Business


Brent oil gains $1 to claw back some losses
- July 12, 2018

The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output. (more...)
Oil falls after Trump threatens to escalate trade war Oil falls after Trump threatens to escalate trade war
- July 12, 2018

President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals. Brent crude LCOc1 fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. "Libyan relief changes the conversation about spare capacity", said John Kilduff, a partner at Again Capital Management. "That's while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, ... (more...)
China's CATL to build its first European EV battery factory in Germany China's CATL to build its first European EV battery factory in Germany
- July 11, 2018

The expansion is the German luxury carmaker's second this week in China , part of a parade of accords announced at a Berlin summit with Chancellor Angela Merkel and Chinese Premier Li Keqiang in attendance. The company plans to make the investment in two stages, with an initial 14 gigawatt-hours of capacity to come on stream in 2021. Approximately 600 high-tech jobs are expected to be created at the facility in Thuringia, which will be located on a 70-hectare plot in an industrial park ... (more...)
Bank of Canada Raises Key Interest Rate To 1.50%
- July 11, 2018

The Canadian dollar weakened to a more than one-week low against its US counterpart on Wednesday as broad-based gains for the greenback offset an interest rate hike by the Bank of Canada and the prospect of further monetary policy tightening. (more...)
USA to impose extra tariffs on $200bn of Chinese imports
- July 11, 2018

But duties on more than US$ 200 billion in Chinese imports may push the trade war into territory where it begins to bite meaningfully into growth. The list names more than 6,000 items including food products, minerals and consumer goods such as handbags. Tuesday's action makes good on a threat President Donald Trump made last month. (more...)
Bluster aside, US and China vulnerable to pain from tariffs Bluster aside, US and China vulnerable to pain from tariffs
- July 11, 2018

The loss was devastating: AMSC's stock shed $1 billion in value, and the company cut 700 jobs, more than half its workforce. Speaking to reporters on Friday, Pruzin also said the WTO had "no basis" to believe the US might pull out. duties on Chinese goods. But rules on auto manufacturing, pharmaceuticals and other industries require companies to operate through state-owned Chinese partners and share know-how with potential competitors or teach them how to develop their own. (more...)
India becomes sixth-largest economy, squeezing past France India becomes sixth-largest economy, squeezing past France
- July 11, 2018

India's GDP reached $2.597 trillion in 2017, while it was at USA $2.582 trillion for France, the World Bank said. Indian economy had slowed down a year ago due to transitory shocks like demonetisation and the chaotic implementation of the national goods and services tax (GST), but has since bounced back. (more...)
Will do our best to ensure oil supply to India: Iran Will do our best to ensure oil supply to India: Iran
- July 11, 2018

President Donald Trump said in May he would pull the United States out of an global nuclear deal with Iran and reimpose USA sanctions. "We are determined to convince the Iranian leadership that this malign behavior won't be rewarded and that the economic situation in the country will not be permitted to be rectified until such time that they become a more normal nation", he said. (more...)
Don't blame OPEC, oil producer group says of Trump criticism Don't blame OPEC, oil producer group says of Trump criticism
- July 11, 2018

Abu Dhabi: Saudi Arabia has told Opec it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000bpd from the level it said it produced in May, Opec sources told Reuters on Thursday. It said that the United States was "not granting waivers" to any country which was in business with Iran. EU lawmakers gave approval on Wednesday for the European Investment Bank (EIB) to do business in Iran, overcoming a blocking attempt and keeping alive plans to save ... (more...)
JetBlue flight crew credited with saving life of French bulldog JetBlue flight crew credited with saving life of French bulldog
- July 11, 2018

Michele and Steven Burt were on a Jet Blue flight Thursday from Florida to MA when they noticed something wrong with their French bulldog Darcy. Darcy, who was safely tucked into her carrier under the seats in front of the couple, was breathing heavily. (more...)
Gazza's message for Southgate and his England squad Gazza's message for Southgate and his England squad
- July 11, 2018

We've already reported on the hangovers England fans can expect the day after each of England's victories in the World Cup knockout stages. "We also feel we've had events on when we've been in camp when some of those guys have been in, when the road was named at St George's [Park] after Sir Alf". (more...)
Ryanair to cancel up to 30 Ireland - UK flights on Thursday
- July 11, 2018

Ryanair has confirmed that it is to cancel up to 30 flights to and from Ireland on Thursday. It said these were routes on which customers could transfer "readily" to other flights on the day of the strike. "These coordinated strike threats are created to cause unnecessary disruption to customers and damage Ryanair's low fare model, for the benefit of high fare competitor airlines in Ireland and Germany", it said. (more...)
China raises tariffs on optical fiber materials China raises tariffs on optical fiber materials
- July 11, 2018

Snopes, the fact checking website, pointed out that imposing tariffs would have a large impact on American consumers because 35% of all apparel imported in 2016 came from China. On Monday, China placed fees on a wide range of USA products, including scrap aluminum, sparkling wine and apples. The Peak Pegasus caused a stir on Chinese social media as it raced to reach China before the tariffs started on Friday and remained berthed at Dalian and fully laden as of Monday afternoon, according ... (more...)
Tayyip Erdogan inaugurates Turkey's powerful executive presidency Tayyip Erdogan inaugurates Turkey's powerful executive presidency
- July 10, 2018

Turkish President Tayyip Erdogan, accompanied by his wife Emine Erdogan, greets his supporters as he drives to the parliament to take the oath of office for a new presidential term. The president now sits at the top of a vertical power structure marked by a slimmed-down government with 16 ministries instead of 26 and multiple bodies reporting to him. (more...)
Woman on oxygen machine dies after power company cuts off electricity Woman on oxygen machine dies after power company cuts off electricity
- July 10, 2018

Daniels' home quickly became "brutally hot" and she rapidly used up her back-up tank of oxygen trying to breathe. Daniels' family, however, argues that they did register her medical equipment with the utility company. "As part of our policy, PSE&G had notified this customer numerous times that their account was in arrears and that they would be scheduled for a service termination unless the account was made current", said company spokesman Jim Namitoka. (more...)
Economy adds 31,800 jobs in June, unemployment rate rises to 6.0% Economy adds 31,800 jobs in June, unemployment rate rises to 6.0%
- July 10, 2018

But among all those aged 15 to 24, an increase of 27,000 job-seekers pushed the unemployment rate up 0.6 percentage points from May, to 11.7 per cent. The number, however, did come down from its nine-year high in May of 3.9 per cent. By sector, the numbers showed goods-producing industries added 46,600 positions in June thanks to job-creation boosts in construction, natural resources and manufacturing. (more...)
Theresa May handed 24 Brexit business questions that need answering NOW Theresa May handed 24 Brexit business questions that need answering NOW
- July 09, 2018

North Dorset MP Simon Hoare said "the hectoring nonsense" and "blackmail" had to stop and urged his party to wake up to the potential "calamity" of a Jeremy Corbyn-led government. Prime Minister May will try to clarify business concerns during Cabinet crunch talks on Brexit at her Chequers retreat on Friday. "Now, with the time running out ahead of the UK's exit from the European Union, business patience is reaching breaking point". (more...)
Iran says Trump 'destabilising' oil market Iran says Trump 'destabilising' oil market
- July 09, 2018

American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments. Brent crude futures were down 6c or 0.1% at $77.33 a barrel. He added that his refinery had cancelled USA crude imports and would switch to Middle East or West African supplies instead. The report said Hojjat al-Islam Mojtaba Zolnour, a hardline member of Iran's parliament, had made the allegation in an interview with a local newspaper. (more...)
Erdogan vows to advance Turkey under new governance system Erdogan vows to advance Turkey under new governance system
- July 09, 2018

Erdogan, who is scheduled to announce his new cabinet on Monday evening, said the new ministers would not be members of his Justice and Development Party (AK). Current Foreign Minister Mevlut Cavusoglu could, in theory, continue in his job but reports have said Erdogan may choose his spokesman, Ibrahim Kalin, or even spy chief Hakan Fidan to succeed him. (more...)
Timehop database hack sees 21 million users' data stolen Timehop database hack sees 21 million users' data stolen
- July 09, 2018

According to preliminary evidence from the investigation , the intrusion took place on December 19, 2017, when a hacker gained access to an admin account for Timehop's cloud infrastructure. Surprisingly, the account the attacker initially used to access the servers was not secured with two-factor authentication (i.e. when you need to authorize a login in a second way, typically with a code or app on your phone). (more...)
Boris Johnson quits to add to pressure on May over Brexit Boris Johnson quits to add to pressure on May over Brexit
- July 09, 2018

After many months of rumours that he would pull the plug, David Davis has actually quit as Brexit Secretary. "That's not a tenable position". After a visit to Downing Street on Sunday he concluded that he had no choice but to walk. He said his resignation was "not imminent" but refused to rule it out. Meanwhile, some Remain-supporting politicians said the resignation was evidence of the need for a second referendum. (more...)
Starbucks, citing ocean threat, is ditching plastic straws Starbucks, citing ocean threat, is ditching plastic straws
- July 09, 2018

The company's announcement comes a week after it's hometown, Seattle , banned single-use plastic straws and utensils at businesses that sell food or drinks in the city. In February, Dunkin' Donuts said that it would eliminate polystyrene foam cups from its stores by 2020. McDonald's said earlier this year that it would stop using plastic straws at all of its stores in the United Kingdom and Ireland. (more...)
Len McCluskey: Get a decent deal for jobs after Brexit Len McCluskey: Get a decent deal for jobs after Brexit
- July 09, 2018

He said the company plans to spend £80 billion ($106 billion) in the country over the next five years but cautioned that "this would be in jeopardy should we be faced with the wrong outcome". Auto manufacturers, which rely on complex worldwide supply chains, are anxious that Brexit will lead to new trade barriers and delays at the borders. (more...)
Seattle’s Ban On Plastic Straws And Utensils Now In Effect Seattle’s Ban On Plastic Straws And Utensils Now In Effect
- July 09, 2018

Plastic straws and utensils were originally exempt from the ban because of a lack of viable compostable alternatives . Since there are now "multiple manufacturers of approved compostable utensils and straws", those items' plastic counterparts will no longer get a pass, the city said in its notice . (more...)
USA tariffs take effect, China warns of 'counterattack' USA tariffs take effect, China warns of 'counterattack'
- July 09, 2018

The U.S.is effectively requiring Chinese leaders to abandon or scale back a high-tech push that they consider vital to their country's future. It accused the United States of "typical trade bullying". Trump's decision to trigger a trade war isn't confined to the tit-for-tat exchange with China. The increase in reserves came even as the Chinese currency's offshore value deteriorated by 3.3 per cent against the USA dollar in June, the biggest monthly decline since 1994 when China pegged the ... (more...)
China to stick on path of reform and opening up its markets China to stick on path of reform and opening up its markets
- July 09, 2018

Li, China's No 2 leader behind President Xi Jinping , spoke in Sofia , the Bulgarian capital, during a meeting with 16 countries from central and eastern Europe , amid escalating trade battles between the USA and China. Mindful of the need to keep relations with the EU on an even keel as his trade battles with U.S. President Donald Trump intensify, Li has been careful to stress China's support for European integration and rules in trade and procurement. (more...)
Markets Right Now: Markets snap higher despite trade tiff Markets Right Now: Markets snap higher despite trade tiff
- July 09, 2018

The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict. (more...)
ZTE appoints Xu Ziyang as its CEO, names CTO and CFO ZTE appoints Xu Ziyang as its CEO, names CTO and CFO
- July 09, 2018

In April, President Trump announced a ban on ZTE buying components from United States companies, for allegedly reneging on some conditions of a previous settlement related to illegal sales to Iran and North Korea. The ban came as a punishment after ZTE in 2017 failed to fire employees who illegally shipped USA equipment to Iran and North Korea. Some employees Reuters spoke to have expressed concerns about whether a new board and management could settle in smoothly to successfully ... (more...)
All ministers have to sell her Brexit plan All ministers have to sell her Brexit plan
- July 09, 2018

Gove's decision to back the prime minister was understood to have played a key role in persuading his fellow cabinet Brexiters to agree to the plan, which includes a new customs proposal and a free trade area for goods, although he said the government must also do more to prepare for a "no-deal" Brexit . (more...)
Clues to Identify Price Direction: BHP Billiton plc (BBL) Clues to Identify Price Direction: BHP Billiton plc (BBL)
- July 09, 2018

Oppenheimer Asset Management Inc. now owns 21,143 shares of the mining company's stock worth $840,000 after purchasing an additional 2,492 shares during the period. The true range indicator is the greatest of the following: current high less the current low, the absolute value of the current high less the previous close and the absolute value of the current low less the previous close. (more...)

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