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Saudi Arabia suspends oil exports through Red Sea lane after Houthi attack


Much of the Crude oil that leaves Saudi Arabia to the North West via the Suez Canal and the SUMED pipeline is first shipped through the Bab al-Mandeb Strait, which passes close to Yemen. "Fortunately, there were no injuries or oil spill that would have resulted in catastrophic environmental damage", it read. Olivier Jakob from Petromatrix said in a note it remains to be seen whether the Saudi move has an impact on insurance rates and the willingness of ship operators to use that channel. Read More »

Apple ditching Qualcomm in favor of Intel for iPhone modem


The move away from this specific chipmaker isn't really all that surprising given the ongoing legal battle between Apple and Qualcomm , but it should ideally mean that all the products in Apple's 2018 lineup will use the same provider, which was not the case in the past. Read More »

Saudi oil exports to drop by about 100000bpd in August: Opec governor


U.S. West Texas Intermediate (WTI) was up 14 cents at $69.60 a barrel, after reaching a high of $70.03 earlier. "Given that oil proceeds accounted for 63 per cent of total government revenues in 2017, [the oil price uptick] will offer significant tailwinds to public finances", the report said. Read More »

Facebook tiptoes into China by opening a startup incubator


The move is a setback for Facebook , which has been struggling to gain a foothold in China, the most populous country in the world, where its website and messaging app Whatsapp remain blocked. Zhang Jinghai is named as the new company's legal representative, while David Kling and Susan Taylor are listed as directors. But China has a robust economy of social media companies, and the government has favored local competitors. Read More »

Dollar dips, stocks slip on Trump remarks


The dollar index went as deep as 94.207 on Monday, the lowest in more than two weeks. The tweet comes as Trump is indicating he may escalate his trade fight with China and showing a willingness to place tariffs on up to $500 billion in products imported from China. Read More »

A Shorter Work Week Led To More Productivity At Perpetual Guardian


The trial had some conditions, he noted. The results speak for themselves. "If employees are engaged with their job and employer, they are more productive". "A$3 contract should be about an agreed level of productivity". The employees also had greater work satisfaction and fewer days off sick. One less day, same amount of work. Read More »

Former Ferrari president Sergio Marchionne passes away aged 66

The company wasn't specific about the cause of his death. "On behalf of the Automobile Club de l'Ouest, may I extend my honest condolences to his family, friends, acquaintances and colleagues". It was a sharp turnaround for Chrysler, a company that had been near death when the US government stepped in to save it in March of 2009. In 2007, he wrecked a $350,000 Ferrari on a highway in Switzerland. Read More »

BoJ easing talk sends bond yields up


The yen climbed to two-week highs against the dollar and was last up 0.3 percent at 111.05 per dollar. "That fear gets stoked when you have reports such as this", Psigma Investment Management's head of investment strategy , Rory McPherson, said. Read More »

Trump, European Union leaders announce path forward on trade


While Mr Juncker is set to make a last effort to talk Mr Trump out of the auto tariffs, which would hit Germany's dominant car-makers hard, the European Union has vowed a withering response if the USA goes ahead. "Just be a little patient". "And President Trump is the first one to call them on that". "Many U.S. products face market barriers overseas". Mark Martinson, who raises crops and cattle in north-central North Dakota and is president of the U.S. Read More »

Facebook Stock Down 9% Following Q2 Revenue Miss, Slowing User Growth


The company had cautioned investors to expect a big jump in costs because of efforts to address concerns about poor handling of users' privacy and to better monitor what users post. In February, the research firm eMarketer estimated that the number of Facebook users under the age of 25 would fall by about 2 million this year. Read More »

United States farmers to receive up to US$12B in trade war relief


President Trump has blamed trade deals cut by previous administrations for falling soybean prices and pledged to make sure farmers return to their former glory. In response, the president has threatened to place additional tariffs on up to $500 billion in products imported from China. "If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs". Read More »

Manley replaces Marchionne as CEO of FCA


Marchionne was the CEO of the joint venture carmaker since its formation in 2014 (following a gradual takeover by Fiat of the USA carmaker that began in 2009 when Chrysler went bankrupt). "Sergio's dealmaking and political skills will be missed as FCA faces trade/tariff uncertainty, some labor unrest in Italy and a constantly shifting landscape in Latin America", Barclays analysts led by Brian Johnson wrote. Read More »

United Kingdom to refuse Brexit bill without trade deal, says minister


He noted he met European Union negotiator Michel Barnier in Brussels last week, would see him again this Thursday and meant to make regular visits over the summer. The public believes that Boris Johnson - the former foreign secretary who quit a fortnight ago - is better placed to lead his party and negotiations with Brussels with time running out on securing a deal, according to the YouGov poll. Read More »

Former Ferrari chairman Sergio Marchionne dies aged 66


Marchionne had stepped down from his position on Saturday due to ill health following what the holding company of Fiat's founders, the Agnelli family, described as "unexpected complications" from shoulder surgery in a Zurich hospital. The charismatic executive took the helm of serially embattled automaker Fiat in 2004, and was the driving force of the acquisition of then-bankrupt Detroit automaker Chrysler, which the Italian company announced in 2009 on the heels of the financial crisis. Read More »

‘IOC recalibrates strategies to face U.S. Iran sanctions’


In a statement on Tuesday, Major General Baqeri lashed out at the USA president for his recent bellicose stances against Iran, saying the Iranian Armed Forces will give devastating response to any threat at any level. Trump has previously suggested that Iranian leaders are going to request a new deal, but Iran has rejected talks on several occasions. In a speech Sunday at the Ronald Reagan Presidential Library in California, Secretary of State Mike Pompeo said the U.S. Read More »

Papa John's tries to prevent founder from gaining control


Schnatter resigned as chairman after admitting to using the N-word on a conference call. The board adopted a limited-duration stockholder rights plan that would become exercisable if an investor acquired 15 per cent or more of Papa John's shares without the approval of directors, according to a company statement late Sunday . Read More »

Fiat Chrysler CEO Sergio Marchionne, dies aged 66

Marchionne was recovering from surgery and that these have worsened significantly in recent hours. In his role as CEO at Alusuisse, much like he was later to do with Ferrari and Fiat Chrysler, he spun off the drug business to create Lonza Group AG. Read More »

Ex-Fiat Chrysler CEO Sergio Marchionne dies aged 66

On July 21, Marchionne was succeeded at FCA by Mike Manley , the head of Jeep and Ram brands. "Unfortunately, what we feared has come to pass. Sergio Marchionne , man and friend, is gone", John Elkann, the chairman of Fiat Chrysler and part of the Agnelli family that owns the company, said. Read More »

Philips, Pioneer, ASUS and Denon & Marantz fined 111 million euros by EC


The EU claims that the companies were involved in a price-fixing scheme and is fining them a combined total of 111 million euros (roughly $130 million US). If the algorithms alerted them to decreases, they would reportedly intervene. In effect, this system led to pricier appliances and devices than consumers would otherwise encounter. Read More »

Iran nuclear deal: 'Obama administration did the best they could'

Netanyahu said that Trump and his secretary of state were taking a clear position against "Iranian aggression" after years in which the "regime was pampered by world powers". Oil prices edged lower on Monday as the focus turned to oversupply worries, moving away from escalating tensions between the USA and Iran , which had driven prices higher early in the session. Read More »

Trump administration plans $12 billion bailout for USA farmers hurt by tariffs


Few outside his inner circle of economic advisers seemed to agree, with House Speaker Paul Ryan voicing rare disapproval of the president's policy. Sen. China said it would retaliate, leaving even more USA farm products at risk. During a Monday event at the White House featuring American-made goods, Trump displayed a green hat that read, "Make Our Farmers Great Again". Read More »

Dollar on defensive against yen, euro after Trump comments


Nigeria runs a deficit, importing $7.6 billion of goods including textiles and machinery from China and exporting just $1.6 billion, mainly oil and gas. trade conflict. The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 p.m.in NY. Germany's DAX lost 1 percent and France's CAC 40 slid 0.3 percent. Read More »

Trump claims 'tariffs are the greatest' amid trade war

Targeted commodities include fruits, nuts, rice, legumes, beef, pork and milk. "We're making tremendous progress". After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on USA sorghum. Sen. Bob Corker, R-Tenn., said the administration "finally seems to understand that the Trump-Pence tariffs are hurting the American people". The plan, however, has already magnified objections among some Republicans that the tariffs amount to taxes on American ... Read More »

Trump to Host 'Made in America' Showcase at White House


Trump declared earlier Tuesday that 'Tariffs are the greatest!' and threatened to impose additional penalties on USA trading partners as he prepared for negotiations with European officials at the White House . President Donald Trump arrives for a tour during a "Made in America Product Showcase" at the White House, Monday, July 23, 2018, in Washington. Deere & Co jumped 2.7 per cent, while Caterpillar Inc gained more than 1 per cent and AGCO Corp rose 0.5 per cent. Read More »

Many varieties of Ritz brand snack crackers recalled due to possible salmonella


No other Mondelēz Global LLC product is included in this recall. The combination of the two go-to staples of paper bag lunches everywhere getting recalled: a snack emergency for internet users. Mondelez urges those who have purchased a potentially contaminated product to contact them. The recall follows an outbreak of Salmonella across 31 states last month that was linked to breakfast cereal produced by the Kellogg Corporation. Read More »

Trump celebrates 'American pride' by inspecting US-made goods

Details about the bailout plan are scanty at this point, though the Post indicates it will include "direct assistance, a food purchase and distribution program, and a trade promotion program". It's as simple as that". The president has engaged in hard-line trading negotiations with China , Canada and European nations, seeking to renegotiate trade agreements he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades. Read More »

Mega Millions jackpot surges to $522 million ahead of Tuesday’s drawing


The jackpot, now at $512 million, has surged past $400 million for only the seventh time in the game's 16-year history. The $493 million drawing will take place on Tuesday, July 24, at 11 p.m. And based on previous Mega Millions drawings, the prize may increase even more - possibly to over half a billion. This is the fifth-largest jackpot in the game's history and the 11th largest in USA lottery history. Read More »

Trump plans to give billions in aid to farmers hurt by tariffs


The plan aims to provide temporary relief to farmers who have faced retaliation from US trade partners during Trump's escalating trade dispute with China. including soybeans, grains, meats and dairy products. Manufacturers - particularly any who use steel or aluminum - have also been hit hard by the effects of Trump's decision to levy tariffs on the two metals. Read More »

Trump Warns Iranian President ‘Never Threaten the United States’


The tweet followed comments from Rouhani on Sunday, when he told a gathering of Iranian diplomats: "Mr. Trump, don't play with the lion's tail , this would only lead to regret". The other signatories to the deal, including France, the United Kingdom and Germany, have vowed to stand by it. He added: "While it is ultimately up to the Iranian people to determine the direction of their country, the United States, in the spirit of our own freedoms, will support the long-ignored voice of the ... Read More »

Ritz Bits, Goldfish Crackers Recalled Over Salmonella Fears


There have been no reported illnesses associated with the products. The possibility of salmonella in the ingredient whey powder, which caused massive recalls of Swiss rolls and some Ritz crackers , caused the third nationwide recall in five days when Pepperidge Farm recalled four kinds of Goldfish crackers. Read More »

Japan urges caution over Trump's complaint on strong dollar


It was last down 0.2 percent at 94.27, the lowest in more than two weeks. Japan's Nikkei stumbled 1.4 percent, Australian shares and South Korea's KOSPI index fell 0.9 percent each. "The threat that USA policies pose to global growth is considerable and the market will continue to react to presidential tweets and comments while they are coming thick and fast". Read More »

New York Daily News slashes newsroom staffing in half


Tronc bought the NY Daily News last fall for a token $1 and the assumption of operational costs and pension liabilities from real-estate magnate Mortimer Zuckerman, who had owned the tabloid since 1993. The paper reportedly lost $90.4 million over the last three years. Let there be no doubt: these colleagues are highly valued and will be missed. Tronc, which purchased the Daily News in September, has executed layoffs at other publications it owns, most notably at the Chicago Tribune ... Read More »

Tesla reportedly asks for money back on payments to suppliers


Telsa took another financial hit on Monday, with shares in the electric carmaker dropping nearly 5 per cent after it was reported to have asked some USA suppliers to return payments made by the money-losing company. Itay Michaeli, an analyst for Citi Investment Research, said automakers sometimes ask for discounts from suppliers, but those are relatively minor matters. Read More »

In 4 Tesla Model 3 orders has been canceled, analyst says


Finally, Berenberg Bank restated a "buy" rating and issued a $500.00 price target on shares of Tesla in a research report on Thursday, June 28th. JPMorgan Chase & Co. Also, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction dated Thursday, April 5th. Following the transaction, the director now owns 150,208 shares in the company, valued at approximately $53,813,518.08. Read More »

Tesla asked suppliers for money back to boost profitability

An analyst at Baillie Gifford, Tesla's third-largest institutional shareholder, told the Journal the firm is "divided" on whether Musk is the right leader for Tesla going forward. The memo, from a global supply manager, said the cash back was "essential to Tesla's continued operation", the WSJ said, telling the supplier to consider the refund an investment in the company's long-term health. Read More »

Parasite In McDonald's Salads Sickens 163 People In 13 States


The illnesses began around May 1, where cases of cyclospora began being reported across the US. McDonald's now says it is currently looking for a new salad provider. "We are closely monitoring this situation and cooperating with state and federal health authorities as they further investigate", McDonald's said in a statement. Read More »

Global Markets: Dollar weakens on Trump criticism; stocks tepid


Tariffs on U.S goods imported into the European Union and China is going to just offset any benefits made on trade terms. So far, the USA has put tariffs on $34 billion of Chinese goods. The Reserve has hiked interest rates five times since Mr Trump took office at the start of 2017. Previous threats drew a more pronounced response, albeit that Trump's latest threat was just that, and not an official announcement. Read More »

Oil rises as Saudi Arabia vows to maintain supply


The reasons for this are: the return of oil from Libya , the lifting of force majeure on a key oil pipelines in Nigeria, the possible return of oil from an outage in Canada, increased production from Saudi Arabia and the prospect of Strategic Petroleum Reserve (SPR) release from the U.S. Read More »

Mega Millions jackpot jumps to $433M


In fact, more than a million people won prizes in Friday night's drawing. Florida joined the Mega Millions game in 2013 and ticket sales have generated more than $348 million for education, with $606 million in prizes awarded to players, according to state officials. Read More »

Trump accuses China, EU of currency manipulation


Stocks weren't affected, but the dollar declined and short-term bond yields slipped, suggesting investors wondered if the Fed might raise interest rates more slowly. "I want them to do well". The Russell 2000 index of smaller-company stocks was little changed at 1,702. Earlier this month, the United States levied tariffs on $US34 billion worth of Chinese goods, prompting retaliation from China that has hit U.S. Read More »

Salmonella contamination: crackers and chicken nuggets recalled

Virgin Islands, due to concerns about possible Salmonella contamination . The rice pouches were sold across the country but the voluntary withdraws are only affecting products sold here in Eastern Canada. "Healthy people may experience short-term symptoms such as fever, headache, vomiting, nausea, abdominal cramps and diarrhea". Consumers are advised to discard any products they may have that are included in the recall list. Read More »