Economy / 127

Oil jumps, then pares gains as Trump pressures Opec again

September 26, 2018

This hike might take place for the first time since the year 2014 as the market braces for the loss of Iranian supplies because of the US penalty. Brent crude futures settled up 67 cents at US$81.87 a barrel. "Iran will lose sizeable export volumes, and given Opec+ reluctance to raise output, the market is ill-equipped to fill the supply gap", Harry Tchilinguirian, global head of commodity markets strategy at French bank BNP Paribas, told the Reuters Global Oil Forum.

Michael Kors buys Versace for more than $2B

September 26, 2018

After the deal closes, Michael Kors will be renamed Capri Holdings. What is the Michael Kors brand? Confirmation that Versace will continue to lead the creative side of the business will help appease critics. The brand is known for its opulent, glamorous designs that are always in heavy rotation on celebs. Although the Versace family is taking a step back, they are set to become shareholders of Capri Holdings Limited, which is the parent company of three major fashion brands: ...

Hold your nerve on Brexit, Theresa May tells cabinet

September 26, 2018

Senior Conservative Brexiteers lined up yesterday to back an alternative plan based on a Canada-style deal. The prime minister is expected to say: Whatever your business, investing in a post-Brexit Britain will give you the lowest rate of corporation tax in the G20.

Trump touts his own achievements, and the United Nations laughs

September 26, 2018

Mr Trump also boasted that his administration had accomplished "more than nearly any" other in United States history. "America will always chose independence over global governance, control and domination.We will never surrender American sovereignty to an unelected, unaccountable global bureaucracy".

Needle found in Australian strawberries sold in New Zealand

September 25, 2018

Countdown is advising customers to cut up strawberries before consuming them, or to return them for a refund. The statement said there have been no reports of any illness or injury in New Zealand . "I'm not too casual about it either", he said. Asked specifically about which Countdown supermarket store the affected strawberries were found at, a spokeswoman would not say.

Instagram cofounders reportedly leaving Facebook

September 25, 2018

It was sold to Facebook for $1 billion a couple of years later, and is closing in on a billion users worldwide - making it the third largest social network on the planet. Zuckerberg also said he was looking forward to seeing what Systrom and Krieger build next. Offered through Instagram and as a standalone app, IGTV serves up longer-length video content, mostly from popular Instagram users.

ICYMI, the US-China trade war ramped up today

September 25, 2018

United States tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of USA products took effect at midday Asian time, though the initial level of the duties was not as high as earlier feared.

Barrick bets on Africa with $6-billion Randgold merger

September 25, 2018

Under the terms of the deal, each Randgold shareholder will receive 6.1280 new Barrick shares for each share of the African rival, the companies said. Barrick and Randgold are hoping that joining forces and combining their vast resources will help them weather the storm. The merger between Barrick and Randgold remains subject to shareholder approval.

Sirius XM buying Pandora for $3.5 billion

September 25, 2018

But a buyout by SiriusXM, which made a $ 480 million investment in Pandora in June 2017, may be the boost the business needs. The move follows a partnership with Netflix in July to create a comedy channel which is due to launch in January and will feature new material from comedians promoted in Netflix original content.

Ripple (XRP/USD)- Guide for Buying Ripple XRP through Changelly

September 25, 2018

It has worked with the status quo every since its beginnings. Sagar Sarbhai, Ripple's head of regulatory relations in the Asia Pacific and Middle East, told CNBC that Ripple XRP is making progress in launching its product xRapid . This is the highest XRP has gone to since mid-July, when the price was $0.51 before a steep slump of 43 percent until Tuesday, as tracked by CoinMarketCap .

Iran says oil to rise as Saudi, Russia do 'little and late'

September 25, 2018

The bank said it expects Brent and WTI to average US$85 and US$76 per barrel, respectively, over the next six months. That's the highest price for Brent since it touched $80 a barrel briefly in May. Higher prices tend to mean higher petrol costs. "First, crude oil prices are rising against a strong dollar backdrop". America's new oil dominance has an end date, according to OPEC, with the organization saying shale oil production will peak by the late 2020s, after which there will be a ...

Attorney General Rod Rosenstein resigns before Trump can fire him

September 25, 2018

The Times quoted other sources who said Rosenstein was serious, however. The White House used Rosenstein's memo to justify Comey's firing. Whether Rosenstein resigns or forces the White House to fire him matters for a number of reasons.

Michael Kors set to snap up Italy's Versace

September 24, 2018

Artistic Director of the fashion giant and Vice President of the company said to be worth about $2 billion, Donatella Versace , has reportedly called a meeting in Milan for Tuesday. The Versace family will maintain a role in the company, the sources said, although it could not immediately be learned what will be the exact nature of their involvement.

Six Flags St. Louis Offers Perks for Customer Coffin Time

September 24, 2018

A "deluxe, 2' x 7', slightly used coffin", according to the park. What's allowed: a pillow and blanket, a cellphone to while away the time, and a friend, though that friend will have to leave when the park closes and can't come back till opening time the next day.

China Imposes New Tariffs on US, Accuses Washington of 'Trade Bullyism'

September 24, 2018

WASHINGTON READYING MORE MEASURES Trump on Saturday reiterated a threat to impose further tariffs on Chinese goods should Beijing retaliate, suggesting that Washington may slap tariffs on virtually all imported Chinese goods if the administration does not get its way.

Iran appears to soften stance on OPEC oil output increase

September 24, 2018

Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year. Recently, crude oil prices have benefited from unnamed Saudi Arabia sources implying that the producer would not increase production, being comfortable with prices above $80/barrel.

Porsche stops making diesel cars

September 24, 2018

The company hasn't had a diesel vehicle in its portfolio since February and hasn't offered a diesel model in the United States since November of 2015, a Porsche spokesperson told CNN. He said Porsche hasn't had any diesels in its range since February and the "test phase" has shown that many diesel drivers are prepared to switch to gasoline or hybrid cars.

Michelle Guthrie Fired From Australian Broadcasting Corporation

September 24, 2018

Guthrie was named managing director of the ABC in December 2015 , following her role at Google Asia, where she was managing director of agencies. "The board wishes to thank Michelle for her contribution to the ABC ". "(But) the government, I must say, has provided no pressure, no opinion, has not been involved in this decision. "At no point have any issues been raised with me about the transformation being undertaken, the Investing in Audiences strategy and my effectiveness in ...

Woolies Pulls Sewing Needles Off The Shelves Following Fruit Tampering Crisis

September 23, 2018

The new laws will be drafted rapidly and introduced to Parliament this week. Supermarket giant Woolworths has taken the extraordinary step of withdrawing sewing needles from its shelves nationally following the fruit tampering crisis . Nobody has sustained a serious injury yet, and a senior Australian minister said numerous cases would turn out to be hoaxes. The sentence for "food terrorists", as Australian media has dubbed them, was increased from 10 to 15 years in prison, broadcaster ...

Record high for the S&P and Dow. Stocks open with strong gains

September 23, 2018

Trump took aim at the Organization of Petroleum Exporting Countries for energy costs, demanding on Twitter the cartel " get prices down now! ". Visit MarketWatch.com for more information on this news. The U.S. Labor Department reported new claims for unemployment benefits fell last week to a near-49-year low , confirming a strong labor market a week before the U.S.

Will US help allies to replace Iranian oil sources?

September 23, 2018

South Korea, Japan, and India are all negotiating waivers, but until they receive clarity on the issue, South Korea and Japan are not risking sanctions in case they won't get exemptions. in imposing financial restrictions, India initially used a Turkish bank to pay Iran for the oil it bought but beginning February 2013 paid almost half of the oil import bill in rupees while keeping the remainder pending opening of payment routes.

Trump bullies OPEC...again

September 23, 2018

After 29% annual growth in 2017, net oil export revenues of OPEC members are expected to rise again by 30% to $736 billion in 2018, the US Energy Information Administration (EIA) estimated. It seems the damage from the Iran sanctions is underpinning the market, encouraging speculators to buy on the dips, while fresh supply news like weekly API and EIA reports is providing the firepower for weekly price spikes.

Hundreds queue as Tesco opens first Jack's discount stores

September 22, 2018

Tesco is expected to initially open up to 15 stores in the coming months - many of them converted from convenience stores in city centres. The first of the flock opened its doors on Thursday in Chatteris, Cambridgeshire, and Immingham, Lincolnshire.

Tesla Model 3 Awarded Perfect 5-Star NHTSA Safety Rating

September 21, 2018

The Model X and Model S both also earned five stars in all categories. Tesla has been under fire for some of the safety systems used in its Model 3 and other cars , including its driver-assist Autopilot features that have been blamed for some crashes, some of them fatal.

Tesco opens first discount store to take on Lidl and Aldi

September 21, 2018

Jack's stores will be a mixture of entirely new sites, sites adjacent to existing Tesco stores, and converted Tesco stores. Mr Lewis said: "Jack Cohen championed value for customers and changed the face of British shopping". He added that the move, which has been under discussion at the supermarket for more than two years, is in response to consumer desire for a "smaller, simpler range at shops".

Iran still 'very important' as U.S. sanctions loom, says OPEC chief

September 21, 2018

US crude futures CLc1 settled up $1.27, or 1.8 percent, at $71.12 a barrel. "It casts doubts on whether Saudi Arabia will increase output to compensate for the loss of Iranian crude once sanctions come into effect", said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.

Aurora Cannabis says no deal yet to make marijuana-infused drinks

September 21, 2018

The Coca-Cola Company said Monday it is "closely watching" the expanding use of a cannabis element in drinks, another sign cannabis and cannabis-infused products are getting more acceptance in mainstream culture and a harder look from long-established pillars of American business.

Air Pressure Mix Up Causes Mass Bleeding On Indian Flight

September 21, 2018

The plane's crew " forgot to select switch to maintain cabin pressure ", Lalit Gupta , senior official at the Directorate of Civil Aviation, explained . Following the incident, Civil Aviation Minister Suresh Prabhu ordered a sweeping safety audit of every Indian airline, airport, training school, and fix company.

Amazon to open 3,000 brick-and-mortar stores by 2021

September 20, 2018

As a matter of perspective, 7-eleven, the largest convenience store chain in the world operates 8,600 stores in the United States, and in 2017 generated $14.33 billion in United States sales alone. "We have no plans to open 2,000 of anything", a spokesperson said a few days after the newspaper's story published . If a shopper puts an item back on the shelf, Amazon removes it from his or her virtual cart.

Amazon launches Storefronts catering to small businesses

September 20, 2018

The new online store will sell items from 20,000 small businesses, spanning 25 categories from back-to-school supplies to kitchen utensils. Amazon Storefronts is a new way for small and medium-sized businesses to sell products directly through Amazon.

Audi unveils its all-electric Tesla Mannequin X competitor, the e-tron

September 20, 2018

All aim to expand the market for premium electric vehicles and also to grab share of that market from Palo Alto, California-based Tesla , which has had the niche largely to itself. The e-tron will feature a high-tech interior and, in Europe, will replace conventional sideview mirrors with cameras, the images displayed on 5-inch monitors mounted at each side of the windshield.

Alibaba Pulling Back on Million US Job Proposal Due to Trade War

September 20, 2018

The billionaire owner of China's largest online shopping portal made the headline-grabbing promise to Mr Donald Trump a year ago, as Beijing courted the then-newly elected president. "There are still many things that Chinese companies should and can do". "Trade is not a weapon and can not be used for wars", he added. Alibaba is no exception and would suffer from the effects of the trade war, however the crisis would also present new opportunities for the company to capitalize, Ma said.

Cathay Pacific doesn't give an F, spells its name wrong on plane

September 20, 2018

And then one reminder us thus: "If you've ever been refused boarding to a flight because your name was spelled wrong on the ticket, you might take comfort from this fairly glaring error on the side of a @CathayPacific plane". Yet another said: "Maybe the typhoon blew the F out of it". The airline said it was a genuine mistake, although some in the industry said it was inexplicable.

McDonald's hit for using Weinstein law firm for harassment advice

September 19, 2018

In St. Louis, one teenage accuser said an older male employee told her she had a "nice body" and asked, "Have you ever had white chocolate inside you?" the National Women's Law Center said in a news release earlier this year . Plans for the walkout - to start at lunchtime on September 18 - have been approved in recent days by "women's committees" formed by employees at dozens of McDonald's restaurants across the U.S.

Trump administration unveils fresh round of China tariffs

September 19, 2018

The Wall Street Journal reported on Saturday that the USA plans to impose 10 percent tariffs on $200 billion of Chinese goods in the coming days and they will take effect within weeks. The Trump administration said Monday that tariffs would start at 10 percent next week and increase to 25 percent starting January 1. "We are extremely disappointed that President Trump has, once again, chose to impose a huge new tax on American consumers and manufacturers", said president and CEO Rick ...

Bring on the cheese: Deals for National Cheeseburger Day 2018

September 18, 2018

IHOP : From 7 am - 10 pm on Tuesday, IHOP is offering a free side of two Buttermilk pancakes or two Pumpkin Spice pancakes with the purchase of any Ultimate Steakburger in-restaurant. Bacon Cheeseburger for $1 through September 23. All you've got to do is download the app, order, and BAM - you've got a free burger on your hands. It's all about the app these days! Red Robin: Guests can get a gourmet cheeseburger and bottomless steak fries for just $5 with the purchase of any beverage.

Barnier talks with Spain about Gibraltar ahead of Brexit

September 18, 2018

The leaders will then meet for a working lunch without United Kingdom represenatation on Thursday for a discussion over their Brexit strategy with Barnier. "The only proposal that's been put forward that delivers on them not having a hard border and ensures that we don't carve up the United Kingdom, is the Chequers plan", she said.

Lucid Motors gets $1B from Saudi fund, pushes EV debut to 2020

September 18, 2018

Lucid and PIF are strongly aligned around the vision to create a global luxury electric vehicle company. Tesla CEO Elon Musk had previously touted conversations with the Saudi fund as key in considerations to take Tesla private. Lucid issued a statement quoting Peter Rawlinson , its chief technology officer, welcoming the investment. But previous splashy market-moving promises by the kingdom's assertive Crown Prince Mohammed bin Salman have yet to materialize.

Trump's decision on $200bn China tariffs expected 'soon'

September 18, 2018

LONDON (Reuters) - European share markets followed Asian counterparts lower on Monday as investors took fright at news Washington was set to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict.

Newest Tariffs On China May Spread Pain To Ordinary Households

September 18, 2018

Equity futures were showing gains the morning after the Trump administration applied additional tariffs on $200 billion of Chinese goods. China said Tuesday it would "take countermeasures" after US President Donald Trump announced new tariffs on $200 billion of Chinese imports taking effect next week.

President Trump Slaps China With Additional $200 Billion Tariffs

September 18, 2018

He didn't answer directly when asked whether Beijing would back out if U.S. President Donald Trump goes ahead with a proposed tariff hike on $200 billion of Chinese goods. President Donald Trump said he would make an announcement after financial markets close. Apple had said the United States tariffs would affect prices for a "wide range" of Apple products, including its Watch, in a letter commenting on administration proposals earlier this month.

United States slaps tariffs on $200bn in China goods as trade war escalates

September 18, 2018

The tariffs will start at 10% and rise to 25% on 1 January, the White House announced. The trade war was initiated by Washington's 25 percent tariff on 34 billion dollars worth of Chinese goods in July, . "The weakening of the RMB could help offset the new tariffs", said Larry Hu, chief China economist at Macquarie Commodities and Global Markets, a consultancy in Hong Kong.

Centre merges Bank of Baroda, Vijaya Bank, Dena Bank

September 18, 2018

Finance Minister Arun Jaitley said the government has suggested the banks to consider the proposal. This is the fourth major restructuring in the financial sector initiated by the Narendra Modi government. "The entity would also be positioned for a substantial rise in customer base, market reach and operational efficiency". The PSU banks are in news today ahead of merger of Bank of Baroda with Dena Bank & Vijaya Bank.

Trump Readies Tariffs on $200 Billion More Chinese Goods

September 18, 2018

White House economic adviser Larry Kudlow announced during an interview on Monday that President Donald Trump would likely be imposing new tariffs on a "couple hundred billion" worth of imports from China . The U.S. Trade Representative's office held over a week of hearings with stakeholders and businesses in several industries regarding the additional tariffs on $200 billion.

Amazon investigating claims of employees leaking confidential data for bribes

September 18, 2018

According to a Wall Street Journal ( WSJ ) report, employees of the e-retailer are offering internal data and other confidential information to independent merchants who sell their goods on the United States giant's website. The middlemen in these transactions are called brokers, and they often find Amazon employees via the Chinese chat app WeChat . In 2015, the company sued more than 1,000 people who were "misleading Amazon's customers" by selling " fake reviews of products", ...

Trump slaps fresh tariffs on $200B of Chinese goods

September 18, 2018

It will take effect on Sept 24 at a 10 per cent level and rise to 25 per cent at the end of the year, the person said. Trump has said he will no longer allow China to take advantage of the United States on trade, though opposition to escalating tariffs has swelled in recent weeks within USA business circles.

Trump Sets Tariffs On $200 Billion In Imports From China

September 18, 2018

Only last week, Beijing said it welcomed overtures from U.S. officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect. China has not publicly committed to join a new round of negotiations, but in the past it has pulled back from the prospect of talks in the face of escalations in the dispute.

Coca-Cola, Aurora in talks about making cannabis-infused drinks

September 17, 2018

Bloomberg says that the multi-national corporation is in talks with Aurora Cannabis to develop a beverage infused with CBD. Coca-Cola was not immediately available for comment. Coca-Cola did not respond to questions about Aurora or any other Canadian cannabis companies. Those who like to relax and unwind with an ice cold Coca-Cola may have an entirely new way to do so in the near future.

Saudi Arabia has taken oil market 'hostage', Iran says

September 17, 2018

Iran , a founding member of the cartel, had been against the move which came as the country faces renewed U.S. sanctions after Washington's decision to leave the 2015 nuclear deal between Tehran and world powers. International Olympic Committee would also lift 1 million barrel for its subsidiary Chennai Petroleum Corp in October, they said. Bloomberg's tanker tracking data revealed there are now eight tankers holding 14 million barrels of Iranian crude or condensate, a form of ...

Tech billionaire agrees to buy iconic Time Magazine

September 17, 2018

The WSJ believes that the title reaches over 30 million people a month, while its current owners put that figure closer to 100 million. The couple scoop up the media and marketing company that boasts 175 million U.S. Meredith acquired Time in a deal valued at $2.8 billion as part of its purchase of Time Inc in January, shortly after which announced it was selling Time Inc's news and sports brands.