https://i.dawn.com/large/2018/06/5b2d6e33383b8.jpg

Finance

That has since then helped push up the price of oil by nearly 50 percent. Subsequently, WTI and Brent crude futures rose with the latter briefly above $75/bbl, given that markets had feared that OPEC would agree a larger production, while the 1mln bpd increase will likely represent a real increase of 600-700k bpd, which had been largely priced in.
  • Oil falls 2 pct as OPEC nears deal to raise production

    Oil falls 2 pct as OPEC nears deal to raise production

    Finance

    But analysts said trade concerns and disagreements within the Organization of the Petroleum Exporting Countries (OPEC) over boosting supply continue to loom over the market . "Iran rejected a potential compromise, saying it won't support even a small increase in oil production". There's a good reason for the two countries' opposition - neither have the ability to increase their own production.
  • Audi CEO arrested in connection to the Volkswagen emissions scandal

    Audi CEO arrested in connection to the Volkswagen emissions scandal

    Finance

    In April, Stuttgart prosecutors said they had taken one person into custody following raids at 10 locations. News of the arrest comes as VW's new group CEO Herbert Diess is trying to introduce a new leadership structure - which includes Stadler - and speed up the group's shift towards electric vehicles in the wake of the biggest motoring scandal in modern history.
  • Russian Burger King Apologises After Sharing Bizarre Competition

    Russian Burger King Apologises After Sharing Bizarre Competition

    Finance

    The Associated Press reports the promotion offered a lifetime supply of Whoppers to women who who get "the best football genes" and "ensure the success of the Russian team for generations to come". The fast food chain said the offer "does not reflect our brand or our values and we are taking steps to ensure this type of activity does not happen again".
  • European Union to impose countertariffs on United States products as of Friday

    Finance

    On March 1, President Donald Trump announced that the United States would be imposing a 25 percent global tariff on all steel imports to the US and a 10 percent global tariff on all aluminum imports. She called the EU's response "measured, proportionate and fully in line with WTO rules". Blue jeans may be among the products that will be hit by retaliatory tariffs announced by the European Union against the United States.
  • Hackers hit South Korean cryptocurrency exchange for $31.5M

    Hackers hit South Korean cryptocurrency exchange for $31.5M

    Finance

    Right now we have already saw a small dip as the price currently sits around $6,600 as the announcement about the Bithumb cryptocurrency hack was just made almost 30-40 minutes ago upon writing. It has fallen roughly 70 percent from its all-time peak hit around mid-December 2017. Last week, a South Korean venue called Coinrail said that some of the exchange's digital coins appeared to have been stolen by hackers, though it did not disclose how much.
  • Thousands still stranded in Charlotte airport

    Thousands still stranded in Charlotte airport

    Finance

    PSA Airlines, a regional carrier for American, had already canceled 275 of its scheduled flights on Thursday and 400 more on Friday. American Airlines has not responded to FOX 46 Charlotte's request for information relating to the specifics of the " technical issue ".
  • Starbucks to close 150 USA cafes to combat slowing growth

    Starbucks to close 150 USA cafes to combat slowing growth

    Finance

    The announcement was made on the heels of revealing that Starbucks was expecting same-store sales to grow just 1 percent for the quarter of the fiscal calendar beginning next month - after initially projecting a 2.9 percent growth. In addition to the lost sales on that day and the costs of the training, Starbucks delayed its seasonal marketing push, which it would have begun in mid-April.
  • Walt Disney raises bid for Fox assets to $38 per share

    Walt Disney raises bid for Fox assets to $38 per share

    Finance

    Disney and Comcast are fighting over the assets as they scramble to build scale to compete with fast-growing digital giants like Netflix Inc. and Amazon Inc. But it comes with one key change created to stave off Comcast's all-cash offer: a provision that allows Fox shareholders to decide whether to accept their payment in cash or stock.
  • Trump tariffs: Markets fall as trade war fears mount

    Finance

    With companies from Apple Inc to Walmart Inc and General Motors Co all operating in China and looking to expand, that gives Mr Xi a way to retaliate. Trump said on Monday he had asked the US Trade Representative to target $200 billion worth of imports for a 10% levy, citing China's "unacceptable" move to raise its own tariffs .
  • Microsoft employees revolt over firm's 'proud support' of US ICE

    Microsoft employees revolt over firm's 'proud support' of US ICE

    Finance

    They are dismayed at President Donald Trump's "zero-tolerance" immigration policy, in which families and children are separated after crossing the US-Mexico border illegally. "We also call Microsoft to draft, publicise and enforce a clear policy stating that neither Microsoft nor its contractors will work with clients who violate global human right law", the letter said pointing out towards a $19.4 million contract that the company has with ICE for processing data and artificial intelligence ...
  • Canada's duties force shoppers to smuggle, Trump wrongly accuses

    Finance

    Trump accused Canadians of crossing the border with the U.S.to buy products and "smuggle" them back into their country because their tariffs are so high. While addressing the National Federation of Business in Washington, Trump told the crowd that Canadians are resorting to smuggling US goods to avoid tariffs.
  • McDonald's to eliminate plastic straws from its United Kingdom and Irish supply chains

    McDonald's to eliminate plastic straws from its United Kingdom and Irish supply chains

    Finance

    After a petition calling for the company to stop their use of plastic straws was started, the company announced on Facebook that it would phase them out, writing "You asked, we listened". In addition to tests that began earlier this year in the UK, McDonald's has also begun testing alternatives to plastic straws in Belgium. Transcend Packaging, the owner and operator of the new plant, has already reached out to 1,361 McDonald's restaurants throughout the United Kingdom.
  • Trump threatens additional tariffs on $200 billion of Chinese goods

    Trump threatens additional tariffs on $200 billion of Chinese goods

    Finance

    A Commerce Ministry statement criticized the US measures as "extreme pressure and blackmail". The ministry also responded to Trump's threat that a third set of tariffs, again totaling $200 billion wroth of Chinese imports to the USA, would move forward if China hits back at the first set.
  • Tesla chief Elon Musk accuses worker of sabotage

    Tesla chief Elon Musk accuses worker of sabotage

    Finance

    Musk said in the email, which was seen by Reuters , that he had learned of this alleged behaviour at the weekend. The CEO, who warned that there may be "considerably more to this situation than meets the eye", said they still need to determine whether the saboteur was working alone, with other Tesla employees, or with outside organizations.
  • Trump threatens 10% tariff on $200bn of Chinese goods

    Trump threatens 10% tariff on $200bn of Chinese goods

    Finance

    Tokyo Nikkei ended the morning session 0.8% down as Asian stock markets tumbled following fears of a trade war between the USA and China. The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market.
  • Amazon sells Aussies a way to beat geo-block with Prime

    Finance

    Amazon's arrival in Australia has weighed on the shares of the country's listed brick-and-mortar retailers. Prime membership also opened the door to shopping using Amazon's voice-based artificial intelligence software Alexa, which Mr White said over time could be even more destructive to rival retailers because it contained the entire online shopping journey within Amazon's ecosystem.
  • Trump escalates China trade war with extra tariffs

    Trump escalates China trade war with extra tariffs

    Finance

    In contrast, the United States exported only about $130 billion worth of goods to China previous year, so Beijing has far less room to raise tariffs in a way that would immediately affect trade. "Neither side will be brought to its knees - which is one reason to think the trade dispute could drag on", research firm Capital Economics said in a note to clients on Friday.
  • Difficult Merkel allies mull next move in German migrant row

    Difficult Merkel allies mull next move in German migrant row

    Finance

    Germany's interior minister insisted that his party has no intention of bringing down Chancellor Angela Merkel and her government, amid uncertainty Sunday over chances of a solution to a bitter standoff over migration. It wasn't immediately clear what she might offer other countries in talks. "As I have said many times before, if you are seeking asylum for your family, there is no reason to break the law and illegally cross between ports of entry", she wrote.
  • Trump threatens to impose more trade tariffs on China

    Trump threatens to impose more trade tariffs on China

    Finance

    Gulf oil producers may benefit from China's threat to impose import tariffs on United States crude and other energy products, as key exporters meet to discuss production increases later this week. " China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology ", Mr.
  • Trump Targets $200 Billion In Chinese Imports As Spat Grows

    Finance

    The Trump administration last week finalized plans to slap tariffs on $50 billion in imports from China , accusing Beijing of violating USA intellectual property rights and stealing American firms' technology. economic partners. Trump said that the new tariff would go into effect if the Chinese government did not lower recently announced tariffs on USA goods and failed to address the theft of USA intellectual property by Chinese companies.
  • Virgin Money agrees £1.7bn takeover by CYBG

    Finance

    Virgin Money's biggest shareholder is Richard Branson's Virgin Group with a holding of nearly 35 per cent. Clydesdale wants to use Sir Richard Branson's "entrepreneurial" brand to take on the UK's biggest banks. The firms said they recognise "that there will be a loss of jobs" as a result of the takeover, likely to number around 1,500. David Duffy, the former CEO of AIB, said the deal will create a lender with the capabilities needed to take on large incumbents.
  • Google to invest $550 million in China e-commerce giant JD.com

    Google to invest $550 million in China e-commerce giant JD.com

    Finance

    The partnership with Google will help JD.com launch a serious campaign to unseat Alibaba , China's largest e-commerce site and JD.com's biggest rival in Asian markets. Company officials said the deal would marry Google's market reach and strength in analytics with JD.com's expertise in logistics and inventory management.
  • Audi CEO arrested: Volkswagen

    Audi CEO arrested: Volkswagen

    Finance

    In spite of continuous denials and public backing from the Volkswagen Group, Stadler has seemed like a man waving a crude torch in the dark, trying to fend off the hunters. Mercedes-Benz last week was also told to recall 238,000 vehicles in Germany after the transport ministry reported that they were fitted with emissions-cheating defeat devices.
  • Audi Chief Executive Rupert Stadler detained

    Audi Chief Executive Rupert Stadler detained

    Finance

    The move follows a search last week of Stadler's private residence, ordered by Munich prosecutors investigating the manager on suspicion of fraud and indirect improprieties with documents. News of the arrest comes as VW's new group CEO Herbert Diess is trying to introduce a new leadership structure, which includes Stadler, and speed up the group's shift toward electric vehicles in the wake of its emissions scandal.
  • Japan bans Canadian wheat after some GMO grain found

    Japan bans Canadian wheat after some GMO grain found

    Finance

    The plant, from unidentified origin, was initially found on a frontage road within Alberta a year ago, shortly after it made it through spraying of the location using weed killer, the Canadian Food Inspection Agency (CFIA) pointed out Thursday.
  • Tesco's sales rise with Booker's acquisition

    Tesco's sales rise with Booker's acquisition

    Finance

    Tesco said that like-for-like sales in its Irish operations grew by 3% despite all of its stores here closing for a day due to Storm Emma in early March. Lewis said Tesco planned to submit its thoughts on the deal to United Kingdom regulators. In just under four years, Chief Executive Officer Dave Lewis has taken Tesco from a company in disarray to one of the industry's most reliable performers by cutting prices and slashing costs.
  • McDonald's Says It's Ditching Plastic Straws In U.K. And Ireland

    McDonald's Says It's Ditching Plastic Straws In U.K. And Ireland

    Finance

    McDonald's is to replace plastic drinking straws with paper in all of its United Kingdom and Ireland (Other OTC: IRLD - news ) branches. "McDonald's uses millions of plastic straws every single day". And a group of more than 40 companies including Coca Cola (KO), Nestle ( NSRGF ), Unilever(UL) and Procter & Gamble (PG) pledged earlier this year to slash the amount of plastic they use and throw away in the United Kingdom.
  • McDonald's ditches plastic straws in Britain, Ireland

    McDonald's ditches plastic straws in Britain, Ireland

    Finance

    Prime Minister Theresa May announced the ban in April , saying that it could be implemented as soon as next year. It comes amid growing pressures on companies to reduce single-use plastic products and packaging, over concerns on the environmental impacts.
  • China's ride-hailing giant Didi to launch in Australia

    China's ride-hailing giant Didi to launch in Australia

    Finance

    But between 5 a.m. and 6 a.m. and between 10 p.m. and midnight, car-pooling service drivers can only pick up passengers of the same sex, Didi said in the statement. Its global expansion has brought about a new level of overall confusion since Didi has made relationships with other companies in the ride-hailing industry around the globe while expanding its own brand internationally.
  • European Central Bank to reduce volume of bonds under asset purchase programme

    European Central Bank to reduce volume of bonds under asset purchase programme

    Finance

    Meanwhile, US retail sales excluding autos and fuel rose 0.8 percent in May, twice the pace expected, although the greenback's gains were tempered by renewed concerns about trade tariffs. Eastern time. The Dow Jones industrial average gained 67, or 0.3 percent, to 25,268, and the Nasdaq composite rose 41, or 0.5 percent, to 7,736. The U.S.
  • Bhp Approves South Flank Development

    Bhp Approves South Flank Development

    Finance

    It is expected to begin production in 2021 and will have a mine life of about 25 years. South Flank iron ore will help increase BHP's average iron grade in WA from 61 per cent to 62 per cent, and the overall proportion of lump ore - which allows for more efficient steelmaking than smaller fine ore - from 25 per cent to approximately 35 per cent.
  • China trade tensions escalate as Trump approves $50bn of tariffs

    Finance

    The second wave - affecting $16 billion of Chinese goods focused on semiconductors and electronics - is subject to a review and comment period as well as a public hearing. The 28 members of the European Union agreed Thursday that retaliatory tariffs would go into effect in the coming days. The Trump-led tariffs apply to almost 1,100 Chinese exports ranging from automobile and manufacturing hardware to aerospace and robotics.
  • N Brown mulls shuttering all stores | Apparel Industry News | just-style

    N Brown mulls shuttering all stores | Apparel Industry News | just-style

    Finance

    In the North West, it has a Jacamo and Simply Be store at Liverpool ONE; an outlet in the Arndale Centre in Manchester; and a Jacamo and Simply Be shop at The Rock in Bury. N Brown's financial services revenue was up 9%, and group revenue edged up 0.4%. N Brown, which targets women over 30 and specializes in larger sizes, said it was considering closing its last 20 stores, due to a disappointing number of shoppers.
  • Tesla Eliminates 9% of Workforce As It Searches for Profit

    Tesla Eliminates 9% of Workforce As It Searches for Profit

    Finance

    Tesla Motors, Inc. was covered by a number of analysts recently, 5 rated the stock as Buy, 10 rated Hold, 3 rated sell and 5 gave an Underperform. The Return on Equity ratio of Tesla Motors, Inc. Sequoia Finance Advisors Limited Liability Company accumulated 980 shares or 0.03% of the stock. During the same quarter in the previous year, the firm earned ($1.33) EPS.
  • Fuel prices being kept ‘unreasonably’ high, says RAC

    Fuel prices being kept ‘unreasonably’ high, says RAC

    Finance

    But speculation around Organization of the Petroleum Exporting Countries (OPEC) states agreeing to halt their squeeze on oil supply, which is now inflating prices, has made prices fall at wholesalers in preparation for a larger dip. Petrol prices continued to rise in May, largely as a result of the oil price peaking at $80 and a weakening of sterling against the dollar. 'We are now well into June, and drivers are still waiting for some relief to rising prices.
  • China CK Infrastructure Offers $7.8B For Australian Gas Pipeline Operator

    China CK Infrastructure Offers $7.8B For Australian Gas Pipeline Operator

    Finance

    CK Infrastructure, leading a consortium with CK Asset Holdings and Power Assets Holdings, offered $11 cash per stapled security, well above APA's last close of $8.27 and its record high of $9.90 hit a year ago. The CKI-led consortium welcomed APA's decision to enter talks, saying the all-cash proposal provided a "compelling opportunity" for security holders to realize value.
  • Australia Jobless Rate Eases To 5.4% In May

    Finance

    Markets looked through the UE rate drop as participation fell to the softer jobs growth. Today's report showed underemployment climbed 0.1 percentage point to 8.5 percent and the underutilization rate - the sum of unemployment and underemployment - holding at 13.9 percent.
  • Rolls Royce confirms plans to cut 4600 jobs

    Rolls Royce confirms plans to cut 4600 jobs

    Finance

    News of the job cuts come as Rolls-Royce races to provide a fix for its Trent 1000 engines . A spokesperson from the Department for Business said: "The government is in regular contact with Rolls-Royce on its plans to reduce its back office and support functions workforce as a result of its restructuring programme".