With a seismic overhaul of the $2.6 trillion money-market industry weeks away from kicking in, money managers are bracing for a last-minute exodus of as much as $300 billion from funds in regulators’ cross hairs. Prime funds are at the center of the upheaval. Source: Bloomberg
OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi. Source: CNBC
Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said. Source: Reuters
The European Commission is set to reject Italy’s budget on Tuesday (23 October) due to an “unprecedented” breach of EU fiscal rules, while Rome has stuck to its guns and presented the breach as a “difficult but necessary decision” taken by the government. Source: Euractiv
