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Finance

Benchmark Brent crude already is nearing $80 a barrel and analysts believe it may go even higher as production remains low. U.S. West Texas Intermediate crude was up 94 cents, or 1.4%, at $69.85/Bbl, off a session high of $70.42/Bbl. Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC producers meet on Sunday to discuss compliance with output policies.
  • Democratic Activist Ousts Incumbent Massachusetts Congressman in Primary

    Democratic Activist Ousts Incumbent Massachusetts Congressman in Primary

    Finance

    Michael Capuano in the Democratic primary for the 7th Congressional district in MA. And unlike Ocasio-Cortez, a 28-year-old political neophyte, the 44-year-old Pressley has a track record in Massachusetts' halls of power. Quentin Palfrey has won the Democratic primary for lieutenant governor in MA, ending comic Jimmy Tingle's bid to shift from political humor to political office.
  • Petrol, diesel prices at highest level

    Petrol, diesel prices at highest level

    Finance

    The government will not cut excise duty on petrol and diesel to cushion spiralling prices, which touched fresh highs Tuesday, as it has limited fiscal space available to take any dent in revenue collections, a top official said. Due to sanctions on Tehran from the US, India had to reduce its imports from Iran, subsequently reducing the total fuel availability in the country. "Secondly, global currencies have weakened against the United States dollar".
  • Buhari Participates In China-Africa Cooperation Forum

    Buhari Participates In China-Africa Cooperation Forum

    Finance

    The pledge in 2015 was three times the figure announced at the 2012 forum. Amid growing criticism over its debt-heavy approach to foreign aid, China is hosting a summit for African leaders on Monday aimed at promoting Beijing's vision for development on the continent.
  • So, Trade Negotiations With Canada Are Going Great - Hit & Run

    So, Trade Negotiations With Canada Are Going Great - Hit & Run

    Finance

    Talks on renegotiating the NAFTA began in August 2017 as Trump threatened to withdraw from the trilateral trade deal, which he claimed harmed US industries and jobs. "As we've said all week, we're working toward a modernized NAFTA that is good for the middle class and people working hard to join it", spokesman Adam Austen said in a statement .
  • Sask. trade minister

    Sask. trade minister "concerned" over NAFTA talks

    Finance

    These are expected to continue for Mexico despite the new trade deal between the two countries. Donald Trump's administration is giving Canada until Friday to sign onto a bilateral trade deal between the USA and Mexico or be treated as "a real outsider" against whom punishing tariffs on autos will be imposed.
  • Coca-Cola to buy Costa Coffee for £3.9bn

    Coca-Cola to buy Costa Coffee for £3.9bn

    Finance

    Coca-Cola has agreed to buy the United Kingdom chain Costa Coffee for $5.1bn, stepping into a battle with Starbucks as it gains a global brand in hot drinks. Coca-Cola is hoping for a caffeine-fueled boost with the acquisition of British coffee chain Costa. Quincey indicated that one potential early expansion route would be to use Costa's vending operation and expand the company's ready-to-drink products.
  • RBI annual report: 99.3% of demonetised currency returned to banking system

    RBI annual report: 99.3% of demonetised currency returned to banking system

    Finance

    His comments came after the RBI in its annual report said that 99.3 per cent of the Rs 15.3 lakh crore taken out of circulation in November 2016 has returned to the central bank. "In consonance, the use of digital payments, which had surged to a peak in December 2016 in the aftermath of demonetisation, fell back to the elevated post-demonetisation trend before rising in recent months", the RBI notes.
  • 'Private' mess: Elon Musk's credibility goes from bad to worse

    'Private' mess: Elon Musk's credibility goes from bad to worse

    Finance

    In the blog post , published without the fanfare of his earlier tweets , Musk said it had become clear to him that, while "there was more than enough funding" to take Tesla private, doing so would estrange numerous company's existing shareholders (and most ardent supporters of the company).
  • US, Mexico reach trade

    US, Mexico reach trade "understanding", Trump threatens to cut out Canada

    Finance

    The Mexican president said he wanted the former. Donald Trump declared victory on trade with Mexico Monday morning, announcing a preliminary agreement on a revised North American Free Trade Agreement . However, President Trump considers NAFTA " one of the worst deals " in trade history, and in his ongoing global trade war, he has mentioned wanting to rewrite the deal.
  • Oil price leaps to $74 per barrel as USA inventory drops

    Oil price leaps to $74 per barrel as USA inventory drops

    Finance

    Negative pressure on the price of oil could emerge from decisions by the office of the U.S. Trade Representative, which has scheduled hearings this week on additional trade pressure on China . Demand for oil this year is projected to remain robust, supported by global GDP growth. The US directive came after withdrawing from the Iran Nuclear Deal in May and reimposing sanctions on Iranian oil exports.
  • Michael Cohen case: Birkin bag, handling 'negative stories'

    Michael Cohen case: Birkin bag, handling 'negative stories'

    Finance

    Trump turned on his former right-hand man Wednesday morning, hours after Cohen told a Manhattan court that he had worked with the president to pay off two porn stars who claim to have had affairs with him. Cohen's lawyer Lanny Davis told CBS News that his client had information about election tampering efforts during the 2016 campaign that would be "of interest to the special counsel".
  • Turnbull under pressure to resign after senior ministers quit Australian govt

    Turnbull under pressure to resign after senior ministers quit Australian govt

    Finance

    Dutton has told the prime minister that a majority of Liberal Party lawmakers - at least 43 - don't support his leadership. Sources say Ms Bishop won't command almost enough votes to prevail in an open ballot, with even the majority of her WA colleagues - with the exception of Ian Goodenough, Melissa Price, Linda Reynolds and Nola Marino - set to vote against her.
  • Freaked out by Elon Musk's exuberant tweets Tesla board is lawyering up

    Freaked out by Elon Musk's exuberant tweets Tesla board is lawyering up

    Finance

    Musk wrote on Twitter last week of his plans to take the company private for a price of $420 per share, writing that he had "funding secured". Early 2017: Mr Musk met Saudi Arabia's sovereign wealth fund . Musk's revealing interview, and the subsequent reports about Tesla , gave the internet a lot of material for jokes and reactions. Is there someone who can do the job better? "It's not been great , actually", he said.
  • Trump asks SEC to consider changing filing rules from quarterly to biannually

    Trump asks SEC to consider changing filing rules from quarterly to biannually

    Finance

    President Donald Trump has asked the U.S. Securities and Exchange Commission to study the decades-old requirement that publicly traded firms produce quarterly earnings reports . Last fall it laid out a blueprint for changes to capital market rules in a U.S. Treasury report, but did not advocate scrapping quarterly reporting.
  • Turkish court rejects appeal for Pastor Andrew Brunson's release

    Finance

    The lira had nosedived in recent weeks, hitting a record low of 7.24 earlier this week, amid a diplomatic and trade dispute with the United States that has exacerbated investor concerns over Turkey's economy. Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott United States products.
  • More US sanctions for Turkey if they don't obey

    More US sanctions for Turkey if they don't obey

    Finance

    On Thursday, Turkish Finance Minister Berat Albayrak assured global investors on a conference call that the country would emerge stronger from its currency crisis and that its banks were healthy. giant Apple's iconic phone and the top South Korean brand. Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott United States products.
  • Qatar's Emir Heads to Turkey for Talks With Erdogan

    Qatar's Emir Heads to Turkey for Talks With Erdogan

    Finance

    Jurgen Odenius, economic counsellor at PGIM Fixed Income, said: "The root cause of the crisis lies in a leverage-financed domestic demand boom that increased the external financing requirement of Turkey's corporations, banks, and government ..." The hikes were published in Turkey´s Official Gazette in a decree signed by President Recep Tayyip Erdogan , who has repeatedly described the crisis as an "economic war" that Turkey will win.
  • Oil dips on demand growth outlook

    Oil dips on demand growth outlook

    Finance

    While taking stock of the recent developments, the direction of oil prices is likely to be on the road south in near term. Crude oil prices rose more than one per cent on Friday as U.S. US crude futures CLc1 fell $2.22 to $64.82 a barrel. "The high crude prices appear to have been taking a toll on demand", said Sukrit Vijayakar, Director of Indian oil consultancy Trifecta.
  • Turkey's new tariffs on United States worth $533 million

    Turkey's new tariffs on United States worth $533 million

    Finance

    Commenting on the new measure, Vice-President Fuat Oktay tweeted that it was taken " under the principle of reciprocity " against "the USA administration's deliberate attacks on our economy". On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier. President Erdogan said on Tuesday that Turkey was taking measures to stabilise its economy and should not "give in to the enemy" by investing in foreign currencies .
  • Indian Rupee hits fresh record low of 69.61 per United States dollars

    Indian Rupee hits fresh record low of 69.61 per United States dollars

    Finance

    The Indian rupee on Tuesday morning fell to a record low of 70 against the United States dollar. However, according to an Economic Times report, Turkish lira , Russian ruble, Argentine peso have significantly weakened against the dollar. This has come on the back of the rupee's weakest ever loss of Rs. 1.09 against the U.S. dollar on Monday. "A slowing Chinese economy, tightening monetary policy and an escalating trade war are some of the main reasons for this turmoil into currency markets ...