Saudi Arabia’s oil minister Ali al-Naimi has promised that his country would boost its oil output by as much as 25 percent this year in order to calm fears about rising oil prices worldwide.
Speaking to reporters in the Qatari capital of Doha on Tuesday, al-Naimi described recent high oil prices as “unjustified” and said that the Saudi kingdom was more than ready to intervene in the market in order to lower the price of oil.
Apple has an enviable problem: The tech giant has too much cash. After months of speculation, Apple’s chief executive Tim Cook has announced that the company will now pay a dividend and buy back $10 billion of its stock.
At a press conference yesterday, Apple chief executive Tim Cook and chief financial officer Peter Oppenheimer announced that the company will issue its first dividend since December 1995, a $2.65 per share quarterly payout from the 1st of July.
In its latest annual employee review process, sources have told Reuters that the Goldman Sachs Group is looking to reduce staff headcount in its four main divisions, including sales and trading, investment banking, wealth management and investing and lending.
The European Commission, the European Union’s executive body, has launched a public consultation and investigation into shadow banking practices in the region, as they aim to implement new controls and supervisory measures for the system in the future.
Speaking at a meeting in Brussels on Monday, the EU Commissioner for Internal Market and Services Michel Barnier acknowledged that shadow banking was posing a serious potential threat to long-term financial stability, despite providing close to 46 trillion euros ($60.87 trillion) to the economy.
US financial firm JP Morgan Chase will terminate the Vatican Bank’s account with its branch in Italy by the end of the month, after concerns grew over the lack of transparency at the Holy See’s financial institution.
A quick preview of the key economic events for the upcoming week:
Chief of International Monetary Fund Christine Lagarde has offered encouraging words for the world economy. Specifically, she sees a slow but certain stability in the global economy, and thinks that we might already be on the path to recovery.
Should we be optimistic?
Related News: IMF’s Lagarde: Global Economy May Be On Path To Recovery
International Monetary Fund Managing Director Christine Lagarde has said that the global economy is showing signs of stabilisation, but warned that there is no room for policy mistakes at this critical point in recovery.
Government officials in Afghanistan are growing increasingly concerned over the massive amounts of money being flown out of its capital city of Kabul each year, said a report by the Financial Times on Sunday, as money laundering and corruption activities continue to undermine the fledgling government.
The ASEAN+3 forum – a group made up by countries in the Association of Southeast Asian Nations (ASEAN), together with China, Japan and South Korea – will double the amount of funds available under a regional currency swap pact, in order to safeguard their economies from future currency volatility.
North Korea has said it will launch a long-range rocket carrying a satellite to mark the 100th birth anniversary of its late founder President Kim Il Sung.
However, the announcement has drawn sharp criticism from the West and its South Korean neighbours who cite the UN Security Council’s resolutions prohibiting the North from any nuclear and ballistic missile activity.
[quote] Last month, Pyongyang had agreed to suspend its long-range missile tests in exchange for food aid from the United States. [/quote]
