Business

Oil edges lower as Cushing build adds to demand fears

Oil edges lower as Cushing build adds to demand fears The two countries buy a combined 12 per cent of the world's oil , and their growth has helped drive the recovery in oil prices since 2016. Oil prices fell on Monday after data suggested inventories at the USA crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand. [Full Article...]

Turks Break iPhones into Pieces in Response to Erdogan’s Call

Turks Break iPhones into Pieces in Response to Erdogan’s Call President Trump and the US Vice President Mike Pence have sanctioned two Turkish ministers and repeatedly called for the release of the pastor , who was recently moved to house arrest after 21 months in prison. Turkish Airlines also announced on Twitter that it would join a campaign circulating on social media with a hashtag #ABDyeReklamVerme [don't give ads to America]. [Full Article...]

Rupee hits lifetime low of 70 per dollar

Rupee hits lifetime low of 70 per dollar The Turkish currency crisis has strained emerging market currencies such as India. Traders are now anxious over the Turkish crisis spreading its impact over the world economy. According to reports, heavy sell-off in global currencies, including Turkish lira , fueled demand for safe-haven assets and caused the rupee to nosedive. [Full Article...]

Wall St. gains as earnings beat; Turkish lira rebounds

Wall St. gains as earnings beat; Turkish lira rebounds Erdogan is due to visit Germany next month. While Asian emerging markets are relatively isolated from what's happening in Turkey , foreign investors that have bond exposure to the country may have also cut holdings in other developing nations to offset losses or hedge their position, said Maximillian Lin, an emerging-market Asia strategist at NatWest Markets in Singapore. [Full Article...]

Elon Musk names Saudi wealth fund as Tesla's funding source

Elon Musk names Saudi wealth fund as Tesla's funding source He said the Saudi fund approached him multiple times about going private starting nearly two years ago and that he left a July. Musk in his blog elucidated his reasons of making a public announcement. CEO Elon Musk's audacious plan to take the carmaker private is distracting dealmakers from a normally quiet August spent in the Hamptons or Southern France. [Full Article...]

Why Turkey’s currency is plunging and what it means

Why Turkey’s currency is plunging and what it means Turkey answered the March tariff announcement by placing its own tariffs on $267 million of USA goods. The lira's plunge has featured remarkably little on Turkish television channels and newspapers - most of which after recent ownership changes are loyal to the government - with media focusing instead on recent flooding by the Black Sea. [Full Article...]

Oil rallies as Iran sanctions kick in

Oil rallies as Iran sanctions kick in Crude production declined 100,000 barrels per day to 10.8 million bpd in the week, according to the report. Markets remained supported by the introduction on Tuesday of new United States sanctions against Iran, which initially target Iran's purchases of dollars - in which oil is traded - as well as metals trading, coal, industrial software and its automotive sector. [Full Article...]

Here's what taking Tesla private means for the company and Elon Musk

Here's what taking Tesla private means for the company and Elon Musk Securities and Exchange Commission. That said , if they do want out, they can sell their shares at $420 per share, which is a fair bit higher than Tesla's current stock price ($382.67 at the time of writing, up from today's open price of $343.84). [Full Article...]

Trump, China trade war, tariffs

Trump, China trade war, tariffs Already, the trade war has begun to take a toll: For instance, China has lost its status as the world's second-largest stock market, falling behind Japan, The Financial Times reported on Friday. Taking into full consideration the interests of its people and companies, as well as the global value chain, the Chinese government made the decision to impose differentiated tariff rates targeting $60... [Full Article...]

Conor is back: UFC says McGregor will fight Oct. 6 in Vegas

Conor is back: UFC says McGregor will fight Oct. 6 in Vegas The last time McGregor was in the Octagon, he scored a 2nd round knockout over lightweight champion Eddie Alvarez to become the first fighter to hold two world titles simultaneously. The pair will fight for the lightweight title, with McGregor putting his 21-3 record up against Nurmagomedov's superior mark of 26-0. He is a formidable challenger for McGregor in a return from a 23-month break from... [Full Article...]

Oil dented by rising tide of supply

Oil dented by rising tide of supply An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. USA crude oil refinery inputs averaged 17.48 million barrels per day during last week, which was 195,000 barrels per day higher than the previous week's average. [Full Article...]

China stands its ground after Trump amps up tariff threats

China stands its ground after Trump amps up tariff threats Trump has complained repeatedly about the gap between the amount of goods US companies buy from China and the amount of goods that USA companies export to China. "Unilateral threats and pressure will only be counter productive". In July, the U.S. published a list of $200bn worth of additional products to be hit with tariffs of 10% - a figure the USA is now considering raising to 25%. [Full Article...]

Ohioans get 3-day break from state sales tax for some items

Ohioans get 3-day break from state sales tax for some items When they eliminated the holiday , N.C. lawmakers said the state had lost more than $13 million in revenue from the tax-free weekend in 2013, the a year ago it was conducted. As South Carolina prepares for its annual Sales Tax Holiday Weekend, North Carolina goes on its fifth year without the back-to-school shopping option. [Full Article...]

Chipotle slumps 9 percent after OH outlet linked to food poisoning complaints

Chipotle slumps 9 percent after OH outlet linked to food poisoning complaints The company said it was working with local health officials. Patrick Quade, the founder of iwaspoisoned.com, told Business Insider that the number of reports had grown to 105, or 170 people sick, by Tuesday morning. "They are under a microscope, and any blip that arises is important for the business on a scale different than others", Chapman added, noting, for perspective, that there are an es... [Full Article...]

Trump says willing to meet Iran leaders without preconditions

Trump says willing to meet Iran leaders without preconditions 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. [Full Article...]

Apple Becomes First U.S. Company to be Worth $1 Trillion

Apple Becomes First U.S. Company to be Worth $1 Trillion In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported. 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 su... [Full Article...]

Tesla's biggest net loss helps meet production target

Tesla's biggest net loss helps meet production target Tesla said it would produce its new Model 3 sedan at a profit after several recent weeks in which output stabilized, buoying hopes that the electric vehicle maker led by Elon Musk will stanch its financial losses in the second half of the year. [Full Article...]

Trump tells European Union leaders he wants a ‘fair trade deal’

Trump tells European Union leaders he wants a ‘fair trade deal’ But Juncker said they had agreed not to impose any new tariffs while talks were taking place. He told reporters he entered Wednesday's meeting with the intention of reaching an agreement with Trump. "We have identified a number of areas on which to work together, work towards zero tariffs on industrial goods". "It is not the European Commission that buys, but the industry, and traders who look f... [Full Article...]

Facebook fallout shatters myth of big tech's everlasting upward trajectory

Facebook fallout shatters myth of big tech's everlasting upward trajectory But the Silicon Valley company's streak ended Wednesday when it said that the accumulation of issues was starting to hurt its multibillion-dollar business and that the costs are set to continue playing out for months. And it seemed Facebook would shrug off the recent rash of scandals , too - Russian election interference, the mishandling of as many as 87 million people's personal information by... [Full Article...]

Trump calls Republicans 'weak' for not marching in lockstep on trade

Trump calls Republicans 'weak' for not marching in lockstep on trade Juncker said the European Union already imports 35 percent of its natural gas from U.S. producers, but will work to buy more . The sides will "hold off" on other tariffs while negotiations proceed, Juncker said, amid Trump's threat of new tariffs on cars and auto parts from the EU . [Full Article...]


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