DUBAI (Reuters) - Investment in exploration and production will have to start increasing soon to help balance the global oil market, Schlumberger CEO Paal Kibsgaard told a conference in Dubai on Monday.
Governments worldwide should pass new laws to facilitate the sharing of information between themselves and the private sector in order to better combat financial crime, HSBC's top lawyer told a banking conference in Geneva on Monday. "Put simply, the way we do financial crime compliance is outdated," Stuart Levey, chief legal officer at HSBC told the annual Sibos financial conference. Levey, who was under secretary for terrorism and financial intelligence at the U.S. treasury department from 2004 to 2011, called on the inter-governmental Financial Action Task Force (FATF) to set far-reaching global standards to help banks share information with governments and vice-versa.
By Amanda Cooper LONDON (Reuters) - Oil held steady on Monday, as the world's largest producers gathered in Algeria to discuss ways to support the market, although scepticism about any deal being reached has prompted money managers to cut their bullish bets to a one-month low. Price fell by nearly 5 percent last week, dented by signs Saudi Arabia and Iran were making little progress in achieving a preliminary agreement to freeze production. Members of the Organization of the Petroleum Exporting Countries are meeting informally on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible deal to limit output.
By Tetsushi Kajimoto and Stanley White TOKYO (Reuters) - The International Monetary Fund said on Monday that a new monetary policy framework adopted by the Bank of Japan marked "progress", but stuck to its view that the central bank won't be able to hit its ambitious 2 percent inflation goal anytime soon. IMF Japan mission chief Luc Everaert made the remarks after the BOJ last week switched to targeting short- and long-term interest rates, and dropped its previous target of increasing base money at an annual pace of 80 trillion yen ($792 billion). "We think that what happened on Sept. 21 is a good thing and welcomed that very much," Everaert told a seminar in Tokyo, referring to the BOJ's decision, which he said has removed a strict time horizon of achieving the inflation target.
Deutsche Bank will solve its problems without relying on help from Berlin, Germany's flagship lender said on Monday. "(Chief Executive) John Cryan at no point asked the German Chancellor for the government to intervene in the U.S. Justice Department's mortgages case," a Deutsche Bank spokesman said on Monday. Shares in Germany's biggest bank hit a record low of 10.62 euros on Monday after a German magazine reported over the weekend that German Chancellor Angela Merkel had ruled out aiding the lender in it talks with U.S. justice officials.
China National Chemical Corp (ChemChina) [CNNCC.UL] has sought antitrust approval for its $43 billion bid for Swiss pesticides and seeds group Syngenta from the European Union and a decision is expected by Oct. 28. State-owned ChemChina filed its request on Sept. 23, the European Commission's website showed on Monday. The EU competition enforcer can either clear the deal, with or without concessions, or it can open a full investigation if it has serious concerns that ChemChina's takeover of the world's largest pesticides maker could harm customers and rivals.
For Captain Dick S. Danielsen, the childhood dream has been to sail the world's biggest ships. The Danish seaman got his chance three years ago when he was asked to helm the Majestic Maersk, a mammoth, baby blue-painted vessel that at 400 meters (1,312 feet) is longer than a nuclear-powered aircraft carrier. The ship can hold up to 18,270 twenty-foot (TEU) shipping containers and is owned by the world's largest container shipping firm, A.P. Moller-Maersk.
By Junko Fujita and Taro Fuse TOKYO (Reuters) - The plan to sell beleaguered Takata Corp to a rescuer, slated by year-end, is likely to extend into next year as some bidders want to drag the air bag maker through bankruptcy to wipe out most of its debt, people with knowledge of the matter said. Takata faces about 1 trillion yen ($10 billion) in costs to recall potentially faulty air bag inflators worldwide, according to market estimates. Its steering committee hopes to name a sponsor next month and complete restructuring plans by December, the people said.
By Ludwig Burger FRANKFURT (Reuters) - Lanxess AG is to buy U.S. speciality chemical company Chemtura for 2.4 billion euros ($2.69 billion) including debt in the German company's largest ever takeover, moving it further away from its main synthetic rubber business. Lanxess's offer of $33.50 per share is a premium of about 19 percent to the Philadelphia-based company's share-price close on Friday. The world's largest synthetic rubber maker will use existing funds and new debt to buy Chemtura, Lanxess said in a statement, describing the deal as its largest ever acquisition.
By Abhinav Ramnarayan LONDON (Reuters) - European and Asian shares retreated on Monday as investors waited to see how Donald Trump would fare in a U.S. presidential debate against Hillary Clinton, while oil prices firmed before an informal OPEC meeting. Half of America's likely voters will rely on the presidential debates to help them make their choice between Republican Trump and Democrat Clinton in the Nov. 8 election, according to a Reuters/Ipsos poll released on Monday. "A good performance from Mr. Trump could see market volatility increase, particularly if investors think there is a possibility that he could actually win," wrote Michael Hewson, chief market analyst at CMC Markets in London.
(repeats to more subscribers, no change to text) Sept 26 (Reuters) - Following is reaction to the death of golfing great Arnold Palmer on Sunday: JACK NICKLAUS, LONGTIME FRIEND AND RIVAL "Arnold transcended the game of golf. Arnold was someone who was a pioneer in his sport. Thanks for the memories, Arnold." GEORGE W. BUSH, FORMER U.S. PRESIDENT "For all who love the game of golf and love to see it played, there has never been a sight quite like Arnold Palmer walking down the fairway toward the 18th green.
(Reuters) - U.S. drugmaker Pfizer Inc said on Monday it had decided not to separate into two publicly traded companies at this time. Pfizer has for several years weighed whether a split makes sense, largely because its patent-protected medicines routinely enjoy sales growth, while its portfolio of generics usually post declines. Investors shifted their focus to whether Pfizer would split after the company terminated a $160 billion deal to acquire Irish drugmaker Allergan Plc in April due to new U.S. tax inversion rules. ...
Facebook has apologized for disabling the personal accounts of several editors and executives at two major Palestinian news publications, according to a report from The Electronic Intifada. Facebook says the accounts were mistakenly suspended after being reported for violating the site's community standards, but the publications believe the incident is related to Israel's recent push to combat online incitement to violence. Four editors at the Shehab News Agency and three executives from the Quds News Network had their personal accounts disabled on Friday, according to Al Jazeera.
British foreign minister Boris Johnson began a key visit to Turkey on Monday, months after he led the successful "Brexit" campaign that played on anti-Turkish sentiments. The trip by Johnson, who also won a prize for a rude poem about President Recep Tayyip Erdogan in May, is the first visit by a top level British official since the failed coup in July that aimed to overthrow the Turkish strongman. Campaigners for Britain to leave the EU in the June 23 vote repeatedly raised the spectre of millions of Turks being free to live in Britain as a reason to pull out of the 28-nation bloc.
A snow-covered former US army base in Greenland -- dubbed "a city under ice" -- could leak pollutants into the environment as the climate changes, raising difficult questions over who is responsible for a clean-up. In 1959, US army engineers began constructing a futuristic project in northwestern Greenland that might as well have been lifted from a Cold War spy movie. A network of tunnels under the snow contained everything from research facilities to a hospital, a cinema and a church -- all powered by a small, portable nuclear reactor.
French President Francois Hollande said on a visit to the port of Calais Monday that the sprawling "Jungle" migrant camp would be "definitively dismantled" under a plan to relocate the migrants to centres around the country. Hollande, on his first visit to Calais as president, also called on British authorities to "play their part" in assisting the migrants, most of whom have their hearts set on reaching England. "I am determined to see the British authorities play their part in the humanitarian effort that France is undertaking" in Calais, Hollande said, flanked by security forces.
China has sent fighter planes for the first time over a strait near Japan, the two governments said Monday, after Tokyo announced it may patrol alongside the US in the disputed South China Sea. More than 40 Chinese military aircraft on Sunday traversed the Miyako Strait between Japan's Miyako and Okinawa Islands, to carry out training in the West Pacific, according to a statement on China's defence ministry website. The Sukhoi Su-30 fighters, bombers and refuelling aircraft did not violate Japanese airspace.
Social media are being credited with democratising the landscape of fashion in London and New York. Via Montenapoleone, home to the flagship stores of the cream of Italian design, is where the conceptual currency of the catwalks is converted into hard cash. Window-shopping with a friend, local Lila Sciacca says few in the city would dispute the economic benefits of fashion week: 48 million euros ($54 million) was City Hall's estimate of the revenues driven by the last bash.
German business confidence soared to its highest level in more than two years in September, the Ifo economic institute said Monday, recovering from a post-Brexit slump and signalling a rosier outlook for Europe's largest economy. "The German economy is expecting a golden autumn," Ifo president Clemens Fuest said in a statement. The figure is all the more surprising after the index suffered a steep fall in August, when Ifo said the German economy had fallen into "a summer slump" as companies worried about the fallout from Britain's decision to leave the European Union.
Trump has laid out a hardline position on illegal immigration, proposing to build a wall along the U.S. southern border with Mexico and take other steps to crack down on the flow of undocumented people crossing into the United States. With immigration likely to be discussed at the debate, the National Immigration and Customs Enforcement Council, a union representing 5,000 federal immigration officers and law enforcement support staff, announced it would support Trump, in what was described as its first endorsement of a candidate for elected office.
MADRID (AP) — Protesters shouted insults at Rodrigo Rato, the former head of the International Monetary Fund, as he and 64 others entered court for a trial over the alleged misuse of corporate credit cards at a Spanish bank.
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov said on Monday that Western countries were not coping with their obligations on Syria, Interfax news agency quoted him as saying. Lavrov also said the United States wanted to put forward additional conditions before implementing a deal on Syria and that Russia would demand a very thorough investigation into a strike on an aid convoy in Syria, RIA, another Russian news agency, cited him as saying. (Reporting by Polina Devitt; Editing by Alexander Winning)
Consider it a warning to exhibitionists -- an Australian state has officially listed "mooning or streaking" as examples of offences which can be dealt with under the law. Victoria's Attorney General Martin Pakula said Monday there had always been an offence of indecent or offensive exposure which could have covered those who choose to whip their clothes off in public. "In the context of separating those two offences out... we've given examples of what might fall into each category," Pakula told Melbourne radio station 3AW.
Double Wimbledon champion Petra Kvitova and Briton Johanna Konta made convincing starts at the WTA Wuhan Open as the tournament was hit by a wave of retirements on Monday. Three players quit mid-match, taking the tally to five in just two days at the Chinese tournament, which is also missing injured world number two Serena Williams. Kvitova served six aces -- mirrored by her teenage opponent's six double faults -- to sweep to a 6-3, 6-1 victory against Latvian Jelena Ostapenko.
The trial over a deadly 2012 bombing of Israeli tourists in Bulgaria, due to start on Monday, has been pushed back to November because of a procedural error, prosecutors said. The opening was delayed because the Sofia court had failed to inform the victims' families of the start date, prosecutors told AFP. A Franco-Lebanese national, identified as Mohamad Hassan El-Husseini, blew up a bus carrying Israeli tourists at the airport of the Black Sea coast resort of Burgas on July 18, 2012.
PYONGYANG, North Korea (AP) — With a tightly controlled state media, little access to outside information and a deeply instilled belief that whoever runs the White House is bound to be their sworn enemy, North Koreans aren't expecting much from the U.S. presidential elections — if they know about them at all.
MANCHESTER, England (AP) — FIFA Secretary General Fatma Samoura insists the fight against racism is being taken seriously despite the governing body's task force overseeing discrimination being abolished.
MOSCOW (Reuters) - The Kremlin said on Monday it was gravely concerned by the situation in Syria where "terrorists" were using a ceasefire to regroup their forces and wage offensives against government troops. Kremlin spokesman Dmitry Peskov told a conference call with reporters that tough rhetoric used by British and U.S. envoys to the United Nations may damage the possibility of solving the Syria crisis and hurt bilateral relations with Russia. Russia still hopes for a political process in Syria and is not losing hope and political will, he said. (Reporting by Dmitry Solovyov)
PARIS (Reuters) - Paris authorities plan to open a park for nudists in the French capital some time in the not too distant future. "We need to find the right place and we don't want to upset anyone or ruffle feathers," Deputy Paris Mayor Bruno Julliard said. "It'll probably be a park or garden," he told RMC radio. "Other European capitals have done so, very recently Berlin," he added. It is not unusual to see skimpily clad sun-bathers along the banks of the Seine river and some parks on balmy summer days in Paris. ...
An explosion ripped through a bus carrying military personnel in Turkey's mainly Kurdish southeast on Monday, killing three soldiers and wounding eight, hospital and security sources said. Suspected Kurdistan Workers Party (PKK) militants detonated an explosive device that had been planted in the road, security sources said. The PKK has claimed responsibility for similar assaults on police and soldiers in the past.
Moscow on Monday slammed the United States and Britain for accusing Russia of "barbarism" and war crimes in Syria in speeches at the United Nations. "We note the overall unacceptable tone and rhetoric of the representatives of the United Kingdom and the United States, which can damage and harm our relations," Kremlin spokesman Dmitry Peskov told reporters.
A court in Oman on Monday ordered the permanent closure of a newspaper which had reported on alleged corruption within the judiciary, and jailed three of its journalists on charges that included undermining the prestige of the state. Witnesses at the court said Ibrahim al-Mamari, editor-in-chief of the privately owned Azamn newspaper, and his deputy and managing editor Youssef al-Balushi, were jailed for three years and fined 3,000 rials ($7,800) each. A third journalist was jailed for a year.
Two members of the Turkish security forces were killed and eight others wounded on Monday in a roadside bombing by Kurdish militants in southeastern Turkey, local media reported. The bomb planted by rebels from the outlawed Kurdistan Workers' Party (PKK) exploded on a highway in Mardin province when a vehicle carrying members of the security forces passed by, the state news agency Anadolu reported. The PKK, designated as a terror group by Turkey and its Western allies, has waged a bloody campaign against the Turkish state since it took up arms in 1984 for self-rule in the Kurdish majority southeast.
A Mexican judge could rule on Monday whether Joaquin "El Chapo" Guzman can be extradited to the United States, but the drug kingpin's lawyers vow to appeal if he loses. One of Guzman's lawyers, Jose Refugio Rodriguez, told AFP that the Sinaloa drug cartel leader was "very serene" as he waits for the decision by a court in Mexico City. The foreign ministry gave the green light to Guzman's extradition in May, but the former most wanted man won a temporary injunction in June, which the judge must decide whether to make permanent or strike down.
An Omani court on Monday upheld a government order to permanently close a national newspaper and jailed three of its journalists for undermining the state, judicial sources said. During Monday's hearing, the court sentenced editor-in-chief Ibrahim al-Maamari and his deputy Yousef al-Haj to three years in prison, the sources said. Based on the charge sheet read at court, the journalists were convicted of disturbing public order, undermining the prestige of the state, and misusing the Internet, the sources said.
CALAIS, France (AP) — The migrant camp in Calais must be fully dismantled by the end of the year, French President Francois Hollande said Monday in an attempt to highlight the Socialist government's efforts to tackle the issue ahead of next year's presidential election.
Residents of Syria's battered city of Aleppo faced worsening food and medical shortages Monday as Syrian and Russian warplanes again pounded rebel-held areas in defiance of international concern. A fresh wave of intensive air strikes hit the city's opposition-controlled east from dawn on Monday, an AFP correspondent in the city said, on the morning after Moscow and Damascus were repeatedly accused of war crimes at the UN Security Council. The emergency council meeting, called by Britain, France and the United States, saw Russia accused of "barbarism" over the worsening carnage in Aleppo.
Germany's former top spy, Werner Mauss, went on trial Monday accused of hiding millions of euros from authorities. The 76-year-old dubbed "the German James Bond" had often been sent on classified operations abroad, but his secret financial dealings are now under scrutiny. Prosecutors are accusing Mauss of placing large sums of undeclared funds in offshore accounts, including in the Bahamas, national news agency DPA said.
Turkish authorities blocked from entering the country a Dutch former member of the European Parliament who used to write columns for a newspaper close to the alleged mastermind of the July 15 failed putsch, he said Monday. Joost Lagendijk was briefly held by Turkish authorities at Istanbul's Sabiha Gokcen airport on the Asian side of the city on Sunday and was being sent back to the Netherlands on Monday. "Turk(ish) authorities stopped me on my return from Neth(erlands) at Sabiha Gokcen airport.
BANGKOK (AP) — Thai police are attempting to identify a dismembered body found in a freezer when they raided an apartment and arrested three men — two thought to be American and one British — suspected of trafficking in forged passports.
VIENNA (AP) — The head of Iran's atomic energy organization is asserting that Tehran remains under some sanctions that were supposed to be removed through a landmark nuclear agreement with six world powers.