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Friday, 2 December 2016

Brent Caps Biggest Weekly Advance Since 2009 on OPEC Agreement - Bloomberg

Brent Caps Biggest Weekly Advance Since 2009 on OPEC Agreement - Bloomberg:
"Brent oil capped its biggest weekly gain since 2009 after OPEC approved its first supply cut in eight years, with attention now shifting to compliance with the deal and how other producers will react to a price rally.

Futures closed at the highest in more than a year in London and New York. OPEC’s three largest producers -- Saudi Arabia, Iraq and Iran -- overcame discord to reach Wednesday’s pact to reduce the group’s output by 1.2 million barrels a day, while Russia pledged a cut of as much as 300,000. The accord ended the group’s pump-at-will policy started in 2014 aimed at protecting market share and driving out high-cost competitors such as shale."

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OPEC Deal Hinged on 2 a.m. Phone Call and It Nearly Failed - Bloomberg

OPEC Deal Hinged on 2 a.m. Phone Call and It Nearly Failed - Bloomberg:
"After months of meetings from Doha to Moscow, it was a 2 a.m. phone call between two of the most powerful men in the global oil industry that finally broke the impasse.

On the eve of the Nov. 30 meeting of the Organization of Petroleum Exporting Countries, the odds of finishing a deal to reduce supply and ease a global oil glut didn’t look good. Members remained deadlocked over how much each should reduce. They had been forced to cancel talks aimed at getting other suppliers like Russia and Brazil to play a part."

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SoftBank CEO Son Says $100 Billion Tech Fund ‘Oversubscribed’ - Bloomberg

SoftBank CEO Son Says $100 Billion Tech Fund ‘Oversubscribed’ - Bloomberg:
"SoftBank Group Corp. is close to tying up $100 billion for a technology fund that it announced with the government of Saudi Arabia, the Japanese company’s founder and Chief Executive Officer Masayoshi Son said.

“I am talking to a few investors and I think we are oversubscribed,” Son said at an event in New Delhi on Friday, without providing detail. He said he came to New Delhi straight from a visit to Saudi Arabia.

SoftBank and Saudi Arabia’s Public Investment Fund announced the new venture in October with the Japanese company saying it will invest $25 billion, while Saudi Arabia committed $45 billion. The two have been talking to other investors for the remaining $30 billion."

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McDonald's sells Singapore, Malaysian franchise to Saudi group | Reuters

McDonald's sells Singapore, Malaysian franchise to Saudi group | Reuters:
"McDonald's Corp said on Friday it had sold the franchise rights for its restaurants in Singapore and Malaysia to Saudi Arabia's Lionhorn Pte Ltd as part of a plan to move away from direct ownership in Asia.

The fast-food chain said it transferred its ownership interest in 390 restaurants, more than 80 percent of which were company-owned, on Dec. 1 to Lionhorn.

Lionhorn is led by Sheik Fahd and Abdulrahman Alireza, who are franchisees for nearly 100 McDonald's restaurants in the western and southern regions of Saudi Arabia."

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Saudi Arabia names new labor minister, reshuffles religious and Shura councils | Reuters

Saudi Arabia names new labor minister, reshuffles religious and Shura councils | Reuters:
"King Salman bin Abdulaziz has replaced Saudi Arabia's labor minister, state media reported on Friday, after recent statistics showed a rise in unemployment in the world's top oil exporter.

In a royal decree read on state television, the king also reshuffled the country's top religious body, the Council of Senior Scholars, and the Shura Council, which advises the government.

The changes come as the kingdom prepares to implement reforms proposed by its Vision 2030, which aims to reduce dependence on oil, attract foreign investments and promote more cultural openness."

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Saudi prince’s ambition for life beyond oil forces Opec deal 

Saudi prince’s ambition for life beyond oil forces Opec deal :
"Opec’s production cut this week to bolster oil prices may strike many as a throwback to an earlier era, but it hinged on a very modern method of communication: a messaging group between the smartphones of Saudi Arabia’s delegation in Vienna and Prince Mohammed bin Salman al-Saud.

For a royal priding himself on being a tech savvy moderniser in the kingdom, the use of a popular encrypted messaging service may seem apt.

However, his involvement in directing the decision in Vienna illustrates a wider truth: Saudi Arabia’s oil policy is now closely entwined not just with the views of the young prince, who has quickly emerged as the most powerful and controversial figure in the kingdom’s economy, but also his political standing."

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Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Global 1MDB Scandal | Peace and Freedom

Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Global 1MDB Scandal | Peace and Freedom:
"A futuristic 35-story tower where doors swoosh open with the wave of a hand houses a little-known firm long used by this emirate to deploy its oil riches around the world.

When Barclays PLC needed to raise capital in 2008, the Abu Dhabi sovereign-wealth fund, known as IPIC, invested more than $5 billion in the U.K. bank. Through a subsidiary, IPIC acquired holdings in German auto maker Daimler AG and Swiss commodities powerhouse Glencore PLC. It helped finance the ultraluxury New York skyscraper One57, nicknamed the Billionaire Building.

Driving IPIC was Khadem Al Qubaisi, a nightclub aficionado with slicked-back hair, a taste for the good life and close ties to princes who rule the emirate."

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Singapore to Ban Former Goldman Banker in Connection With 1MDB Scandal - WSJ

Singapore to Ban Former Goldman Banker in Connection With 1MDB Scandal - WSJ:
"Singapore’s probe into a multibillion-dollar financial scandal touched Goldman Sachs Group Inc. for the first time on Friday as its central bank said it was planning to ban the Wall Street firm’s former top executive in Southeast Asia from operating in the city-state’s financial system for 10 years.

The executive, Tim Leissner, was Goldman’s point man on deals involving Malaysian state investment fund 1Malaysia Development Bhd., or 1MDB. The Monetary Authority of Singapore, the central bank, announced the proposed ban on Mr. Leissner after it found he had written a recommendation letter for a Malaysian financier, Jho Low, in June 2015. In it, Mr. Leissner claimed that Goldman had performed due diligence on Mr. Low.

“These statements were untrue and were made by Mr. Leissner without Goldman Sachs’ knowledge or consent,” the MAS statement said."

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