Since prices began to sink in 2014, the five “supermajors” more than doubled their combined net debt to $220 billion. At $50 a barrel, they can balance their books and pay dividends without borrowing for the first time in five years, according to analysts at Jefferies International Ltd. Source: Bloomberg
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A downturn in Greece’s property market deepened in the first quarter, as uncertainty over its bailout program and chronic weakness in its banking sector further eroded a traditional pillar of the country’s ailing economy. Source ekathimerini
China’s Finance Ministry Wednesday dismissed a decision by international rating agency Moody’s to downgrade China’s credit ratings.
The downgrade was based on the “pro-cyclical” rating approach which is “inappropriate,” the Ministry of Finance (MOF) said. Source People’s Daily
The European Central Bank warned there may be “excessive exuberance” in some European housing markets, driven in part by foreign buyers, that could spread to other areas in a “ripple effect.” Since 2010, house prices in European capital cities have risen far more than national averages, central bank said. Source Irish Times