Turkey’s first global fund dedicated to Islamic investors will beat returns from Shariah-compliant bank deposits and will lure inflows of $1 billion during the next three years, its chief executive officer said.
Oyak Group, a Turkish company with steel, finance and cement assets, is in talks to buy U.S.-based Galata Chemicals as it seeks to expand its plastics-additives operation, according to three people with knowledge of the matter.
Ivan Glasenberg, the billionaire running commodities supplier Glencore Xstrata Plc, is investing more in thermal coal than his three closest competitors combined even as investors warn the fuel’s outlook is deteriorating.
Iran’s announcement yesterday that it expects to increase oil exports and discuss new deals with energy companies is the latest salvo in a debate over easing economic sanctions on the Islamic Republic.
Iraq’s self-ruling Kurds agreed to let the central government in Baghdad control the amount and quality of crude they export as well as manage revenue from its sale, Iraqi Oil Minister Abdul Kareem al-Luaibi said.
Emerging-market stocks fell to the lowest level in two weeks as Hyundai Motor Co. and Kia Motors Corp. tumbled amid concern earnings will falter. Brazil’s real slumped to a three-month low amid disappointing economic data.
U.S. stocks fell a third day amid concern an improving economy will cause the Federal Reserve to reduce monetary stimulus, while 10-year Treasuries advanced as the central bank bought debt. The pound climbed to near a two- year high against the dollar and crude oil surged.