S&P upgrades Greece’s credit rating after European bailout

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#AceFinanceNews – July.21: Standard & Poor’s has raised Greece’s credit rating after a European bailout reduced the chances of the country’s government defaulting on its massive debts during the next year.

Greece’s rating now stands at “CCC+” in an upgrade announced Tuesday. That classification means Greece is still on shaky financial ground, but less likely to face an immediate credit crisis.

S&P had previou…

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Article: Oil prices bounce back after four-session decline

#AceFinanceNews – July.21: Oil prices bounce back after four-session decline

http://www.marketwatch.com/story/oil-prices-struggle-around-50-a-barrel-mark-2015-07-21

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Article: Standard & Poor’s upgrades Greece

#AceFinanceNews – July.21: Standard & Poor’s upgrades Greece

http://www.marketwatch.com/story/standard-poors-upgrades-greece-2015-07-21

Shared from MarketWatch

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#BRICS ‘ Development Bank opens for Business with $50-Billion ‘

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LIBYA Sovereign Wealth Fund: ‘ Still trying to trace people & money ‘

#AceFinanceNews – LIBYA:July.21: AbdulMagid Breish, former leader of Libya’s sovereign wealth fund, warned on Friday that conditions are not right to start unfreezing and managing $67 billion worth of assets.

 The fund is at the center of a bitter power struggle even as its staff is trying to trace those responsible for billions of dollars of missing money. Breish said any unfreezing of Libyan Investment Authority (LIA) assets could jeopardize the funds, as rival governments and factions on the ground scramble for cash. Breish said there is around $300 million in foreign bank accounts that the LIA can access.

Another 10 billion Libyan dinars are on deposit with local banks. However, he insisted that it is impossible under current law for any government or institution to use that money. [Reuters, 7/17/2015]

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SAUDI ARABIA: ‘ Crude Oil Exports fell to lowest price in May – possible #Asia price war looming ‘

#AceFinanceNews – SAUDI ARABIA:July.21: Saudi Arabia’s crude oil exports fell to their lowest in five months in May despite near record production. Saudi Arabia shipped 6.935 million barrels per day (bpd) on average in May, down from 7.737 million bpd in April and the lowest since December, official data showed on Sunday.

As crude exports slide, Saudi Arabia is offering customers millions of barrels of diesel from new refineries as it supplies more refined oil products.

This could potentially trigger a price war with Asian competitors as Saudi exports feed into a glut. Saudi Arabia’s massive refineries are now processing more of its crude at home.

Domestic refineries processed 2.423 million bpd in May, up 9 percent from 2.224 million bpd a month earlier. [Reuters, Bloomberg, 7/20/2015]

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