November, 2018

• 14 November

  Opec, allies will cut oil output as needed, says group’s president

  

  Bloomberg Opec and allied oil producers will cut or adjust production as needed to balance the market, the group’s president, United Arab Emirates Energy Minister Suhail Al Mazrouei, said on Wednesday. If Opec+ needs to reduce output, it will do so, he said in a Bloomberg TV interview in Abu Dhabi. The producers will take whatever steps are necessary to …

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• 14 November

  IEA welcomes crude market’s return to surplus

  

  Bloomberg The International Energy Agency (IEA) welcomed the oil market’s return to surplus as Opec’s production surge sw-ells global stockpiles and drives prices into a bear market. Inventories in industrialised nations have increased for four straight months and are set to jump by 2 million barrels a day next half if current output is maintained, the IEA said in its …

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• 14 November

  Power firm says its model can brave warmer world

  

  Bloomberg AES Corp, a long-time builder of coal-fired power plants around the world, published a report that projects how climate change could affect its business. The bottom line, the company says, is that its move away from carbon fuels means its business model holds up whether the world warms a lot or a little. The report, which AES says is …

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• 14 November

  SSE turns focus on renewables as retail supply margins suffer

  

  Bloomberg SSE Plc is to split off its green generation into a separate business known as SSE Renewables under the UK utility’s increased focus on low-carbon generation. The new company will have 4 gigawatts of capacity by March including onshore and offshore wind, flexible hydro, run-of-river hydro and pumped storage. That compares with 7.3 gigawatts of conventional assets. We’re starting …

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• 14 November

  US stocks pare gains on trade angst; crude rises

  

  Bloomberg US stocks pared an advance after a key Democrat called into question the revamped Nafta deal, rekindling concern over trade. Crude rebounded from the worst rout in three years. The S&P 500 looked for its first gain in five sessions, while technology shares all but erased a rise that topped 1 percent. Bill Pascrell, in line to chair the …

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• 14 November

  Pound volatility soars as traders look ahead to next Brexit hurdle

  Bloomberg Volatility in the pound jumped as traders looked ahead to the next hurdle on the Brexit path even if a draft deal is signed off by Prime Minister Theresa May’s senior ministers. Overnight volatility in the pound against the dollar climbed to the highest level in more than a year. One-, two- and three-month measures also rose, suggesting that …

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• 14 November

  Greek banks inch towards relief from $47bn bad loans

  

  Bloomberg Greek authorities are moving forward with two different plans to save their banks from a downward spiral. Some would-be investors think they’re too clever by half. To reduce non-performing loans, the Greek central bank is proposing a special-purpose vehicle created with the stricken lenders’ tax credits — themselves an accounting creation of the nation’s past debt restructuring. With those …

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• 14 November

  Polish bank watchdog resigns after report of $10 million bribe

  

  Bloomberg Poland’s financial industry regulator quit after a newspaper reported that he made an improper offer to the owner of a troubled bank, triggering a government investigation. Financial Supervision Authority Chairman Marek Chrzanowski said allegations by Gazeta Wyborcza were a “dishonest and groundless” provocation, but that he must resign to ensure stability in the banking industry, he told Poland’s PAP …

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• 14 November

  Danish PM feels ‘let down’ over banks’ performance

  

  Bloomberg Denmark’s prime minister says he feels “deceived” and “let down” after backing free-market policies that helped make life easier for a financial industry now mired in scandal. Lars Lokke Rasmussen, who leads a center-right coalition, told lawmakers in the Danish parliament that his country’s banks “didn’t behave at all,” leaving him feeling “completely let down.” Denmark is trying to …

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• 14 November

  Rate hikes still a wildcard in Asia

  

  Bloomberg Interest-rate hikes are still on the table in Asia as market volatility returns, with Sri Lanka unexpectedly increasing its benchmark rate. Sri Lanka’s central bank raised the standing lending facility rate to 9 percent from 8.5 percent on Wednesday, and almost half of the analysts surveyed are calling for another increase in the Philippines on Thursday. A hike could …

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