Finance


Oil rises on supply losses, US push to isolate Iran Oil rises on supply losses, US push to isolate Iran
- June 30, 2018

USA benchmark oil futures rallied Tuesday, topping $70 a barrel for the first time in more than a month. Higher feedstock crude oil prices, as well as surging fuel exports from China, have pulled down Asian refinery product margins to two-year lows. (more...)
Trump says Saudi Arabia has agreed to increase oil production
- June 30, 2018

The US President Donald Trump on Saturday posted a tweet saying Saudi Arabia agreed to boost oil production by up to 2 million barrels per day, twice the nominal amount Opec and non-Opec allies signed off on at last week's meeting in Vienna. (more...)
Artist Threatens Elon Musk With Lawsuit After Stealing ‘Farting Unicorn’ Artist Threatens Elon Musk With Lawsuit After Stealing ‘Farting Unicorn’
- June 30, 2018

We hope you keep creating more renditions of your farting unicorn, and that people keep buying them. However, the happy relationship came to an end when Mr Edwards' friend bought a Tesla vehicle and discovered the use of a similar farting unicorn. (more...)
Boeing Unveils Hypersonic Concept Aircraft Boeing Unveils Hypersonic Concept Aircraft
- June 29, 2018

Shockingly, Boeing admits their newest design could travel even faster, but suggested there was no need to test the limits. Boeing has revealed a conceptual sketch for a hypersonic passenger plane capable of traveling at speeds of up to Mach 5. (more...)
Looming beer shortage risks leaving England's World Cup fans gasping Looming beer shortage risks leaving England's World Cup fans gasping
- June 29, 2018

CO2 producers in the United Kingdom and mainland Europe have scaled back operations for maintenance, causing a shortage of the gas, whose many uses include improving the shelf life of packaged food and creating dry ice to keep products cool during transport. (more...)
Marchers demand final Brexit deal vote Marchers demand final Brexit deal vote
- June 28, 2018

Earlier this week, Theresa May said a so-called Brexit dividend could be used to fund part of an extra £20bn a year for the health service . Liam Fox warned that taking "no deal" off the table during Brussels negotiations would weaken the UK's bargaining position. (more...)
President Trump bashes Harley-Davidson over production move, tweets 'We won't forget' President Trump bashes Harley-Davidson over production move, tweets 'We won't forget'
- June 28, 2018

President Donald Trump sought Tuesday to avoid blame for Harley-Davidson's decision to move some motorcycle production overseas and threatened to tax the manufacturer "like never before!" as punishment for the planned production shift. Harley-Davidson announced in January it would close its Kansas City, Missouri assembly plant and consolidate jobs in York, Pennsylvania. Meanwhile, in order to intensify its sanctions against Iran , the U.S. (more...)
Stung by tariffs, Harley shifts some motorcycle production overseas Stung by tariffs, Harley shifts some motorcycle production overseas
- June 28, 2018

Early this year, and well before these trade-war issues came up, the bike maker announced the closure of its Kansas City plant in America by mid-2019. "Shows how unbalanced & unfair trade is, but we will fix it", the president also stated . But who can tell the President, who has made Harley Davidson's woes (arising mainly from a global slowdown in what is widely seen as a vanity purchase) a part of his mission, ostensibly because its bikers are part of his core political constituency? ... (more...)
Iran says it can handle fresh sanctions amid unrest reports Iran says it can handle fresh sanctions amid unrest reports
- June 27, 2018

He said Indian and Chinese companies would be subject to the same sanctions as those in other countries. The official said an important part of those discussions was making sure countries aren't "adversely affected" by cutting Iranian oil imports . (more...)
Syria must be ‘more secure’ before refugees return - Merkel Syria must be ‘more secure’ before refugees return - Merkel
- June 27, 2018

Merkel said that funding mechanisms were also up for discussion with other eurozone members, suggesting that it could involve regular transfers made by individual countries, a tax on financial transactions or funds from the EU. Malta could accept some in the coming days, sources said. Germany has accepted 1.6 million Syrians and other migrants since 2014. They are considering setting up centers overseas to decide on asylum requests there and send back those whose cases fail. (more...)
Anadolu Agency: Opposition leaders cast votes in Turkey Anadolu Agency: Opposition leaders cast votes in Turkey
- June 26, 2018

With almost 80 percent of the country's ballot boxes counted, Erdogan was at 54.3 percent of the vote, with his main rival Muharrem Ince at 29.9 percent, according to the state-run Anadolu news agency. Turkey is gearing up for early presidential and parliamentary elections. The election campaign was heavily skewed in his favour, with opposition candidates struggling to get their speeches aired on television in a country where Erdogan directly or indirectly controls most of the media. (more...)
Harley-Davidson to move some production out of US Harley-Davidson to move some production out of US
- June 26, 2018

Harley-Davidson declined interview requests Monday but said in prepared remarks that the company "maintains a strong commitment to USA -based manufacturing which is valued by riders globally". workers in favour of foreign workers and going to be losing money as a result of this", James Hardiman, an equity analyst with Wedbush Securities, said of the trade battle between the United States and the EU. (more...)
European leaders congratulate Erdogan on election win European leaders congratulate Erdogan on election win
- June 26, 2018

Ince told reporters on Monday: "I accept the results of the election". More than 56 million people were registered to vote at 180,000 ballot boxes across Turkey . They have said election law changes and fraud allegations in the 2017 referendum raise fears about the vote's fairness. He is loved by millions of devoutly Muslim working class Turks for delivering years of stellar economic growth and overseeing the construction of roads, bridges, airports, hospitals and schools. (more...)
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...)