Business


OPEC agrees output rise of about 1 million barrels: Saudi oil minister OPEC agrees output rise of about 1 million barrels: Saudi oil minister
- June 23, 2018

A rally in oil prices due to an earlier OPEC decision to restrict supply in an effort to drain global inventories has given the sector a gain of more than 7 percent over the past three months, best among the eleven major S&P groups. The United States, China and India had urged Vienna-based OPEC to release more supply in a bid to prevent an oil deficit that would hurt the global economy. (more...)
Chevrolet Blazer is the Camaro SUV that Proves SUVs Can Be Cool Chevrolet Blazer is the Camaro SUV that Proves SUVs Can Be Cool
- June 22, 2018

In a video uploaded to their media site last night, Design Director Mike Pevovar shows us the details of this impressive SUV. It will arrive in two trim levels, RS and Premier. Automatic heated steering wheel and automatic heated/ventilated front seats - These available features work with Remote Start and/or automatic climate control to automatically adjust temperature to help maintain comfort . (more...)
OPEC to boost oil production by 1 million barrels per day
- June 22, 2018

The real production increase will be smaller because some of the countries will struggle to return to full quotas while other producers will not be allowed to fill the gap. Iranian Minister of Petroleum Bijan Zangeneh on Tuesday called on the OPEC to resist calls from Washington to alter its output policies. Support for increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous. (more...)
Supreme Court Rules States Can Require Sales Tax for Online Purchases
- June 22, 2018

Kennedy also wrote that the concerns of small retailers, who do minimal online sales, could be dealt with by Congress or by a further court case. Like Schumacher, Carlyle didn't have an estimate of how much more revenue the state could bring in. (more...)
Toronto stock index trades at record high in late-morning, loonie down Toronto stock index trades at record high in late-morning, loonie down
- June 22, 2018

The drop in energy stocks helped push the S&P/TSX composite index down 85.80 points to close at 16,335.15. The benchmark stock index also eclipsed its record intraday high of 16,421.42 on Wednesday, hitting a new high of 16,444.45 at 3:24 p.m. (more...)
Oil is rallying after OPEC reportedly strikes a deal to raise production
- June 22, 2018

One way of easing the crunch would be for OPEC to come back into line with the existing agreement, but working out the details would be tricky because some countries - such as Venezuela - can't pump more. "We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said. If all Opec members produced as much as they were allowed under the deal, Opec output would in theory rise by about 740,000 barrels per day, based on Reuters estimates of the group's production in May. (more...)
Italy to seize rescue ships in new migrant row Italy to seize rescue ships in new migrant row
- June 22, 2018

Mission Lifeline said Friday that it still has not been assigned a port, despite its requests. Separately, the United Nations refugee agency has reported that 220 migrants drowned in the same area in recent days. Tempers nevertheless flared up again on Friday when French President Emmanuel Macron likened rising nationalism and anti-migrant sentiment in Europe to "leprosy". (more...)
European Union slaps retaliatory tariffs on USA as trade war rattles markets European Union slaps retaliatory tariffs on USA as trade war rattles markets
- June 22, 2018

They also threatened a second round of tariffs on some $4.3 billion worth of U.S. products if the dispute was not resolved. China has stepped up its war of words with the United States since President Donald Trump threatened on Monday to hit US$200 billion of Chinese imports with 10 per cent tariffs if China retaliates against his previous targeting of $50 billion in imports. (more...)
Airbus: 'Catastrophic' Brexit would threaten our future in the UK
- June 22, 2018

Airbus is making plans to leave the United Kingdom in the event of a "no-deal" Brexit , which could lead to the loss of tens of thousands of jobs. When Britain leaves the bloc next year, it will end the free-movement policy that lets European Union citizens live in any member state. (more...)
Tax cut plans bound for 'confusing' Senate Tax cut plans bound for 'confusing' Senate
- June 22, 2018

The competing tax plans triggered a political row over "aspiration" after the government on Tuesday seized on a remark by Labor deputy leader Tanya Plibersek that the term "mystifies" her. Liberal senator Richard Colbeck also urged Labor to "get out of the way" and wave through the full package. "They're trotting around telling everyone that they have a bigger tax cut, but they're not in government, they can't deliver a bigger tax cut", Senator Colbeck said. (more...)
Bank Of Maharashtra CMD arrested in Rs 3000 crore fake loans case Bank Of Maharashtra CMD arrested in Rs 3000 crore fake loans case
- June 22, 2018

Besides Marathe, BoM Executive Director Rajendra Gupta , DSK chartered accountant Sunil Ghatpande and DSK VP Engineering Department Rajiv Newaskar were arrested from Pune while ex-CMD Sushil Muhnoot was arrested from Jaipur. Recovery processes like SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) have already been initiated by the bank and some of the properties of the firm have been put under auction. (more...)
Airbus threatens to leave the United Kingdom because of uncertainty over Brexit Airbus threatens to leave the United Kingdom because of uncertainty over Brexit
- June 22, 2018

The company, which employs 14,000 people at 25 sites across the country, said it would "reconsider its investments in the United Kingdom, and its long-term footprint in the country" if Britain crashed out of the single market and customs union without a transition agreement. (more...)
Elon Musk has it out with suspected Tesla saboteur Elon Musk has it out with suspected Tesla saboteur
- June 22, 2018

After receiving notification of a threat, Tesla notified police and increased its security presence at the Nevada facility. While Tesla's lawyers say Tripp, who was sacked last week after working as a technician at the Gigafactory for about eight months, was upset over losing a promotion, Tripp says the row between him and the company was borne over his role as a whistleblower. (more...)
Iran signals compromise for modest rise in OPEC oil output
- June 22, 2018

This news helped widen the spread between Brent crude oil and WTI crude oil. U.S. West Texas Intermediate and international-benchmark Brent crude oil settled sharply higher as investors continued to position themselves ahead of a key meeting of OPEC producers that may decide to increase global output. (more...)
Chinese hacking drive targets US-based satellite, defence firms: Symantec Chinese hacking drive targets US-based satellite, defence firms: Symantec
- June 22, 2018

The motive of the hacking group, known as " Thrip ", is likely national cyber espionage , security researchers at Symantec Corp . said on Tuesday. Symantec didn't immediately respond to a request for additional information. In that period, it developed new tools and began using more widely available administrative and criminal programs, Thakur said. (more...)
In Tit-For-Tat, India Hikes Import Duties On US Agri Products In Tit-For-Tat, India Hikes Import Duties On US Agri Products
- June 22, 2018

On Thursday, the revenue department notified the new tariffs on 30 products, effective August 4, for goods originating from the US. India finalized its decision during a week when the global trade war escalated, with the United States enacting $50 billion in tariffs on Chinese goods and the European Union imposing $3 billion in levies on such products as USA -made bourbon, peanut butter and Harley-Davidson motorcycles. (more...)
Bank of England leaves rates unchanged, markets look to August Bank of England leaves rates unchanged, markets look to August
- June 22, 2018

BOE clears path for an August rate hike, chances up to 68% after Haldane mounts the hike train. The last time three people "dissented" from the overall view, in June 2017, rates rose the following November. For the first time since joining the MPC four years ago, Andy Haldane broke ranks with the majority on the nine member rate-setting panel to join Ian McCafferty and Michael Saunders in calling for an increase in interest rates. (more...)
China Set To Cut US Oil Imports As Trade War Heats Up China Set To Cut US Oil Imports As Trade War Heats Up
- June 22, 2018

Reuters reports further headlines from the Chinese Commerce Ministry, this time highlighting the US-Sino trade spat. This month, the President said that, by July 6, the United States will impose stiff 25 percent tariffs on several kinds of Chinese goods, worth an estimated US$34 billion - a figure that could rise as high as $200 billion if the list of goods is widened. (more...)
Daimler warns US-China trade war will hit its profits
- June 21, 2018

Daimler expects earnings in its Mercedes-Benz cars division to be slightly below past year as a result. It had previously pencilled in a slight rise. It foresees lower-than-expected sales of Mercedes-Benz due to a tax on the import of U.S. (more...)
Merkel, Macron agree on euro zone budget Merkel, Macron agree on euro zone budget
- June 21, 2018

Merkel stressed Monday that she doesn't want to see Germany unilaterally turn back migrants at its borders, as Interior Minister Horst Seehofer has been advocating. German Chancellor Angela Merkel accepted a two-week deadline to win agreement on tougher migration policy, a concession to her Bavarian coalition partner that eases an immediate standoff without removing the threat of further government tension down the road. (more...)
Intel CEO resigns after 'past consensual relationship' with employee Intel CEO resigns after 'past consensual relationship' with employee
- June 21, 2018

Krzanich joined Intel in 1982 and has served as CEO since May 2013. Key points along the way have been the drive for conflict-free materials, as well as diversity initiatives, with recent investment into other areas such as eSports. Intel CEO Brian Krzanich delivers a keynote address at CES 2018 in Las Vegas on January 8, 2018. Intel was informed recently of the relationship , and an investigation by internal and external counsel confirmed its existence. (more...)
Trade fears slam stocks, commodities, investors eye safety Trade fears slam stocks, commodities, investors eye safety
- June 21, 2018

Dow futures dropped 0.7 percent and the S&P 500 futures were down 0.6 percent. Spreadbetters expected Britain's FTSE to open down 0.3 percent, with Germany's DAX seen shedding 0.7 percent and France's CAC losing 0.8 percent. Major stock indexes in Asia and Europe also took sharp losses. Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - ... (more...)
Toys 'R' Us Australia is shutting down Toys 'R' Us Australia is shutting down
- June 21, 2018

The group's 885 U.S. stores were slated for closure after it was unable to meet the payments on billions of dollars in debt accumulated since it was bought by a real estate investor and two private equity firms in 2005. - Lay-bys will be honoured until July 5th. "Toy and game retailers have always been warned that being a simple shop for toys would not be enough to compete, and Toys "R" Us was not able to adapt fast enough to changing market conditions". (more...)
Genesis, Kia, Hyundai lead the way in initial quality Genesis, Kia, Hyundai lead the way in initial quality
- June 21, 2018

Porsche placed fourth with 79 problems per 100 vehicles; the Porsche 911 had the lowest number of problems reported per 100 vehicles- 48 - among all cars and light trucks. Vehicle quality has been improving steadily since 2014 when it hit 116 problems per 100 vehicles. All three domestic manufacturers, led by Fiat Chrysler , saw their brands improve faster than the broader industry. (more...)
European Union counter-tariffs against USA come into effect on Friday - commission
- June 21, 2018

The European Union will begin charging import duties of 25 percent on a range of USA products on Friday, in response to U.S tariffs imposed on EU steel and aluminum early this month, the European Commission said on Wednesday. "Our response is measured, proportionate and fully in line with WTO rules". What tariffs is the European Union imposing? Brussels first drew up the list in March when US President Donald Trump initially floated the idea of 25 percent tariffs on steel imports and 10 ... (more...)

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