Saudis Change Oil Minister; Wildfires Reach Sands: Saturday Wrap

  • China foreign exchange reserves rise for second straight month
  • Trump says he was `blindsided' by Ryan's refusal to back him

Here are highlights of Saturday’s top breaking news stories from around the world:

Saudi Arabia’s oil minister, who for more than 20 years held considerable sway over the policies that influence world petroleum prices, was replaced in a government reorganization that included the appointment of a new central bank governor. The moves demonstrate how much control the kingdom’s 30-year-old deputy crown prince now has over oil policy as he looks to fundamentally transform the kingdom’s economy.

Wildfires in Canada’s Alberta province unexpectedly raced closer to oil sands fields north of the destroyed town of Fort McMurray, prompting producers including Suncor and Husky Oil to shut down and abandon the area.

Another sign that China’s economy is righting itself: Foreign exchange reserves increased in April for the second month in a row.

The U.S. Republican Party’s presumptive nominee for president says he’s doesn’t need the party behind him to take on Hillary Clinton. But Donald Trump felt “blindsided” by House Speaker Paul Ryan’s public refusal to back him. 

Former Barclays CEO Bob Diamond said his finance group is close to buying another bank in Africa. He wouldn’t say whether the target was Barclays’ African unit.

Greece, as part of its efforts to influence decision making on its latest bailout, offered up more austerity if it falls short of certain targets for a budget surplus.

London’s newly elected Muslim mayor was sworn in, calling his victory one for merit and inclusion over xenophobia.

Walt Disney Co. showed off its new Shanghai theme park in a soft opening, ahead of its official debut in June.

Commerzbank said it’s given German authorities information on whether it helped foreign funds evade taxes through illegitimate trades.

A top U.S. tax official said the agency has given up trying to write broad rules on tax-free spinoff transactions to guide companies contemplating them. It will continue to weigh in on a deal-by-deal basis.

An estimated 240,000 people took part in what Poland’s opposition called the biggest anti-government protest since the fall of Communism. They were protesting steps by the government to pull away from the European Union.

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