Opec is scrambling to save the production cut deal ahead of the oil cartel's November 30 meeting as oversupply once again stalks the global market. More to come within the hour....
Editor’s Picks 19 July 2016 at 2:25 GMT

Asians scent Brexit bargains after GBP plunge

Stephen Diggle, whose Singapore-based hedge fund made a profit of $2.7 billion during the GFC, plans to boost his family office’s investments in biotechnology companies in the UK after Brexit sent sterling tumbling to a 31-year low. His Vulpes Investment Management is also seeking to pour money into other UK industries that can benefit from a weaker pound, Diggle said last week. His firm, with about $250 million, owns stakes of as much as 22% in six British biotechnology firms through its life sciences fund, and more than 2,000 apartments in Germany, Diggle said. “I’m still in Italy, and I’ve a steady stream of shocked English people visiting,” said Diggle, an Oxford University graduate who worked at Lehman Brothers before co-founding a hedge fund that made $2.7 billion in 2007 and 2008. “We are regarding this as a buying opportunity in sterling assets, especially for businesses which benefit from sterling being near a multi-decade low against the US dollar.”
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