The world’s two largest oil producers…

The world's two largest oil producers, Russia and Saudi Arabia, on Monday agreed to act together to stabilize global oil output, though it's unclear what that might entail, according to CNBC. Energy ministers Alexander Novak and Minister Khalid al-Falih met Monday on the sidelines of the Group of 20 nations' summit in China. A joint statement released by Russia said both ministers "recognized the need to restrain an excessive volatility of the oil market" and agreed to act together "in order to stabilize the oil market." Novak and al-Fatih said they would chair the first Russia-Saudi task force on oil and gas in October. Russia, which is not a member of the oil producing nations' group OPEC, this year supported calls to freeze production, but the efforts fell through after OPEC member Iran opposed the plan. It was not clear from the joint statement what exactly Russia and Saudi Arabia would be prepared to do to help prop up the markets but the Russian minister mentioned a production freeze. "We believe that the market right now is taking too long to balance out, it's been two years, and joint steps which were considered earlier this year including a production freeze could be a great help in helping to balance the markets as soon as possible," Russian news agencies quoted Novak as saying. Speaking to reporters after the meeting, al-Falih, the Saudi minister, said in comments carried by the Interfax news agency that the freeze "is not the only solution" but refused to elaborate. The price of oil jumped on the countries' statement. The U.S. contract rose 2.2 percent, or 99 cents, to $45.43 a barrel in electronic trading on the New York Mercantile Exchange.

Sentyabr 7, 2016 2:10

A Beverly Hills estate once owned by William Randolph Hearst and…

A Beverly Hills estate once owned by William Randolph Hearst and featured in the movie “The Godfather” will list for $195 million—up 18% from its last formal listing price of $165 million in 2007, according to The Wall Street Journal. The owner, Leonard Ross, an attorney and real-estate investor, is selling the Beverly Compound, a roughly 5-acre estate with six structures. Including the 50,000-square-foot 1927 Hearst property there is a total of about 28 bedrooms and 38 bathrooms. A subsection of the property, on about 4 acres and including the Hearst mansion, will also be available for $175 million. The mansion was last officially on the market in 2007 for $165 million and was taken off of the market the next year. It has since been leased at a monthly rate of $600,000. In addition to Mr. Hearst, the newspaper magnate, the mansion was later owned by actress Marion Davies. President John F. Kennedy and Jacqueline Kennedy Onassis vacationed at the home as part of their honeymoon. Scenes in “The Godfather” were filmed in the home, as were scenes from “The Bodyguard.” Mr. Ross bought the property about 40 years ago for less than $2 million as an investment property, he said. He added about 20,000 square feet during a 1990s renovation and said parts of the home have bullet-proof glass windows. (He has had many high-profile renters, including royalty, Mr. Ross said.) The estate features a 725-foot-long driveway leading to the H-shaped mansion. There is a lighted tennis court, and two ponds that flow into a long pool. A roughly 6,600-square-foot seven-bedroom guest house has its own pool, and can be roughly doubled in size, Mr. Ross said. Mr. Ross, 71, says he is selling because “he’s getting up there” in age. Mauricio Umansky of the Agency has the listing.

Sentyabr 7, 2016 1:46