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Opec to open oil taps

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In earlier reports on the swap deal, an Iraqi oil official had said the initial flow of Kirkuk oil to Iran would be 30,000 bpd , but could rise to 60,000 bpd within a year-the initial duration of the deal-which the sides agreed could be extended. Read More »

Ferrari 250 GTO expected to fetch $45m at auction

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And if you want to be just one of three people to have bought a 1962 Ferrari 250 GTO at a public sale this millennium, you'll need to find somewhere in excess of $60 million. So enamoured was he by the 250 GTO, he got a second GTO in 1963, and sold this one - chassis no 3413 - to a racing driver called Gianni Bulgari. The Ferrari then went to Gianni Bulgari of the famous jewelry-making family, and in his hands -and those of subsequent owner Corrado Ferlaino-it was a class victor at the ... Read More »

Hungry rat shreds more than $17500 of cash inside ATM in India

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It was a cash machine heist with a difference: The attackers were hungry rodents. A rat has nibbled its way through more than a million in Indian rupees after getting into an ATM machine. Of the 2.9 million rupees ($42,685) in the ATM, 1.7 million rupees ($25,022) were recovered intact. But banknotes worth 1.2 million rupees ($17,662) were destroyed. Read More »

Intel CEO resigns over relationship with employee

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The consensual relationship ended some time ago, but details of the relationship were only recently brought to the attention of Intel's board. The relationship was long-term and started years ago. However, it wasn't the company's performance that did Krzanich in; instead it was involvement with another Intel employee. Intel's famous relentless technical progress, known as Moore's law, suggested its chips would get smaller and faster at a regular rate. Read More »

Oil prices spike sharply after OPEC fails to deliver

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USA officials have also asked Saudi Arabia to help cushion the blow of the return of Iran sanctions by supplying more oil at lower prices. The production limits by the Organization of the Petroleum Exporting Countries and Russian Federation since 2016 have helped increase oil prices, with the benchmark USA crude contract hitting its highest level in more than three years in May. Read More »

Chevrolet Blazer Gets Detailed on Camera

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The second-generation Blazer ran from 1995 to 2005 and was the last Blazer sold in the United States. The Chevy Blazer is officially back! Fast-forward to today, and the new Blazer is not a truck, but a crossover for modern times. The Blazer will have some interesting features headed its way: There will be an electronic-locking glove box, a hitch guidance system, a hitch view camera and a hands-free power liftgate. Read More »

Trade jitters, strong dollar send emerging stocks, FX lower

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The potential listing of a five per cent stake in Saudi Aramco , the world's biggest oil producer, would add another $50bn in foreign flows depending on valuation, Franklin Templeton said. It will also be included in the MSCI ACWI Index and other global and regional indexes. Hollands added: "The effect on Frontier market fronts is a lot more dramatic, as Argentina represents nearly 20% of the Index, which has already been profoundly reshaped in recent years by the upgrading of UAE and ... Read More »

Online sales tax ruling could add $150 million to Minnesota’s coffers

And the court didn't say whether states could retroactively seek sales taxes. States that rely more heavily on sales tax - as opposed to personal income tax, for instance - "are the big winners here and could see real budget gains if they follow South Dakota's example", said Fitch Ratings analyst Stephen Walsh. Read More »

United Kingdom outlines 'simple' process for European Union citizens after Brexit

May's government insists it must hold out the possibility of walking away as a negotiating tactic, but says it expects to get a deal before it exits the bloc on March 29, 2019. EU citizens will have until June 30, 2021, to submit their applications if they wish to remain in Portsmouth and the United Kingdom following Britain's departure from the European Union, with the scheme being fully rolled out across the country in March 2019. Read More »

OPEC reaches deal to raise oil output from July

USA light crude was 1.05 dollars higher at 66.12 dollars. " Saudi Arabia and Russian Federation continued to push for a relaxation in production constraints, going against many other members' wishes", ANZ bank said on Wednesday. Khalid Al-Falih said he was hopeful an agreement would be reached on Friday, minutes after meeting Iran, which has been the key holdout to a rise in output. Read More »

Tariffs on 29 USA goods to be hiked after 45 days

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India has made a decision to raise customs duty on 29 products, including almond , walnut and pulses, imported from the United States as a retaliatory action against the tariff hike by Washington. Earlier, on 18 May, India had given the WTO a list of 20 items imported from the USA worth $166 million on which it was proposing to hike tariffs. Most of these are purchased from the United States. Read More »

European Union hits back at Trump with retaliatory trade tariffs

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But in the current politically charged climate, a trade war is now a reality, as the United States decided in March to adopt an aggressive protectionist policy to correct what the Trump administration believes is a crippling trade deficit between the US and several major trading partners. Read More »

China: ‘Capricious’ trade policies will hurt United States workers

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In trade wars, there tend to many casualties and few winners. Canada also promised retaliatory tariffs worth $12.8bn on USA products including steel, aluminium, whiskey and orange juice. Trump has brushed aside concerns over a trade war, saying the USA can't lose because it already has such a significant deficit. Last week pork was included in a second round of tariffs to be imposed on July 6. Read More »

Stocks fall with U.S. dollar; oil slips before OPEC

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The U.S. average for gasoline stood at $2.87 a gallon on Thursday. Index provider MSCI said late on Wednesday it would reclassify Argentina and Saudi Arabia as emerging market countries next year, broadening the investor base for both countries. Read More »

Volvo S60 Revealed in Full, Will Start from $36795

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Volvo Cars and its new USA factory illustrate the conflicts created by President Donald Trump's proposals to impose tariffs of as much as 25 percent on imported vehicles and auto parts as a way to encourage more US manufacturing and press trading partners to drop tariffs on American goods. Read More »

Hardline ally fires migrant ultimatum at Merkel as Trump wades in

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Merkel opposes any unilateral move by German Interior Minister Horst Seehofer, who is also CSU chairman, that would reverse her 2015 open-door policy on migrants and undermine her authority. For Merkel, in power for over 12 years, the stakes could not be higher as she leads an uneasy coalition government with a narrow majority that took half a year to cobble together. Read More »

Trump threatens new tariffs on Chinese imports

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The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports. China threatened to retaliate, leading Trump to propose broader penalties. The moves and counter moves on tariffs came as the two countries held several rounds of talks following Trump's demand to slash bilateral trade deficit by USD 100 billion in a month followed by USD 200 billion to address the USD 375 billion deficit. Read More »

Pioneer Sees Oil At $100 Should OPEC Fail To Increase Production

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A decision to increase output could be taken even with Iran refusing to sign up, as has happened before in OPEC. "We need to release supply to the market", Saudi Arabian Energy Minister Khalid al-Falih told reporters in Vienna . President Donald Trump to pump more oil. Oil catches some much-needed lift on USA crude stocks declines. China on Thursday canceled a trip to West Virginia by executives from China Energy Investment Corp to discuss a planned $83.7 billion investment in the state ... Read More »

Telstra users face another mobile phone outage

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Many users have turned to social media and AussieOutages to complain about the latest Telstra connection problems, with some reporting they can only make SOS calls and others unable to use their smartphones since late on Monday night. Telstra yesterday took to Twitter to address reports of an outage, clarifying that the issue was not nationwide. In a statement, the company revealed the software problem "triggered multiple elements across the network to fail" and even backup systems created ... Read More »

European Union to impose duties on US imports Friday after Trump tariffs

The retaliatory measure comes in response to USA tariff hikes on steel and aluminum that were imposed on European Union member countries on June 1, with the White House citing grounds of national security. Warren looks to block Trump pick for consumer agency Trump leading us further down the trade rabbit hole MORE told a Senate panel on Wednesday that the Section 232 tariffs were created to revive the steel and aluminum industries that have been harmed by imports. Read More »

China Calls Trump Threat of More Tariffs ‘Blackmail’

Slapping tariffs on $200 billion more in goods, in addition to the $34 billion already set, would likely mean that nearly all Chinese products would face some import tax-though this depends on whether or not the new tariffs are on goods already taxed. Read More »

Telstra to slash 8000 jobs in major overhaul

Its services will be sold to Telstra, wholesale customers and Australia's National Broadband Network, controlling assets with a book value of about A$11 billion. Capex to be in the range of $3.9 billion to $4.4 billion. Reducing the number of consumer and small business plans from 1800 to 20. TELCO giant Telstra has announced it will be cutting nearly a quarter of its workforce in a massive company overhaul, with an aim to "eliminate customer pain points". Read More »

Australian telecom giant Telstra to axe 8000 jobs

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It is understood that one in four executive and middle management roles will be slashed. Chief executive Andy Penn said the dividend for FY18 would be 22 cents per share and dividend decisions for FY19 would be announced during the financial year. Read More »

Rats chew through more than $20,000 of cash at Indian ATM

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However, as noted in a local newspaper, the ATM malfunctioned on May 20th and was out of service until June 11th. The company had deposited Rs 29 lakhs inside the machine on May 19 and the ATM stopped working the next day. "The suspicious timing of the ATM not functioning along with the length of time for which it was out of order has caused some to question the incident". Read More »

High Speed NBN Uptake Triples

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As a result, around 44 percent of all NBN-connected premises are on speeds of 50Mbps or higher, up from 16 percent in May a year ago. Meanwhile, NBN Co's average bandwidth network congestion tally, not including Sky Muster satellite services, has dropped from more than five hours to less than 30 minutes per service, per week compared to this time past year. Read More »

Clydesdale banks on Branson brand appeal in Virgin Money merger

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CYBG has reached a takeover deal with Virgin Money that values the bank at £1.7 billion but is likely to lead to more than 1,500 job losses. The merged company will be around twice the size of its largest rival among Britain's smaller banks and be able to draw on the firepower of the Virgin brand, which the combined group will pay a royalty to keep. Read More »

Merkel to Trump: Falling German Crime Stats 'Speak for Themselves'

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More than 1.6 million migrants, mostly Muslims fleeing wars in the Middle East, have arrived in Germany since 2014. Seehofer's "migration master plan", which Merkel last week refused to endorse, would see asylum seekers arriving at Germany's borders turned away if they have no identification papers, have already had an asylum claim rejected in Germany, or are already registered in another country in the EU - proposals that rights group say contravene European and worldwide agreements. Read More »

China: Australia needs to end "Cold War mentality"

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The letter was released as concerns mounted that Australian government ministers were buying into United States paranoia about Chinese tech firms, and there were fears that Huawei would be banned from bidding in Australia's upcoming 5G mobile auction. Read More »

Amazon Hub lockers now available to 500,000 U.S. residents

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Folks who are enrolled don't have to wait at home for packages to be delivered - instead, property staff on site tender shipments not just from Amazon, but from other shops, websites, and even friends and family and handle common delivery tasks, like signing for packages. Read More »

Starbucks Announces Major Store Closings Coming in 2019

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The Seattle-based company said it would close underperforming stores in "densely penetrated markets" and slow its rate of store growth. "We must move faster to address the more rapidly changing preferences and needs of our customers". The company said that so far in 2018, Frappucino sales have fallen by 3 percent. Starbucks said it would provide additional details on its plans at an investor presentation on Tuesday afternoon. Read More »