OPEC Says ‘Extraordinary’ Steps Needed for Stable Market in 2018

Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia and Russia are currently leading consultations between the Organization of Petroleum Exporting Countries and other major suppliers about the future of their agreement to cut…

Ex-Goldman Banker Leissner Barred From U.S. Securities Industry

By Michael J Moore Sorce: Bloomberg Tim Leissner, a senior Goldman Sachs Group Inc. banker before leaving the firm in the wake of its work with Malaysia’s embattled investment fund, has been barred from the U.S. securities industry for failing to provide documents to a regulator. The Financial Industry Regulatory Authority issued an indefinite bar…

All You Need to Know About Why Things Fell Apart: Michael Lewis

A surprising number of my fellow citizens appear to be unaware of my service these past 18 months as a member of the Financial Crisis Inquiry Commission. Thus it may come as news that I have declined to sign the report issued by the majority, or the dissent by the three- member minority, or even the dissent…

Stocks, Oil Drop on U.S., Europe Growth Concern; Euro Rallies

Global stocks plunged, extending a rout that wiped $5.3 trillion off market value this month, on concern Europe will struggle to contain its debt crisis and the U.S. economic recovery is faltering. Commodities slumped and bond risk surged. The MSCI Asia Pacific Index declined 1.9 percent to 111.33 as of 11:04 a.m. in Tokyo, the lowest…

China May ‘Crash’ in Next 9 to 12 Months, Faber Says

Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst. The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting “heavy,” Faber said. The opening…