Egypt Independent: Business-Main news en Saudi Arabia looks to Russia to boost non-OPEC cooperation <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Saudi Arabia&#39;s Energy Minister Khalid al-Falih said on Sunday he had invited his Russian counterpart Alexander Novak to meet Gulf Arab energy ministers in Riyadh as part of efforts to cooperate with non-OPEC members to stabilize the oil market.</div><div>&nbsp;</div><div>&quot;Russia is one of the world&#39;s biggest oil producers ... and is one of the influential parties in the stability of the oil market,&quot; Falih said at the opening session of the six-member Gulf Cooperation Council (GCC).</div><div>&nbsp;</div><div>Falih said Novak had welcomed the invitation, &quot;as a clear indication of sincere desire to continue cooperation and coordination with the oil producing and exporting countries for more stability in the market.&quot;</div><div>&nbsp;</div><div>Novak had said on Friday he would take &quot;some&quot; proposals to the meeting in Riyadh.</div><div>&nbsp;</div><div>Last month in Algiers, the Organization of the Petroleum Exporting Countries agreed modest oil output cuts. The goal is to cut production to a range of 32.50-33.0 million barrels per day (bpd).</div><div>&nbsp;</div><div>&quot;The Algeria meeting last month was successful in pushing the path of cooperation between oil producing and consuming countries and included important talks between experts from OPEC countries and outside of OPEC about oil markets,&quot; Falih said calling on his Gulf energy counterparts to work together as a bloc.</div><div>&nbsp;</div><div>Falih also said that the low oil price environment had led to a decrease in investments which could lead to a shortage in supply in the future and have a negative effect on the global economy.</div> Sun, 23 Oct 2016 12:57:00 +0000 Reuters 2473699 at sites/default/files/photo/2016/10/23/505446/saudi_arabias_energy_minister_khalid_al-falih_talks_during_the_23rd_world_energy_congress_in_istanbul_turkey_october_10_2016.jpg Italy warns of disaster if Europe rejects its budget: paper <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Italy&#39;s economy minister said on Sunday the European Union must choose between allowing Rome to raise its deficit to cope with a recent earthquake and the migrant crisis, or the &quot;Hungarian way&quot; of putting up barriers, which he said would spell doom for the bloc.</div><div>&nbsp;</div><div>&quot;Europe must choose which side to take. They can accept the fact that our deficit goes up from 2 percent to 2.3 percent (of gross domestic product) to tackle the earthquake and the migrant emergencies,&quot; Pier Carlo Padoan told la Repubblica daily in an interview.</div><div>&nbsp;</div><div>&quot;Or they can choose the Hungarian way, which puts up walls against the migrants and must be rejected. That would be the beginning of the end.&quot;</div><div>&nbsp;</div><div>The Italian government has been stepping up an anti-Brussels rhetoric after unveiling an expansionary 2017 budget plan last week ahead of a referendum on constitutional reform that may decide Prime Minister Matteo Renzi&#39;s political future.</div><div>&nbsp;</div><div>The budget hiked previously agreed targets for the budget deficit and the public debt, with Rome insisting it needs fiscal leeway to deal with the migrant crisis on its Mediterranean borders and reconstruction after a huge earthquake in August.</div><div>&nbsp;</div><div>The European Commission has numerous concerns about the plan and is considering sending Rome a warning letter, officials have said.</div><div>&nbsp;</div><div>In a further blow for the government, Fitch Ratings agency cut its outlook for Italy on Friday, saying weak growth, high debt and the uncertain outcome of the Dec. 4 referendum posed risks to the euro zone&#39;s third-largest economy. Fitch said Italy&#39;s track record of &quot;repeated delay and back-loading of fiscal consolidation reduces credibility.&quot;</div><div>&nbsp;</div><div>Padoan said Italy had spent more money than any other European state to deal with the inflow of migrants and refugees.</div><div>&nbsp;</div><div>&quot;So far no one has recognized our financial commitment ... It&#39;s a political problem, that concerns the future of the continent,&quot; he said.</div><div>&nbsp;</div><div>Renzi was even more defiant on Friday, saying he will not be swayed by the EU and will not change the budget law. &quot;We want to address the needs of Italian citizens, not Brussels technocracy,&quot; he said.</div><div>&nbsp;</div><div>Opinion polls suggest Renzi may lose the referendum on his plan to reduce the role of the Senate and centralize decision making. But he has packed the budget with potentially vote-winning measures.&nbsp;</div><div>&nbsp;</div> Sun, 23 Oct 2016 12:50:00 +0000 Reuters 2473697 at sites/default/files/photo/2016/10/23/505446/women_stand_in_a_shoes_shop_in_rome_italy_august_11_2016.jpg Britain's banks to reveal solid third-quarter results, warn of Brexit storm ahead <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Britain&#39;s major banks are set to report stronger-than-expected results this week, confounding expectations that political and economic upheaval caused by the vote to quit the European Union would immediately squeeze profits.</div><div>&nbsp;</div><div>Since the vote in June, shares in Royal Bank of Scotland (RBS.L) and Lloyds (LLOY.L) have fallen by about a quarter, partly reflecting their heavy exposure to any downturn in the British economy.</div><div>&nbsp;</div><div>But senior executives from the major banks told Reuters consumer spending had held up in the third quarter, while there had only been a modest drop in demand for mortgages and business loans, which are traditionally banks&#39; big revenue earners.</div><div>&nbsp;</div><div>The executives also said that economic conditions would probably get much tougher next year when Britain is due to formally start the process to leave the EU no later than March, which will kick off two years of exit negotiations.</div><div>&nbsp;</div><div>&quot;This is a period of calm, maybe a false period of calm, before the storm,&quot; a senior executive of one of Britain&#39;s largest banks said. &quot;But don&#39;t be fooled by it.&quot;</div><div>&nbsp;</div><div>Next week&#39;s results will be the first to capture fully the post-referendum landscape for banks, which initially threatened to be a testing one in terms of the economic climate and where lower interest rates would make it harder for them to make money and continue to pay dividends.</div><div>&nbsp;</div><div>But British consumer confidence, the labor market and overall output have withstood the initial impact of Brexit better than most forecasts before the referendum.</div><div>&nbsp;</div><div>Although growth is likely to slow in the third quarter, economists expect the economy will avoid the recession many of them originally predicted.</div><div>&nbsp;</div><div>Lloyds Banking Group will report results on Wednesday, followed by Barclays (BARC.L) on Thursday and Royal Bank of Scotland on Friday. Standard Chartered (STAN.L) will report the following week and HSBC (HSBA.L) the week after.</div><div>&nbsp;</div><div>Analyst projections are for banks to report income little changed from the same period a year ago.</div><div>&nbsp;</div><div>Barclays is expected to report third-quarter profit before tax of 1.3 billion pounds ($1.59 billion) according to he analysts&#39; average estimate, down only slightly from 1.4 billion a year ago.</div><div>&nbsp;</div><div>The banks&#39; earnings will likely be dented by a series of one-off hits, as they increase provisions to compensate customers mis-sold payment protection insurance (PPI) and top up pension pots hit by falling bond yields.</div><div>&nbsp;</div><div>Lloyds is expected to contribute an additional 750 million pounds in PPI provisions after the Financial Conduct Authority pushed back a deadline for compensation claims by a year.</div><div>&nbsp;</div><div>Barclays and Lloyds are also expected to top up their company pension funds to mitigate a further squeeze in bond yields, which pension funds rely on for income to pay retirees.</div><div>&nbsp;</div><div>RBS is expected to report a loss of 231 million pounds partly because of ongoing restructuring and litigation charges, according to analysts.</div><div>&nbsp;</div><div>Shares in HSBC and Standard Chartered are up in the year to date, reflecting the fact that both banks earn the bulk of their revenues in Asia and in U.S. dollars, which will boost the relative value of their earnings.</div><div>&nbsp;</div> Sun, 23 Oct 2016 11:43:00 +0000 Reuters 2473694 at sites/default/files/photo/2016/10/23/505446/a_general_view_is_seen_of_the_london_skyline_from_canary_wharf_in_london_britain_october_19_2016.jpg Egypt's GASC buys 120,000 tonnes Russian wheat <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s state grain buyer GASC said on Thursday it bought 120,000 tonnes of Russian wheat in a tender.</p><p>The wheat was purchased at the average price of $179.70 a tonne free-on-board (FOB), GASC said.</p><p>Traders gave the following breakdown of the purchase:</p><p>-60,000 tonnes of Russian wheat from Cargill at $179.55 a tonne FOB and $9.74 a tonne freight equating to $189.29 a tonne cost and freight (C&amp;F).</p><p>-60,000 tonnes of Russian wheat from ECTP at $179.85 a tonne FOB and $9.74 a tonne freight equating to $189.59 a tonne C&amp;F.</p> Fri, 21 Oct 2016 10:54:00 +0000 Reuters 2473654 at sites/default/files/photo/2013/11/19/481046/shutterstock_130958987.jpg