Money

Qatar to leave OPEC group in January 2019

Qatar to leave OPEC group in January 2019 Kaabi said that OPEC, which Qatar joined in 1961, was told of the decision on Monday ahead of the announcement. Qatari is one of the cartel's smallest oil producers, but is the world's largest exporter of liquefied natural gas . Mr Al Kaabi said Qatar's decision to withdraw from Opec is not related to the boycott, referring to actions by Saudi Arabia, Bahrain and the UAE to cut relations wi... [Full Article...]

Fed's gradual rate hikes balance against risks: Powell

Fed's gradual rate hikes balance against risks: Powell But signs of a slowdown overseas and almost two months of market volatility - including another sharp selloff last week - have clouded an otherwise mostly rosy USA picture in which the economy is growing well above potential and unemployment is the lowest since the 1960s. [Full Article...]

Trump quarrels infuse tense G20 summit

If that was created to soothe Trump, Xi more generally urged his fellow G20 leaders "to stick to openness" and to "steer (the) world economy responsibly", Xinhua reported. A White House official said that Trump sees a "good possibility" for a deal to defuse the trade frictions, as Washington demands greater market access and protections for intellectual property by Beijing. [Full Article...]

United States stocks turn higher on Fed minutes; dollar recovers slightly

United States stocks turn higher on Fed minutes; dollar recovers slightly Federal Reserve Chairman Jerome Powell ignited a market rally Wednesday by saying interest rates are "just below" broad estimates of a level considered neutral, a setting created to neither speed nor slow economic growth. However, being just below neutral doesn't necessarily mean that the Fed is nearing its limit in terms of hiking rates as the range for neutrality can vary. [Full Article...]

Petrol prices in India slide further as crude gets into $50 range

Petrol prices in India slide further as crude gets into $50 range NY oil sank to under $50 on Thursday owing to doubts over an Organisation of Petroleum Exporting Countries ( OPEC ) output cut, while most stocks rose as the Federal Reserve hinted at a softer pace of interest rate hikes. However, the Saudi Arabian minister was less confident than previously, and he did not specify an actual cut in oil production. Putin has reflected his comfort at oil prices hove... [Full Article...]

Trump, Nieto, and Trudeau Sign US-Canada-Mexico Trade Deal Replacing NAFTA

Trump, Nieto, and Trudeau Sign US-Canada-Mexico Trade Deal Replacing NAFTA He described General Motors' plant closures that had hit thousands of United States and Canadian families as a "heavy blow" . "Donald, it's all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our two countries", Trudeau said . [Full Article...]

Fed Chief's Remarks On Economy And Interest Rates Cheer Investors

Fed Chief's Remarks On Economy And Interest Rates Cheer Investors The Fed's current pattern of raising rates gradually - roughly once a quarter over the past two years - is an effort to balance two risks. He subsequently put pressure on Burns to keep interest rates down in the hope that unemployment would remain low in the run-up to the 1972 presidential election. [Full Article...]

Ohio Sen. Brown: Trump Supports American Cars Act

Ohio Sen. Brown: Trump Supports American Cars Act Trump claimed on Twitter that "many more cars would be built" in the United States if higher duties were introduced and that "GM would not be closing their plants". "The reality is GM is on the cusp of complete disinvestment in Canada, and that will lead to a catastrophic end to Canada's most lucrative export industry". [Full Article...]

Saudi prince in Argentina as G20 summit tensions brew

Saudi prince in Argentina as G20 summit tensions brew Those discussions, according to people familiar with them, have centered on the possibility of a truce in which the USA would delay ramping up tariffs on China in exchange for Chinese concessions. A Honda executive at the September hearing testified tariffs are hurting the entire auto supply chain, calling the business environment in the USA "unsettling". [Full Article...]

US Army awards Microsoft $480m contract for special HoloLens headsets

US Army awards Microsoft $480m contract for special HoloLens headsets Citing a presentation for the European patent office, Bloomberg reports that Microsoft had sold about 50,000 total HoloLens devices as of this spring. Making the leap to combat is no small task, obviously. The technology industry's cooperation with the USA military and law enforcement has become increasingly tense over the a year ago, with employees at companies like Alphabet Inc.'s Google a... [Full Article...]

Panama Papers Probe: Deutsche Bank Headquarters raided

Panama Papers Probe: Deutsche Bank Headquarters raided Some 170 police officers and investigators from the prosecutor's office were searching for six of the bank's premises in and around the city. The timing of the raid inflicts more pain on Deutsche Bank after a series of setbacks and repeated failures in keeping misconduct in check have pushed the shares to all-time lows. [Full Article...]

Oil prices steady near year lows ahead of G20 and OPEC

Oil prices steady near year lows ahead of G20 and OPEC US light crude CLc1 was 75 cents lower at $50.88. This year also marked the highest gasoline price for the Monday before the Thanksgiving holiday weekend since 2014. Russia , Saudi Arabia and United States together added over two million bpd in the last six month, due to which supply has surpassed demand. This Saudi announcement helped prices ease from peaks in early October. [Full Article...]

GM decision to close Canadian plant causes strong reactions

GM decision to close Canadian plant causes strong reactions The automaker said it would shift resources to investing in electric and autonomous vehicles. GM also said it will reduce salaried and salaried contract staff by 15 per cent, which includes 25 per cent fewer executives. Production at the plant in Oshawa, Ontario fell to about 148,000 vehicles previous year from a peak of 940,000 in 2003, a drop of about 85 per cent, according to Dennis DesRosier... [Full Article...]

Wall Street rallies as Fed sees interest rate 'just below' neutral

Wall Street rallies as Fed sees interest rate 'just below' neutral Trump argued that the Fed's policies were damaging the economy and pointed to the recent stock market declines and General Motors' announcement Monday that it would cut up to 14,000 workers in North America and put five plants up for possible closure. [Full Article...]

Trump faces China trade showdown, Russia, Saudi tensions at G20

Trump faces China trade showdown, Russia, Saudi tensions at G20 Washington is however open to reaching a deal with Beijing, with White House economic adviser Larry Kudlow saying the US President is expecting this to take place over a dinner on Saturday. "I mean, I can make it 10 per cent, and people could stand that very easily". "What I'd advise is for them to build factories in the United States and to make the product here", Trump said "And they have a l... [Full Article...]

11000 pubs in Britain disappear in a decade

11000 pubs in Britain disappear in a decade The figures show that the number of small pubs - those that employ up to nine people - has decreased by 40% between 2001 and 2018 from 38,830 to 22,840, while the number of medium and large pubs (those employing more than nine people) has increased by 17% from 13,670 to 15,975. [Full Article...]

Microsoft briefly beat Apple to become world's most valuable tech stock

Microsoft briefly beat Apple to become world's most valuable tech stock The slump ultimately took the company's market cap below that of Microsoft's on Monday, the first time in more than eight years that Microsoft was worth more by this metric. Instead, it's likely that Apple's recent struggles with low demand for its latest iPhones are what caused the company's stock - and thus, its market cap - to slide. [Full Article...]

General Motors News From Ohio, Michigan Could Hurt Trump 2020 Bid

General Motors News From Ohio, Michigan Could Hurt Trump 2020 Bid In a statement , Holden said: "While the vast majority of steps announced overnight apply directly to North American operations, GM Holden continues to support GM's global business objective by implementing its strategy to operate a lean national sales company focused on strengthening the Holden brand and growing sales". [Full Article...]

Trump issues $267bn tariff threat to China ahead of trade talks

Trump issues $267bn tariff threat to China ahead of trade talks The UBS analyst Timothy Arcuri said those threats could simply be a "negotiating tactic" ahead of the G20 summit, when Trump is expected to meet with Chinese President Xi Jinping . Apple Inc fell 1.6% and led the declines in the technology sector after Trump said tariffs could also be placed on laptops and iPhones imported from China. [Full Article...]

Trump says 'not happy' about GM job cuts

Trump says 'not happy' about GM job cuts The announcement is the biggest restructuring in North America for GM since its bankruptcy a decade ago. GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading. Barra said GM is still hiring people with expertise in software and electric and autonomous vehicles, and many of those who will lose their jobs are now working on conventional cars with inte... [Full Article...]


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