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Friday, 23 October 2015

China’s Xi Jinping urges UK to stay in EU - FT.com

China’s Xi Jinping urges UK to stay in EU - FT.com:

"President Xi Jinping of China wants the UK to remain in the EU, adding his voice to world leaders worried about the country’s proposed referendum on membership of the bloc.
Mr Xi’s remarks, made during a meeting on Thursday evening at Chequers, the UK prime minister’s country residence, were paraphrased by China’s foreign ministry in a statement on Friday, the last day of the president’s state visit."



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Kweku Adoboli: a rogue trader’s tale - FT.com

Kweku Adoboli: a rogue trader’s tale - FT.com:

"On an unseasonably sunny autumn day in the City of London, a group of about a dozen traders at a commodities brokerage firm were perched around a conference room table, the light sifting in as they listened to a compliance seminar. As it drew to a close, a new speaker stood up and walked to the head of the table. The traders sat up in their chairs. Some pulled out their phones and started googling pictures to see if it was really him, trying to discreetly show their colleagues for confirmation.

The man smiled knowingly and asked them a question. “Can you think of a time when you felt a completely brand new emotion?” he began. “Perhaps the day you got married or the first time you held your baby, or when you became a trader or got your last promotion? Those types of moments when life feels magically perfect and your desire is to protect that situation and to make it last? The strength of your positive emotion is the intensity to which I was experiencing something negative. You haven’t experienced anything that negative before. Most people don’t go through such suffering.”"



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FirstFT - Microsoft sparkles, HSBC could move HQ to US - YouTube

FirstFT - Microsoft sparkles, HSBC could move HQ to US - YouTube: ""



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Uncorrected - YouTube

Uncorrected - YouTube: ""



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CEO of Russia's Rosneft Criticizes Saudi Oil-Market Strategy - Bloomberg Business

CEO of Russia's Rosneft Criticizes Saudi Oil-Market Strategy - Bloomberg Business:

"Saudi Arabia’s move to maintain its share of the global oil market and expand in Europe will backfire, said the chief executive officer of Russia’s largest oil producer.

“The strategy that Saudi Arabia has chosen doesn’t bring any significant victories,” Igor Sechin, CEO of OAO Rosneft, said Thursday at the Eurasian Forum in Verona, Italy. “More likely the opposite.”

After the U.S. cut imports amid a boom in domestic production, exporters from the Middle East are increasing output and seeking new markets, a move that isn’t helpful for the global industry, Sechin said. After oil prices slumped amid a global surplus, Middle Eastern governments have to use “billions of dollars” from sovereign funds, raise large external loans or cut spending on new cars and furniture to make up the shortfall in revenues, he said."



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Samsung Engineering in $1 bln rights issue after huge loss; shares dive | Reuters

Samsung Engineering in $1 bln rights issue after huge loss; shares dive | Reuters:

"Samsung Engineering Co Ltd said it was planning a $1.1 billion rights issue after a record quarterly operating loss on oil and gas projects in the Middle East, wiping out nearly a fifth of its market value.

Citing a "lack of preparation and capability" for handling large, complex projects, the construction arm of South Korea's biggest conglomerate booked a 1.5 trillion won ($1.3 billion) operating loss in the third quarter and also flagged the sale of its headquarters building.

While much of South Korea's construction industry has been hit by declining margins in the Middle East, Samsung Engineering is more exposed than rivals as most of its revenue comes from overseas projects."



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MIDEAST STOCKS-Budget jitters hurt Saudi Arabia; CDS rising again | Reuters

MIDEAST STOCKS-Budget jitters hurt Saudi Arabia; CDS rising again | Reuters:

"Worries that Saudi Arabia may cut
subsidies and state spending and raise taxes to cover its budget
deficits in an era of cheap oil once again hurt its stock market
on Thursday, with a negative effect on neighbouring markets.

The International Monetary Fund said on Wednesday that
Riyadh was considering a wide range of fiscal reforms - many of
which could hurt corporate profits, at least initially - to cope
with a budget gap that would total well over $100 billion this
year.

That pushed the Saudi stock index down 2.7 percent on
Wednesday and it slid a further 1.3 percent on Thursday.
Petrochemical blue chip Saudi Basic Industries dropped
1.2 percent; the government could raise money by lifting
subsidised, ultra-low gas feedstock prices for the industry."



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