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Finance

Barkindo said India's crude oil demand was expected to rise by 5.8 million barrels a day (bpd) by 2040, accounting for around 40 per cent of the global demand rise by then. When asked whether Russian Federation and Saudi Arabia had made a backroom deal to increase oil production , MbS was more tight-lipped, saying only that Saudi Arabia was "ready to supply any demand and any disappearing from Iran".
  • Oil Prices Hit $85pb Highest Since 2014

    Oil Prices Hit $85pb Highest Since 2014

    Finance

    Oil prices edged up on Tuesday, holding near a four-year high reached the previous day as markets adjust to the prospect of tighter supply once the US sanctions against Iran kick in next month. Oil prices have historically declined in the last three months of the year as refinery maintenance season feeds concerns over demand for crude, but this fourth-quarter period may prove to be the exception to the norm.
  • Elon Musk Settles With SEC, Quits As Tesla Chairman

    Elon Musk Settles With SEC, Quits As Tesla Chairman

    Finance

    The SEC had alleged that Musk either knew or was reckless in not knowing that statements made about his go-private plans were false or misleading. Musk won't be eligible to be re-elected as chairman for three years . There remain significant opportunities to grow the addressable market for Model 3 by introducing leasing, standard battery and other lower-priced variants of the vehicle, and by starting global deliveries.
  • GE CEO John Flannery steps down

    GE CEO John Flannery steps down

    Finance

    Flannery on the same day said that GE might take the radical step of splitting up the main company's three main components - aviation, health care and power - into separate businesses. The stock has more than halved since Flannery took the top job in August a year ago. The company said it would take a non-cash charge related to that division.
  • Elon Musk says Tesla making car carrier trailers

    Elon Musk says Tesla making car carrier trailers

    Finance

    In Q2, Tesla surprised the market and hit its target of producing 5,000 Model 3 sedans weekly, just as Musk had promised investors at the release of the company's Q1 financial results. A parking lot full of Model 3's await delivery near Richmond, California. The community mobilized itself immediately, and by Saturday, Tesla's delivery centers had volunteers who were ready to help new owners with the features and functions of their electric cars.
  • United States 'dream' of halting Iran's oil exports won't come true: minister

    Finance

    In a speech at the United Nations on Tuesday, Trump reiterated calls on Opec to pump more oil and stop raising prices. Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.
  • Michael Kors nears to buy Versace for $US2 billion

    Michael Kors nears to buy Versace for $US2 billion

    Finance

    According to the Wall Street Journal , sales for Gucci were up 45 percent in 2017 from 2016. The Versace family, which owns 80 per cent of the company, will continue to have a role under any agreement, the people familiar with the situation said.
  • US, China Exchange New Round of Tariffs in Trade War

    US, China Exchange New Round of Tariffs in Trade War

    Finance

    China has retaliated with 5-10% tariffs on $60 billion worth of American goods. US Treasury Secretary Steven Mnuchin had invited Chinese officials to hold new talks , but President Donald Trump's latest tariffs salvo appear to have scuttled that effort.
  • Instagram’s Co-Founders Are Stepping Down From Their Company

    Instagram’s Co-Founders Are Stepping Down From Their Company

    Finance

    Facebook acquired Instagram in 2012 for $ 1 billion , when user numbers for the app were around 30 million. With more than a billion users as of June, Instagram has also been a growing source of revenue, likely to bring in more than $10 billion from advertising by 2019, according to the research firm eMarketer.
  • Iran appears to soften stance on OPEC oil output increase

    Finance

    President Donald Trump to immediately boost production to lower oil prices . Saudi Arabia Energy Minister Khalid al-Falih told reporters that participating countries have provided over the last three months "a lot of supply to offset decreases" in Iran, Venezuela and Mexico.
  • EU's Barnier says talks on Brexit going ahead

    EU's Barnier says talks on Brexit going ahead

    Finance

    He stressed that the EU needed to protect its single market from Britain piggybacking on Northern Ireland's special status and to provide a "legally operational" solution - meaning he will resist a political fudge in language or a deal that would push resolution of the Irish problem until after Brexit in March and into negotiations on a future EU-UK trade agreement.
  • Moody’s: Merger of BoB, Vijaya Bank, Dena Bank to improve efficiency, governance

    Moody’s: Merger of BoB, Vijaya Bank, Dena Bank to improve efficiency, governance

    Finance

    The amalgamated bank would be the third largest bank in India and will be strong competitive lender with economies of scale, he said adding the three would have synergies for network, low-priced deposits and subsidiaries. DB analysts see the bank's shareholders facing challenges such as likely dilution in focus of the bank's management towards the merger and away from growth.
  • Coca-Cola Explores Cannabis Infused Drinks

    Coca-Cola Explores Cannabis Infused Drinks

    Finance

    And, according to another BNN Bloomberg report , Diageo PLC, the maker of Guinness beer, is also holding talks with at least three Canadian cannabis producers about a possible deal. It should be noted that Coca-Cola shares have risen since the news was announced . While CBD does not have the same psychoactive effect that THC does, it has been touted by some as having therapeutic effects, such as pain relief.
  • Australian officials warn of needle danger for 6 strawberry brands

    Finance

    People in possession of the brands in question should refrain from using them and strawberries from other companies "should be cut up" for safe measure, police said in the update, quoting Queensland's Chief Health Officer Dr. New South Wales Police said the number of reported incidents has been increasing, with six brands believed to have been targeted: Berry Obsession , Berry Licious , Love Berry , Donnybrook Berries , Delightful Strawberries and Oasis .
  • FDA e-cigarette crackdown hits local, downstate retailers

    FDA e-cigarette crackdown hits local, downstate retailers

    Finance

    The FDA won't tolerate a whole generation of young people becoming addicted to nicotine as a tradeoff for enabling adults to have unfettered access to these same products". Shares of Altria, the maker of Marlboro cigarettes in the USA, rose as much as 5.3 percent to $62.60 in NY, the biggest intraday gain in eight years.
  • Mark Carney will lead Bank of England through Brexit

    Mark Carney will lead Bank of England through Brexit

    Finance

    Hammond also said that Carney would provide "vital stability" for Britain's economy during the Brexit transition. Mr Hammond wrote to Mr Carney: "An extension of your term would ensure there is continuity at the Bank during this exceptional period and would also allow for a new Governor to be appointed during the Autumn next year after the terms of the UK's withdrawal and the framework for the future partnership have been finalised".
  • Canada ready to allow US dairy access in NAFTA talks

    Canada ready to allow US dairy access in NAFTA talks

    Finance

    The two sides have so far been unable to break an impasse over, among other issues, USA access to the Canadian dairy market, a cultural exemption for Canada and the Chapter 19 dispute resolution mechanism . "Forget what you read about NAFTA negotiations and Twitter wars". Dairy has been singled out as a key hurdle, including on Friday when Larry Kudlow, a senior economic adviser to Trump, said in a Fox Business Network interview that what "continues to block the deal is m-i-l-k".
  • China's trade surplus with USA hit new record in August

    China's trade surplus with USA hit new record in August

    Finance

    The potential tariffs would come on top of punitive levies on $50 billion in Chinese goods already in place as well as another $200 billion that Trump says "could take place very soon". The Trump administration has also called on China to allow US companies greater access to Chinese markets and to cut its USA trade surplus. Many Apple accessories, such as mice, keyboards, chargers and even leather covers for iPhones and iPads would face tariffs, Apple said.
  • Bernie Sanders Takes Aim at Amazon With 'Stop BEZOS' Act

    Bernie Sanders Takes Aim at Amazon With 'Stop BEZOS' Act

    Finance

    The company added that Sanders' references to SNAP are misleading because they include part-time employees and those who only worked for the company for a short period of time - saying that these groups would "almost certainly qualify for SNAP".
  • Obama Slams Donald Trump Publicly For First Time

    Obama Slams Donald Trump Publicly For First Time

    Finance

    The former president is expected to be a fixture on the campaign trail this fall, notes CBS News . He said people have asked him what he's going to do for the November election. Trump wasn't quick to point fingers back or take a swipe at the former president. Obama's remarks will be on "the state of our democracy", his communications director Katie Hill said in a statement.
  • Two friends pull off epic prank at a Texas McDonald's

    Two friends pull off epic prank at a Texas McDonald's

    Finance

    Amazingly, they arrived in the restaurant, put the poster up and left without any real McDonald's staff member coming to question them. So when they saw a bare wall, they had an idea that the two of them, both Filipino-American, were the people to fill it...
  • Chinese billionaire arrested in U.S. over sexual misconduct

    Chinese billionaire arrested in U.S. over sexual misconduct

    Finance

    Jail records did not provide details on Liu's arrest or the alleged incident, and police said they could comment because it's an active investigation. "Such allegations about Liu Qiangdong sexually assaulting female students are inaccurate, and the CEO will continue his trip in the U.S. as planned", said the statement, adding JD.com will take legal action against "false reports and rumor mongering".
  • Trump, NAFTA and Global Trade | US & Canada

    Trump, NAFTA and Global Trade | US & Canada

    Finance

    On a separate footing, the U.S. is now considering imposing new tariffs on $200 billion of imports from China on 7 September, following the conclusion of its public hearings with the American companies on China's theft of intellectual property and forced transfer of technology.
  • Buhari Participates In China-Africa Cooperation Forum

    Buhari Participates In China-Africa Cooperation Forum

    Finance

    China has pledged a $60 billion fund to bolster industry, counter hunger, and enhance security in Africa, a continent that has been chronically plagued by piracy and terrorism. "Africa is not a zero-sum game", Kagame said. "China dreams of national renewal and Africa of unity and invigoration and a day will come when both aspirations will be achieved", said Xi.
  • Coca-Cola to acquire Costa Coffee for €4.3bn

    Coca-Cola to acquire Costa Coffee for €4.3bn

    Finance

    Costa Coffee in India is operated by rival PepsiCo's biggest and long-standing, exclusive bottling partner RJ Corp, which operates about 70 outlets. SodaStream makes machines that carbonate home tap water. More retail stores could help people develop a taste for coffee in those regions, Quincey said.
  • Theresa May arrives Nigeria, meets Buhari in Aso Rock

    Theresa May arrives Nigeria, meets Buhari in Aso Rock

    Finance

    Brussels is willing to offer Britain an unprecedented trade deal , the likes of which it has not agreed with any other country, the EU's chief Brexit negotiator said yesterday. The school children symbolised, she said later, the dynamism and creativity of the continent's growing and youthful population. "Our integrated global economy means good news for British and African people".