The world’s 400 richest people lost $182 billion this week from their collective fortunes as weak manufacturing data from China and a rout in commodities sent global markets plunging

It’s not China’s fault that global markets have become overly dependent on its growth, according to Wells Fargo’s Anthony Cragg.

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Europe spent months trying to crush Greece’ s leftist prime minister Alexis Tsipras – but now finds itself invested in his success.

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North Sea oil revenues in the first three months of 2015 were down 75% on the previous quarter, the Scottish Conservatives have said.

The Scottish government’s quarterly national accounts show that the amount received in tax receipts between January and March was £168m.

This was down from £742m oil revenues in the final three months of 2014.

Finance Minister John Swinney said oil was a bonus – not the basis of the economy.

The industry has suffered from the collapse of global oil prices, which have tumbled sharply since June last year.

Currency pegs in crude-producing nations are set to topple as the world enters a “new era” of low oil prices, according to the prime minister of Kazakhstan, which rattled markets this week with a surprise decision to abandon control of its exchange rate.

Similar contracts for the U.A.E.’s dirham also surged last week, to the highest since 2009. The country, whose currency is set at about 3.67 per dollar, is home to 6 percent of the world’s proven oil reserves. The central bank last year ruled out changing its peg even after oil dropped by about 50 percent from its peak.

The U.A.E. and Saudi Arabia are among five GCC countries that keep their currencies pegged to the dollar. Kuwait links its dinar to a basket.

Amid the turmoil in the global currency markets, Massimov sticks to a tried and tested strategy when it comes to his personal finances. The former head of Kazakh lender Halyk Savings Bank prefers to spread the risk by holding his cash in a variety of currencies.

“I keep my personal currency as a basket,” he said. “I used to be a banker myself and I believe in a free market.”

Dubai led a retreat in Middle Eastern stocks, extending last week’s global selloff, as crude’s decline to a six-year low reverberated through a region dependent on oil and gas exports.

The DFM General Index lost as much as 7.5 percent, the most this year, and Saudi Arabia’s Tadawul All Share Index was headed for a bear market after declining 4.4 percent at 1:09 p.m.in Riyadh. Qatar’s QE Index fell 5.3 percent, Israel’s TA-25 Index lost 3.6 percent and Egypt’s EGX30 Index slid the most since December. Gauges in Abu Dhabi and Oman have declined more than 10 percent since a recent peak, the threshold for a market correction. The MSCI Emerging Market Index closed at the lowest level in six years on Friday.

The steep selloff may say more about the outlook for emerging markets than U.S. companies in the fourth quarter, fund managers and analysts say.

Read more: http://www.cnbc.com/id/102940109

Foreign Secretary Philip Hammond attended a ceremony in Tehran with Iranian diplomats to mark the reopening while Iran will reopen its embassy in London later.

The UK embassy was closed in 2011 after it was stormed by protesters during a demonstration against sanctions.

Mr Hammond is the first UK foreign secretary to visit Iran since 2003.

The visit comes weeks after Iran reached a deal with six world powers aimed at curbing its nuclear programme.

Malaysian International Trade and Industry Minister Mustapa Mohamed (C) arrives to attend the opening ceremony of the 47th ASEAN Economic Ministers’ Meeting, in Kuala Lumpur, on Aug. 22, 2015. Economic ministers from the Association of Southeast Asian Nations (ASEAN) kicked off meetings Saturday to put the finishing touches to the establishment of the ASEAN Economic Community (AEC) by year-end, while pushing closer ties with its leading trading partners including China. (Xinhua/Chong Voon Chung)