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If Scotland Goes, Bankers Fear Britain Could Exit European Union

Photo Cup cakes showing, yes, no and undecided are displayed in Cuckoo’s Bakery in Edinburgh, Scotland. Cup cakes showing, yes, no and undecided are displayed in Cuckoo’s Bakery in Edinburgh, Scotland.Credit Matt Cardy/Getty Images LONDON — Tremors over a possible breakup of the United Kingdom have been felt here in recent days, as markets gyrate and banks make contingency plans. Yet as Scotland nears its vote on whether to be an independent nation, bankers here worry that a split might unintentionally set in motion a push for what could be a much uglier divorce: an exit of Britain from the European Union. “There’s a sense of, ‘If it could happen in Scotland, it could happen in the U.K.,’ ” said Chris Cummings, chief executive of TheCityUK, a lobbying group for the financial sector. If an independent Scotland would be complicated, a Britain alone in Europe would be a complete […]

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West’s antics pushing Russia closer to China

The recent NATO summit in Wales, held against the background of the armed conflict in Ukraine, has brought back the Cold War atmosphere to Europe. NATO’s partnership with Russia remains formally suspended. In fact, NATO is treating Russia more as an adversary than a partner. The alliance is setting up a "Rapid Reaction Force" to deal with emergencies on Europe’s eastern flank. The alliance’s military infrastructure is moving toward that exposed flank, and closer to Russia’s borders. NATO forces will now spend more time exercising in the east, and their presence there will visibly grow. NATO-leaning Ukraine, which the alliance alleges is an object of "Russian aggression", has been promised financial and military support. The Ukraine crisis is not just about Eastern Europe, it is also about the world order. The Kremlin is seeking Washington’s recognition of what it regards as its core national security interest: keeping Ukraine as […]

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Ukraine to Delay Part of EU Pact Opposed by Russia

A Ukrainian soldier jumped onto an armored vehicle near Pervomaysk, Ukraine. A week-old cease-fire with rebels appeared to be holding. Reuters KIEV, Ukraine—Ukraine agreed Friday to delay a key part of a trade deal with Europe that the Kremlin had staunchly opposed, even as the U.S. and European Union ramped up sanctions intended to back Russia down. The compromise, reached in Brussels, means that Ukraine gets to ratify the overall EU pact next week—an agreement that sparked Ukraine’s confrontation with Russia last year. Moscow agreed to drop its threat to impose sweeping restrictions on Ukrainian goods as early as November. But it is unclear how the next steps will play out as Kiev tries to end the Russian-backed rebellion that erupted in eastern Ukraine after the country’s turn toward Europe. While a week-old cease-fire between Ukrainian forces and Russian-backed rebels appeared to be holding, the U.S. and EU widened […]

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U.S. and European Sanctions Take Aim at Putin’s Economic Efforts

WASHINGTON — The United States and the European Union moved on Friday to shut down Western aid to Russian deepwater, Arctic offshore and shale oil exploration, broadening and deepening the range of sanctions imposed on Moscow in retaliation for its intervention in Ukraine despite the potential cost to Western firms like Exxon Mobil and BP. With twin announcements in Washington and Brussels, the new measures targeting Russia’s energy development came in addition to further limits on access to American and European capital markets, making it harder for Russian banks to obtain any credit in foreign capitals beyond short-term loans. The United States specifically targeted Russia’s largest bank, Sberbank, for the first time. The Europeans also banned travel by and froze the assets of 24 more individuals, including Russian lawmakers and others who have supported President Vladimir V. Putin over Ukraine, while the Americans blocked the assets of five Russian […]

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U.S. Expands Sanctions to Giant Russian Energy Projects

By William Mauldin and Daniel Gilbert The U.S. joined the European Union in expanding sanctions to target Russian Arctic and shale-oil projects and further limit financing to Russian state-controlled companies, a move to put pressure on Moscow as Ukraine negotiates a long-term peace plan and closer ties to the E.U. The energy sanctions announced Friday, widely expected in recent days, will prevent Western energy firms from providing technology and services — other than financial services — to five Russian energy majors’ oil projects in the Arctic, deep offshore fields and shale, the U.S. Treasury Department said. The energy sanctions could directly impact partnerships such as Exxon Mobil Corp.’s (XOM) pact with OAO Rosneft (ROSN.MZ), one of the five firms targeted, according to U.S. officials and legal experts. The two companies have been drilling in the Arctic Kara Sea, as well as exploring for oil in a Siberian shale-rock formation. […]

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U.S., EU Widen Sanctions on Russia

A logo stands on display on the front of an OAO Rosneft gas station in Moscow. The U.S. and European Union announced new sanctions Friday that target Russian Arctic and shale-oil projects, which could affect a partnership between Rosneft and Exxon Mobil. Bloomberg News The U.S. joined the European Union in expanding sanctions to target Russian Arctic and shale-oil projects and further limit financing to Russian state-controlled companies, a move to put pressure on Moscow as Ukraine negotiates a long-term peace plan and closer ties to the EU. The energy sanctions announced Friday, widely expected in recent days , will prevent Western energy firms from providing technology and services—other than financial services—to five Russian energy majors’ oil projects in the Arctic, deep offshore fields and shale, the U.S. Treasury Department said. U.S. companies have two weeks to comply with the sanctions, likely meaning an end for now to Exxon […]

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WTI Crude Rises Second Day as Losses Seen Excessive; Brent Gains

West Texas Intermediate crude advanced for a second day amid speculation its slump to a 16-month low this week was excessive as political risks to supply persist. Brent pared a second weekly drop. Futures increased as much as 0.9 percent in New York . The U.S. will join the European Union in stiffening sanctions on Russia over Ukraine , prompting the government in Moscow to threaten retaliation. U.S. retail sales probably rose in August after stagnating the previous month, according to a Bloomberg survey. Brent futures are down 2.2 percent in London this week. “ Oil prices look to be bottoming now following the rather steep sell-off over the past week,” said Jens Naervig Pedersen, an economist at Danske Bank A/S in Copenhagen, said by e-mail. “Some upside risks prevail due to the re-escalating geopolitical tensions and rising global growth, in particular on the back of a strengthening recovery […]

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IEA expects oil demand to slow

PARIS, Sept. 11 (UPI) — The International Energy Agency said Thursday it cut its forecast for oil demand growth because of an economic slowdown in Europe and China. IEA published its monthly oil market report for September, saying it trimmed oil demand growth for 2014 to 900,000 barrels of oil per day and 2015 to 1.2 million bpd. IEA said in the report the assessment was made "because of a pronounced slowdown in demand growth in the second quarter of this year and a weaker outlook for Europe and China." The World Bank in June said the Chinese economy was slowing down in part because of a "structural transformation." Data from the European Union show economies are barely growing , if at all. The Organization of Petroleum Exporting Countries said in its oil market report it cut its demand expectations by the most in three years because North American […]

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IEA: Oil prices down on abundant supplies, slow demand growth

HOUSTON, Sept. 11 09/11/2014 Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency . “Rising Libyan exports, an overhang of West African barrels—resulting from slower US imports—and sluggish demand from refiners in Europe and Asia took their toll on spot crude prices, deflating global benchmarks,” IEA said. West Texas Intermediate showed the biggest month‐on‐month loss due in part to unplanned refinery outages that forced a temporary slowdown in run rates while US output surged. ICE Brent futures were last trading at $98/bbl. NYMEX WTI was around $91.40/bbl.   Demand Global oil demand in the second quarter showed clear signs of weakening, as growth eased back to a near two-and-a-half year […]

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OPEC MOMR Update, August Production Numbers

OPEC 12 Saudi Arabia OPEC Secondary Sources OPEC Direct Communication Saudi Says DENE MOORE, THE CANADIAN PRESS, Published September 7, 2014 – 2:53pm VANCOUVER — It was a story about rock snot. And if there’s a person you want to talk to about the pervasive algae also known by the less-offensive, more scientific name of Didymo, it’s Fisheries and Oceans Canada scientist Max Bothwell. Bothwell is, other scientists will tell you, the rock snot man. He wrote the book. Or in this case, co-authored a published article in a renowned scientific journal. But a request from The Canadian Press to speak to Bothwell when the article was published in May failed to produce an interview. What it did produce was 110 pages of emails to and from 16 different federal government communications operatives, according to documents obtained using access to information legislation. Many hours after the request was made […]

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