Business


OPEC agrees modest hike in oil supply after Saudi and Iran compromise OPEC agrees modest hike in oil supply after Saudi and Iran compromise
- June 23, 2018

OPEC's agreement with Russian Federation and other producers to limit oil output has helped to clear a global supply overhang that weighed on prices for years. "Oil is the bigger story today with the OPEC news", he said. Oil markets weren't calmed by the agreement announced Friday by the Organization of the Petroleum Exporting Countries after a contentious week of meetings. (more...)
MSCI adds Saudi Arabia Argentina to emerging markets index MSCI adds Saudi Arabia Argentina to emerging markets index
- June 23, 2018

That decision made Saudia Arabia one of the largest constituent countries in FTSE Russell's global coverage. " International investors were impressed by the speed of change in the accessibility of the Saudi Arabian equity market and the level of commitment that the Capital Market Authority (CMA) and the Saudi Stock Exchange have demonstrated". (more...)
Kentucky lawmaker: Supreme Court internet sales tax ruling has bipartisan support
- June 23, 2018

South Dakota's case was supported by 35 states and the federal government and saw the Supreme Court undo a 1992 ruling in which it had held that the mail-order company Quill did not have to collect sales taxes in North Dakota. That led Amazon .com to start collecting taxes on its entire platform, including third-party merchants, in Washington starting in January. National retailers such as Apple, Target and Walmart are already collecting online sales taxes. (more...)
What to Expect From the OPEC Meeting
- June 22, 2018

The U.S. has reimposed sanctions, but it doesn't want its consumers to pay the price for that at the pump. OPEC moved closer on Friday towards boosting oil output as its leader Saudi Arabia appeared to have persuaded archrival Iran to co-operate, after major consumers warned of a supply shortage. (more...)
Simply Put: How India, US duties trade off Simply Put: How India, US duties trade off
- June 22, 2018

The U.S. Commerce Department on Wednesday announced a preliminary finding that imports of large-diameter welded pipe from China, India, South Korea and Turkey were subsidised by those countries, and said it was imposing preliminary duties that could top 500 percent. (more...)
European Union tariffs on USA goods come into force European Union tariffs on USA goods come into force
- June 22, 2018

The tariffs would come into force on August 4. The goods targeted include typical American exports like bourbon, peanut butter, cranberries and orange juice, in a way that seems designed to create the most political pressure on President Trump and USA politicians. (more...)
European Union to impose duties on US imports Friday after Trump tariffs European Union to impose duties on US imports Friday after Trump tariffs
- June 22, 2018

Juncker said yesterday that the USA decision to impose tariffs "goes against all logic and history". Mexico imposed tariffs on American products ranging from steel to pork and bourbon two weeks ago. "Like all sectors, we must diversify". However, China accused the United States of an act of "extreme pressure and blackmail" and said it would respond with "strong countermeasures". (more...)
Oil falls as Opec nears deal to raise production
- June 22, 2018

Oil traded as low as $27 in 2016. Saudi minister said there is broad support for the proposal to raise crude output by one million barrels a day, according to the Wall Street Journal, however, Iran is reportedly playing a hardball. As of Thursday afternoon, the two sides had not agreed on the size of any increase, said one delegate. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela. (more...)
China calls Trump's new tariff threats China calls Trump's new tariff threats "blackmail"
- June 21, 2018

The rhetoric weighed on Chinese stocks on Tuesday, with the Shanghai Composite Index plunging to a two-year low and the yuan coming under pressure. China's Commerce Ministry has already responded, saying they will adopt counter measures. CURRENCIES: The dollar inched down to 110.47 yen from 110.62 in late trading Friday. Steel companies also took sharp losses. US long-dated Treasury yields were volatile after a hectic week when the Federal Reserve struck an upbeat tone on the USA economy. (more...)
Germany to refuse migrants from July if no European deal found: minister Germany to refuse migrants from July if no European deal found: minister
- June 21, 2018

Merkel's own position as chancellor appeared to be threatened after her hardline interior minister and conservative ally, Horst Seehofer, called for Germany to start refusing some refugees at the German border. Soeder and the CSU's ambitious top lawmaker in Berlin , Alexander Dobrindt, have sounded even tougher than Seehofer lately in demanding immediate action on immigration . (more...)
Prices Dip Slightly on Reports Iran May Agree to Small Production Hike Prices Dip Slightly on Reports Iran May Agree to Small Production Hike
- June 21, 2018

Saudi Arabia is struggling to convince fellow Opec members including Gulf allies on the need to raise oil output, sources familiar with the talks said on Wednesday, adding to complications ahead of an Opec meeting this week. "Globally, crude prices have gone beyond the threshold, which can be sustained by the world, particularly countries like India, which is a key driver of world economy", Mr. (more...)
Audi chairman arrested over dieselgate investigation Audi chairman arrested over dieselgate investigation
- June 21, 2018

The executive was arrested at his home in Ingolstadt in the early hours on Monday, they said . The arrest has been confirmed for media by both Audi and VW, who stress there is still a presumption of innocence with regard to Stadler. Volkswagen deployed this programming software in about eleven million cars worldwide, and 500,000 in the United States, in model years 2009 through 2015. (more...)
EU to impose duties on US imports after Trump tariffs
- June 21, 2018

This report comes after the European Commission announced it approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion). The European Union has announced a new range of retaliatory tariffs against the United States, in response to the us revoking the EU's exemption from steel and aluminum tariffs. (more...)
Burger King says sorry for Russian World Cup pregnancy ad Burger King says sorry for Russian World Cup pregnancy ad
- June 21, 2018

The burger chain's Russian branch offered the women a lifetime supply of Whoppers and 3 million roubles ($64,000). The posts were eventually removed on Tuesday, after it was condemned as sexist and demeaning by social media users. A representative for Burger King did not specify whether its promotion came in response to Pletnyova's statements, or if the company meant to follow through on the ad's promises. (more...)
After 100+ flights canceled at NC airport, inbound flights held Sunday After 100+ flights canceled at NC airport, inbound flights held Sunday
- June 20, 2018

PSA Airlines, a regional carrier for American, had already canceled 275 of its scheduled flights on Thursday and 400 more on Friday. Flight officials said the airline is experiencing a " technical issue " which primarily impacts flights to Charlotte. (more...)
Arvind Subramanian's Resignation No Surprise: Congress
- June 20, 2018

He informed me that he would like to go back to the USA on account of pressing family commitments. CNN-News18 (formerly known as CNN-IBN) has been the world's window to India and India's window to the world. He also conducted the first online course on Indian economy for the benefits of students and teachers across the country. Subramanian's departure comes at a time when the government is grappling with economic woes stemming from a soaring oil import bill, state banks saddled with a ... (more...)
Amazon puts Alexa in hotels, ties up with Marriott Amazon puts Alexa in hotels, ties up with Marriott
- June 20, 2018

In an equipped room, guests can ask Alexa for hotel information, play music, request housekeeping or order room service without ever having to pick up the phone. Alexa for Hospitality also works with popular guest room entertainment providers including World Cinema and GuestTek for voice control of TV experiences, and in-room control of connected devices using Crestron and Inncom by Honeywell. (more...)
Starbucks Announces Major Store Closings Coming in 2019 Starbucks Announces Major Store Closings Coming in 2019
- June 20, 2018

The Seattle-based company said it would close underperforming stores in "densely penetrated markets" and slow its rate of store growth. Meanwhile, sales are expected to grow just 1 percent in the next quarter. It also said that it would return about $25 billion in cash to shareholders through buyback programs as well as dividend offerings - which was about a $10 billion increase from the previously announced target. (more...)
Disney Ups Its Bid For Fox To $71.3 Billion Disney Ups Its Bid For Fox To $71.3 Billion
- June 20, 2018

Disney and Comcast are fighting over the assets as they scramble to build scale to compete with fast-growing digital giants like Netflix Inc. and Amazon Inc. Fox and Disney shareholders had been scheduled to vote on Disney's original bid July 10, but that meeting has been postponed. Although there's been talking that the "most sensible outcome" would be for Disney and Comcast to "split the baby", the former may forego said option, opting to add cash to their initial all-stock offer instead, ... (more...)
Trump Asks For $200 Billion More In Tariffs To Impose On China
- June 20, 2018

The escalating tit-for-tat trade tensions between the world's two biggest economies comes after Trump, last Friday, put tariffs on $ 50 billion worth of Chinese goods, warning that if China retaliated, so would the U.S. Treasury Secretary Lawrence Summers said in an interview on Bloomberg Television. This possible trade war now is threading to create more pressure on the Chinese economy. (more...)
Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen
- June 20, 2018

Major cryptocurrencies such as Bitcoin , Ethereum, Ripple, and Bitcoin Cash, which successfully picked up some momentum throughout June 17 to 19, ended their corrective rallies and have fallen by around 1 percent over the past few hours. In this case, Bithumb is big enough to cover the losses, but it isn't always that way and securely holding tokens avoids potential for trouble. The Bithumb theft again highlighted the security risks and the weak regulation of global cryptocurrency markets. (more...)
Australia's Telstra to slash 8,000 jobs in cost-cutting drive
- June 20, 2018

Telstra plans a further A$1bn of cost cuts, bringing the total to $2.5bn by 2022. "In the future our workforce will be smaller, knowledge-based one with a structure and way of working that is agile enough to deal with rapid change", Mr Penn said. (more...)
Rs 12 lakh worth of notes destroyed by rats Rs 12 lakh worth of notes destroyed by rats
- June 20, 2018

To their astonishment, repairmen entered the cubicle only to find the piles of shredded heaps of Rs 500 and Rs 1000 notes last week. The shocking stash was discovered by technicians who had been asked by the bank to fix the ATM on June 11. (more...)
Microsoft urges Trump administration to change its policy separating families at border Microsoft urges Trump administration to change its policy separating families at border
- June 20, 2018

Without clarifying the exact details of the work Microsoft is doing for ICE, and what manner of computation the company's Azure cloud computing platform is providing for the government agency, Microsoft did clarify that it was not working "on any projects related to separating children from their families at the border", and that it was "not aware of Azure or Azure services being used for this objective". (more...)
Germany: Interior minister gives Merkel ultimatum on migrants Germany: Interior minister gives Merkel ultimatum on migrants
- June 20, 2018

Italy and France have also become involved in the migrant debate , with Italy's interior minister Matteo Salvini, who is the deputy Prime Minister of the country, refusing to accept new refugee boats and calling for asylum seekers to be equally distributed across the European Union , rather than being hosted by the first country they land in. (more...)
Trump's latest swipe at Canada? Smuggling US shoes Trump's latest swipe at Canada? Smuggling US shoes
- June 20, 2018

Trump claimed that because of Canada's high tariffs, Canadians were coming into the USA and "smuggling things back" to avoid the duties. Trump reminded them of his campaign promise to renegotiate NAFTA or terminate it, noting that he was willing to negotiate trade deals with Canada and Mexico separately. (more...)
Disney will reportedly increase its offer for Fox after Comcast bid
- June 20, 2018

Disney committed to funding Sky News to the tune of at least £100m a year, for the next 15 years, as well as agreeing to protect its operating costs in real terms. The takeover has been held up by a series of regulatory investigations, first by Ofcom, the telecoms and media regulator, and then by the Competition & Markets Authority. (more...)
Paper straw factory to open in Britain as restaurants ditch plastic Paper straw factory to open in Britain as restaurants ditch plastic
- June 20, 2018

Plastic straws have come under fire from environmental activists due to their single-use nature and the fact that they don't easily biodegrade. "In addition to testing alternative materials, in several markets including Malaysia, we will begin tests to offer straws upon request only", the company said in a statement. (more...)
China warns of retaliation after Trump’s threats of fresh tariffs China warns of retaliation after Trump’s threats of fresh tariffs
- June 19, 2018

The US president said in a White House statement on Monday evening that he had instructed the US Trade Representative's office to identify $200 billion in imports from the Asian nation for additional tariffs of 10 percent. USA stocks may be getting slammed by the latest trade tensions, but equities in China are faring far worse. It also said it was scrapping deals made with Washington to narrow China's politically volatile trade surplus with the United States by purchasing more ... (more...)
Dunkin' Donuts sign asks customers to report employees who don't speak English Dunkin' Donuts sign asks customers to report employees who don't speak English
- June 19, 2018

Gillian Morley, a news producer at WBAL-TV in Baltimore, an NBC News affiliate, was among the first to spot the sign and tweeted a photo of it. A Dunkin' Donuts store in Baltimore is under fire after it offered customers a reward for reporting employees who weren't speaking in English . (more...)

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