REUTERS

Ruble weakens on S&P warning of downgrading Russia

(Reuters) - The ruble weakened in early trade on Wednesday, giving up its slight gains seen at opening, after Standard and Poor's rating agency warned it could downgrade Russia's rating to speculative in January.

At 0725 GMT, the rouble was 0.7 percent weaker against the dollar at 54.88 after opening 0.7 percent up. It lost 0.8 percent versus the euro to 67.00.

Late on Tuesday, S&P revised Russia's credit ratings to creditwatch negative from negative, warning the country's monetary flexibility deterioration could lead to putting its sovereign rating into junk territory as soon as mid-January.

Source: http://www.reuters.com/article/2014/12/24/us-russia-crisis-markets-rouble-idUSKBN0K20EG20141224

BLOOMBERG

PBOC Uses Hidden Hand as China Seeks to Stem Slowdown: Economy

The People's Bank of China is turning to a hidden hand as it seeks to stimulate the world's second-largest economy without worsening debt risks.

Contrary to the Federal Reserve's forward guidance, the Bank of England's increased transparency and a Group of 20 Nations vow to clearly communicate policies, China has added liquidity by stealth at least four times in the past four months. One proxy it has been using is China Development Bank Corp., the nation's biggest policy lender.

Source: http://www.bloomberg.com/news/2014-12-23/pboc-turns-to-hidden-hand-as-china-seeks-to-stem-growth-slowdown.html

BLOOMBERG

Libyan Islamists Pushed Back From Attack on Oil Ports

The force defending oil ports in eastern Libya pushed back an onslaught that Islamist militias had started 11 days ago to capture the facilities.

"We pushed them back and it's we who are now attacking them," Ali al-Hasy, a spokesman of the Petroleum Facilities Guard, said by phone from Es Sider, Libya's largest oil port. "The oil ports are safe and they suffered no damage. All the fighting took place well outside the ports."

The Tripoli-based Libyan News Agency yesterday reported the death of Tareq Shnena, the commander of the Islamist force tasked with capturing the eastern oil ports. He succumbed to wounds sustained in the fighting near Es Sider, it said, without saying where it got the information.

Source: http://www.bloomberg.com/news/2014-12-23/libyan-islamists-pushed-back-from-attack-on-eastern-oil-ports.html