* UN finds ‘clear’ evidence of chemical weapons use in Syria attack
* Record Saudi oil output fills supply gap
* Corporate debt risk in fresh EM sell off
* China intensifies internet crackdown
* Oaktree raises $700m for emerging market distressed debt fund
* Nigeria SWF makes maiden investment
* Iran’s inflation woes worsens
* Default risk hurts Argentina’s Fernández
* Danone baby brand shocked at Chinese bribery claims
* Rousseff to decide if US visit will go ahead
* Markets: middling
UN finds ‘clear’ evidence of chemical weapons use in Syria attack: The UN declared on Monday that it has found “clear and convincing evidence” that surface-to-surface rockets armed with the chemical nerve agent sarin were used to carry out the mass killings in eastern Damascus last month. Although the inspectors’ remit did not allow them to apportion blame for the attacks, the US and its allies argue that the detailed description of the munitions found on the ground all point to the massacre having been launched by the Syrian regime.
Record Saudi oil output fills supply gap
The US might be drowning in oil, but the world is still dependent on Saudi Arabia. Indeed, Saudi Arabia is pumping out more crude than at any time since at least the 1970s. In neighbouring Kuwait and the United Arab Emirates meanwhile, oil production levels hit record highs.
Corporate debt risk in fresh EM sell off
Emerging markets have regained some poise after a foul summer. However, some money managers are concerned that the fragile calm will not last and warn that in any renewed turmoil, EM corporate bonds could prove the most vulnerable.
China intensifies internet crackdown: The Chinese government has intensified its crackdown on the internet, describing online criticism of the ruling Communist party as illegal and airing a televised confession from one of the country’s most popular online commentators.
Oaktree raises $700m for emerging market distressed debt fund
Oaktree Capital Management, the alternative debt manager, has raised more than $700m for its first emerging market distressed debt fund, as headwinds from the combination of expected tapering in the US and slower growth in China take their toll in markets from Brazil and India to South Africa and Turkey.
Nigeria SWF makes maiden investment
Nigeria’s sovereign wealth fund has made its first ever investment, handing over $200m to UBS, Credit Suisse and Goldman Sachs to manage a fixed income portfolio.
Iran’s double-digit inflation woes worsen
Iranian shoppers are getting used to constantly rising prices, especially – and most worryingly – prices of basic commodities. Inflation over the past year has added to feelings of insecurity. Butter, for example, is increasingly scarce in Tehran and, where available, its price has doubled in the past few weeks, from 11,000 rials ($0.44) for 100 grammes to 22,000 rials.
Default risk hurts Argentina’s Fernández
Argentina’s artificially overvalued currency is one of an array of economic problems facing Cristina Fernández de Kirchner, president. Others include stubbornly high inflation, state subsidies that are sapping resources, and an abysmal business climate that has seen investment all but dry up.
Danone baby brand shocked at Chinese bribery claims: Dumex, the baby food brand owned by France’s Danone, said on Monday it was investigating allegations on Chinese state television that the company bribed doctors and nurses to recommend its infant formula to the parents of newborns at some hospitals.
Rousseff to decide if US visit will go ahead: Dilma Rousseff is expected to announce on Tuesday whether she will go ahead with a state visit to Washington next month after anger in Brazil over US spying. Revelations that the US National Security Agency monitored everything from Ms Rousseff’s personal communications with her staff to the affairs of state-owned oil company Petrobras have rocked Brazil.
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