Business


Saudi-Russian Oil Cooperation to Stabilize Market Saudi-Russian Oil Cooperation to Stabilize Market
- June 30, 2018

Now the strategy has shifted. The United States, China and India had urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth. President Donald Trump has repeatedly criticized OPEC for limiting oil production. At a meeting with the Russian President Vladimir Putin last week, Dmitriev said that Saudi Arabia agreed to invest $10 billion in Russia, of which $2 billion had already been spent. (more...)
Farting Unicorn Artist Says Elon Musk Stinks Farting Unicorn Artist Says Elon Musk Stinks
- June 30, 2018

He consulted three lawyers, all of whom said Musk's actions were a breach of copyright since he clearly saw Edwards' artwork before using the design in Teslas . Edwards then hired an attorney who wrote to Musk, "please don't take this as a shakedown, what we are seeking instead is a discussion, and a mutual decision in a way to value the past and continuing use of the image, in a way that both sides can feel good about". (more...)
Canada announces billions in retaliatory tariffs against US Canada announces billions in retaliatory tariffs against US
- June 30, 2018

Woodbridge says he is being flooded with calls from local grocery stores and restaurants, trying to lock in supplies because the cost of USA pickled products is due to go up when Canada imposes its almost $13 billion of retaliatory tariffs on US products. (more...)
Trump claims Saudi Arabia will boost oil production
- June 30, 2018

The world's top oil exporter plans to pump as much as 11 million barrels of oil per day (bpd) in July, after OPEC agreed with Russian Federation and other oil producers to raise output by about 1 million bpd. "It is becoming increasingly clear that Saudi Arabia and Russian Federation will struggle to compensate for potential losses in oil production from the likes of Venezuela, Iran and Libya", said Abhishek Kumar, analyst at Interfax Energy in London. (more...)
GM warns against potential vehicle tariffs
- June 30, 2018

Their statement came in response to Trump's request to the Commerce Department to conduct an investigation and determine whether imports of vehicles are a threat to national security. Friday is the deadline for public comments on Trump's call for a Commerce investigation into whether auto imports pose enough of a threat to US national security to justify tariffs, according to the Associated Press. (more...)
700 empty Toys ‘R’ Us stores. Who’s going to fill them? 700 empty Toys ‘R’ Us stores. Who’s going to fill them?
- June 30, 2018

She's also posted several other photos of the empty store , including one that shows a sign with a cartoon version of Geoffrey painting the words: 'I guess everyone has grown up. "I was surrounded by children". At least Geoffrey has some career options in case he wants to become a Superstar. Geoffrey the Giraffe is famously in between jobs. (more...)
Dollar rebounds from early lows as trade tensions rise Dollar rebounds from early lows as trade tensions rise
- June 30, 2018

The benchmark Shanghai Composite Index closed off 0.97% at 2,789.98 points, extending its slide since January 29 to 22.3%. Germany's DAX was down 1.2 percent to 12,206 and France's CAC 40 shed 0.6 percent to 5,293. He urged Congress to strengthen existing laws that apply to all foreign countries instead. "A lot of the large bets in currency markets such as long euros or short Swiss francs have been broadly unwound and we are in a very headline driven environment", said Paul Bednarczyk, ... (more...)
Rahul targets PM Modi over rise in Indian money in Swiss banks Rahul targets PM Modi over rise in Indian money in Swiss banks
- June 29, 2018

The finance minister claimed that the "experience of the Panama Papers", and "investigation by the Central Board of Direct Taxes" show that money deposited in Swiss banks by "Indians" is of three types - funds parked by persons of Indian origin who now carry foreign passports, those deposited by Non-Resident Indians and funds parked by Indian residents. (more...)
Looming beer shortage risks leaving England's World Cup fans gasping Looming beer shortage risks leaving England's World Cup fans gasping
- June 29, 2018

The problems are the result of a number of plants that produce fertiliser (CO2 is a by-product ammonia production and used to make beer) closing for the summer to undergo maintenance. Nick Allen, head of the British Meat Processors Association, said many major suppliers "will have to make very serious decisions about their levels of production" and the shortage could affect the price of meat. (more...)
Amazon Wants You to Start a Business As a Package Delivery Driver Amazon Wants You to Start a Business As a Package Delivery Driver
- June 29, 2018

It announced the new program on Wednesday at a press event in Seattle. Amazon .com's ( AMZN ) ever-expanding retail empire is going to need more workers and vehicles to get millions of packages to shoppers' doors. The company has been building up its own fleet of 7,000 of trucks and 40 airplanes to cover the "middle mile" of delivery. One man who was part of Amazon's test of the program told reporters that the number of packages Amazon needs to be delivered keeps his business busy. (more...)
EU's Katainen: Forced tech transfers still practiced in China EU's Katainen: Forced tech transfers still practiced in China
- June 29, 2018

China announced its intention to retaliate by imposing $50 billion in tariffs on American exports . Many investors have already started. Trump on Tuesday once again hit out at countries that had placed tariffs on USA goods, and threatened to impose even more tariffs. (more...)
Indian Rupee Hits Record Low Against Dollar Indian Rupee Hits Record Low Against Dollar
- June 29, 2018

Meanwhile, higher gas prices hit Indian consumers at the pump. Higher crude oil prices and a declining rupee are a double whammy for India, forex dealers said . India's current account deficit (CAD) has already widened 42 per cent year-on-year to $160 billion in FY18, and a high deficit means the country has to sell rupees and buy dollars to pay its bills. (more...)
Identity theft warning after major data breach at Ticketmaster Identity theft warning after major data breach at Ticketmaster
- June 29, 2018

Inbenta was disabled from all Ticketmaster websites after the discovery. Information which may have been compromised: name, address, email address, telephone number, payment details and Ticketmaster login details. "Ticketmaster understands the importance of your personal information". Thousands of Ticketmaster customers across Australia and New Zealand could have had their credit card details stolen. (more...)
EU to respond to any US auto tariff move EU to respond to any US auto tariff move
- June 29, 2018

Shares in BMW, Daimler, Porsche and Volkswagen each dropped more than 1%, before regaining ground. In response to the tariffs being imposed against the foreign lands by the US; Mexico, European Union, China, India, and Canada are about to reciprocate in a similar manner. (more...)
Instagram Starts Testing Lightweight Instagram Lite App in Mexico Instagram Starts Testing Lightweight Instagram Lite App in Mexico
- June 29, 2018

The app has quietly surfaced on the Google Play Store (h/t: r/Android ), delivering most of the features seen in the main Instagram app. " Instagram Lite " for Android appeared today in the Google Play App Store without any announcement from the company. (more...)
BMW executive says would shut United Kingdom plants if Brexit hits supply chain BMW executive says would shut United Kingdom plants if Brexit hits supply chain
- June 28, 2018

Coupled to a rapidly developing trade war between the U.S. and Europe , the industry body believes there could be tough times ahead for the automotive sector and it has urged the government to accelerate progress, especially in respect of Customs Union membership. (more...)
If you make less than $117,400, you're 'low income' - in San Francisco If you make less than $117,400, you're 'low income' - in San Francisco
- June 28, 2018

For a household of four people living in the counties of San Francisco , San Mateo, or Marin, the department's recently released definition of low income limits is now set at $117,400-the highest in the nation. "That kind of shocks you". The Bay Area has led the country in housing prices while simultaneously experiencing a dramatic shortage of affordable housing. (more...)
Conagra creates frozen food giant with US$8.1B deal for Pinnacle Conagra creates frozen food giant with US$8.1B deal for Pinnacle
- June 28, 2018

Conagra Brands Inc. plans to boost its roster of household names in grocery with a $10.9 billion deal to acquire Pinnacle Foods Inc. Also on Wednesday, the company reported mixed quarterly results, with better-than-expected sales but lower earnings than analysts had expected. (more...)
How major U.S. stock indexes fared Monday How major U.S. stock indexes fared Monday
- June 28, 2018

Wall Street's main indexes dropped on Monday as a move to check Chinese investments in US technology firms further raised tensions between the United States and its trading partners. A 25 percent tariff will be imposed by the US on billions of dollars of Chinese products. In less than two weeks, tariffs imposed by the USA and China on each other will also kick in. (more...)
Erdogan wins re-election in Turkish polls Photogallery Erdogan wins re-election in Turkish polls Photogallery
- June 28, 2018

Erdogan has said he will soon lift the emergency. The latest win maintains the status quo, but that isn't necessarily a good thing for Turkey's economic situation. However, a struggling economy - the Turkish lira has shed 20% in the past year - could make Erdogan careful about antagonising the West. The hero of the series, Ertugrul Bey, father of the founder Osman Bey, often clashes and wins against Byzantine and Crusader forces who are determined to pillage Muslim land and kill ... (more...)
China should take 'self-defence measures' in trade war China should take 'self-defence measures' in trade war
- June 28, 2018

Interested in Donald Trump? Congress is already working on a bill called FIRRMA , which would strengthen the Committee on Foreign Investment in the United States . Instead of immediate bans on Chinese investment created to protect sensitive US technology industries, the administration said it would work with Congress to pass a bill that will provide "enhancements" to the foreign investment reviews under the existing Committee on Foreign Investment in the United States. (more...)
Harley-Davidson to take big hit from European Union tariffs Harley-Davidson to take big hit from European Union tariffs
- June 27, 2018

They are a response to the Trump administration's tariffs on steel and aluminum imports from Europe. In a series of tweets, Mr. Trump framed Harley-Davidson's announcement as a fake-out, claiming the company had already said it would shift manufacturing overseas and was "just using Tariffs/Trade War as an excuse". (more...)
Investment in United Kingdom auto industry halves amid Brexit uncertainty Investment in United Kingdom auto industry halves amid Brexit uncertainty
- June 27, 2018

No 10 said it was "very clear the Cabinet was pleased that the Bill was receiving Royal Assent today". In a joint statement, they said: "We are calling on the United Kingdom government and the European Union to inject pace and urgency in the negotiations, bringing about measurable progress, in particular a backstop arrangement to avoid a hard border in Ireland". (more...)
Trump backs off imposing China investment limits
- June 27, 2018

Trump in a statement said the Foreign Investment Risk Review Modernisation Act ( FIRRMA ), will enhance American ability to protect the country from new and evolving threats posed by foreign investment while also sustaining the strong, open investment environment to which the U.S. (more...)
Harley-Davidson may face credit downgrade because of European Union tariffs Harley-Davidson may face credit downgrade because of European Union tariffs
- June 27, 2018

He added: "I've done so much for you, and then this". Except the quote was fake. "Harley-Davidson is a true American icon, one of the greats". Shifting more production overseas will take the company between 9 to 18 months, Harley-Davidson said. (more...)
US stocks slide on escalating US-China trade tensions US stocks slide on escalating US-China trade tensions
- June 27, 2018

He said markets have misunderstood the president's plans. Beijing on Monday said Chinese investment has created jobs and increased tax revenue in the US. White House trade adviser Peter Navarro later appeared on CNBC , where he also cast doubt on news reports and added to the uncertainty over what will be announced this week. (more...)
Oil prices rise on USA push to shut out Iran Oil prices rise on USA push to shut out Iran
- June 27, 2018

This compares with a draw of 5.9 million barrels reported for the prior week and analyst expectations for a draw of 5.1 million barrels. The contract rose $2.45 to $70.53 on Tuesday. In North America, a supply outage at Syncrude in Canada has locked in 350,000 bpd of crude, with repairs expected to last at least through July. The price of crude oil continues the run higher. (more...)
Oil drops after OPEC+ output deal, but markets to stay tight Oil drops after OPEC+ output deal, but markets to stay tight
- June 27, 2018

Brent crude LCOc1 gained $1.58 to settle at $76.31 a barrel, while West Texas Intermediate crude CLc1 climbed $2.45 to settle at $70.53. This helped further shrink USA crude's discount to global benchmark Brent to as small as $4.78. In addition, the United States is asking oil consuming countries to reduce their purchases of oil from Iran, an OPEC member, as Washington re-imposes sanctions on the Islamic Republic. (more...)
Trump says Harley-Davidson's problems aren't his fault Trump says Harley-Davidson's problems aren't his fault
- June 27, 2018

Over the next year and a half, the company wrote , it will move some of its production capacity to Europe to avoid tariffs on motorcycles it sells there. Republican Representative Jim Sensenbrenner, whose Wisconsin district includes Harley's plant in Menomonee Falls, said the European Union has a long history of abusive trade practices but urged Trump to address abuses without harming jobs in the US. (more...)
USA to curb Chinese investment in tech firms USA to curb Chinese investment in tech firms
- June 27, 2018

Katainen said he did not expect negotiations on updating trade rules to be easy but that they were necessary to save the environment for multilateral trade. A top European Union official, however, made it clear that Europe is not fully on the same page as China. Scott Kennedy, a China economy expert at the Center for Strategic and International Studies in Washington, DC, said the new EU-China partnership was "a big deal" and risked leaving the U.S. (more...)

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