Business

Iran to oppose proposal to raise OPEC crude output

Iran to oppose proposal to raise OPEC crude output A production rise of about 1 million bpd was emerging as a consensus, OPEC sources told Reuters on Thursday, adding that Iran could agree to that under certain conditions. Some investors were expecting more from OPEC, and United States crude futures spiked 3.5% to $67.80. The meeting continued for around two hours after Zanganeh left. [Full Article...]

OPEC agrees to pump more oil and crude prices jump

OPEC agrees to pump more oil and crude prices jump Opec's decision confused some in the market as the producers gave opaque targets for the increase, making it hard to understand precisely how much more it will pump. Saudi Arabia and Russian Federation on Thursday used a pre-OPEC meeting in the Austrian capital to float a proposal of bringing an extra one million barrels each day to the market. [Full Article...]

Britain backs European Union duties on American goods, May’s spokesman says

Britain backs European Union duties on American goods, May’s spokesman says A 25 percent tariff, previously floated by Trump, would add around 10,000 euros ($11,600) to the sticker price of a European built vehicle, the European Commission said in a report obtained by Bloomberg News that was prepared ahead of next week's summit assessing tariff threats. [Full Article...]

A Supreme Court Ruling Could Make Your Online Purchases More Expensive

A Supreme Court Ruling Could Make Your Online Purchases More Expensive Crosby says the Supreme Court's ruling will change that. However, nothing will actually change until states (or the federal government) enact new regulations to force the collection of sales tax. IN lawmakers anticipated the ruling in 2017 when they passed a law that imposed sales tax on companies that did at least $100,000 worth of business or more than 200 separate transactions in the state in... [Full Article...]

European Union to begin counter trade tariffs against USA on Friday

European Union to begin counter trade tariffs against USA on Friday Late last month, Trump proceeded to infuriate USA allies - from the European Union to Canada and Mexico by imposing tariffs of 25 percent on imported steel and 10 percent on aluminum. Case in point: Daimler AG late Wednesday slashed its earnings outlook for the year, saying fewer Chinese consumers will buy Mercedes-Benz SUVs because of tariffs Beijing is slapping on autos imported from the US. [Full Article...]

Will Opec meet end the long rally in global oil prices?

Will Opec meet end the long rally in global oil prices? All and all, considering the current global oil market which is nearly balanced and well-supplied and the global economy which is stepping toward a stronger and more resilient position, hurting the oil supply and demand circle is not going to be a good idea. [Full Article...]

Iran says doesn't think OPEC can reach deal

The proposal has yet to win the backing of all OPEC members, and may meet resistance from more hawkish countries in the group including Venezuela and Algeria as well as Iran. But a member of Nigerian delegation to the event said as a loyal member, Nigeria will support the position of OPEC leadership to retain the current supply level in order stabilise the market. [Full Article...]

Trump calls for US$200B more tariffs on China; US futures drop

Trump calls for US$200B more tariffs on China; US futures drop But if trade relations get worse, it could be much less politically appealing for the USA and China to collaborate on North Korea. The sell-off came after President Donald Trump threatened to impose tariffs on an additional $200 billion in imports from China, and the Chinese government said it would retaliate. [Full Article...]

Microsoft staff asked boss to walk away from Trump immigration contract

Microsoft staff asked boss to walk away from Trump immigration contract Even Microsoft's chief executive officer (CEO) Satya Nadella also condemned the move, that too quite harshly. Employees at Google , Apple, and Facebook have in the past few days circulated memos asking their coworkers to donate to nonprofit groups supporting immigrant families. [Full Article...]

Bithumb Hacked - $30 Million in Cryptocurrency Stolen

Bithumb Hacked - $30 Million in Cryptocurrency Stolen Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update . Bithumb did not immediately respond to Reuter's request for comments. "It is held anonymously and in lightly-secured systems, which makes them an irresistible target", Mun said. [Full Article...]

Will China hit Hollywood and North Korea diplomacy in US trade war?

Will China hit Hollywood and North Korea diplomacy in US trade war? That happened after the US President gave some clues about the possibility for introducing new tariffs on the US $200 billion worth of Chinese goods. President Donald Trump directed the US Trade Representative's office to draw up a list of $200 billion worth of Chinese goods to subject to an additional 10% tariff . [Full Article...]

Audi In Crisis Mode As CEO Arrested 06/18/2018

Audi In Crisis Mode As CEO Arrested 06/18/2018 Earlier in the month, at least 60,000 Audi A6 and A7 cars across Europe were called in to remove the illegal software. The 55-year-old was arrested at his home in Ingolstadt in the early hours on Monday, they said . He was named a suspect by the Munich prosecutor's office alongside an unnamed member of Audi's board of management. Volkswagen has pleaded guilty to criminal charges in the Unit... [Full Article...]

Schumer praises Trump's decision to slap China with $50 billion in tariffs

Schumer praises Trump's decision to slap China with $50 billion in tariffs Beijing's move is a tit-for-tat response to the U.S. imposition of a 25 percent tariff on Chinese products announced Friday. China responded immediately, saying it will impose comparable taxes on U.S. U.S. customs agents will begin collecting the duties on July 6, the administration said. Another 284 products worth $16 billion were than added to the new list for the total of 1,102 pre-cuts w... [Full Article...]

Trump Slams Germany Amid Border Policy Outcry: Migrants ‘Violently Changed Their Culture’

Trump Slams Germany Amid Border Policy Outcry: Migrants ‘Violently Changed Their Culture’ Joachim Herrmann, Bavaria's interior minister, insisted the CSU was not intending to destabilise the CDU. Merkel was reportedly planning to contact all her European Union counterparts over the next few days in the hope of striking a series of bilateral deals, ahead of a crucial European Union summit at the end of June at which she hopes to come to an agreement to end the impasse. [Full Article...]

Google to invest $550 million in Alibaba rival JD.com

Google to invest $550 million in Alibaba rival JD.com This includes USA and European markets, with products from the Chinese retailer appearing in relevant Google Search results. JD.com is a Fortune Global 500 company and China's biggest e-commerce site by revenue, making it a flawless match for such a partnership. [Full Article...]

'Great Lovers' - President Sounds off on Comey's 'Minions' - Timothy Meads

'Great Lovers' - President Sounds off on Comey's 'Minions' - Timothy Meads In the report, the Justice Department's internal auditor on sharply criticized Comey for his handling of the Hillary Clinton email probe during the 2016 election, but said investigators found no evidence that his conduct was motivated by "political bias". [Full Article...]

Eurozone stimulus program to end after Dec

Eurozone stimulus program to end after Dec The bank's move towards the exit comes a day after the US Federal Reserve decided to make its second interest rate increase this year and indicated more were coming. The euro had initially risen during the meeting, after the European Central Bank said it would phase out its financial crisis-era stimulus programme for the 19-country region by the year-end. [Full Article...]

Elon Musk has new plans to tunnel into Chicago

Elon Musk has new plans to tunnel into Chicago The alternative - by road - can take more than twice as long. Musk, who also owns Tesla , said last July that the government provided The Boring Company with verbal confirmation to construct an underground hyper loop that would connect New York, Philadelphia, Baltimore and Washington, D.C. [Full Article...]

Supply Chain Caught in Crossfire of U.S.-China Trade Conflict

Supply Chain Caught in Crossfire of U.S.-China Trade Conflict International Monetary Fund chief Christine Lagarde yesterday warned that the Trump administration's trade policies were likely to hurt the United States economy and undermine the world's trade system. " Manufacturers certainly have concerns that tariffs will cause more problems than they solve, but we also recognize that the administration may intend to use them as a negotiating tactic to brin... [Full Article...]

Theranos founder Elizabeth Holmes indicted on wire fraud charges

Theranos founder Elizabeth Holmes indicted on wire fraud charges Along with Holmes, Ramesh " Sunny " Balwani, former president of Theranos, is being charged by the DOJ as well. The indictment accuses Mr. Holmes and Mr. In a settlement with the SEC, Holmes agreed to pay a $500,000 fine and return 18.9 million shares of Theranos stock. Holmes and Balwani also told investors that Theranos had used its own system to conduct tests on patients, when it had actu... [Full Article...]


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