https://cdnph.upi.com/svc/sv/upi/8051534944632/2018/1/72603d62b64e34e9084ea5c5b706ade5/Supply-pressures-add-up-to-rally-in-crude-oil-prices.jpg

Finance

Distillate fuels stockpiles, which include diesel and heating oil, fell by 1.3 million barrels, compared with expectations for a 207,000-barrel gain, the API data showed. Oil prices rose 3%, with Brent crude futures hitting a three-week high. Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC), exporting on average around 2.5 million barrels per day (bpd) of crude and condensate this year, equivalent to around 2.5 percent of global ...
  • Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

    Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

    Finance

    Lira is the national currency of Turkey , and a crisis has spooked investors, economists and policy makers, leaving them on a shaky ground. The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the U.S. The US dollar exchange rate with the lira has traded between 6.6 and 6.8 for most of today's session after briefly spiking above 7 on Monday. However, soon afterwards, the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the ...
  • Taiwanese firms in Turkey face risk as local currency crashes

    Taiwanese firms in Turkey face risk as local currency crashes

    Finance

    Turkey's central bank tightened liquidity Tuesday while local retail accounts sold dollars to take profit from the lira's slide, buoying the currency . "What do you want to do?" Erdogan has also urged Turks to extend their hospitality to tourists, who were bringing dollars into the country at a critical time.
  • Elon Musk says Saudi Arabia could finance bid to take Tesla private

    Elon Musk says Saudi Arabia could finance bid to take Tesla private

    Finance

    On Tuesday he tweeted that he had secured funding to buy all Tesla shares and take the company private . For Saudi Arabia , an investment in Tesla could act as a hedge against the long-term decline of oil. I will now continue to talk with investors, and I have engaged advisors to investigate a range of potential structures and options. Musk said he has continued to communicate with the sovereign fund's managing director since last week, and that the managing director has "expressed ...
  • Let’s double down on Turkey sanctions

    Let’s double down on Turkey sanctions

    Finance

    By noon Friday, it had fallen again, hovering around 6.15. In the past, the country has turned to conventional solutions, such as bailout loans and economic reforms through the International Monetary Fund (IMF), which has provided tens of billions in assistance .
  • Oil prices rise after USA renews sanctions against Iran

    Oil prices rise after USA renews sanctions against Iran

    Finance

    International Olympic Committee has signed a contract to buy about 6 million barrels of USA crude oil under single tender for delivery in November 2018 to January 2019, he said. USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4. Oil from American fields was among goods the Chinese had designated as subject to eventual tariffs on a list in June.
  • Elon Musk isn't kidding, Tesla board confirms TSLA could go private

    Elon Musk isn't kidding, Tesla board confirms TSLA could go private

    Finance

    The panel, which has stepped up its scrutiny and blocked some deals lately, could impose conditions, including limits on control of the company and information sharing. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders.
  • China threatening tariffs on $60 billion worth of US goods

    China threatening tariffs on $60 billion worth of US goods

    Finance

    On June 18th, President Trump directed U.S. Trade Representative Robert Lighthizer to identify another $200 billion worth of Chinese goods for additional tariffs at a 10 percent rate. Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April. The Chinese government calls its response 'rational'.
  • Conor McGregor to return against Khabib Nurmagomedov at UFC 229

    Conor McGregor to return against Khabib Nurmagomedov at UFC 229

    Finance

    Around this time a year ago, McGregor was in Los Angeles alongside Floyd Mayweather at a massive press event . McGregor also has resolved his legal troubles after throwing a hand truck at a bus containing UFC fighters during a one-man rampage last April at Brooklyn's Barclays Center.
  • Oil steadies to trade higher after losses Oil&Gas 09:55

    Oil steadies to trade higher after losses Oil&Gas 09:55

    Finance

    South Korea's imports of USA crude jumped more than fourfold to 14.1 million barrels in the first half of the year from a year ago, according to data from state-run Korea National Oil Corp. A supertanker arriving South Korea in October for SK Energy hold 500,000 barrels of Mars crude, along with other grades such as West Texas Intermediate (WTI) Midland, the sources said, while GS Caltex bought 2 million barrels of Mars.
  • Vietnam posts $3.1-billion trade surplus in Jan-July

    Vietnam posts $3.1-billion trade surplus in Jan-July

    Finance

    American companies have started to feel the pinch as well from global steel and aluminum tariffs and the first tranche of China-specific duties that cover just $34 billion of imports. Canada's absence from this week's talks raised suspicions that the United States was pursuing a divide-and-conquer strategy with its two trading partners, isolating Canada to pressure it into agreeing with whatever the USA and Mexico came up with.
  • Wisconsin sales tax holiday about to begin

    Wisconsin sales tax holiday about to begin

    Finance

    School supplies priced at $50 or less per item: includes textbooks, notebooks, paper, writing instruments, crayons, art supplies, rulers, book bags, backpacks, handheld calculators, graphing calculators , chalk, maps, and globes. There is no estimate of how much local governments lose from the weekend, but the cost to the state has been about $3.3 million to $3.4 million annually, according to data from the state Taxation and Revenue Department.
  • Hundreds Reportedly Get Sick At Ohio Chipotle, Restaurant Closes

    Hundreds Reportedly Get Sick At Ohio Chipotle, Restaurant Closes

    Finance

    Chipotle Mexican Grill Inc ( CMG .N) has shut a restaurant in OH following reports of customers falling sick after eating there, the burrito chain said on Monday. Wells Fargo & Company MN now owns 92,320 shares of the restaurant operator's stock valued at $29,830,000 after purchasing an additional 1,907 shares during the period.
  • Ready to meet Iranian President, says Trump

    Ready to meet Iranian President, says Trump

    Finance

    Iranian officials reacted skeptically on Tuesday to President Donald Trump's comments that he's willing to negotiate with his Iranian counterpart, saying instead that if Trump wants talks, he needs to rejoin the worldwide nuclear deal he unilaterally pulled out of earlier this year.
  • Apple is first public company worth $1 trillion

    Apple is first public company worth $1 trillion

    Finance

    Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long. Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone , which has seen sales taper off in recent years.
  • Tesla shares rise despite biggest quarterly loss yet

    Tesla shares rise despite biggest quarterly loss yet

    Finance

    Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity". "It's not right", he told an analyst from RBC Capital Markets. The company said it has cut back on capital spending by changing its strategy to produce the Model 3 on existing assembly lines, one in a giant tent, rather than adding all-new lines.
  • Donald Trump, EU's Juncker agree to ease trade tensions

    Donald Trump, EU's Juncker agree to ease trade tensions

    Finance

    The commission, which manages trade relations on behalf of all 28 nations in the European Union , is preparing a list of retaliatory measures on American goods worth $20 billion should the US impose auto tariffs, Malmstrom said. Trump announced a similar reprieve with China in May , only to impose tariffs. "We have a number of areas on which to work together", he said. Earlier this year Trump introduced a 25pc tariff on steel imports, and 10pc on aluminium.
  • After Facebook Stock Plunge, Mark Zuckerberg Worth Less Than Warren Buffett

    After Facebook Stock Plunge, Mark Zuckerberg Worth Less Than Warren Buffett

    Finance

    Adding fuel to the fire, Facebook expects total revenue growth to decelerate in the second half of 2018, and revenue growth rates to decline by high single-digit percentages from prior quarters sequentially in both Q3 and Q4. Facebook's results prompted selling in other Nasdaq listings, including media and advertising rivals Amazon.com Inc, Netflix Inc and Alphabet Inc.
  • Trump administration plans $12 billion bailout for U.S. farmers hurt by tariffs

    Trump administration plans $12 billion bailout for U.S. farmers hurt by tariffs

    Finance

    The move, which includes several types of assistance, could strengthen Trump's political position ahead of his trade negotiations with European Commission President Jean-Claude Juncker on Wednesday. "And we as farmers are playing the dupes again in this whole process", said Wisconsin farmer Michael Slattery who grows soybeans, corn, wheat and alfalfa with his wife on 300 acres in Maribel, Wisconsin.
  • Alphabet reports robust earnings despite European Union fine

    Alphabet reports robust earnings despite European Union fine

    Finance

    Last week, European Union officials slapped a 4.34-billion-euro ($ 5 billion) penalty on the USA tech giant for illegally abusing the dominance of its operating system for mobile devices. Alphabet is facing regulatory headwinds on both sides of the Atlantic as lawmakers grow increasingly concerned about its dominance of online advertising.
  • President Trump on EU Trade Negotiations: Better Late Than Never

    President Trump on EU Trade Negotiations: Better Late Than Never

    Finance

    The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted US trading partners to retaliate, creating risks for the economy. Trump has threatened to ratchet that up to more than $500 billion, a move that has left financial markets uneasy. "The fact that other countries are bad at economics-and harm their own people with tariffs and other protectionist schemes-does not justify our own economic incompetence".
  • FCA's CEO Marchionne replaced immediately due to serious health issues

    FCA's CEO Marchionne replaced immediately due to serious health issues

    Finance

    Marchionne helped navigate FCA through bankruptcy during his 14-year tenure and turn the company's finances back from the brink of collapse. Fiat Chrysler president John Elkann said in a letter to employees, "It is with great sadness that I have to tell you that our CEO Sergio Marchionne, who recently underwent surgery, unfortunately experienced complications that have worsened in recent hours and will prevent his return to FCA".
  • Oil Prices Rebound As Saudis Expect Reduced Exports In August

    Oil Prices Rebound As Saudis Expect Reduced Exports In August

    Finance

    West Texas Intermediate ( WTI) crude futures climbed 6 cents, or 0.1 per cent, to $68.82. After the US pulled back from the 2015 Iran Nuclear Deal, US warned other nations including Japan to cease oil imports from Iran. U.S. crude strengthened late in the session as the U.S. dollar index slipped to a four-day low, on reports that U.S. President Donald Trump worries that the Federal Reserve will raise rates twice this year.
  • China trade surplus with United States hits record $29bn high

    China trade surplus with United States hits record $29bn high

    Finance

    President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row. Statistics showed that in the first six months of the year, China's exports to the USA rose 13.6 percent from a year earlier, while imports from the USA increased by 11.8 percent.
  • USA ambassador leaves door open to Trump meeting with Johnson

    USA ambassador leaves door open to Trump meeting with Johnson

    Finance

    May appears to have seen off an immediate challenge to her leadership from malcontents within her Conservative Party but Trump's comments ahead of the trip - that Britain was "in somewhat turmoil" and that it was up to the people if she stayed in power - fanned the sense of political crisis.
  • Woolies recalls frozen rice over Listeria fears

    Woolies recalls frozen rice over Listeria fears

    Finance

    A range of frozen vegetable packets sold at Woolworths , ALDI , IGA , Campbells and Independent grocery stores have been recalled, with Food Standards Australia New Zealand (FSANZ) warning that affected products contain a particularly risky strain of Listeria .
  • Elon Musk shares video of 'kid-size' submarine for Thai cave rescue

    Elon Musk shares video of 'kid-size' submarine for Thai cave rescue

    Finance

    Boitano weighs in on the rescue efforts. "Iterating with them on an escape pod design that might be safe enough to try", Musk tweeted on Saturday . On Saturday, Musk tweeted that he was interested in designing "a tiny, kid-sized submarine" that would be "light enough to be carried by 2 divers, small enough to get through narrow gaps".
  • USA sticks to goal of cutting Iran oil exports to zero

    USA sticks to goal of cutting Iran oil exports to zero

    Finance

    U.S. President Donald Trump pulled the U.S. out of the Iran nuclear agreement in May, and has warned other countries that they will also face sanctions if they continue to trade with sanctioned sectors of the Iranian economy. China , the world's biggest oil consumer, and India , the country with the fastest-growing appetite for energy, added their own complaints after prices rose.
  • Canada tariffs on $12.6B of US goods take effect

    Canada tariffs on $12.6B of US goods take effect

    Finance

    Canada announced billions of dollars in retaliatory tariffs against the USA on Friday. In an interview that aired Sunday on Fox News, Trump said he could quickly sign a revised NAFTA with Canada and Mexico, but instead wants to land a better deal for the U.S.
  • Walmart Draws Fire as Third-Party Sellers Hawk 'Impeach 45' T-Shirts

    Walmart Draws Fire as Third-Party Sellers Hawk 'Impeach 45' T-Shirts

    Finance

    The company also sells a wide range of pro-Trump merchandise, including a substantial number of "Make America Great Again" hats. The clothing also sent social media into a frenzy and caused #BoycottWalmart to trend Tuesday. Walmart pulled the shirt - as well as other products with the same message - from its website , but not until some of the president's fans threw a fit.
  • Saudi Arabia pledged to expand oil capacity if needed -White House

    Saudi Arabia pledged to expand oil capacity if needed -White House

    Finance

    The statement reported by Saudi media did not mention any intention by Saudi Arabia , the world's top oil exporter, to raise production to 2 million barrels per day. India's oil ministry has asked refiners to prepare for a "drastic reduction or zero" imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.
  • GM says United States import tariffs could mean ‘smaller’ company, fewer jobs

    GM says United States import tariffs could mean ‘smaller’ company, fewer jobs

    Finance

    The administration in May launched an investigation into whether imported vehicles pose a national security threat , and US President Donald Trump has repeatedly threatened to impose a 20 per cent vehicle import tariff. role in the global industry. The company said that Trump has repeatedly praised the automaker for investing in the U.S., including a new US$1.3 billion joint venture assembly plant in Alabama with Mazda Motor Corp.
  • Protesters in Tehran: 'Death to the dictator'

    Protesters in Tehran: 'Death to the dictator'

    Finance

    The unplanned demonstrations come a day after Tehran's two major shopping malls dedicated to mobiles and electronics shut down in protest over alleged rent-seeking by official importers, and refused to sell their products using the government's reduced rial rate of IRR42,000 to the dollar.
  • Trump warns Harley-Davidson: 'We won't forget'

    Trump warns Harley-Davidson: 'We won't forget'

    Finance

    His comments extended his feud with Harley-Davidson into a third day, tweeting that the motorcycle manufacturer, which already has some production in foreign markets, "should stay 100 percent in America". Harley-Davidson announced in January it would close its Kansas City, Missouri assembly plant and consolidate jobs in York, Pennsylvania. "Hence, they were just using Tariffs/Trade War as an excuse", he said.
  • American people rose against inhumanity of Trump`s immigration policy : Trump remains un-American

    American people rose against inhumanity of Trump`s immigration policy : Trump remains un-American

    Finance

    One woman, Cindy Madrid from El Salvador, repeatedly dictated her US-resident sister's phone number to her six-year-old daughter before she crossed the border and the family was separated. Democratic lawmakers on Saturday said they aren't convinced the Trump administration had any real plan to reunite immigrant families caught along the southwest border, while demonstrators gathered to protest the separation of parents from their children by USA border authorities.