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Saudi oil output said to rise above 10 million barrels a day


In the United States, output has risen by nearly a third in the last two years, to a U.S. record of 10.8 million bpd. The world's top crude exporter has also reinstated contracted volumes of Arab heavy crude to one buyer after cutting supplies in the previous month, one of the sources said . Read More »

SEC Director Says Ether Is Not a Security — Newsflash


The US Securities and Exchange Commission has finally weighed in on the debate over whether Ethereum's crypto-token, ether, should be regulated like a stock or bond. Cboe Global Markets Inc. Such a view has been advanced largely by former regulators , while the SEC has largely spoken generally (and sometimes derogatorily) about ICOs and token sales. Read More »

Donald Trump reignites Opec spat over 'too high' oil prices


EDT (1552 GMT). That move took US crude from about $50 a barrel in late 2016 to more than $70 in 2018. Wall Street Journal page assistant editor James Freeman, FBN's Kristina Partsinevelos and Susan Li discuss what's driving the USA economy and how oil could put a dent in the stock market. Read More »

Canada to officially host the 2026 FIFA World Cup


The host nation got on the score sheet on a Yury Gazinsky header. The World Cup is due to feature 48 teams and will take place across three countries for the first time. The fact that two of the world's best players, Portuguese centre-forward Cristiano Ronaldo and Argentine playmaker Lionel Messi have not yet won the cup for their respective countries - despite the duo dominating the handsome game virtually unopposed - has captured the minds of spectators from around the world. Read More »

Rents pricing out minimum-wage workers across the US, report says


Minimum wage earners can no longer afford rent on a two-bedroom apartment anywhere in the country. The national housing wage is $22.10 for a two-bedroom and $17.90 for a one-bedroom rental. Massachusetts, where the minimum wage is $11 an hour, ranks as the sixth most expensive state , with a wage of $28.64 needed to afford a two-bedroom apartment ($59,571 a year). Read More »

Chicago Picks Musk's Boring Co. for O'Hare Express Service


The line will consist of two parallel tunnels, and it could take as little as 12 minutes to travel from point to point, according to a press release from the city. (This means there will be a Loop to The Loop-very cute, Chicago.) Unlike the Hyperloop idea, the tunnels will not be depressurized. The Boring Company says the project will be 100 percent privately funded. Read More »

New Tesla software to offer 'full' autonomy, Musk says


What's more , Tesla claims that the auto will have a range of 620 miles. Previous updates to Autopilot were "rightly focused entirely on safety", he said . The company promises to take passengers - not drivers, in this case - to their destination of choice without any human input. While the company has repeatedly pointed to human error in these cases, the "Autopilot" branding has left some drivers confused about the capabilities of the software, which is still now more of an ... Read More »

Rolls-Royce to Cut 4600 Jobs

Rolls-Royce manufactures engines and power systems for aircraft, ships and energy producers. The company said it will take a one-off financial hit of £500 million ($670 million) as a result of the restructuring. Rolls said the overhaul, which follows its announcement in January that it plans to slash its five operating businesses to three core units, will impact support functions and management, including within engineering. Read More »

Oil prices fall as USA crude production hits another record

Oil prices edged higher on Wednesday, turning positive after US government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks. The potential collaboration between the two major oil buyers would present another challenge for OPEC, which is facing competition for market share in Asia from the flood of crude pumped in the Gulf of Mexico and shale fields of Texas. Read More »

Uber files for patent to detect drunk passengers using AI


The patent was initially filed in December 2016 to the U.S. Patent & Trademark Office. Taxi app company Uber has applied for a patent to use artificial intelligence to determine how drunk potential passengers might be. "It would be cool if drivers got extra money for picking up drunk passengers". While the patent can help them identify drunk riders and service them appropriately, it also gives the "bad drivers" a chance to misuse the system. Read More »

Whataburger pulls white buns, toast from some Texas locations


Raising Cane's in Abilene has stopped selling toast due to a bread quality issue that is affecting local Whataburger stores as well. We plan to have new 5-inch buns delivered to affected restaurants today. This is not a food safety issue. Our bread delivery did not meet our high quality standards for taste and therefore we are offering customers a substitution of another side item or additional chicken finger. Read More »

U.S., Mexico, & Canada to Host 2026 World Cup

The vote was conducted on the eve of the 2018 World Cup , which is scheduled to kick off Thursday in host nation Russian Federation. This will be the first time Canada has hosted men's World Cup finals games having hosted the Women's World Cup in 2015. Read More »

Italy Summons French Ambassador in Row Over Migrant Ship

He has repeatedly accused charities of working with human traffickers but said Italy would not stop rescuing migrant boats itself. "The visit was canceled at Italy's request, and we regret it", the French source said, adding France had a lot of ground to cover with newly-appointed Tria. Read More »

Volkswagen slapped with 1 billion euro fine by German government


Volkswagen said it will accept the fine, therefore admitting responsibility for the scandal. Germany's government on Monday ordered Daimler to recall almost 240,000 cars fitted with illicit emissions-control devices, part of a total of 774,000 models affected in Europe as a whole. Read More »

Uber wants to patent technology to detect drunk riders


The behavior of the person ordering the ride will be compared to their "normal" behavior over a long period of time. Based on the patent , the system appears to be one that depends on past user data to predict future behaviors. Uber has filed a patent for a system which may be capable of telling drivers if potential passengers are too drunk. Uber says in the document the need for such a technology arises from the history of " safety incidents that can negatively impact the transport ... Read More »

U.S. inflation accelerates to six-year high, eroding wages

USA consumer prices rose marginally in May amid a slowdown in increases in the cost of gasoline and the underlying trend continued to suggest moderate inflation in the economy. Fed officials have indicated they would not be too concerned with inflation overshooting the target. That, together with an expected acceleration in wage growth from a tight labor market could boost inflation later this year. Read More »

Trump says Kim 'trusts me, and I trust him'


There are still few details about Trump's decision to suspend United States "war games" in South Korea , which could fuel discussion about a weakening of the alliance. The International Atomic Energy Agency (IAEA) has said it is ready to verify a deal, although it focuses on monitoring nuclear materials and sites rather than disarmament. Read More »

Fed raises rates amid stronger inflation, drops crisis-era guidance


Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. In March, the dot plot, which reflects where voting FOMC members stand, showed an equal split between those who favored three rate increases this year and those who favored four. Read More »

Tether Directly Used to Manipulate Bitcoin Price, Finds Study


Bitcoin's massive price run-up late previous year may have been the result of a price manipulation campaign, according to a new study released on Wednesday. Since exchanges often face difficulties finding the banking partners and achieving the regulatory compliance necessary to offer fiat-to-crypto trading pairs, many altcoin exchanges use tether as a proxy for physical United States dollars. Read More »

Retail inflation accelerates to four-month high in May

The rising cost of a tank of petrol has kept up pressure on inflation, holding it at 2.4pc in May, according to official figures. 'Air fares and ferry prices also contributed to the overall increase in inflation due to the timing of Easter. Read More »

Trump accuses OPEC of raising oil prices

USA light crude was 20 cents lower at $66.16. His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017. Read More »

Guess Founder Paul Marciano To Resign After Investigation Into Improper Conduct


She accused company co-founder Marciano of harassment and assault, claiming he groped her breasts and made inappropriate comments to her during meetings and photoshoots in 2010 and 2011. An internal investigation was launched by the company in February, with Guess heads forming a special committee to conduct a formal review into the matter, but The Layover actress is convinced the inquiry is bogus, suggesting bosses were just doing it to save face. Read More »

N-Out Temporarily Closed All Texas Locations Yesterday


In-N-Out Burgers has closed its Texas restaurants following a problem with the quality of its buns. The chain blamed poor-quality buns and were expected to reopen Tuesday after a new shipment of buns were due to be delivered. "We chose to close all of our Texas stores until we are confident that we can serve our normal high quality bun", Lang Jr. said in a statement . While the company initially said it would re-open all 37 locations in its easternmost state by Tuesday, it has since ... Read More »

Dixons Carphone admits huge data breach


Last month, the retailer forecast that earnings this year will slump about 21 percent as it closes mobile-phone stores in a contracting United Kingdom household-electronics market. "We have no evidence of any fraud on these cards as a result of this incident", it writes. In addition, Dixons Carphone said 1.2 million personal data records were hacked. Read More »

Toyota to invest US$1b in Grab's latest funding round


Toyota also has ties to Uber. Toyota put money into Grab via its Next Technology Fund a year ago, but this time around the capital comes directly from the parent company. The recorder, developed by Toyota for corporate fleets, has been installed in 100 Grab rental cars. This strong partnership will enable us to become the one-stop mobility platform in Southeast Asia. Read More »

Mercedes cars found to be fitted with defeat devices by authorities


Daimler declined to comment on the 1 million vehicles figure, but said it is cooperating fully and transparently with the KBA and Germany's Transport Ministry. The scandal has so far cost the world´s largest carmaker over 25 billion euros ($29.5 billion) in fines, buybacks and compensation, and senior executives are under investigation over their suspected roles in the cheating. Read More »

Yahoo fined £250,000 over cyber-attack


Nonetheless, ICO deputy commissioner of operations James Dipple-Johnstone said that cyber attacks were a fact of life and that companies had to keep up. Happily for Oath, GDPR does not apply historically because the UK's domestic regime only allows for maximum penalties of £500k. Reputation wise is perhaps another matter. Read More »

SEATTLE SURRENDERS? The City Seeks to Repeal ‘HOMELESS TAX’ After Business Revolt


Amazon balked, and Seattle is backing down. Local lawmakers in Seattle are poised to repeal a new tax on big businesses after receiving major pushback from local businesses like Starbucks and Amazon . The debate unleashed tense local divisions , exposing the anxieties of being the fastest-growing big city in the U.S. It also offered a warning to cities looking to court Amazon for its second headquarters about the political tensions such rapid growth can bring. Read More »