Wednesday, 21 November 2018
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USA may grant waivers on Iran crude sanctions

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Saudi Crown Prince Mohammed bin Salman told Bloomberg on Friday that Saudi Arabia "did (its) job and more" by making up for the recent drop in Iranian oil sales. Prince Mohammed told Bloomberg on Friday that the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through U.S. sanctions , reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers. Read More »

China Pumps $109 Billion Into Economy Amid Trade War With US

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Yields on the 10-year U.S. Treasury note were at seven-year highs after a solid U.S.jobs report last week raised the likelihood of faster interest rate hikes. European markets were also set to weaken, with financial spreadbetters expecting the FTSE to open 0.07 percent lower, Frankfurt's DAX down 0.03 percent, and Paris' CAC down 0.1 percent. Read More »

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

Oil dropped below $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the US reimposes sanctions, easing a strain on supplies. U.S. sanctions against Iran will kick in from 4 November, which will block payment routes. Refiners have already announced purchases of oil from Iran for November at levels nearly similar to those in October, despite the start of the sanctions on the 4 November. Read More »

International Monetary Fund downgrades outlook for U.S., China as result of trade war

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The UK economy is expected to grow by 1.4% this year - down from April's prediction of 1.6% - while predicted growth for 2019 remains at 1.5%, a slowdown from 1.7% in 2017. Domestic Chinese policies are likely to prevent an even larger growth decline than the one International Monetary Fund projected, but at the cost of prolonging internal financial imbalances, he said. Read More »

United Kingdom cyber security agency backs Apple, Amazon China hack denials

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The Cupertino-based tech giant sent a letter, dated October 8, to four members of Congress explicitly denying a report from Bloomberg Businessweek . Apple has also told the Congress on Sunday that its servers were not compromised in anyway whatsoever. Network security expert Peiter Zatko - better known as Mudge - says via Twitter that it's likely that the Bloomberg report "echoes an actual story" but doesn't get all of the details correct. Read More »

Florida governor says Tropical Storm Michael 'life-threatening'

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EDT to Monday 11 a.m. EDT when its winds increased from 35 mph to 75 mph in that 24-hour period. It was moving north around 9 miles per hour (11 kph). "All indications are that it's going to be severe", said City Commissioner Gil Ziffer, adding that if the storm hits Florida's capital, there would be significant tree damage and power outages. Read More »

Iran Reports 46% Drop In Condensate Exports

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Quoting the Iranian-language source, Reuters reported condensate exports over the period totaled 4.644 million tons, compared with 8.629 million tons a year earlier. Opec accounts for around 40% of the global production. Worldwide benchmark Brent crude oil futures were at US$83.53 (RM364.40) per barrel at 0028 GMT, down 63 cents, or 0.75%, from their last close. Read More »

India buys 75% less USA oil, loads up on Iran crude

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Fundamentals indicate a price in the high $70s for Brent, but the reality is seen above that, he said. US West Texas Intermediate (WTI) crude futures rose 1 cent to settle at $74.34 a barrel. While the wider oil community in the region has expressed the opinion that the Saudi's may not be able to increase production to the extent that they have claimed, typically, the Kingdom has 1.5-2 million barrels per day of spare capacity meant to manage the market . Read More »

Unemployment rate among young people in Uzbekistan amounts to 15.9%

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There were fewer jobs, however, added to the US economy in September than analysts expected. department figures showed about 134,000 new jobs for September - well below the 185,000 anticipated by experts. The manufacturing sector saw net job losses in last month's report - that's worth watching, as it relates to concerns about tariffs, but it's worth monitoring for broader economic-health concerns as well. Read More »

India keeps policy rate unchanged in surprise move

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At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. The rise in minimum support price for agri-commodities in domestic market added with rising crude in the global scenario has already triggered inflation concerns in the country. Read More »

Oil prices rise, supported by U.S

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West Texas Intermediate for November delivery rose 47 cents to $74.80 a barrel at 10:13 a.m. on the New York Mercantile Exchange. The global oil benchmark, Brent crude, on Wednesday, jumped to $86 per barrel with traders weighing falls in Iranian exports over pending United States' sanctions. Read More »

Unemployment rate drops to 3.7 percent - lowest since 1969

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The unemployment rate declined by 0.2 percentage point to 3.7 percent in September, and the number of unemployed persons decreased by 270,000 to 6.0 million. The data come a day after a selloff in government bonds renewed concerns about rising inflation and whether the Federal Reserve will have to lift borrowing costs at a faster pace in order to keep the US economy from overheating. Read More »

Trilateral NAFTA revamp deal struck

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On intellectual property, cross-border copyrights, trademarks and patents will be enforceable to cut back on knock-offs, plus additional protections for pharmaceutical and agricultural producers. If NAFTA is indeed replaced by the new agreement , which unfortunately is completely unpronounceable as an acronym, it is unlikely that there will be large and dramatic changes to North American trade. Read More »

You won’t believe how much luxury carmaker Aston Martin is valued at

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The luxury vehicle maker priced its shares at £19, towards the bottom end of the range, valuing the company at £4.33bn. The firm had recently announced the price range of its shares - between £17.50 ($22.73) and £22.50 ($29.23). Aston claims that it is on track to produce between 6200 and 6400 cars in 2018, with up to 65 percent of those being produced in the latter half of the year. Read More »

James Murdoch to succeed Musk as Tesla chairman?

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Musk has long feuded with short sellers , a category of investors that have been betting on Tesla's stock to fall. Elon Musk insulted the Securities and Exchange Commission days after settling a fraud lawsuit brought by the USA agency, potentially imperiling a deal that allows him to remain Tesla Inc.'s chief executive officer. Read More »

Pence accuses China of 'malign' campaign to undermine Trump

But US officials and independent analysts say they have not detected the kind of systematic manipulation of social media and email hacking Russian Federation was accused of in 2016. He said this was now not sufficient from the US side. "For example, Google should immediately end development of the "Dragonfly" app that will strengthen Communist Party censorship and compromise the privacy of Chinese customers". Read More »

Pence accuses China of seeking to change United States president

The speech comes as the USA and China engage in an escalating trade dispute, after Washington imposed tariffs on Chinese imports and Beijing retaliated with its own taxes on American goods. Pence said Chinese security agencies have masterminded the "wholesale theft of American technology", including military blueprints, and warned Washington would continue to take action. Read More »

North Korean hackers said to have stolen fortune in online bank heists

Previous meeting: Mike Pompeo and Kim Jong-Un shook hands in a breakthrough meeting In April. Pompeo will also travel to Japan, South Korea and China from October 6-8, U.S. "I'm optimistic that we'll come away from that with better understandings, deeper progress, and a plan forward" Pompeo declined to comment on recent negative signals from the North, . Read More »

Petrol, diesel prices slashed by Rs 2.50 per litre

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Besides poll-bound Rajasthan and Madhya Pradesh , the governments of Chhattisgarh , Assam, Tripura , Jharkhand, Uttar Pradesh and Haryana also announced cuts by Rs 2.50. PM Modi consulted Union Finance Minister Arun Jaitley and Oil Minister Dharmendra Pradhan. Fuel prices have been consistently hitting record highs since mid-August. Read More »

Rupee hits record low as fuel prices touch fresh highs

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The rupee opened lower at 73.26 per dollar on Wednesday due to high crude oil prices against the last close of 72.91 per dollar. India's inflation rate was 3.69 percent in August and is expected to go above the RBI's projected 5 percent by June 2019 on higher fuel prices, the weak rupee and strong consumer spending. Read More »

United States and Canada reach trade deal

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The Times reports that Canadian Prime Minister Justin Trudeau attended a Cabinet meeting at 10 p.m.in Ottawa to discuss the details of the deal, known as the United States-Mexico-Canada Agreement ( USMCA ) with senior White House adviser Jared Kushner and Robert E. Read More »

Dairy industry to benefit from new trade agreement

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It's unclear whether the new agreement includes not implementing the 25 percent steel tariffs Trump had threatened. The agreement, reached by leaders Sunday before NAFTA's October 1 expiration, will reopen dairy trade between US and Canada . Read More »

Oil Advances as Trump and Saudi King Discuss Market Stability

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The market was expecting a production increase decision from OPEC as the current export levels of Iran were about 35 percent below as compared with its oil export in April. Managing director at an investment services firm Brian Kessens stated that the group of believers that $100 oil could be hit keeps expanding, with spare capacity concerns continuing to grow. Read More »

Amazon to Raise Its Minimum U.S. Wage to $15 an Hour

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Amazon has previously contested some of Sanders' claims, saying its full-time warehouse workers already make $15 when stock and bonuses are included. Supporters say it's a remedy for widening wage inequality and will boost consumer spending, while opponents counter that it could reduce opportunities for employment, particularly for teenagers and others looking for entry level or low-skilled jobs. Read More »

Fuel price hike: Petrol prices cross Rs 91 per liter in Mumbai

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Diesel in Mumbai costs Rs 79.72 per litre at International Olympic Committee outlets and Rs 79.79 at BPCL outlets. Apart from petrol, Diesel also witnessed a significant hike on Monday. It was priced at Rs 491.21 in May. Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month. Read More »

General Electric replaces CEO with outsider, shares soar

GE also said it will take a non-cash goodwill impairment charge of "substantially all" of GE Power's current goodwill balance of about $23 billion. Flannery took over as CEO after Jeffrey Immelt stepped aside on August 1, 2017, after 16 years in the role. Read More »