Reuters

OPEC Thinks Deeper Cuts Might Not Be Required

“We believe that continuation with the same level of cuts, plus eventually adding one or two small producers... will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018.”

China Imposes Sugar Import Tariffs As High As 95%

China, the world's top importer of sugar, announced it would impose substantial tariffs on sugar imports after lobbying by domestic mills: after Monday's ruling, the total sugar duty will nearly double, with Beijing imposing an additional 45% tax to these imports in the current fiscal year taking the total to 95%.

Russian Hackers Infected 1 Million Bank Customer Smartphones

Russian hacker used malware planted on more than a million Android smartphones to steal over 50 million roubles from domestic bank customers and were planning to target European lenders before their arrest, Reuters reports, noting that the entire group has been arrested.

Frontrunning: May 22

  • Trump Arrives in Israel, May Show His Cards on the Peace Process (BBG)
  • Taxes, Budget Are Focus for White House Despite Probes (WSJ)
  • Paul Manafort’s Lucrative Ukraine Years Are Central to the Russia Probe (BBG)
  • Ford set to fire CEO Mark Fields as shares founder (Reuters)
  • Producers Set to Extend Cuts as Rally Stalls: OPEC Reality Check (BBG)

Euro Surges After Merkel Says Euro Is "Too Weak", Blames ECB

“The euro is too weak - and that’s because of ECB policy  - and so German products are cheap in relative terms,” Merkel told school students in Berlin in discussion of trade surplus. “So they’re sold more.” Merkel added that additional investment in Germany could help to reduce trade surplus.

Brazil's President Tells Supreme Court To Suspend Corruption Probe Of Brazil's President

In a move that will surely light the proverbial lightbulb over Donald Trump's head, Brazilian President Michel Temer, having been officially dragged into Brazil's massive corruption scandal last week, said on Saturday he would ask the Supreme Court to suspend its investigation into allegations he was also involved in the carwash corruption scheme, vowing to remain in power.

Why India's Attempt To Digital Will Fail

"India is looking for totalitarian solutions to deal with problems created by totalitarianism and tribalism...There is a lot of pain and no gain facing India. If they had any sense they should be begging the British to return and rule the country. That is the only option apart from chaos, disintegration, and eventual never-ending tribal infighting among the fragments."

Rouhani Re-elected Iran President In Landslide Victory

Iran's moderate leader Rouhani secured a second term with a landslide victory in Friday's presidential election, winning 57% of the vote and giving a decisive victory to pro-reform groups eager to open up the Islamic republic and re-engage with the outside world, Reuters reported. Rouhani's hardline opponent, senior cleric Ebrahim Raisi who was running for office for the first time, a protege of Iran's Supreme Leader and the custodian of a religious charity worth tens of billions, came in second with 38.5%.