltdown could offer Dragon better opportunities than the potential Petroceltic deal.” ...
Mon, 01 Dec 2014 14:44:23 GMT

Investments
Caution urged over property funds
Warning of limited liquidity and high costs
... s away some potential upside to boost income – a neat way to try and reduce overall volatility.” ... ... s away some potential upside to boost income – a neat way to try and reduce overall volatility.” ... ... diversify by combining with a fund investing in global property shares, for example Schroder Global property Income Maximiser, which sells away some potential upside to boost income – a neat way to ... ... s away some potential upside to boost income – a neat way to try and reduce overall volatility.” ...
Mon, 01 Dec 2014 13:29:47 GMT

Commodities
Sliding oil leads to commodities rout
Copper hits 4-year low, gold bounces up off 5-year nadir
... oil price also hurts gold because it could lead to stronger global economic growth, the bank said. ... ... c growth and weakening demand. The oil-producing nations of Opec that gathered last week in Vienna decided not to cut production despite weaker demand and a surplus of oil. The price of Brent crude h ... ... oil price also hurts gold because it could lead to stronger global economic growth, the bank said. ... ... The result is likely to encourage those who are short gold to extend positions, UBS said. A weaker oil price also hurts gold because it could lead to stronger global economic growth, the bank said. ...
Mon, 01 Dec 2014 11:53:26 GMT

property
Deutsche Annington in €3.9bn property buy
German landlord to buy rival, creating Europe’s second-largest listed real estate company
... tarting to build up portfolios of residential assets. Additional reporting by Kate Allen in London ... ... tarting to build up portfolios of residential assets. Additional reporting by Kate Allen in London ... ... te. The combined group is expected to generate €84m in annual synergies, in part by employing IT property management tools across the group. Deutsche Annington will fund half of the offer through a ... ... tarting to build up portfolios of residential assets. Additional reporting by Kate Allen in London ...
Mon, 01 Dec 2014 11:51:11 GMT

Financial Services
Aberdeen chief predicts Asia oil boost
Asset management group confident of institutional investments flowing back to funds
... arly trading in London, Aberdeen Asset Management’s shares rose by just over 1.5 per cent to 457p. ... ... arly trading in London, Aberdeen Asset Management’s shares rose by just over 1.5 per cent to 457p. ... ... £4.4bn of outflows. However, the group recorded net investor inflows of more than £1bn into both property and emerging market debt over the year, adding that the Swip acquisition would improve the ... ... The emerging markets that we’re invested in will, on balance, benefit from a fall in the price of oil,” he said on Monday, noting the reliance of Asian economies on energy imports. He expected thi ...
Mon, 01 Dec 2014 10:08:28 GMT

Markets
Crude oil prices extend losses
Brent briefly slides below $70 a barrel
... ld prices sharply lower. The metal was down $24 on the day at $1,167 an ounce, and $34 on the week. ... ... ld prices sharply lower. The metal was down $24 on the day at $1,167 an ounce, and $34 on the week. ... ... ld prices sharply lower. The metal was down $24 on the day at $1,167 an ounce, and $34 on the week. ... ... ds zero, with a distinct possibility that it may turn slightly negative at the beginning of 2015 if oil prices fail to recover somewhat,” said Marco Valli, chief eurozone economist at UniCredit. And ...
Fri, 28 Nov 2014 19:04:01 GMT

UK Equities
Market rout as oil fall hits energy groups
Crude price plunge sparks warnings of capital spending cutbacks
... a record low of 2.66 per cent on Friday. Additional reporting by Elaine Moore and Jonathan Guthrie ... ... ur-year low. The move showed that Saudi Arabia, Opec’s largest producer and effective leader, had decided to relinquish its traditional role of balancing the oil market by increasing or reducing out ... ... a record low of 2.66 per cent on Friday. Additional reporting by Elaine Moore and Jonathan Guthrie ... ... acquisitions, fell by 16 per cent or $100bn after the oil price plunged from record highs. Falling oil prices, meanwhile, are driving down expectations for global inflation, putting additional pressu ...
Fri, 28 Nov 2014 19:03:27 GMT

Markets
Lower oil price could stoke US stock bubble
Opec’s position on output could have profound consequences
... the risk is strong that as oil stays cheap, US stocks will boil over while emerging markets weaken. ... ... boil over while emerging markets weaken. ... ... the risk is strong that as oil stays cheap, US stocks will boil over while emerging markets weaken. ... ... But the comparison still looks good – the risk is strong that as oil stays cheap, US stocks will boil over while emerging markets weaken. ...
Fri, 28 Nov 2014 18:41:43 GMT

Commodities
Prices, not Opec, to balance oil supply
Historic change in approach by cartel triggered by US output, seen as big factor in oil price fall
... “Whatever happens in the medium term . . . we will have to share that responsibility.” ... ... “Whatever happens in the medium term . . . we will have to share that responsibility.” ... ... “Whatever happens in the medium term . . . we will have to share that responsibility.” ... ... strategy shift for Opec “took a lot of deliberation”, said Diezani Alison-Madueke, Nigeria’s oil minister. She added that it would take some time to see if the strategy worked. “Whatever happ ...
Fri, 28 Nov 2014 17:58:49 GMT

Asia-Pacific Economy
Cheap oil brings mixed blessings to Asia
Opec’s decision to maintain output has bred winners and losers
... vantika Chilkoti in Mumbai, Tom Mitchell in Beijing, Ben Bland in Jakarta and Kana Inagaki in Tokyo ... ... vantika Chilkoti in Mumbai, Tom Mitchell in Beijing, Ben Bland in Jakarta and Kana Inagaki in Tokyo ... ... vantika Chilkoti in Mumbai, Tom Mitchell in Beijing, Ben Bland in Jakarta and Kana Inagaki in Tokyo ... ... ate-backed explorer oil India were flat at Rs608.70 in the morning, while those of Cairn India, the oil and gas subsidiary of London-listed resources conglomerate Vedanta, were down 2.9 per cent at Rs ...
Fri, 28 Nov 2014 07:37:25 GMT

Currencies
Opec inaction hits oil producer currencies
Nigeria’s naira and Russian rouble under pressure
... we are approaching levels where oil prices could start to affect the economy more significantly”. ... ... we are approaching levels where oil prices could start to affect the economy more significantly”. ... ... we are approaching levels where oil prices could start to affect the economy more significantly”. ... ... ay that, while the krone does not always trade in line with oil, “we are approaching levels where oil prices could start to affect the economy more significantly”. ...
Thu, 27 Nov 2014 20:27:48 GMT

Commodities
oil falls as Opec keeps 30m barrel target
Brent falls to $71.25 after clearest signal that cartel sees cure for growing glut is lower prices
... n as to whether, if we had cut anything at this point in time, we would have seen higher prices.” ... ... n as to whether, if we had cut anything at this point in time, we would have seen higher prices.” ... ... ls a day unchanged, in a significant departure from its traditional policy of cutting production to prop up falling oil prices. Any further fall in the price of crude, which has dropped by nearly 40 p ... ... t over the next few months we may see stability in oil prices.” Referring to the backdrop of weak oil demand, she said: “It’s a toss of the coin as to whether, if we had cut anything at this poi ...
Thu, 27 Nov 2014 19:42:19 GMT

UK Equities
Sharpest sell-off in oil for three years
BG, Premier oil and BHP Billiton at multiyear lows after decision by cartel not to cut production
... alidation of partner commitment offers significant reassurance in the proposition,” said Barclays. ... ... alidation of partner commitment offers significant reassurance in the proposition,” said Barclays. ... ... ty of success, but today’s validation of partner commitment offers significant reassurance in the proposition,” said Barclays. ... ... kes about a quarter of its net present value from oil, slipped 2.4 per cent to £15.67. Leading the oil services companies lower, Petrofac lost 6.2 per cent to 843.5p while pumpmaker Weir fell 4.8 per ...
Thu, 27 Nov 2014 19:29:14 GMT

oil Amp Gas
Lukoil VP sees fall in Russian oil output
Bigger than expected drop in production predicted and blamed on falling prices and sanctions
... surprise you, but Chinese banks are in very active discussions with Russian companies,” he said. ... ... surprise you, but Chinese banks are in very active discussions with Russian companies,” he said. ... ... surprise you, but Chinese banks are in very active discussions with Russian companies,” he said. ... ... S equipment in developing new resources in Russia, even if sanctions persisted. He admitted that Lukoil, similar to other Russian companies, was having difficulty tapping western financing. But the co ...
Thu, 27 Nov 2014 17:33:39 GMT

Capital Markets
oil price slide hits energy bond investors
Nearly a third of junk-rated energy debt, used to fuel US shale boom, is classified as distressed
... un in credit and slowly but surely, when things turn it starts in the weakest part of the market.” ... ... un in credit and slowly but surely, when things turn it starts in the weakest part of the market.” ... ... un in credit and slowly but surely, when things turn it starts in the weakest part of the market.” ... ... moribund in 2007 ahead of the financial crisis. Deutsche Bank credit analysts recently said that if oil drops to $60 a barrel it could be the catalyst that pushes some energy companies into trouble an ...
Thu, 27 Nov 2014 09:24:12 GMT

Commodities
oil falls on uncertainty over Opec deal
Crude could fall further if cartel members opt not to cut output warn analysts
... tantial in order to avert falling prices. A 1m b/d cut “would require serious commitment from the saudis and some back-up from the UAE and Kuwait. I can’t see anyone else credibly offering to cut ... ... the UAE and Kuwait. I can’t see anyone else credibly offering to cut more than a token amount.” ... ... the UAE and Kuwait. I can’t see anyone else credibly offering to cut more than a token amount.” ... ... h al-Omair, Kuwait’s oil minister, said the Gulf nation would “live” with the market price of oil whether “it is $60, $80 or $100 a barrel.” Michael Wittner, analyst at Société Générale, ...
Thu, 27 Nov 2014 07:10:14 GMT

Banks
oil price fall starts to weigh on banks
Barclays and Wells Fargo facing losses on $850m bridge loan
... d with 4.3 per cent a decade ago. Additional reporting by Neil Hume, Anjli Raval and Emiko Terazono ... ... d with 4.3 per cent a decade ago. Additional reporting by Neil Hume, Anjli Raval and Emiko Terazono ... ... d with 4.3 per cent a decade ago. Additional reporting by Neil Hume, Anjli Raval and Emiko Terazono ... ... ave come to account for a much larger portion of the outstanding credit universe in recent years as oil and gas companies rode low interest rates and tapped eager credit markets to help fund their exp ...
Wed, 26 Nov 2014 18:39:49 GMT

Iraq
Isis poses threat to Iraq oil investment
Islamist group is ‘new parameter’ for assessing expectations of crude supplies
... luding Argentina and Russia, were unlikely to deliver such sharp increases in production as the US. ... ... luding Argentina and Russia, were unlikely to deliver such sharp increases in production as the US. ... ... luding Argentina and Russia, were unlikely to deliver such sharp increases in production as the US. ... ... there is a world beyond the United States,” he said. He added that other possible areas of shale oil development, in countries including Argentina and Russia, were unlikely to deliver such sharp in ...
Wed, 26 Nov 2014 17:00:08 GMT

Commodities
oil nations fail to halt fall in crude
No consensus before Opec summit on tackling supply glut
... difficult he replied: “No – why? ... This is not the first time the market is oversupplied.” ... ... difficult he replied: “No – why? ... This is not the first time the market is oversupplied.” ... ... difficult he replied: “No – why? ... This is not the first time the market is oversupplied.” ... ... udi Arabia and other Gulf producers have been more relaxed about the price plunge. The Kingdom’s oil minister Ali al-Naimi batted away questions about the prospects of an output cut. Asked if he th ...
Tue, 25 Nov 2014 19:18:31 GMT

Africa Economy
Nigeria devalues currency as oil prices drop
Abuja also raises interest rates for first time in 3 years
... ian unions. An attempt by Mr Jonathan to eliminate the subsidy in 2012 prompted widespread protests. ... ... ian unions. An attempt by Mr Jonathan to eliminate the subsidy in 2012 prompted widespread protests. ... ... ian unions. An attempt by Mr Jonathan to eliminate the subsidy in 2012 prompted widespread protests. ... ... finance and the economy, sliced projected spending by 6 per cent and lowered the budgeted price for oil to $73 from $78 in the 2015 budget. Ms Okonjo-Iweala could soon announce further cuts in the bud ...
Tue, 25 Nov 2014 15:23:12 GMT

Middle East Amp North Africa
saudis link attack on Shia to Isis
First acknowledgment of a domestic attack by the jihadi group
... ve grown about an overspill of violence into the strategically important Gulf kingdom. Thousands of saudis have travelled to Syria and Iraq to join the ranks of militants, encouraged by clerics who fo ... ... Officials said the attack was the result of a disgruntled employee who had no links to extremists. ... ... Officials said the attack was the result of a disgruntled employee who had no links to extremists. ... ... out the apparently sectarian attack that killed seven and wounded 13 in al-Dalwa in the kingdom’s oil-rich eastern province. The cell, which is said to have taken orders from Isis, was part of a bro ...
Tue, 25 Nov 2014 09:35:40 GMT

US Politics Amp Policy
Chaos as anger boils over in Ferguson
Cars set on fire and shops looted as violence escalates
... have every right to be angry,” he said. “It’s like Michael Brown died all over again today.” ... ... th Violence erupts after Ferguson verdict Ferguson burns after grand jury decides A grand jury has decided that a white police officer who shot and killed an unarmed black teenager in Ferguson, Misso ... ... have every right to be angry,” he said. “It’s like Michael Brown died all over again today.” ... ... New York police commissioner Bill Bratton had fake blood thrown on him in Times Square. But anger boiled over Monday night in Ferguson when St Louis Prosecutor Bob McCulloch announced just after 8pm ...
Tue, 25 Nov 2014 09:14:43 GMT

Asia-Pacific
News Corp buys into India property site
propTiger.com $30m deal the latest in country’s booming ecommerce sector
... least $1bn buying more than 10,000 properties through PropTiger since the site’s launch in 2011. ... ... least $1bn buying more than 10,000 properties through PropTiger since the site’s launch in 2011. ... ... 0m. News Corp said customers had invested at least $1bn buying more than 10,000 properties through propTiger since the site’s launch in 2011. ... ... least $1bn buying more than 10,000 properties through PropTiger since the site’s launch in 2011. ...
Tue, 25 Nov 2014 05:15:21 GMT

Currencies
Rouble stabilises on oil supply hints
Currency’s comeback gives credence to free float decision by Russian central bank
... top oversupply and hold to its 30m bpd production target is probably required,” Mr Levinson said. ... ... top oversupply and hold to its 30m bpd production target is probably required,” Mr Levinson said. ... ... top oversupply and hold to its 30m bpd production target is probably required,” Mr Levinson said. ... ... osing around $40bn a year as a result of geopolitical sanctions over Ukraine, a 30 per cent fall in oil prices would result in losses of some $90bn to $100bn. “At minimum, in order for the rouble n ...
Mon, 24 Nov 2014 17:10:48 GMT

Comment
oil markets: A new chapter for Opec?
After enjoying years of stability, the producers’ cartel is facing a prolonged stretch of lower prices
... gton Institute, a think tank, says what is more likely is that the price decline “crept up on the saudis” just as attention was focused on the Islamic State of Iraq and the Levant (Isis), the bloo ... ... how much, for how long and over what timescale. Allocations for each producer would also need to be decided. A failure to reach a consensus when many of Opec’s members need to galvanise action, ener ... ... ,000 b/d in the second half of the year, with the added risk that a rise in US interest rates could propel further declines. Current production from these fields stands at 3m b/d. But what is clear i ... ... weak diesel demand in China and India. “Lets be clear: this is a year of slower demand growth in oil than most people had expected. But it’s still growth,” he said. Mr Webster at IHS said the u ...
Sun, 23 Nov 2014 19:08:06 GMT

Commodities
US oil imports from Opec at 30-year low
Domestic production stands at 9m b/d, its highest since the 1980s
... chdog, said the world was still dependent on vast Middle Eastern oil reserves to meet future demand. ... ... chdog, said the world was still dependent on vast Middle Eastern oil reserves to meet future demand. ... ... l, which pumps a third of the world’s crude, comes amid advances in hydraulic fracturing that has propelled domestic US production to about 9m barrels a day – the highest level since the mid-1980s ... ... , the wealthy nations’ energy watchdog, said the world was still dependent on vast Middle Eastern oil reserves to meet future demand. ...
Sun, 23 Nov 2014 18:18:42 GMT

Construction
Brazil police probe UK property developer
Criminal investigation for alleged fraud involving funds raised for social housing scheme
... t money dealers],” the Receita Federal said. Mr Armstrong Emery could not be reached for comment. ... ... t money dealers],” the Receita Federal said. Mr Armstrong Emery could not be reached for comment. ... ... artment built by the 'Minha Casa, Minha Vida' social rogram, in Sao Paulo, Brazil in 2013.A British property developer that raised money from international investors to participate in a landmark Brazi ... ... t money dealers],” the Receita Federal said. Mr Armstrong Emery could not be reached for comment. ...
Sun, 23 Nov 2014 18:05:19 GMT

Politics Amp Policy
Chancellor pressed to aid UK oil and gas
Industry lobby says cost increases and price fall threaten to collapse development
... plementary charge rate would appear to be too high for the maturity of the basin,” Mr Leith says. ... ... plementary charge rate would appear to be too high for the maturity of the basin,” Mr Leith says. ... ... plementary charge rate would appear to be too high for the maturity of the basin,” Mr Leith says. ... ... e, even before the recent price adjustment.” Derek Leith, a tax partner at EY specialising in the oil and gas industry, backs the view that the chancellor could need to cut the highest marginal tax ...
Sun, 23 Nov 2014 14:22:15 GMT

Energy
Shale jubilation fades as oil price falls undercut model
US producers face their most severe test since the boom began
... ucers in the same way. The coming year is set to test how durable the US shale revolution really is. ... ... ucers in the same way. The coming year is set to test how durable the US shale revolution really is. ... ... ucers in the same way. The coming year is set to test how durable the US shale revolution really is. ... ... were under financial strain. It does not look as if there is anything that can provide a refuge for oil producers in the same way. The coming year is set to test how durable the US shale revolution re ...
Sun, 23 Nov 2014 09:28:50 GMT

Opinion
oil producers can’t kick drilling habit
It is not enough to find the cash to bail out the feckless exploration addicts, warns John Dizard
... ave created this bubble; there are the financial engineers who came up with new ways to pay for it. ... ... ave created this bubble; there are the financial engineers who came up with new ways to pay for it. ... ... they can no longer put into Russia or Venezuela, who would not mind picking up more North American properties on the cheap. It is not enough to find the cash to bail out the feckless E&P drilling ... ... the northeastern US that it really cannot be absorbed by the US market. Suzanne Minter, manager of oil and gas consulting at Bentek in Denver points out: “Over the next five years, daily production ...
Fri, 21 Nov 2014 19:40:07 GMT

UK Economy
Weak oil and tax revenues hit Osborne
Treasury officials concerned as figures disappoint despite buoyant economy
... improvement, the chancellor still looks hugely challenged to meet his fiscal targets for 2014-15.” ... ... improvement, the chancellor still looks hugely challenged to meet his fiscal targets for 2014-15.” ... ... his year have been caused by shortfalls in income taxes, North Sea oil revenues and stamp duties on property, rather than from higher than planned public expenditure. Many Treasury officials have hei ... ... tly. The disappointing receipts this year have been caused by shortfalls in income taxes, North Sea oil revenues and stamp duties on property, rather than from higher than planned public expenditure. ...
Fri, 21 Nov 2014 11:14:45 GMT

Commodities
oil ETF defies crude slide
US oil fund’s $1bn milestone presents a puzzle
... SO would be a handy way to make that bet,” Mr Hougan said. Additional reporting by Tracy Alloway ... ... SO would be a handy way to make that bet,” Mr Hougan said. Additional reporting by Tracy Alloway ... ... his billion-dollar milestone presents a puzzle. Does it mean ETF traders, including hedge funds and proprietary firms, believe oil has hit bottom? Or does it reflect another way for bears to exploit f ... ... g its nadir. Matt Hougan, president of ETF.com, said shares outstanding regularly increased during oil pullbacks. “It’s impossible to tease apart create-to-lend and legit buying. My gut feeling ...
Fri, 21 Nov 2014 09:47:12 GMT

Capital Markets
Crude slide sparks oil-related debt fears
How exposed are Wall Street bonds and loans that fuelled US shale boom, asks Tracy Alloway
... there will be a major bust like back in the early 80s,” he says. “We do not see that coming.” ... ... there will be a major bust like back in the early 80s,” he says. “We do not see that coming.” ... ... there will be a major bust like back in the early 80s,” he says. “We do not see that coming.” ... ... energy deals to investors remain optimistic in the face of falling oil prices. “I sold deals when oil was $40 a barrel six years ago. When it’s still in the $70s I think we can make it work,” sa ...
Fri, 21 Nov 2014 08:49:16 GMT

Energy
Scotland wary on shale gas proposals
Ambition to help economy and energy sector contends with fracking fears
... nking of fracking in Scotland's central belt will face a similar wave of protest,” Mr Harvie said. ... ... nking of fracking in Scotland's central belt will face a similar wave of protest,” Mr Harvie said. ... ... promise of community consultation and that 6 per cent of revenues will go to nearby communities and property owners, only 43 per cent of Scottish respondents backed fracking compared with 50 per cent ... ... from the moment” it starts flowing in 2016. The SNP’s non-committal approach to unconventional oil and gas exploitation has failed to satisfy environmentalists. Patrick Harvie, a Green party memb ...
Thu, 20 Nov 2014 19:42:11 GMT

Currencies
oil concerns drive fall in Nigerian naira
Stocks also suffer as currency drops to record low against the US dollar
... luation is increasingly consensus too. Not doing either risks further damage to market sentiment.” ... ... luation is increasingly consensus too. Not doing either risks further damage to market sentiment.” ... ... luation is increasingly consensus too. Not doing either risks further damage to market sentiment.” ... ... r declining oil revenues”, wrote Oliver Masetti, an analyst at Deutsche Bank. “Despite elevated oil prices over the last few years, the country did not build strong fiscal and external buffers.” ...
Thu, 20 Nov 2014 18:12:24 GMT

oil Amp Gas
China releases first estimate of oil reserves
Move follows pledge of greater transparency of stockpile size
... w Zealand. Additional reporting by Owen Guo and Neil Hume lucy.hornby@ft.com Twitter: @HornbyLucy ... ... w Zealand. Additional reporting by Owen Guo and Neil Hume lucy.hornby@ft.com Twitter: @HornbyLucy ... ... way for an Asian energy agency modelled on the IEA, according to ideas being aired in Beijing. The proposed Asian Energy Security Agency could unite major oil consuming countries, such as China, that ... ... ording to ideas being aired in Beijing. The proposed Asian Energy Security Agency could unite major oil consuming countries, such as China, that are not part of the Organisation for Economic Cooperati ...
Thu, 20 Nov 2014 10:16:28 GMT

US Politics Amp Policy
Lower oil prices cut two ways for US
Boost from weaker petrol prices could be partly offset by lower domestic oil production
... eeable future, its gasoline-fuelled consumers will mean cheap oil amounts to a stimulus. More video ... ... eeable future, its gasoline-fuelled consumers will mean cheap oil amounts to a stimulus. More video ... ... eeable future, its gasoline-fuelled consumers will mean cheap oil amounts to a stimulus. More video ... ... an oil power again, but for the foreseeable future, its gasoline-fuelled consumers will mean cheap oil amounts to a stimulus. More video ...
Wed, 19 Nov 2014 09:45:15 GMT

property
UK Coal successor to be property group
Coalfield Resources to buy controlling stake in Harworth Estates from the PPF
... 280m. For us that’s actually a big win so we don’t see that as a big loss, per se,” he added. ... ... 280m. For us that’s actually a big win so we don’t see that as a big loss, per se,” he added. ... ... l give a strong platform from which to grow [Harworth Estates Limited] as a developer of brownfield property and to realise value for all its stakeholders.” Harworth Estates owns and manages 30,000 ... ... 280m. For us that’s actually a big win so we don’t see that as a big loss, per se,” he added. ...
Tue, 18 Nov 2014 19:55:50 GMT

Iraq
Iraqi forces wrest oil refinery from Isis
Baiji victory seen as a milestone in Baghdad’s war against the Islamist group
... hat Isis has lost territory and distinguish it as a victory from the cycle of exchanging hands.”  ... ... hat Isis has lost territory and distinguish it as a victory from the cycle of exchanging hands.”  ... ... hat Isis has lost territory and distinguish it as a victory from the cycle of exchanging hands.”  ... ... yrian and Iraqi oilfields. The refinery produced about 170,000 barrels a day of gasoline and other oil products, and supplied northern Iraq and Baghdad before it was shut down after Isis seized contr ...
Tue, 18 Nov 2014 19:16:47 GMT

Markets
China on debt watch as property values hit
Chinese property accounts for a third of Asian high yield issuance
... not the best time for bold investors any more than it is for bold bureaucrats. henny.sender@ft.com ... ... not the best time for bold investors any more than it is for bold bureaucrats. henny.sender@ft.com ... ... orrespond to the profile of issuers in the market, these analysts add. It is not clear how Beijing proposes to deal with this mess. It is possible that reforms liberalising the capital account have b ... ... not the best time for bold investors any more than it is for bold bureaucrats. henny.sender@ft.com ...
Tue, 18 Nov 2014 02:24:58 GMT

UK Equities
oil’s fall hits shares in pumpmaker Weir
FTSE 100 ends up 0.3% or 17.6 points at 6,671.97
... presence of gas rather than oil, and that it was “too soon to state a discovery has been made”. ... ... presence of gas rather than oil, and that it was “too soon to state a discovery has been made”. ... ... presence of gas rather than oil, and that it was “too soon to state a discovery has been made”. ... ... Paraguay prospect. President said digging to target depth suggested the presence of gas rather than oil, and that it was “too soon to state a discovery has been made”. ...
Mon, 17 Nov 2014 18:05:28 GMT

US Equities
Cheap oil fuels clothes and car sales
Consumer confidence in US at highest since 2007 with retailers upbeat on expectations for year end
... ers next year as cost-cutting has helped many of the stocks prepare for a slower growth environment. ... ... ers next year as cost-cutting has helped many of the stocks prepare for a slower growth environment. ... ... ers next year as cost-cutting has helped many of the stocks prepare for a slower growth environment. ... ... a conference call with investors this autumn. Economists with Barclays say a 20 per cent decline in oil prices could result in $70bn in consumer savings, which will probably stream into the tills of a ...
Mon, 17 Nov 2014 15:03:02 GMT



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Markets
Chinese property: On Sale at a Discount
A year-end revival in Hong Kong’s IPO market has brought what could be the world’s biggest property-stock listing to the city: the IPO of Dalian Wanda Commercial properties.
... icle. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ... ... icle. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ... ... roperties,” UBS noted in research issued before the deal. Dalian Wanda, which has been building a property portfolio that stretches from China to London and Chicago, is listing at a time when Hong K ... ... icle. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ...
Mon, 08 Dec 2014 22:36:58 EST

Commodities
Crude oil Falls to New Lows
oil prices skidded to fresh five-year lows Monday, as lackluster readings on Asian economies and a price cut by Iraq heightened concerns about a global supply glut.
... to Nicole Friedman at nicole.friedman@wsj.com and Rob Copeland at rob.copeland@wsj.com ... ... to Nicole Friedman at nicole.friedman@wsj.com and Rob Copeland at rob.copeland@wsj.com ... ... to Nicole Friedman at nicole.friedman@wsj.com and Rob Copeland at rob.copeland@wsj.com ... ... re looking at a substantial first-half 2015 surplus that nobody’s done a thing to trim.” U.S. oil supplies are expected to fall later this month as refiners draw down inventories for year-end ta ...
Mon, 08 Dec 2014 19:48:36 EST

Economy
oil Prices Spur Bets on Growth
Many of the world’s top policy makers are rewriting their economic forecasts for the U.S., Europe, Japan and elsewhere, betting plummeting oil prices will lead to an overall boost in the global economy.
... ersecretary for international affairs, said. Write to Ian Talley at ian.talley@wsj.com ... ... ersecretary for international affairs, said. Write to Ian Talley at ian.talley@wsj.com ... ... ersecretary for international affairs, said. Write to Ian Talley at ian.talley@wsj.com ... ... s crude bill by nearly 1.2% of GDP. “I would be optimistic, indeed expectant, that the decline in oil prices is going to be something that is positive to the Japanese economy,” ...
Mon, 08 Dec 2014 14:51:23 EST

Heard On The Street
Russia's oil Shakeout Shouldn't Stir European Lending Fears
Heard on the Street: Russia’s woes present a risk to European banks through their lending in the country and to the oil industry. But thankfully, the exposures look manageable.
... opean banks shouldn’t spill too much. Write to Paul J. Davies at Paul.Davies@wsj.com ... ... opean banks shouldn’t spill too much. Write to Paul J. Davies at Paul.Davies@wsj.com ... ... opean banks shouldn’t spill too much. Write to Paul J. Davies at Paul.Davies@wsj.com ... ... lion, $33 billion and $31 billion of loans and bonds, respectively, notes Nomura. As Russia and the oil sector sputters, there will be blood. But European banks shouldn’t spill too much. Write to P ...
Sun, 07 Dec 2014 22:20:30 EST

Business
Refinery Symbolizes Woes of Brazilian oil Firm Petrobras
Brazil’s newest refinery was supposed to cut the nation’s dependence on imported gasoline and signal a new era in Latin American energy independence. Instead, it symbolize troubles at state-run oil firm Petrobras.
... own estimate, according to the TCU. —Paul Kiernan contributed to this article. ... ... own estimate, according to the TCU. —Paul Kiernan contributed to this article. ... ... own estimate, according to the TCU. —Paul Kiernan contributed to this article. ... ... n a hit as the corruption investigation has gained steam, and losses have continued as the price of oil has plummeted. Petrobras shares hit a 10-year low Friday, closing at $8.82, and are down 54% ove ...
Sun, 07 Dec 2014 17:44:00 EST

Business
Will Cheap oil Lead to Big Mergers?
Is it time for another wave of acquisitions to sweep through the energy business? A look at the consolidations that followed oil-price crashes in the past says don’t bet against it.
... incorrectly gave his title as head of investment banking for that region. (Dec. 5, 2014) ... ... incorrectly gave his title as head of investment banking for that region. (Dec. 5, 2014) ... ... small and medium-size companies into a “distressed situation” that forces them to either unload property to raise cash or sell out completely. Past consolidations took place after a prolonged slu ... ... Several bankers say BG, which owns stakes in oil and gas fields from Brazil to the North Sea, could be a target for a large company looking to ma ...
Fri, 05 Dec 2014 06:58:36 EST

Europe News
oil's Slump Threatens Norway's Economy
A sharp drop in oil prices since the summer is creating a heap of trouble for Norway. Signs are piling up that one of the world’s wealthiest petro-economies is in for a significant slowdown.
... stakenly referred to the government as center-right. at kjetilmalkenes.hovland@wsj.com ... ... stakenly referred to the government as center-right. at kjetilmalkenes.hovland@wsj.com ... ... stakenly referred to the government as center-right. at kjetilmalkenes.hovland@wsj.com ... ... t an Oslo-based brokerage, said few Norwegians are worried about their jobs yet, despite the recent oil-price drop and signs of slower growth. “We’ve been so incredibly lucky compared with the res ...
Thu, 04 Dec 2014 15:38:02 EST

Commodities
oil Falls on Saudi Price Cut to U.S.
The global oil benchmark slid to a fresh more-than-four-year low Thursday after Saudi Arabia cut the price of its oil in the U.S., reinforcing concerns that the kingdom is more concerned with maintaining market share than raising prices.
... “The saudis are making it very clear that they’re going to do whatever it takes to maintain market shar ... ... e Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer, decided last week to keep its production quota steady. The cartel has lowered production to raise pr ... ... te to Nicole Friedman at nicole.friedman@wsj.com and Summer Said at summer.said@wsj.com ... ... U.S. Energy Information Administration said Thursday that the country’s proven reserves of crude oil and condensate – the resources that are recoverable with current technology and prices – ros ...
Thu, 04 Dec 2014 15:26:34 EST

Markets
Nigeria Cuts Budgeted oil Price
The finance ministry has proposed a lower benchmark for the budgeted oil price, after the relentless slide of the commodity in recent weeks—suggesting widespread spending cuts by the government.
... ous estimate of $73. An earlier version of this article said he said this on Wednesday. ... ... ous estimate of $73. An earlier version of this article said he said this on Wednesday. ... ... Nigeria’s finance ministry proposed a lower benchmark for the budgeted oil price, suggesting spending cuts after the commodity ... ... inistry of Finance, said on Thursday that Africa’s biggest crude producer is now budgeting for an oil price of $65 per barrel, compared with the previous estimate of $73. An earlier version of this ...
Thu, 04 Dec 2014 12:02:41 EST

Asia Markets
Malaysia Stocks Slip on oil Slide
One of the world’s biggest victims of oil’s collapse is Malaysia, where stocks are set for their biggest slide since the global financial crisis and rank as Asia’s worst performers this year.
... s to come. “A credit crunch within the oil-and-gas space is a possibility,” he said. ... ... s, were hit further last week after the Organization of the Petroleum Exporting Countries, or OPEC, decided not to cut production. ... ... s to come. “A credit crunch within the oil-and-gas space is a possibility,” he said. ... ... eing cut, he expects more business and financial disruptions to come. “A credit crunch within the oil-and-gas space is a possibility,” he said. ...
Thu, 04 Dec 2014 02:22:42 EST

Markets
Russia to Pump Up oil Exports to Asia
Russia plans to keep increasing its oil exports to Asia despite plummeting oil prices and Western sanctions, even as its oil supplies to the region hit record levels this year.
... Kazakhstan and China that took effect this year. Write to Eric Yep at eric.yep@wsj.com ... ... Kazakhstan and China that took effect this year. Write to Eric Yep at eric.yep@wsj.com ... ... Kazakhstan and China that took effect this year. Write to Eric Yep at eric.yep@wsj.com ... ... ional Petroleum Corp. to double oil supply to 600,000 barrels a day from 2018 for 25 years. Russian oil has been also making its way to Asia through the Sakhalin project in the east, and a swap agreem ...
Thu, 04 Dec 2014 02:05:11 EST

Business
oil Trains Hide in Plain Sight
Despite some high-profile accidents, finding the locations of oil-filled trains remains difficult, even in those states that don’t consider the information top secret, because there are no federal or state rules requiring public notice.
... t like it, but this is the way it is.” Write to Russell Gold at russell.gold@wsj.com ... ... t like it, but this is the way it is.” Write to Russell Gold at russell.gold@wsj.com ... ... railroads agreed to slow oil trains to 40 miles an hour in urban areas, and federal regulators have proposed a broader speed limit for older tank cars carrying volatile crude oil. The rules don’t ap ... ... kken oil, along with some diluted crude from Canadian oil sands and a ship’s worth of light sweet oil from Basra, Iraq. When Norfolk Southern began routing crude trains through Newark, it didn’t n ...
Thu, 04 Dec 2014 00:28:20 EST

Business
Shale oil's Secret Routes to Market
NEWARK, Del.—Early last year, a new kind of pipeline full of volatile oil appeared in this college town, halfway between Philadelphia and Baltimore.
... see trains with crude every day or so. I don’t like it, but this is the way it is.” ... ... see trains with crude every day or so. I don’t like it, but this is the way it is.” ... ... railroads agreed to slow oil trains to 40 miles an hour in urban areas, and federal regulators have proposed a broader speed limit for older tank cars carrying volatile crude oil. The rules don’t ap ... ... kken oil, along with some diluted crude from Canadian oil sands and a ship’s worth of light sweet oil from Basra, Iraq. When Norfolk Southern began routing crude trains through Newark, it didn’t n ...
Thu, 04 Dec 2014 00:05:53 EST

Commodities
saudis: oil to Firm at $60
LONDON—OPEC’s biggest oil producer, Saudi Arabia, now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation.
... Kyle Cooper, managing partner of research consultancy IAF Advisors in Houston. The saudis “have seen their market share be continually diminished, especially in the U.S., and I thin ... ... Russian state oil company OAO Rosneft said it wouldn’t cut its oil output. Mr. al-Naimi finally decided it would be better to endure short-term pain from low oil prices than risk losing market sha ... ... Arabia, Russia and Mexico—another non-OPEC member—in Vienna’s Hyatt hotel. On the table was a proposal to take two million barrels a day of oil supply out of the global market of more than 90 mi ... ... inisters enduring lower prices would force high-cost oil producers outside of OPEC, like U.S. shale-oil companies, to cut production themselves, tightening the market by the second half of 2015. ...
Wed, 03 Dec 2014 22:58:30 EST

Opinion
How to Reply to Russian propaganda
It’s time the U.S. drew from its Cold War lessons to fashion a response.
... of Global Politics and Security at Georgetown University’s School of Foreign Service. ... ... of Global Politics and Security at Georgetown University’s School of Foreign Service. ... ... icy and reporting on U.S. politics and culture. To be effective, this must be done honestly, not as propaganda. The other broadcast networks would be merged into a single entity with the primary missi ... ... mate aim. It may be a long-term goal, but let’s also be prepared for short-term opportunities. If oil prices remain low, if sanctions can be sustained and if we would finally provide Ukrainians with ...
Wed, 03 Dec 2014 15:28:38 EST

Commodities
saudis See oil Around $60 a Barrel
OPEC’s biggest oil producer believes oil prices could stabilize at around $60 a barrel, an indication it isn’t likely to push for supply cuts soon.
... t be for a long time,” a Gulf oil official said. Before last week’s OPEC meeting in Vienna, the saudis had been considering a Venezuelan proposal to cut the producer group’s oil output sharply. ... ... ussia’s state oil company OAO Rosneft said it would not cut its oil output. Mr. al-Naimi finally decided it would be better to endure short-term pain from low oil prices than risk losing market sha ... ... Arabia, Russia and Mexico—another non-OPEC member—in Vienna’s Hyatt hotel. On the table was a proposal to take 2 million barrels a day of oil supply out of the market, according to people famili ... ... added. The rest of OPEC gave in to Saudi pressure and the cartel reluctantly agreed to maintain its oil production at 30 million barrels a day. On Tuesday this week, the kingdom’s cabinet said OPEC ...
Wed, 03 Dec 2014 14:50:10 EST

Canada News
Bank of Canada Stands Pat, Says oil Prices Pose Risk
Canada’s central bank held its key interest rate at 1% on Wednesday and said it is seeing signs of a broadening recovery in the Canadian economy, but cautioned about headwinds from slumping oil prices.
... is even less now,” Mr. Reitzes said. Write to Nirmala Menon at nirmala.menon@wsj.com ... ... is even less now,” Mr. Reitzes said. Write to Nirmala Menon at nirmala.menon@wsj.com ... ... , the balance of risks remains within the zone for which the current stance of monetary policy is appropriate,” the central bank said in its final interest rate decision of 2014, largely maintaining ... ... “they’re clearly on hold for quite some time.” “They’re cognizant of downside risks from oil prices, but at this point, they think there is enough momentum for the economy to stay on the po ...
Wed, 03 Dec 2014 13:03:55 EST

Commodities
Farmers Foil Bets Against the Grain
Many Midwestern farmers’ strategy of holding back their crops from sale has paid off in price rises since September for corn and soybeans. It has also made losers of investors and trading firms who had bet on record harvests denting prices.
... Write to Jacob Bunge at jacob.bunge@wsj.com and Jesse Newman at jesse.newman@wsj.com ... ... years. Many Midwestern farmers who decided to hold on to their crops as they watched prices languish over the summer have seen their co ... ... Write to Jacob Bunge at jacob.bunge@wsj.com and Jesse Newman at jesse.newman@wsj.com ... ... ’s manager. Bigger on-farm storage capacity has helped farmers exert more control over grain and oilseed markets. U.S. growers increased capacity to 13.01 billion bushels last year, a 16% increase ...
Wed, 03 Dec 2014 11:31:15 EST

Deal Of The Week
Singapore's GIC Fund Wagers on U.S. property
Singapore’s sovereign-wealth fund is making a big bet on U.S. industrial property, as a strengthening American economy and the growth of online shopping fuel demand for warehouses and distribution centers.
... y, people familiar with the decision said. Write to Peter Grant at peter.grant@wsj.com ... ... y, people familiar with the decision said. Write to Peter Grant at peter.grant@wsj.com ... ... various investment opportunities” and that the company will make further announcements “when appropriate.” The U.S. industrial market is huge, encompassing about 13 billion square feet of space ... ... y, people familiar with the decision said. Write to Peter Grant at peter.grant@wsj.com ...
Tue, 02 Dec 2014 23:17:23 EST

Commodities
oil Prices Resume Decline
oil prices erased much of Monday’s gains as an agreement between Iraq and the Kurdish regional government portended more supplies for a global market already brimming with crude.
... ributed to this article. Write to Christian Berthelsen at christian.berthelsen@wsj.com ... ... ributed to this article. Write to Christian Berthelsen at christian.berthelsen@wsj.com ... ... ributed to this article. Write to Christian Berthelsen at christian.berthelsen@wsj.com ... ... city, according to a posting by Platts oil on Twitter. Tuesday’s selloff carried over into other oil-related markets, with gasoline for January delivery falling 6.94 cents, or 3.7%, to $1.8116 a ga ...
Tue, 02 Dec 2014 21:53:25 EST

NY Real Estate Commercial
Fiscal Impact of proposed Tax on Pied-à-Terre Is Unclear
As the real-estate industry recoils from a proposed tax on New York City pied-à-terre, it is uncertain how many apartments the tax could hit—or how much money it would raise.
... views versus brick walls?” he said. Write to Josh Barbanel at josh.barbanel@wsj.com ... ... views versus brick walls?” he said. Write to Josh Barbanel at josh.barbanel@wsj.com ... ... non-primary owners were unlikely to pay New York City personal-income taxes and paid relatively low property taxes while benefiting from city services and infrastructure. Assemblywoman Deborah J. Gli ... ... views versus brick walls?” he said. Write to Josh Barbanel at josh.barbanel@wsj.com ...
Tue, 02 Dec 2014 21:26:06 EST

World News
Iraq, Kurdistan Agree on oil Deal
The Iraq government and the semi-autonomous region of Kurdistan have agreed to an oil export deal, signaling an end to a yearslong political impasse that has divided the country.
... Jay Solomon contributed to this article. Write to Matt Bradley at matt.bradley@wsj.com ... ... intend to pull back their own output to support prices. When OPEC met in Vienna last week the group decided to keep its oil production unchanged, sparking a rout in the oil market. Iraq, the group’s ... ... Jay Solomon contributed to this article. Write to Matt Bradley at matt.bradley@wsj.com ... ... arrels a day compared with its production in October, according to the International Energy Agency. oil exports from the Turkish port of Ceyhan via Iraqi Kurdistan have already reached over 350,000 ba ...
Tue, 02 Dec 2014 21:03:11 EST

Africa News
Nigeria's Tumbling Currency a Victim of Falling oil Prices
Nigeria’s currency tumbled to record lows, hammered by falling oil prices that have weighed on Africa’s top economy as it heads toward a costly election.
... roarty@wsj.com, Drew Hinshaw at drew.hinshaw@wsj.com and Josie Cox at josie.cox@wsj.com ... ... roarty@wsj.com, Drew Hinshaw at drew.hinshaw@wsj.com and Josie Cox at josie.cox@wsj.com ... ... and raided police barracks in another. In November, the government submitted a revised budget that proposes spending cuts based on a new average oil price of $73 a barrel. But even that price could b ... ... tion of the Petroleum Exporting Countries, who collectively pump more than a third of the world’s oil, agreed last week to maintain a target of producing 30 million barrels a day. Meanwhile, the cou ...
Tue, 02 Dec 2014 20:59:47 EST

Business World
Who’s Afraid of Cheap oil?
The saudis know they cannot kill U.S. shale output, even if the news media don’t.
... of any effort to divert prices from their natural market-clearing path for any length of time. The saudis learned long ago that a strong price for their chief export comes from strong growth of the w ... ... rica’s hunt for a dark cloud behind the silver lining of lower oil prices is overdone. ... ... nor influential enough in markets to find it worth risking their own revenues in a common effort to prop up prices. The Saudis have played this role previously but they understand now that the shale r ... ... n military action. Bottom line: America’s hunt for a dark cloud behind the silver lining of lower oil prices is overdone. ...
Tue, 02 Dec 2014 19:04:00 EST

Real Estate
Activist Explores a New Frontier: property
Jonathan Litt is a rare activist investor targeting real-estate investment trusts. His small hedge fund has had outsize influence in a business known for being clubby and insular.
... ny is still in dialogue with Mr. Litt. Write to Robbie Whelan at robbie.whelan@wsj.com ... ... ny is still in dialogue with Mr. Litt. Write to Robbie Whelan at robbie.whelan@wsj.com ... ... n Ohio, disclosing a 2.9% stake and naming a full slate of directors that Mr. Litt says he plans to propose at the company’s 2015 annual meeting. Associated Estates has called the claims in Mr. Litt ... ... ny is still in dialogue with Mr. Litt. Write to Robbie Whelan at robbie.whelan@wsj.com ...
Tue, 02 Dec 2014 18:44:37 EST

Foreign Exchange
oil Price Slide Hits Ruble Again
A calm spell for the Russian ruble early proved short-lived, with a renewed slide in oil hitting the currency once more, despite the country’s finance minister saying that the ruble is now too cheap.
... drey Ostroukh at andrey.ostroukh@wsj.com and Chiara Albanese at chiara.albanese@wsj.com ... ... drey Ostroukh at andrey.ostroukh@wsj.com and Chiara Albanese at chiara.albanese@wsj.com ... ... drey Ostroukh at andrey.ostroukh@wsj.com and Chiara Albanese at chiara.albanese@wsj.com ... ... second worst performing currency this year, after Ukraine’s hryvnia, having underperformed other oil currencies such as the Nigerian naira. —Ben Edwards contributed to this article. Write to ...
Tue, 02 Dec 2014 12:04:58 EST

Business
Tony Hayward’s Genel Gets Kurdish oil Payment
Genel Energy, the British oil explorer led by former BP Chief Executive Tony Hayward, said it received a portion of the $24 million it is due for its share of oil sales from two fields in Kurdistan—breaking an impasse on payments.
... expenditure,” Gulf Keystone said. Write to Alex MacDonald at alex.macdonald@wsj.com ... ... expenditure,” Gulf Keystone said. Write to Alex MacDonald at alex.macdonald@wsj.com ... ... expenditure,” Gulf Keystone said. Write to Alex MacDonald at alex.macdonald@wsj.com ... ... said it received an initial $15 million payment from the KRG for crude oil exports from the Shaikan oilfield in Kurdistan. “Gulf Keystone now looks forward to the establishment of a pattern of regul ...
Tue, 02 Dec 2014 06:29:00 EST

Opinion
The Global Shakeout From Plunging oil
New supply—rather than demand—is dominating the market, and OPEC has been caught by surprise.
... Quest: Energy, Security, and the Remaking of the Modern World” (Penguin Press, 2012). ... ... Quest: Energy, Security, and the Remaking of the Modern World” (Penguin Press, 2012). ... ... Quest: Energy, Security, and the Remaking of the Modern World” (Penguin Press, 2012). ... ... r new investments around the world. The losers will be the nations trying to woo investment for new oil and natural-gas projects. Countries in Africa, Asia and Latin America are already finding that f ...
Mon, 01 Dec 2014 11:24:50 EST

Markets
Dalian Wanda Commercial properties Gets Nod for IPO
Dalian Wanda Commercial properties received listing approval from the Hong Kong Stock Exchangeand plans to take investors’ orders Dec. 8 in an IPO that could raise about US$5 billion.
... ime. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ... ... ime. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ... ... on) in the first half of the year ended in June from the corresponding period in the prior year, as property sales declined. Profit fell 47% to 5 billion yuan over the same time. Write to Yvonne Lee ... ... ime. Write to Yvonne Lee at yvonne.lee@wsj.com and Prudence Ho at prudence.ho@wsj.com ...
Mon, 01 Dec 2014 11:07:59 EST

Europe Markets
oil Slide Deepens, Ruble Crumbles
The persistent slump in oil prices continued to weigh on global markets, hammering the Russian ruble in particular.
... . Yields fall as prices rise. Write to Tommy Stubbington at tommy.stubbington@wsj.com ... ... . Yields fall as prices rise. Write to Tommy Stubbington at tommy.stubbington@wsj.com ... ... ightly. Gold prices were also volatile Monday. They initially dropped after Swiss voters rejected a proposal to increase the central bank’s gold holdings. The initiative would have forced the countr ... ... ure on central bankers in the eurozone and elsewhere. “The immediate focus will remain on cheaper oil; good news for consumers and for those companies benefiting from reduced input cost pressures, l ...
Mon, 01 Dec 2014 07:18:57 EST

Middle East News
Egypt Militant Group Says it Killed U.S. oil Worker
An Egyptian militant organization allied with Islamic State has claimed responsibility for the killing of an American oil worker.
... army checkpoint in October, killing 31 soldiers. —Copyright 2014 Associated Press ... ... army checkpoint in October, killing 31 soldiers. —Copyright 2014 Associated Press ... ... army checkpoint in October, killing 31 soldiers. —Copyright 2014 Associated Press ... ... nt organization allied with Islamic State has claimed responsibility for the killing of an American oil worker. Ansar Beit al-Maqdis, which now refers to itself as the Sinai Province, said on its offi ...
Mon, 01 Dec 2014 05:01:44 EST

Asia Stocks
oil Slides; Hong Kong Slumps
oil extended its fall in Asian trading, while stocks in Hong Kong declined after a measure of Chinese manufacturing slowed more than expected, adding to concerns about the world’s second-biggest economy.
... t ¥119, its highest level since Aug. 9, 2007. Write to Chao Deng at Chao.Deng@wsj.com ... ... t ¥119, its highest level since Aug. 9, 2007. Write to Chao Deng at Chao.Deng@wsj.com ... ... t ¥119, its highest level since Aug. 9, 2007. Write to Chao Deng at Chao.Deng@wsj.com ... ... s preferential access to the Chinese market. One of the few winners in Asia was Japan. Lower crude oil prices helped boost the U.S. dollar against the Japanese yen, a net positive for the Nikkei Stoc ...
Sun, 30 Nov 2014 22:38:53 EST

Business
U.S. Unlikely to Slash oil Output
New pressure from OPEC will cause a lot of pain for U.S. energy companies, but they probably won’t slash American oil output anytime soon.
... s wait to see if oil prices stabilize. Write to Erin Ailworth at Erin.Ailworth@wsj.com ... ... s wait to see if oil prices stabilize. Write to Erin Ailworth at Erin.Ailworth@wsj.com ... ... s wait to see if oil prices stabilize. Write to Erin Ailworth at Erin.Ailworth@wsj.com ... ... producers’ side, I see that as being muted for a while,” she said, as companies wait to see if oil prices stabilize. Write to Erin Ailworth at Erin.Ailworth@wsj.com ...
Sun, 30 Nov 2014 21:48:30 EST

Markets
Gulf Markets Weaken on Falling oil Prices
Stock markets in the Gulf closed sharply lower Sunday as tumbling oil prices sparked concerns about the economic growth prospects for the crude-exporting region.
... ssue price at AED0.88 (24 U.S. cents). Write to Nikhil Lohade at Nikhil.Lohade@wsj.com ... ... Organization of the Petroleum Exporting Countries—of which Saudi Arabia is the de facto leader—decided late last week to maintain crude output levels, which means a glut in the market is likely t ... ... ssue price at AED0.88 (24 U.S. cents). Write to Nikhil Lohade at Nikhil.Lohade@wsj.com ... ... quity markets in the GCC to gyrate more or less in lock step with sentiment in the market for crude oil,” Arjuna Mahendran, the chief investment officer at Dubai-based ...
Sun, 30 Nov 2014 09:51:52 EST

Commodities
oil Prices Tumble to Five-Year Lows
oil prices tumbled Friday, plumbing five-year lows, following an OPEC decision that will likely translate into a lingering glut of crude.
... to $2.2308 a gallon in two days of trading. Write to Timothy Puko at Tim.Puko@wsj.com ... ... to $2.2308 a gallon in two days of trading. Write to Timothy Puko at Tim.Puko@wsj.com ... ... to $2.2308 a gallon in two days of trading. Write to Timothy Puko at Tim.Puko@wsj.com ... ... predicted, the analysts said. If OPEC continues to refrain from using its influence, “we believe oil will enter a new paradigm where prices are subject to the swings of normal commodity cycles with ...
Fri, 28 Nov 2014 15:28:15 EST

Peña Nieto propone centralizar la policía mexicana
El presidente mexicano, Enrique Peña Nieto, ante la mayor crisis en sus dos primeros años en el gobierno, propuso una serie de medidas para enfrentar un desapego de la ley generalizado, comenzando por una limpieza de las policías municipales colocánd
... haus contribuyó a este artículo. ... ... haus contribuyó a este artículo. ... ... infraestructura en el país. Peña Nieto ha negado cualquier irregularidad. Una medida clave de la propuesta de Peña Nieto, que será presentada ante el Congreso la próxima semana, es mejorar la ef ... ... haus contribuyó a este artículo. ...
Fri, 28 Nov 2014 00:02:27 EST

World News
Scotland proposal Expands Taxing Powers
A panel of U.K. lawmakers has recommended that Scotland’s parliament be given new powers to levy taxes, a further step toward greater autonomy for the nation that only narrowly voted to stay in the U.K. in September.
... for English laws” before Christmas. Write to Jason Douglas at jason.douglas@wsj.com ... ... for English laws” before Christmas. Write to Jason Douglas at jason.douglas@wsj.com ... ... at Scottish MPs vote on English laws.” Mr. Cameron on Thursday tweeted that he intends to publish proposals on “English votes for English laws” before Christmas. Write to Jason Douglas at jaso ... ... ater autonomy. Instead, the bulk of U.K. taxes, including corporation tax, income tax and North Sea oil and gas receipts, are funneled through London before being doled back to Scotland and other regi ...
Thu, 27 Nov 2014 23:53:31 EST



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