Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar. Qatar and Venezuela also agreed to participated in the freeze, Al-Naimi said. Source: Bloomberg
Southeast Asia is seeing a boom in foreign direct investment as the intensifying trade war between the U.S. and China prompts companies to shift production to the region. Source: Bloomberg
Interior Minister Matteo Salvini on Saturday dismissed ratings agency Moody’s decision to downgrade Italy’s credit standing because of the government’s controversial budget plans and said the country’s outlook was “stable.” Source The Local
Sanctions are forcing Russia to find alternative settlement currencies to the US dollar to ensure the security of the country’s economy, according to President Vladimir Putin.“We are moving to the de-dollarization of the economy. We are doing so not because we want to undermine the dollar, but because we want to ensure our security. We are constantly facing sanctions, they do not give us the opportunity to work in dollars,” Putin said on Thursday at the Valdai Discussion Club meeting in Sochi. Source RT
