Economy / 7

Britain Says Iran Responsible For Attack On Saudi Oil Facilities

September 24, 2019

The missive came on the heels of a statement from PM Johnson, issued jointly with his German and French counterparts, pointing the finger at the Islamic Republic for the September 14 Saudi oil field attacks, arguing " there is no other plausible explanation ".

Petrol price spikes to Rs 73.91 in Delhi

September 24, 2019

In the national capital, petrol is available at Rs 73.91 per litre, while in Mumbai you have to pay Rs 79.57 today. A litre of petrol costs ₹74.13 in Delhi , ₹79.79 in Mumbai, ₹77.06 in Chennai and ₹76.67 in Bengaluru. Attackers using low-flying drones and cruise missiles knocked out 5.7 million barrels of production, or about 60 per cent of what Saudi Arabia now produces.

Asian shares ease on geopolitical tensions, oil up 1%

September 24, 2019

Despite the weakness in Asia, E-mini futures for US S&P 500 and the Dow climbed almost 0.4 per cent each. A U.S. -China trade breakthrough had seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal, and Chinese officials then canceled goodwill visits to U.S.

A Better Price Discovery And Liquidity For Bitcoin As Bakkt Goes Live

September 24, 2019

The service went live on 6th September for institutional investors and the Bakkt Daily and Monthly Futures contracts is scheduled to launch on 23rd September. The futures of Bitcoin: Futures contracts are legal agreements to buy or sell a given commodity at a specific price at a specific time in the future.

Apple Will Make the New Mac Pro in the United States

September 23, 2019

This is the same Flex facility that has been making Mac Pros since 2013, making the computer something of a rarity among Apple's product lineup, as most of its other devices are made in China. Apple CEO Tim Cook has been in conversation with the Trump administration over the current trade war with China and its potential impact on the prices of its products.

WeWork board members seek to remove Adam Neumann as CEO

September 23, 2019

The board of WeWork is expected to meet later on Monday to discuss the future of the company's controversial co-founder and chief executive Adam Neumann , after it emerged that he is under pressure to take a less prominent role. Mr Neumann has reversed numerous more contentious issues about his leadership, undoing the trademark transaction and reducing his voting power, but it has not been enough to kickstart momentum for WeWork's float.

Iran says "Hormuz Peace Initiative" seeks durable peace in region

September 23, 2019

Rouhani said he would introduce a regional peace plan dubbed HOPE (Hormuz Peace Endeavour) at the United Nations General Assembly this week. "I can tell you that the United Kingdom is attributing responsibility with a very high degree of probability to Iran for the Aramco attacks", he said, cited by Britain's Press Association news agency on Monday.

Hundreds of thousands stranded after collapse of British tour firm Thomas Cook

September 23, 2019

The UK Civil Aviation Authority has announced that Thomas Cook Group , a major tour operator and airline, has ceased trading with immediate effect, with all flights and booked tours cancelled. "The impairment of any unpaid receivables will be treated as a one-off expense to the income statement", Webjet said in a statement to the ASX. Unions representing Thomas Cook workers reacted with anger.

Dutch-based holidaymakers 'will not lose out' from Thomas Cook collapse

September 23, 2019

This corresponds to approximately 230,000 tourists coming to Cyprus, arriving on flights from Thomas Cook UK (2.5 per cent of total passenger traffic), Thomas Cook Scandinavia (1.4 per cent) and Condor (0.2 per cent). "I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years". "One way or the other the state will have to step in quite rightly to help stranded holidaymakers".

UK says Iran responsible for attack on Saudi Arabian oil facilities

September 23, 2019

Calling the attack a turning point, he added that it was imperative to get to the bottom of it so there can be a firm political response, although he declined to say what that response could be. Gen. Hossein Salami, at a ceremony displaying pieces of the American drone Iran shot down in June, said that his forces have carried out "war exercises and are ready for any scenario".

Rouhani: New sanctions against Iran signals United States 'desperation'

September 23, 2019

Britain's Prime Minister Boris Johnson boards his plane at London's Heathrow Airport as he heads off for the annual United Nations General Assembly in New York, Sunday Sept. European nations, including Britain, still adhere to an worldwide deal created to limit Iran's nuclear ambitions, but Trump has pulled the USA out of the agreement.

Seoul mulls rationalizing taxing on liquid-type and e-cigarettes

September 23, 2019

Given the developing government, local and state administrative complexity and ambiguity in regards to e-cigarettes, the company intends to cease the sale of electronic nicotine delivery products at all Sam's Club U.S. Walmart continues to sell guns and traditional cigarettes, but it has imposed new limits on those products. Adults using e-cigarettes to quit smoking should not return to cigarettes, Schuchat said, but instead should talk to a health care provider about other tools to help them ...

Oil gains on Saudi supply disruption, Mideast tensions

September 23, 2019

Tensions between the US and Iran have soared in recent days, especially after an attack by Yemeni Armed Forces against Saudi Arabia's oil facilities, for which Washington and Riyadh have blamed Iran. Saudi Arabia has called the strikes on the Abqaiq and Khurais facilities a test of global will to preserve worldwide order, and will look to form a united front at the United Nations General Assembly in NY this week.

Thousands stranded overseas as Thomas Cook collapses

September 23, 2019

British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK's biggest repatriation since World War II to bring back tens of thousands of stranded passengers. Operators including easyJet and Virgin have supplied some aircraft, with jets coming from as far afield as Malaysia. -All of Thomas Cook's retail shops will close with immediate effect.

Jeff Bezos unveils sweeping plan to tackle climate change CNBC

September 23, 2019

Amazon said the vehicles will be made by Rivian , in which the company said it has invested $440 million. It will also invest $100 million (€91 million) to restore forests and wetlands and reconsider political campaign contributions to climate-change deniers.

Petrol and diesel prices increases for sixth consecutive day, Know today's rate

September 23, 2019

Saudi Arabia's state-of-the-art missile defense systems could do nothing to stop the swarm of drones and cruise missiles that struck some of its most important oil infrastructure at the weekend, according to the report which added that they were created to deal with different threats - and they were looking in the wrong direction.

Oldest travel firm in rescue talks

September 23, 2019

Thomas Cook-owned Condor confirmed that its flights are continuing to operate normally despite its parent company entering liquidation and has applied for a transitional loan. Passengers now overseas may also make claims for the cost of replacing ATOL protected parts of their trip, or for out of pocket expenses as a result of delayed flights home.

Facebook says it has suspended 'tens of thousands' of apps

September 23, 2019

The revelations of the company in May 2018 had put Facebook in doldrums, which the company hasn't recovered from. That can happen when an app inappropriately shared user data or ran afoul of the company's rules. Schiff told reporters Facebook is "in the process of developing what I hope will be very strong policies on this". But Facebook appeared to know about some of the problematic apps months before it revealed its suspensions to the public.

Petronet LNG to buy stake, source 5mt LNG from Driftwood project

September 22, 2019

Tellurian and Petronet will aim to finalize the trade agreements by March 31, 2020. The agreement was signed in the presence of Prime Minister Narendra Modi , who met CEOs from the energy sector on the first day of his week-long United States visit on Saturday.

Federal Reserve officials highlight deep divisions

September 22, 2019

As such, US manufacturing and services PMI data as well as consumer confidence and core PCE inflation figures will likely serve as the major catalysts behind the market's Fed rate cut expectations, which, in turn, stand to help propel the US Dollar out of its recent choppy trading range.

Iran vows to protect Persian Gulf as United States beefs up troop presence

September 22, 2019

Yemen's Iran-backed Huthi rebels claimed responsibility, but the U.S. says it has concluded the attacks involved cruise missiles from Iran and amounted to "an act of war". Saudi Arabia's foreign minister says the wealthy Gulf nation will wait for the results of an investigation into last week's attacks on two of its oil installations before taking any further action.

MSFT Stock Hits All-Time High on Dividend and Share Buyback

September 22, 2019

First, Microsoft is increasing the quarterly dividend to $0.51 per share, a 5 cent or 11% increase over the previous quarter's dividend. Microsoft is leading the Dow Jones Industrial Average higher on Thursday, and its dividend hike puts the stock's implied yield at 1.47%, above Apple Inc .'s 1.38%.

Google to make record investments in renewable energy

September 22, 2019

Google's new deals span across Texas, North Carolina, South Carolina, Chile, Finland, Sweden , Belgium and Denmark . Among the deals are agreements to purchase energy from 720 MW of solar farms across the United States and 793 MW of solar and wind farms across mainland Europe.

Airbnb plans stock market splash in 2020

September 21, 2019

The company made it known that over 1,000 cities had more than 1,000 listings . However, the statement was short on details, such as whether paperwork for an IPO had been filed. WeWork was planning to go public, but then it postponed the plans due to the questionable governance and the mounting losses revealed in the S-1 documents.

Impossible Burgers Makes Retail Debut at Gelson's in Southern California

September 21, 2019

It will sell 12-ounce packages of Impossible Burgers for $8.99 in meat cases, both fresh and frozen. "People who shop at Gelson's know and appreciate great food, and the Impossible Burger is going to become a go-to favorite in home-cooked meals, from dim sum to barbecue", Gelson's President and CEO Rob McDougall said .

Climate Change Strike: Thousands Of Students Across The Globe Walkout In Protest

September 21, 2019

Hundreds of people, young and old, gathered at Union Station Friday morning to begin their march to the Colorado State Capitol during the worldwide " Climate Strike ". New York City's public school system has said it will excuse absences for students that participate. Among the first orders of business was poster-decorating and chalking.

Thomas Cook has approached UK government for bailout funds

September 21, 2019

Any failure to raise the required capital would raise questions about the jobs of the 22,000 staff Thomas Cook employs around the world, including 9,000 in Britain. If that deal is not finalised before a creditor vote on September 27, then holidaymakers could be facing the second major collapse of a tour operator in as many years, after the failure of Monarch in 2017.

After tax cuts, GST Council reduces rates on various items

September 21, 2019

Foreign companies that have Indian subsidiaries or joint ventures with Indian companies are also eligible for the lower corporate tax rates, Finance Minister Nirmala Sitharaman said. Though the loss in gross tax revenue would be Rs 1.45 trillion, the Centre's net loss would be almost Rs 84,000 crore, as 42 per cent of the loss would be borne by the states.

Mitsubishi unit in Singapore loses $320 million on unauthorized trades

September 21, 2019

The employee, who handled crude oil trade with China , was found to have engaged repeatedly in unauthorised derivative trades since January and disguised them to look like hedge transactions. and PDS immediately consulted with an outside lawyer and established an investigation team. Bloomberg said that a person familiar with the matter identified the trader as Wang Xingchen, also known as Jack Wang.

Flooding from Imelda linked to third death in Texas

September 21, 2019

This week's storms flooded Houston and Southeast Texas, with preliminary data compiled by the National Weather Service (NWS) suggesting Imelda is the seventh wettest tropical cyclone in USA history and the fourth wettest in Texan history.

China trade talks resume; Trump claims progress

September 21, 2019

Morrison said Australia has benefited greatly from China's economic growth. "Interaction of goodwill between China and the U.S.is still fragile". He has insisted that they purchase more US farm products, stop subsidizing businesses that compete with USA firms, and halt the theft of intellectual property from American companies, among other things.

Inside the Saudi oil plants hit in drone attack blamed on Iran

September 21, 2019

Yesterday, US Secretary of State Mike Pompeo accused Iran of carrying out an " act of war " with the Saturday air strikes, marking the strongest condemnation yet from any American official on the attack. "I think we've demonstrated that", he told reporters. Tehran amplified that message on Friday when a senior Revolutionary Guards commander said Iran would respond from the Mediterranean to the Indian Ocean against any US plots.

New York Fed announces a series of 14-day repos

September 21, 2019

Banks and Wall Street rely on this $2.2 trillion market for daily cash to fund their loans and trades in other markets, including stocks and bonds. This has added up to $75 billion each day in the banking system. Two-year yields rose to 1.758%, from, 1.680% before the Fed statement. The Federal Reserve ended the week with yet another attempt to calm money markets and an announcement that more injections were on the way.

Bank warns of 'entrenched' Brexit uncertainty as interest rates held

September 21, 2019

The Bank said , "Political events could lead to a further period of entrenched uncertainty about the nature of and the transition to the UK's eventual future trading relationship with the EU". "The fiscal risk is of course the currency risk associated with fiscal policy being seen to do much worse in South Africa", said Gina Schoeman, an economist at Citigroup South Africa.

Sensex zooms over 1,300 points on Nirmala Sitharaman’s tax booster for companies

September 21, 2019

The Finance Minister said that the government is also exempting GST on the supply of good and services to Federation Internationale de Football Association and other specified organisations which are a part of the U-17 Women's World Cup, which India will host in 2020.

Trump announces toughest sanctions 'ever' on Iran

September 21, 2019

Iranian Foreign Minister Mohammad Javad Zarif, now heading to NY for the United Nations meetings, has warned that any retaliatory strike on Iran by the USA or Saudi Arabia will result in " an all-out war ". "In the meantime, they have a lot of problems within Iran". Pentagon spokesman Jonathan Hoffman said Thursday that the US has a high level of confidence that officials will be able to accurately determine exactly who launched the attacks last weekend.

Facebook CEO Talks Tech Industry Regulations with Congress

September 21, 2019

Zuckerberg is discussing oversight of the industry in private meetings with senators including Mark Warner, D-Va., vice chairman of the Senate Intelligence Committee; Mike Lee, R-Utah, a senior member of the Senate Judiciary Committee, and Josh Hawley, R-Mo., an outspoken conservative critic of Big Tech .

GM Strike: Workers Share Why They Fight : The Picture Show

September 20, 2019

About 49,000 UAW members went on strike at midnight Monday, closing about 55 GM factories and parts warehouses nationwide. Charlie Highlanger, 59, a GM employee shouts at passing employees entering the assembly plant outside the General Motors Bowling Green plant during the United Auto Workers (UAW) national strike in Bowling Green, Kentucky, Sept.

Health officials report first vaping related death in Missouri

September 20, 2019

Young adults between 18 and 34 account for a worrying 67 percent of cases and 16 percent of the vaping illness victims are under 18. Seven deaths have been reported. IL health officials are asking people who use e-cigarettes - whether they are ill or healthy - to fill out an anonymous survey about their vaping habits.

Sensex zooms over 1,800 points after govt slashes corporate tax rate

September 20, 2019

India's reduction in the corporate tax rate to among Asia's lowest was welcomed by investors as a boon that may help spur economic growth and company profits. "The move will make Indian companies globally competitive, and allow global companies a good option for growing their manufacturing base in-country", said Mukesh Aghi, president of the US-India Strategic Partnership Forum.

Saudi Finance Minister Sees Weaker 2019 GDP Growth

September 20, 2019

Attacks that slashed half of Saudi Arabia's oil output had "zero" impact on the kingdom's revenue and won't affect economic growth, finance minister Mohammed Al-Jadaan said. The domestic flotation is the first step of a targeted 5% sale. "There's a 70% plus chance of delay of the Aramco IPO if they want a higher valuation", said Mohammed Ali Yasin, the chief strategy officer at Al Dhabi Capital in Abu Dhabi.

OECD predicts global growth will slow

September 20, 2019

The Paris-based organisation cut nearly all economic forecasts it made just four months ago, as protectionist policies take an increasing toll on confidence and investment, and risks continue to mount on financial markets. Eurozone growth was seen at one percent - down from 1.2 percent in May - this year and one percent in 2020, down from 1.4 percent in May. "The uncertainty provoked by the continuing trade tensions has been long-lasting, reducing activity worldwide and jeopardising our ...

Crude Oil Prices Could Reach $75.21 on Saudi Production Cut

September 20, 2019

Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, Sept. 15, 2019. His comments came after a senior USA administration official said Iran was to blame. For, months Iranian officials have issued veiled threats, saying that if Tehran is blocked from exporting oil, other countries will not be able to do so either.

Roku updates streaming players and operating system

September 20, 2019

It'll set you back $29.99, while the Walmart-exclusive Express+, which features the same design and includes the Roku Voice Remote, will cost $39.99. The company's lineup of products for the fall, which Roku Vice President Mark Ely says offers "something for everyone", also includes five additional Roku streaming players rounding out the lineup in the USA that will be available in a few weeks.

Zarif threatens 'all-out war' over any strikes on Iran

September 20, 2019

The US wants a peaceful solution to the crisis sparked by attacks on Saudi oil facilities, Secretary of State Mike Pompeo said Thursday, after Iran raised the prospect of " all-out war ". However, on Thursday, a CBS News report shed more light on the location where the strike was planned and carried out, quoting another USA official as saying that the United States has access to unpublished satellite images that show IRGC officers preparing the attack at Ahvaz airbase in ...

United Kingdom blocks aerospace takeover by USA investor over security

September 20, 2019

Andrea Leadsom, business secretary, said after considering advice from the defence secretary and others from across government, she had made a decision to issue a so-called "intervention notice on the grounds of national security". Cobham shares traded 0.5% lower at 159.70 pence as of 11:52 a.m.in London. Lockwood said that he had already held some discussions with government officials about the takeover, but would not go into details.

Government slashes corporate tax for domestic companies

September 20, 2019

Finance Minister Nirmala Sitharaman on September 19 defended her handling of the economy saying she has been working on measures to revive the growth from a six-year low. When asked whether the five new customers should be from the retail or MSME segment, Sitharaman said they could be from both. The measures are aimed at boosting the government's "Make in India" initiative.

Generic Zantac pulled after carinogien concerns

September 20, 2019

NDMA is a probable human carcinogen, meaning that it's likely that it has the potential to cause cancer in humans. "As a result, and at Health Canada's request, companies marketing ranitidine products in Canada have stopped any further distribution until evidence is provided to demonstrate that they do not contain NDMA above acceptable levels", the regulator said.

Apple begins appeal of €13 billion EU tax ruling

September 20, 2019

The Commission contends that essentially all of Apple's profits from all of its sales outside the Americas must be attributed to two branches in Ireland . Ireland meanwhile reportedly said it had been the subject of entirely unjustified criticism and that the Apple tax case was due to a mismatch between the Irish and US tax systems.

Juggling Mixed Signals, Fed Lowers Rates

September 19, 2019

The Fed maintained language on acting "to sustain the expansion", indicating a further willingness to make "insurance" rate cuts. Japan's central bank on Thursday held overnight interest rates at minus 0.1 per cent, its target for ten-year bond yields at around zero per cent, and the pace of its asset purchases at a pace of ¥80tn ($740bn) a year.

Information