Finance


OPEC and Allies Agree to Increase Oil Production OPEC and Allies Agree to Increase Oil Production
- June 24, 2018

Top OPEC producer, Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran , Iraq and Venezuela to support an output hike. As for Venezuela, the country's oil industry has fallen down dramatically due to internal political turbulences and also low oil prices . "Each country which has produced less (than its allocation) can produce more". (more...)
Marijuana Legalization Set for October 17, Trudeau says Marijuana Legalization Set for October 17, Trudeau says
- June 24, 2018

It means that Canada now joins Uruguay as the only two countries in the world where recreational cannabis is now legal, as technically it is still illegal in the Netherlands although the law is not actually upheld. Effective October 17th, Canada will legalize recreational marijuana throughout the country. Legalizing marijuana on a recreational, national level was one of Trudeau's campaign promises, and "was seen as one of the reasons for the Liberal's strong showing among youth voters in ... (more...)
OPEC oil ministers meet in Vienna amid pressure to drop production cap OPEC oil ministers meet in Vienna amid pressure to drop production cap
- June 24, 2018

The Organization of the Petroleum Exporting Countries, meeting in Vienna , agreed on Friday to boost output from July after Saudi Arabia persuaded Iran to cooperate in efforts to reduce the crude price and avoid a supply shortage. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela. After an OPEC meeting in Vienna , Emirati Energy Minister Suhail al-Mazrouei said the cartel made a decision to fully ... (more...)
United States tariffs on cars could affect $400b in trade United States tariffs on cars could affect $400b in trade
- June 24, 2018

US -made bourbon whiskey is now under a 25 percent tariff in the European Union, in retaliation for the Trump administration's tariffs on steel and aluminum. Trump has repeatedly singled out German automotive imports to the United States for criticism. BMW is one of South Carolina's largest employers, with more than 9,000 workers in the state. (more...)
US Online Shopping Is About To Get More Expensive US Online Shopping Is About To Get More Expensive
- June 24, 2018

In a blow to huge billion dollar online retailers such as Amazon and eBay , the Supreme Court has ruled that states can impose a tax on goods and services ordered online. He continued to write "the rule produces an incentive to avoid physical presence in multiple states". The court added that companies such as Newegg , Wayfair , and Overstock "each easily meets the minimum sales or transactions requirement of the Act, but none collects South Dakota sales tax". (more...)
Trump threatens new tariffs on Chinese imports Trump threatens new tariffs on Chinese imports
- June 22, 2018

The first round is to take effect on July 6. USA stocks started Tuesday's session in a sea of red after President Donald Trump threatened to place tariffs on an additional US$200bn worth of Chinese imports. In 2017, China imported 60 percent of total USA soybean exports, representing almost 1 in 3 rows of harvested soybeans, with a value of $14 billion. The US imported $2.7bn worth of Chinese seafood in 2017 compared to the $1.3bn worth of seafood it sent to China, based on data from ... (more...)
China accuses United States of trade ‘abuses’ as India hits back at Trump China accuses United States of trade ‘abuses’ as India hits back at Trump
- June 22, 2018

Bush. That comes after the US put a 25 percent tariff on $34 billion of Chinese goods, to which Beijing responded by imposing an identical charge on the same amount of American goods. Trump has threatened to impose new taxes on European and other imported cars - an idea that caught many by surprise, because domestic automakers GM and Ford have been thriving, and foreign companies such as BMW, Toyota and Honda now have large plants in the U.S. (more...)
OPEC enters meeting that could set direction of oil prices
- June 22, 2018

Two OPEC sources told Reuters the group agreed that OPEC and its allies led by Russian Federation should increase production by about 1 million barrels per day (bpd), or 1 percent of global supply. oil imports. Ecuador said OPEC and its allies could agree to a compromise increase in output of around 0.5-0.6 million bpd. Mr. Pradhan went on to say that the prices of oil and gas had become subject to the "vagaries of geopolitics" and urged the OPEC countries to commit towards ensuring more ... (more...)
European Union counter-tariffs against U.S. come into effect on Friday - commission European Union counter-tariffs against U.S. come into effect on Friday - commission
- June 22, 2018

The European Union (EU) on Friday levied tariffs on estimated $3.2 billion worth of American goods, in retaliation for tariffs US President Donald Trump's tariff imposition on imported steel and aluminium. "The biggest challenge we're facing is the U.S". "The U.S. abuses tariffs to trigger trade wars everywhere around the globe and that will severely damage the world trade order, hurt the interests of trading partners, and also hurt its domestic companies and people", Ministry of ... (more...)
Iran to oppose Saudi Arabia proposal to increase OPEC crude output Iran to oppose Saudi Arabia proposal to increase OPEC crude output
- June 22, 2018

US crude rose 1.11 percent to $65.78 per barrel after hitting a two-month low of $63.59 and Brent was last at $75.26, up 2.48 percent on the day after falling to a six-week low of $72.45. On Tuesday, the head of Russia's second-largest oil firm Lukoil, Vagit Alekperov, said global production cuts should be halved and that Lukoil could restore its oil output levels within two to three months. (more...)
Trump Threatens Another $200 Billion in Chinese Tariffs as US Stocks Plunge Trump Threatens Another $200 Billion in Chinese Tariffs as US Stocks Plunge
- June 22, 2018

The potential tariffs announced by Trump come as the US and China both announced plans to impose tariffs on up to $ 50 billion worth of goods imported from the other country. US gold futures fell 0.22 percent to $1,277.30 an ounce. US crude fell 1.6 percent to $64.80 a barrel in NY, and Brent crude, the global standard for oil prices, fell 0.5 percent to $74.94 a barrel in London. (more...)
US Child Separation Policy: 5 Things Microsoft CEO Satya Nadella Said US Child Separation Policy: 5 Things Microsoft CEO Satya Nadella Said
- June 20, 2018

In the midst of this, Microsoft CEO Satya Nadella has penned a letter addressed to all the company's employees and uploaded it on his LinkedIn page. "We urge the administration to change its policy and Congress to pass legislation ensuring children are no longer separated from their families", said Microsoft. (more...)
Google Invests $550 Million in Chinese Online Shopping Site JD.com Google Invests $550 Million in Chinese Online Shopping Site JD.com
- June 19, 2018

The two companies described the investment announced on Monday as one piece of a broader partnership that will include the promotion of JD.com products on Google's shopping service. Walmart teamed up with Google past year as both battle Amazon . Items listed for sale on JD.com will be promoted through Google's shopping search results. (more...)
Audi CEO Rupert Stadler detained in diesel emissions case, reports say Audi CEO Rupert Stadler detained in diesel emissions case, reports say
- June 19, 2018

Prosecutors from Munich carried out searches in the homes of current and former Audi employees on Wednesday as part of an investigation into diesel emission control software cheating by the. The company has pleaded guilty to fraud in the United States and charged $25 billion in fines, penalties and restitution for owners and vehicle dealers. (more...)
China pledges to 'immediately' retalliate to Donald Trump's latest tariffs China pledges to 'immediately' retalliate to Donald Trump's latest tariffs
- June 19, 2018

Trump also said the us would impose more tariffs on Chinese goods if China retaliates with duties of its own on American products. China's Commerce Department announced several months ago that it would impose retaliatory tariffs on 106 USA goods amounting to roughly $50 billion in imports. (more...)
Report faults Comey but finds no political bias Report faults Comey but finds no political bias
- June 18, 2018

The IG report has its origins in the tumultuous days after the 2016 presidential election, when politicians and Justice Department veterans of all stripes cried foul at the FBI's public statements about its investigation of Clinton's email practices. (more...)
European Central Bank to end stimulus programme by year’s end European Central Bank to end stimulus programme by year’s end
- June 17, 2018

Petersburg, Florida. Euro bulls who expected the European Central Bank to hike rates at an earlier juncture were caught out as the single currency slumped almost 1.9%, sending traders piling into the dollar and yen. Excluding autos, retail sales increased 0.9% in May (consensus +0.5%), and the April increase was revised to 0.4% from 0.3%. Australia's S&P-ASX 200 jumped 1.2 percent to 6,089.10. (more...)
Chicago taps Musk's firm to build high-speed tunnel to O'Hare Chicago taps Musk's firm to build high-speed tunnel to O'Hare
- June 17, 2018

Emanuel noted that part of the reason behind the city's decision to select the Boring Co . was Musk's record and vision. Entrepreneur Elon Musk has announced the launch of a futuristic new transit system between Chicago and O'Hare International Airport. (more...)
Chinese media mocks 'fool' Trump over tariffs Chinese media mocks 'fool' Trump over tariffs
- June 17, 2018

Trump began his tariff announcement by lauding his "great friendship" with Communist leader Xi Jinping, and how that and relations between the US and China "are both very important to me". If China retaliates, as it has already pledged to do, the USA will impose even more tariffs , Mr Trump warned. The announcement confirms a threat first made by President Donald Trump in March and follows months of trade talks between the two sides. (more...)
One deputy killed, another in critical condition in Kansas City, Kansas One deputy killed, another in critical condition in Kansas City, Kansas
- June 16, 2018

Our law enforcement officers put their lives on the line each and every day to protect the public and their selfless service deserves our hightest honor. She said she'd gladly give up a third trial for her daughter's murder if he could be convicted in the latest one. The courthouse is located at 710 N Seventh Street. (more...)
Trump announces 25% tariff on Chinese imports Trump announces 25% tariff on Chinese imports
- June 16, 2018

Washington has completed a second list of possible tariffs on another $100 billion in Chinese goods , in the expectation that China will respond to the initial USA tariff list in kind, sources said . USTR added an additional 284 product lines not on the original list. Not included are consumer goods including mobile phones and televisions. China reserves its rights to take corresponding measures, the unnamed official was quoted as saying in the report . (more...)
IEA: Iran, Venezuela Oil Production Could Drop 30 Percent IEA: Iran, Venezuela Oil Production Could Drop 30 Percent
- June 16, 2018

Crude rallied to a three-year high in May, and subsequently lost steam as Saudi Arabia and Russian Federation signaled they may raise output. "It's confusing why the president would come out with a statement like this now", Smith said . The benchmark price of crude has surged from around $50 a barrel last summer to within a breath of $80 a barrel a few weeks ago. The rising stocks are in part a result of the surge in US crude oil production C-OUT-T-EIA, which has jumped by 28 percent in ... (more...)
China retaliates against new US tariffs by announcing its own China retaliates against new US tariffs by announcing its own
- June 16, 2018

Pompeo said that during his meeting with the Chinese foreign minister, China reaffirmed its commitment to honoring the U.N. Security Council resolutions on the sanctions. Trump's new 25 percent tariffs will target $50 billion in Chinese imports across a wide variety of industries. "China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer said. (more...)
McDonald's to replace plastic straws with paper ones
- June 16, 2018

McDonald's said its decision followed a successful trial in selected restaurants earlier this year. The announcement comes after the fast food chain said in March that it would remove plastic straws, of which it uses around 1.8 million every day in Britain. (more...)
Fed raises interest rates and predicts faster pace of future increases Fed raises interest rates and predicts faster pace of future increases
- June 15, 2018

They see another three rate increases next year , a pace unchanged from their projections in March. Tighter monetary policy ought not to have a significant impact on the U.S. "Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly". As widely anticipated, the Federal Reserve has raised its short-term federal fund rate - what banks charge each other- by 0.25 points to a range of 1.75 to 2 percent. (more...)