August, 2016

• 20 August

  North Sea oil prices rebound as glut of floating crude clears

  Bloomberg The glut of crude oil stored in ships on the North Sea is finally starting to dissipate. Demand for the commodity has increased as traders take advantage of remaining discounts before maintenance begins at the U.K.’s largest oil field. The result: a whittling away at the backlog of floating storage that has persisted for months. The “timing is right” ...

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• 20 August

  China’s $814bn fund to pursue vale iron ore streaming deal

  

    Shanghai / Bloomberg China Investment Corp., the $814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron-ore streaming deal with Brazil’s Vale SA, people familiar with the matter said. The consortium is negotiating the potential purchase of a portion of Vale’s future iron-ore output for as long as 30 years, two of the ...

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• 20 August

  Origin Energy to start Australian wind farm sale

  

    Bloomberg Origin Energy Ltd., the Australian energy producer and retailer, plans to start the sale of an Australian wind farm project after gauging interest from potential buyers, people with knowledge of the matter said. The Sydney-based company will ask next week for expressions of interest for its planned Stockyard Hill project west of Melbourne, one of the people said, ...

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• 20 August

  Oz bars foreigners from buying 50.4% of Ausgrid

    Bloomberg Australia upheld its decision to block foreign bidders from buying a majority stake in state-owned power network Ausgrid for more than A$10 billion ($7.6 billion), triggering a warning from China that the move will hurt bilateral ties. The deal would go against the national interest, Australian Treasurer Scott Morrison said in a statement on Friday, confirming last week’s ...

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• 20 August

  Rajan’s deputy appointed RBI Governor

  

    New Delhi / Bloomberg Prime Minister Narendra Modi promoted a deputy governor to lead India’s central bank, ensuring that sweeping reforms initiated under Raghuram Rajan would continue. Urjit Patel, who oversees the monetary policy department at the Reserve Bank of India under Rajan, has been appointed for three years, the government said in a statement on Saturday. Patel, 52, ...

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• 20 August

  Indonesia’s Indrawati to build trust, boost tax revenue

  

    Bloomberg Finance Minister Sri Mulyani Indrawati is putting trust-building at the top of her agenda as she tries to get more Indonesians to pay their taxes to raise funds for a massive infrastructure plan aimed at stimulating growth in Southeast Asia’s largest economy. “My job, first, is to restore confidence in the whole fiscal policy and our budget,” Indrawati ...

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• 20 August

  Goldman says don’t bet on dollar selloff as dovish Fed priced in

  

    Bloomberg Goldman Sachs Group Inc. is telling clients not to fret about a sharp selloff in the dollar as the Federal Reserve re-examines the path of interest rates. The market is already far more dovish than policy makers, the bank says. The greenback weakened for a second week after minutes of the Fed’s July meeting showed officials are divided ...

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• 20 August

  ‘Sufficient chance’ of BOJ easing September

  

    Bloomberg There is “sufficient chance” the Bank of Japan will add to its unprecedented easing at next month’s policy meeting, central bank Governor Haruhiko Kuroda said in an interview published Saturday in the Sankei newspaper. The BOJ won’t hesitate to act based on discussions on the results of a comprehensive review at its September 20-21 board meeting, Kuroda said ...

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• 20 August

  Gadfly says Deutsche Bank’s fed up whistle-blower deserves a hearing

  

    Bloomberg The whistle-blower’s dilemma is usually easy to understand, if hard to solve. Choose the ethically honest path and you face ostracism and the sack; head down the less honest route and you may have more job security and better promotion prospects. Regulators have used a stick and carrot to try to solve this. Whack banks with a fine ...

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• 20 August

  RBS imposes negative rates on collateral for trading clients

  

    Bloomberg Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned lender, said some of its biggest trading clients must pay interest on collateral as a consequence of low central bank interest rates. Some of the bank’s institutional clients will need to pay interest on funds pledged as collateral when trading futures contracts, the bank said in an e-mailed statement. ...

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