Business


Rouhani says Iran will export crude oil despite USA pressure Rouhani says Iran will export crude oil despite USA pressure
- September 05, 2018

International Brent crude oil futures was at $77.43 per barrel, a 0.3 % drop from its last close and West Texas Intermediate crude futures also fell to $69.62 per barrel, down by 0.3 %. Given the current upside momentum, this price level could easily be achieved later today especially if additional U.S. Gulf oil operations are shutdown once the hurricane's path and strength are determined. (more...)
Economy grows at fastest rate in six years, beating expectations Economy grows at fastest rate in six years, beating expectations
- September 05, 2018

Figures show the economy grew by 0.9% over April, May, and June, beating expectations of 0.7% growth, in seasonally adjusted terms. GDP advanced 0.9% from prior quarter vs estimated 0.7% gain GDP climbed 3.4% from year earlier vs forecast 2.9% rise - the fastest since the third quarter of 2012. (more...)
South Africa in recession for first time since 2009, rand slumps
- September 05, 2018

This means that it is going to be extremely hard for government to remain within the budget targets and keep rating agencies happy". "This wasn't unexpected, however, as agriculture saw a huge boost a year ago coming off a low base from the drought to increase around 17%. (more...)
Manufacturing activity slows in August, PMI at 51.7 Manufacturing activity slows in August, PMI at 51.7
- September 05, 2018

Even though the seasonally adjusted headline PMI reading remained in expansion territory, it is well below the 53.2 level recorded in June. The PMI has not been below the 50-mark which separates growth from contraction since July 2017, when manufacturing took a hit from the hasty implementation of a goods and services tax. (more...)
Mark Carney willing to lead Bank of England through Brexit aftermath Mark Carney willing to lead Bank of England through Brexit aftermath
- September 05, 2018

There was speculation about Mr Carney, 53, last week after a piece suggesting that he could stay on was published by the Evening Standard , the London newspaper edited by George Osborne, who appointed Mr Carney... Carney said he could not preempt the government by making an announcement at the Treasury committee session. "I made them aware of my willingness to do what I can to support the process". (more...)
Pipeline limbo: Court halts Trans Mountain construction Pipeline limbo: Court halts Trans Mountain construction
- September 05, 2018

Before Notley's news conference, United Conservative Party Leader Jason Kenney slammed the NDP for taking a premature "tone of triumphalism". "This is after our premier has been running around the province ... For example, the Coldwater Indian Band in south-central B.C. raised concerns about the pipeline route passing through an aquifer that is the sole supply of drinking water for its main reserve. (more...)
McDonald's customers create fake poster to hang in restaurant promoting racial diversity
- September 05, 2018

A man who noticed that the walls of his local McDonald's did not have faces like his own ingeniously set up a poster of himself . Jevh Maravilla, a Filipino-American student at the University of Houston, frequented the McDonald's branch. So, they hung up a photo of themselves in a Texas restaurant. Maravilla found an old McDonald's shirt at Goodwill for $7 and dressed up as an employee. (more...)
'You should be jumping for your life jacket', analyst on SA's recession 'You should be jumping for your life jacket', analyst on SA's recession
- September 05, 2018

SA has plunged into a recession with a surprise 0.7% contraction in the second quarter of the year. "For a consumer-based economy, where households contribute upwards of 66% to economic growth, this movement is notably worrying", Ackerman said. (more...)
JD.com shares fall after CEO's arrest and release JD.com shares fall after CEO's arrest and release
- September 05, 2018

Last Month, JD.com, the second-largest Chinese e-commerce company after Alibaba , reported a loss of $0.23 per share on revenue of $18.5 billion, missing the Bloomberg consensus of a $0.12 per share gain on revenue of $19.31 billion. China's foreign ministry said Monday that the Chinese Consulate in Chicago is looking into the circumstances surrounding Liu's arrest. Richard Liu, also known by his Chinese name Liu Qiangdong, was arrested over the misconduct allegations late Friday and ... (more...)
Amazon becomes second United States firm to hit trillion-dollar market value Amazon becomes second United States firm to hit trillion-dollar market value
- September 05, 2018

Amazon follows Apple, which reached the mark earlier this year. Amazon has dominated US retail as more consumers shift away from brick and mortar stores and toward online retailers. Amazon retreated slightly after hitting the milestone, and near 1600 GMT, it was up 1.1 per cent to US$2,035.07. Amazon's astronomical growth from a small Seattle bookseller into one of the world's biggest companies has made its founder and chief executive, Jeff Bezos, easily the richest person in the world; ... (more...)
Japanese Oil Wholesalers ‘Prepare To Suspend’ Iranian Imports
- September 05, 2018

The sanctions will still hit hard, but sales overseas at those levels would cushion the impact for a ruling establishment rocked by a sharp depreciation in its currency and bubbling discontent over rising prices. Oil importers declined to confirm they were contingency planning for a halt in Iranian imports. "With ship-tracking data now pointing at a reduction in Iranian exports, renewed strife in Libya, and Venezuelan export availability hobbled by an accident at the key Jose terminal, the ... (more...)
Tesla faces 30pc share price fall, says Goldman Sachs Tesla faces 30pc share price fall, says Goldman Sachs
- September 05, 2018

Asked for comment, a Tesla spokesman referred to statements made by executives, including CEO and co-founder Elon Musk, during the second quarter conference call. Musk said he and Tesla's board agreed Thursday to back off the buyout idea, and admitted that both retail and institutional shareholders expressed misgivings about the electric vehicle company going private. (more...)
Rupee hits new all-time low, drops 16 paise against U.S. dollar Rupee hits new all-time low, drops 16 paise against U.S. dollar
- September 04, 2018

Gaurang Somaiya, Currency Analyst- Commodities, MOFSL said, "Rupee fell to fresh record low levels despite weakness in the dollar against its major crosses, but the major trigger this time came in from underlying dollar demand from oil marketing companies and defense related buying for the government". (more...)
Nigeria hits MTN with new, $2bn tax bill Nigeria hits MTN with new, $2bn tax bill
- September 04, 2018

His administration has gone after companies for irregularities as well as tax-defaulters, part of a wider pledge to fight corruption in Africa's most populous nation. The Nigerian demand threatens MTN's plans for an initial public offering in the country and may restrict its ability to pay dividends, depending on how long the dispute drags on. (more...)
Amazon's market valuation hits $1 trillion-mark Amazon's market valuation hits $1 trillion-mark
- September 04, 2018

Shares in the world's largest online retailer last traded up 1.4 percent at $2,041.68. The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks. (more...)
Funding Circle launches £2bn stock market flotation Funding Circle launches £2bn stock market flotation
- September 04, 2018

The venture was founded in London in August 2010. Launched in 2010 by three former Oxford University students, Funding Circle works by matching lenders to tens of thousands of small business borrowers, now in the UK, US, Germany and the Netherlands. (more...)
UH student, friend unleash viral stunt targeting McDonald's posters UH student, friend unleash viral stunt targeting McDonald's posters
- September 04, 2018

Martin Bester commended the friends for their bravery and guts to do something we would have all loved to have done - have your face on the wall of a fast food restaurant! They saw a blank wall in June and decided it was the ideal place to put a picture of themselves. (more...)
Turkish central bank to act on record inflation
- September 04, 2018

The comments, seen as presaging an interest rate increase at the bank's next meeting on September 13, underscore the volatile outlook for prices amid a currency crisis. "The central bank basically has no room to disappoint". Mr Erdogan fears that higher interest rates will smother borrowing and lead to slower economic growth. (more...)
Oil Climbs as Market Eyes Iran Supply Risks
- September 04, 2018

Crude oil "prices could reach $80 and higher in the short term", the bank said, although it added that despite these developments global supply may exceed demand next year. Jiji Press agency and Kyodo on September 3 reported that the action comes in response to US sanctions against Tehran and threats they could be extended to companies doing business with Iran. (more...)
Argentina's president announces new austerity measures Argentina's president announces new austerity measures
- September 04, 2018

But economic woes have pushed down Argentina's currency, with the peso losing roughly 50 percent of its value to the USA dollar since January. He pledged a pared-down government following cuts that would see the number of ministries slashed from 22 to 10 in an effort to save money, demoting more than half his ministers. (more...)
European Union ends anti-dumping measures against Chinese solar kit European Union ends anti-dumping measures against Chinese solar kit
- September 03, 2018

The commission had been gradually lowering the sill to align with global market prices. Arguing this decision had been taken in the best interests of the EU as a whole, the European Commission added the need for restrictions, first introduced in 2013, had been decreasing over time. (more...)
Manufacturing confidence at lowest level since Brexit referendum
- September 03, 2018

The activity gauge fell to a three-month low of 51.7 from July's 52.3. Still, the rate of expansion remained solid. The PMI has not been below the 50-mark which separates growth from contraction since July 2017, when manufacturing took a hit from the hasty implementation of a goods and services tax. (more...)
Tesla falls behind in production of Model 3 vehicles Tesla falls behind in production of Model 3 vehicles
- September 03, 2018

Tesla CEO Elon Musk confirmed on Friday that the Silicon Valley Company will remain a publicly traded company after the deal fell through. The Times described Musk as "struggling to maintain his composure" when he stated: "This past year has been the most hard and painful year of my career". (more...)
Turkish lira further weakens, nearing record low Turkish lira further weakens, nearing record low
- September 03, 2018

Tax on deposits of up to one year came down to 3 from 12 percent, and to zero from 10 percent on deposits of more than one year. The president has long exerted pressure on the central bank to keep rates lows to encourage growth. Turkey has been slapped with sanctions on two ministers and also with doubled tariffs on aluminium and steel by the United States over its holding for the last two years of U.S. (more...)
Pepper spray discharged in cabin Pepper spray discharged in cabin
- September 03, 2018

Authorities were questioning a passenger and investigating what appears to have been an accidental canister discharge, the airlines said. And then everyone was coughing and then we were coughing. A man says he was trying to nap on board a Hawaiian Airlines flight from Oakland, California, to Maui, but was woken up by someone having a coughing fit. (more...)

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