January, 2018

• 8 January

  Hong Kong Exchange eyes new trading rules to spur volume

  

  Bloomberg Hong Kong Exchanges & Clearing Ltd. is considering rule changes aimed at increasing trading, according to Chief Executive Officer Charles Li. Rebates to market makers, simplified rules for using collateral across multiple positions, and the removal or reduction of stamp duty charges are among measures being considered, Li said. Some of the changes will require approval from the securities …

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• 8 January

  OPEC won’t boost oil output for short-lived supply disruptions

  

  DUBAI / Reuters OPEC is monitoring unrest in Iran as well as Venezuela’s economic crisis, but the group will only boost output if there are significant and sustained production disruptions from those countries, a senior OPEC source from a major Middle Eastern oil producer said. Venezuela’s economic troubles have hit the country’s oil out-put, which is at near 30-year lows, …

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• 8 January

  Kuwait Energy in merger talks with SOCO International

  

  DUBAI / Reuters SOCO International, an oil and gas exploration and production company listed on the London Stock Exchange, said on Monday it was evaluating a merger with Middle East oil and gas firm Kuwait Energy. A merger would provide a way for the Kuwaiti company to go public after it failed last year to complete an IPO of its …

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• 8 January

  Aramco joins Saudi companies boosting pay after royal orders

  

  Bloomberg Saudi Arabian Oil Co. and some of the kingdom’s biggest companies said they’ll pay Saudi staff more money, matching a royal order that extended handouts to government workers to ease public discontent over rising prices. Aramco, preparing for what could be the world’s largest initial public offering, will pay “eligible employees” an extra 1,000 riyals ($267) a month for …

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• 8 January

  Oil rises as American drillers cut rigs for first time in 3 weeks

  Bloomberg Oil rose after drilling activity in the US eased, adding to signs the global crude surplus is abating. West Texas Intermediate futures rose 0.5 percent, following a 1.7 percent increase last week, when they hit a three-year high. Rigs drilling for crude fell by five to 742 in the seven days ended January 5, according to Baker Hughes data. …

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• 8 January

  Asia’s refining margins drop to lowest since May

  

  SINGAPORE/ Reuters Profits for Asia’s oil refiners dropped to their lowest since May last year as rising supplies dragged down regional fuel prices at the same time that global crude oil prices have climbed to two-year highs, data on Thomson Reuters Eikon showed. Margins at a typical complex refinery in Singapore fell to $5.93 a barrel, the lowest since May …

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• 8 January

  Saudi retailer looks to World Cup, online sales to counter VAT

  

  Bloomberg Retailer United Electronics Co., the second-best performing Saudi Arabian stock of 2017, is looking to increased demand for televisions before this year’s soccer World Cup, expanded consumer credit and rising online sales to counter any slowdown caused by the start of value-added tax. The company, known as eXtra, plans to open new stores in 2018 as it seeks to …

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• 8 January

  UBS in talks to buy majority stake in China securities JV

  

  Bloomberg UBS Group AG is in discussions to acquire a majority stake in its Chinese securities joint venture, Chief Executive Officer Sergio Ermotti said, as global banks rush to take advantage of Beijing’s pledge to further open its financial markets. UBS has started talks with its local partners on taking a 51 percent stake in the venture, Ermotti said in …

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• 8 January

  Ex-RBS trader Danziger banned, fined $338,000 over Libor manipulation

  

  Bloomberg A former Royal Bank of Scotland Group Plc trader was fined 250,000 pounds ($338,000) and banned from working in the industry by the UK markets regulator for manipulating Libor, five years after the bank was penalised for its role in the scandal. The Financial Conduct Authority issued the penalty against Neil Danziger on Monday, saying the ex-trader “routinely” made …

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• 8 January

  Bigger bets on pound poised to come back into play

  Bloomberg After a quiet start to January, this week could see bigger bets come back into play on the pound. With the UK Parliament returning from recess and a slew of data, investors will be looking to put on fresh sterling positions, according to Neil Jones, head of currency sales at Mizuho Bank Ltd. Despite lingering Brexit uncertainty and a …

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