Economy / 120

Oil Rebounds Towards $81 but Weaker Demand View Weighs

October 15, 2018

November West Texas Intermediate crude CLX8, +0.76% rose 37 cents, or 0.5%, to settle at $71.34 a barrel on the New York Mercantile Exchange. Canada's main benchmark crude index, Western Canada Select (WCS) is now trading at $26.2 per barrel, which is nearly $55 barrel per barrel discount to Brent and $45 per barrel discount to WTI.

Green grants for hybrid cars axed

October 14, 2018

Currently, you can get a grant of up to £2,500 for Category 2 (CO2 under 50g/km and EV range of 10-69 miles) and Category 3 hybrids (CO2 50-75g/km and range of at least 20 miles), and a grant of £4,500 for a Category 1 vehicle with Carbon dioxide under 50g/km and a range of at least 70 miles (really, only EVs ).

Shanghai at four-year low; Hang Seng down as Tencent plunges

October 14, 2018

The moves came after both indexes on Thursday logged their worst one-day drops since February 2016. China's vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.

Woman Kicked Off Flight After Bringing "Emotional Support" Squirrel On Board

October 14, 2018

A woman boarding a Frontier Airlines flight this week had to be escorted off the aircraft after she brought along her unlikely " emotional support " animal - with footage of the incident promptly going viral and getting picked up by local news station, News 6 WKMG .

BMW sets course to buy controlling stake in Chinese joint venture

October 14, 2018

In April this year, the Chinese government announced it would remove foreign ownership caps on makers of fully-electric and plug-in hybrid vehicles by the end of 2018. SAIC Motor Corp., Volkswagen's local companion, declined 4.6 percent. Beijing is looking to lure global carmaker to invest in China. "If that happens, it will definitely cut contribution to the Chinese carmaker and hurt their profits".

Newspaper says Turkey has audio of Saudi writer's slaying

October 14, 2018

He explained that there are other forms of punishment than cancelling the contracts, which powers like Russian Federation and China are interested in. "Nobody has ever seen anything like it", he said. The senator said US priorities need to come first. Perhaps the most under-the-bullseye in this ugly story is Jared Kushner, who has played host to Saudi crown prince Mohammed bin Salman.

Passenger jet departs on longest commercial flight

October 14, 2018

The aircraft will be configured in a two-class layout, with 67 Business Class seats and 94 Premium Economy Class seats. Since 2003, the longest flight was Qatar Airways' Auckland-Doha on a Boeing 777-200LR (long range) at 17 hours, 40 minutes and 14,535 km, which the Singapore Airlines flight has upstaged.

Trump threatens Saudi Arabia over journalist

October 14, 2018

Turkish officials have said they believe Khashoggi was killed inside the consulate and lurid claims have been leaked to media that he was tortured and even dismembered. Authorities in Riyadh deny attacking Khashoggi and say, without providing proof, that he walked out of the consulate. However, the International Monetary Fund chief Christine Lagarde said she would still be attending but will be " very attentive" to any new information about the missing journalist.

Atlas Robot can now do parkour

October 14, 2018

It's a quick trip to the uncanny valley but it's one that we really have to take. In addition, Atlas uses digital video to determine its location in space and a neat move, from the visible markers. There's a lack of clarity in what Atlas will actually do for humanity: will he rescue people in situations too unsafe for humans? It does, however, serve to remind us just how dorky parkour is.

Russia And Saudi Arabia React Unhappy With Trump On Oil Prices

October 14, 2018

Gulf of Mexico oil output. OPEC said its own production rose by 132,000 bpd in September to 32.76 million bpd, the highest according to the monthly report since August 2017. Brent crude fell $1.74 a barrel to a low of $81.35, its lowest since September 27, before recovering a little to trade around $81.70 by 0850 GMT.

U.S. Mega Millions jackpot reaches $548 million, its third largest

October 14, 2018

Numbers have been drawn for a lottery jackpot that would be the ninth-largest lottery in US history. The largest, just $2 million more, was drawn in March 2012. The payout was $309.2 million as the cash option. The Powerball jackpot is also on the rise. NY has sold the most Mega Millions jackpot winnings in game history, with 35 wins in the last 16 years.

OPEC cuts forecast for global oil demand growth in 2019

October 13, 2018

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday. Major oil producers and drillers, including Chevron Corp and BP Plc, on Thursday began returning crews to more than 90 offshore facilities in the U.S.

Trump calls 'loco' Federal Reserve 'too aggressive'

October 13, 2018

Past U.S. presidents have criticized the central bank, but the recent run of invective was unusual even for Trump. The US central bank once again is on the firing line following President Donald Trump's unprecedented attacks but is likely to shrug it off and focus on economic data.

World's longest flight makes a comeback

October 13, 2018

For the flight crew - which also includes two first officers and a 13-strong cabin contingent - the workload will be broken up, the airline said, with each pilot having a minimum eight hours' rest during the flight. The 13 cabin crew will get at least four hours rest during the flight and two days to enjoy NY before the return leg. Singapore Airlines originally flew the route for nine years using the gas-guzzling, four-engine A340-500 before abandoning it in 2013 because high oil prices made ...

Elon Musk commits to SEC settlement despite mocking tweets

October 13, 2018

James Murdoch , who serves as a director on Tesla's board, is set to end his innings as 21st Century Fox's CEO. The report also says external options are also being considered. Murdoch will not join his father, Rupert Murdoch, and his brother Lachlan at "New Fox" - the entity remaining after 21CF's sale of assets to Disney is completed.

Facebook says phone numbers and personal user info accessed in security breach

October 13, 2018

Now we know roughly what information the attackers accessed, and the number of people they had access to - as well as a help service for those who were effected. Access tokens work sort of like a digital set of keys and are what allow you to stay logged in with the Facebook app rather than entering your password every time you want to access the site.

Ikea online store in India likely by March next year

October 13, 2018

IKEA's fast expansion in India is marked by a huge response it received in the cyber city of Hyderabad in August. The company has opened 19 new outlets around the globe in the past one year, including its first in Hyderabad and Latvia in August.

China's trade surplus with the U.S. hit record highs in September

October 12, 2018

But China's trade surplus with the U.S. grew 10 percent in September from a record $31 billion in August, according to China's customs administration. "With global growth likely to cool further in the coming quarters and U.S. tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained".

International Monetary Fund reviews Nigeria's growth projection downwards

October 12, 2018

The fund cut its 2019 USA growth forecast from 2.7 per cent to 2.5 per cent, and the China growth forecast from 6.4 per cent to 6.2 per cent. The projected economic growth of the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region, the Fund added.

Donald Trump says Federal Reserve is 'out of control'

October 12, 2018

Financing expenses are one of a business's chief costs, higher interest rates squeeze profit margins and activities that might have been profitable at lower interest rates, including hiring, become marginable of unprofitable, and do not take place.

DUP's Foster says May 'cannot in good conscience' recommend Brexit backstop

October 12, 2018

The news comes after the Democratic Unionist Party threatened to vote against the Budget , and potentially bring down the Government , in opposition to a backstop plan that would treat Northern Ireland differently to the rest of Great Britain.

International Monetary Fund chief to US, China: De-escalate trade dispute, fix trade rules

October 11, 2018

Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise". "We look forward to our continuing partnership". The spokesperson was responding to a question on the request made by Pakistan for a $8 billion bailout package.

Dow Jones Industrials Sink 800-plus Points

October 11, 2018

Alec Young, managing director of global markets research at FTSE Russell, said investors fear that rising interest rates and growing expenses are going to erode company profits next year. USA shares are set for big declines when markets open Thursday. That all played into a market that is increasingly anxious about global growth after warnings from the International Monetary Fund this week and a rise in Treasury yields to a more than 7-year high above 3 percent that signals a tightening of ...

Trump takes aim at 'crazy' Fed as markets sink following United States slump

October 11, 2018

US stocks took their worst loss in eight months Wednesday, with the Dow Jones Industrial Average sinking 831 points and the Nasdaq composite logging its biggest loss in more than two years. The S&P 500 lost 94 points, or 3.3 percent, to 2,785. " I like low interest rates ". The selloff came a day after the International Monetary Fund said the world economy is plateauing and cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in ...

These Are 5 of the Biggest Drops Since the Bull Market Started

October 11, 2018

Wall Street has suffered heavy falls on Wednesday. Major equity indexes in Europe fell more than 1.0 percent, also pulled down by technology shares, and gold prices inched up as some investors sought refuge in the metal. Declining issues outnumbered advancers for a 3.18-to-1 ratio on the NYSE and a 2.32-to-1 ratio on the Nasdaq . The tumble came after the Dow Jones industrial average closed 831.83 points lower, its third-worst point decline ever, in NY trading on Wednesday amid ...

Swiss economy predicted to grow 3% by end of year

October 11, 2018

The Federal Reserve, the US central bank, has raised short-term USA rates three times this year as the American economy gains strength more than nine years after the end of the Great Recession. "Trade deficits don't (necessarily) mean cheating by the other side..." The Group of 24 (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on worldwide monetary and development finance issues and to ensure that their interests were adequately ...

Trump calls stock sell-off a correction, says Fed ‘crazy’

October 11, 2018

Trump told reporters while traveling to Erie, Pennsylvania, for a campaign rally. "It's a correction we have been waiting for a long time", Trump said. Fed Chairman Jerome Powell is aiming to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.

Sears hires advisers for bankruptcy filing

October 11, 2018

The long-troubled iconic retailer has been working with M-III Partners to prepare what may appear to be a prepackaged bankruptcy filing that could come as soon as this week, according to a Wall Street Journal report . Sears wants to reduce its debt load by 80%, hoping creditors will bite at the chance to make a deal while the company is still a going concern. Lampert himself has had a controversial tenure as chief executive.

Stock prices plummet amid tech selloff, rising interest rates

October 11, 2018

Apple and Amazon both had their worst day in two and a half years. The Nasdaq composite , which has a high concentration of technology stocks, tumbled 244 points, or 3.2 percent, to 7,495. "It's a risk-off environment as investors are focusing on spiking yields and taking profits off the table as they are concerned about whether the bull market is actually coming to an end", said Ryan Nauman, market strategist at Informa Financial Intelligence.

Google Pixel 3 initial review

October 11, 2018

Alphabet Inc's Google on Tuesday unveiled the third edition of its Pixel smartphone , a Google Home smart speaker with a display and its first tablet computer as it makes a come-from-behind push into hardware. I'd expect the Pixel 3 XL to achieve results to within 5% of the numbers in the graph below. However, the frosted design of the part that is metal on the Pixel 2 duo fools you into thinking it isn't glass.

USA could issue waivers for Iran crude; oil prices dip Monday

October 10, 2018

Hedge funds cut their bullish wagers on US crude in the latest week to the lowest level in almost a year, data showed on Friday. "We will be guided by our national interest", he said. "This time Europe is not working with the USA, so we intend to evolve a mechanism". In May, US President Donald Trump announced America's withdrawal from the Iran nuclear deal.

Saudi Arabia unable to replace lost Iranian oil - Iran’s oil minister

October 10, 2018

He said that India has its own energy requirements to fulfil. US sanctions targeting Iran's crude oil exports come into force from November 4, with Washington ratcheting up the pressure on governments and companies around the world to slash their Iranian oil imports to zero.

International Monetary Fund forecasts 7.1% economic growth for 2019

October 10, 2018

It was the first downgrade since July 2016. It also slashed its outlook this year for 19 countries, including several eurozone member states and emerging markets . "IMF's downgrade just goes to show how the tariff dispute between USA and China is beginning to take its toll on the global economy", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Apple sends letter to Congress about alleged China spy chip

October 09, 2018

The law enforcement agency denies that any such incident ever occurred and says it has "no reason to doubt" the statements made by Apple, Amazon, and others. Given that this story is too huge to just sweep under the rug, denials came in swiftly from both Amazon and Apple. Apple's Vice President for Information Security Goerge Stathakopoulos in a letter to the Senate and House commerce committees said that Apple made repeated investigations but did not find any evidence whatsoever which ...

India may continue to import oil from Iran, says Petroleum Minister

October 09, 2018

The Trump administration is pushing on all buyers of Iranian oil to cut imports to zero. The United States plans to impose new sanctions targeting Iran's oil sector on November 4, however a USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

U.S. stocks tumble amid rising rate fears

October 09, 2018

The losses were led by heavyweight stocks in the technology and communication services sectors including all members of the so-called FAANG group - Facebook (FB.O), Amazon (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Alphabet (GOOGL.O).

Oil drops on expectations Iran will maintain some exports

October 08, 2018

A gas flare on an oil production platform in the Soroush oilfields is seen alongside an Iranian flag in Iran , July 25, 2005. "The U.S. government's tough stance raised the stakes for a more significant Iran export loss than previously foreseen", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.

Despite US sanctions, India to continue buying Iranian oil

October 08, 2018

Unlike many other news organizations, we have not put up a paywall. On Wednesday, the global benchmark hit a late 2014 high of $86.74. With that being said, analysts are expecting a loss of about 1 Million BPD (Barrels Per Day). The court further said that sanctions on goods "required for humanitarian needs. may have a serious detrimental impact on the health and lives of individuals on the territory of Iran".

In the U.S., recorded a minimum level of unemployment for 50 years

October 07, 2018

If Republicans can make the case to voters that their policies are largely responsible for this increased pay and improved job prospects, they can maintain control of Congress on Election Day. It should also be remembered that by this time in 2008, the job market had been in a six-digit monthly free-fall for half a year. Two surveys provide data for each monthly BLS jobs report .

RBI holds key lending rates; repo rate stays at 6.5%

October 07, 2018

The rupee crashed below the 74-level against the United States dollar for the first time ever after the Reserve Bank kept its key policy rate unchanged. So, will we see them reversing the latest hike - or, will we see something akin to the RBI announcing a hike in rates? But the central bank said that global commodity prices other than oil have moderated, which should mitigate the adverse influence on input cost.

Oil prices mark weekly gain ahead of Iran sanctions

October 07, 2018

The drop in Korea's imports of Iranian crude oil is expected to increase the cost burden of Korean oil refineries as Iranian crude is relatively cheaper compared with crude oil from other countries. The kingdom has lifted production nearly to a record and may raise it again next month, although doing so will infringe on available spare capacity, limiting Saudi Arabia's ability to react to other supply shocks.

British former foreign secretary challenges PM’s Brexit plan

October 07, 2018

But did it succeed? Dancing onto the stage to the tune of Swedish pop group ABBA's hit " Dancing Queen ", May mocked herself, jokingly saying if she lost her voice it was because she had been up half of the night super gluing the stage set.

‘Panic reaction ahead of elections,’ says Congress after fuel price cut

October 06, 2018

While Rs 1.5 will be reduced in the excise duty, Oil Marketing companies will absorb Rs 1 reduced in price. The governments of Maharashtra, Gujarat, Chhattisgarh, Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so.

Strong U.S. job growth expected in September; wages seen rising

October 06, 2018

The U.S. central bank raised interest rates last week for the third time this year and removed the reference in its post-meeting statement to monetary policy remaining "accommodative". By industry, the strongest wage growth is in the low-paying restaurant sector, which has seen a 4.3 percent increase in the average hourly wage for production and nonsupervisory workers over the a year ago.

Canadian Experts Persist in Criticism of USMCA Treaty

October 05, 2018

U.S. Senator Sherrod Brown is calling a tentative trade agreement between the United States, Canada, and Mexico a good "first step" toward addressing complaints about the North American Trade Agreement. The deal extends patents on biologics from eight to ten years, meaning Canadians are going to have to wait two more years to access cheaper generic versions of medication they need to treat chronic conditions like rheumatoid arthritis and Crohn's disease.

Europe Tells Trump: Don’t Bully Us on Trade

October 05, 2018

Despite that, Pence said: 'As a senior career member of our intelligence community recently told me, what the Russians are doing pales in comparison to what China is doing across this country'. In his prepared remarks, Pence quotes an assessment from the US intelligence community that "China is targeting USA, state and local governments and officials to exploit any divisions between federal and local levels on policy".

Aston Martin prices IPO at $5.6 billion, sputters in debut

October 05, 2018

The listing has seen investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than £1 billion between them with the firm floating 25% on the London Stock Exchange. It is the same income in green in 2017 for the first time since 2010. The British supercar maker is now owned by Italian and Kuwaiti shareholders, alongside other minority investors.

Toyota to recall 2.4 million hybrid vehicles over stalling issue

October 05, 2018

The call comes just one month after another recall where more than a million hybrids across the globe were found to have a technical problem that could cause fires in the vehicle. The vehicles in the current recall had been called back before, in February 2014 and July 2015, for a related issue, Jault said. It also said it was in contact with customers and commercial partners to ensure the fault in the affected vehicles would be rectified once the software updates are available.

VP Pence: China 'Meddling in America's Democracy'

October 05, 2018

Pence on Thursday said "there is a new consensus on China rising across America", where more business leaders are "thinking twice before diving into the Chinese market if it means turning over their intellectual property or abetting Beijing's oppression".

Pence to address China in Hudson Institute speech

October 05, 2018

But reaction to the vice president's remarks by critics on Thursday, however, warned that Pence and the Trump administration are playing a risky game. officials in denouncing Beijing's crackdown on minority Uighur Muslims in the Xinjiang region. Sounding the alarm, Pence warns other nations to be wary of doing business with China, condemning the Asian country's "debt diplomacy" that allows it to draw developing nations into its orbit.