Oil made the biggest annual gain since 2009 as OPEC and other producing nations plan to start supply cuts next month to reduce swelling global inventories. Futures rose 52 percent in London this year after closing little changed on Friday.
Category: World News
The dirty secret about your clothes
A woman hangs dyed yarn to dry at a textile mill on the outskirts of Agartala, capital of India’s northeastern state of Tripura. In the Colours of Nature dye house, Vijayakumar Varathan is busy prepping a vat of indigo.
Oil Prices on Track for Greatest Yearly Percentage Gain Since 2009
Oil prices are on track for their biggest annual percentage gain since 2009 on the back of an agreement struck between OPEC and non-OPEC countries to cut crude production output. U.S. benchmark West Texas intermediate crude futures were up 23 cents to $54.00 at 0746 GMT.
Apple Has a Lot to Lose if its Favorable Chinese Manufacturing Deals Unravel
A Thursday New York Times report provides fresh arguments. It also shows just how much Apple, and perhaps some other U.S. tech giants dependent on Chinese manufacturing, have to lose if the trade status quo with China is disrupted in a major way.
Rabbi Boteach: Obama Has Had 8 Years of Unremitting Hostility Towards Israel
After the U.S. abstained from the Unite Nations vote condemning Israeli settlements, there have been mounting allegations that the Obama administration actually had a role in advancing the resolution through the U.N. “The Israel Warrior” author Rabbi Shmuley Boteach weighed in on the future of U.S. relations with Israel. “The Middle East goes to hell in a hand basket.
Why Bank of America’s Stock Climbed 34% in 2016
Shares of the bank dove deep at the beginning of 2016 only to then rise abruptly to end the year. All told, Bank of America’s stock gained more than 30% this year.
‘Best Idea’ Apache Supplants Chevron as My Chief Long in 2017
I’m a trader who specializes in intraday and swing trading rather than long-term investing, but in the fourth quarter of 2015 I really started like Chevron Oil prices are cyclical: price declines curtail production and increase demand so that prices eventually would rise CVX’s mix of upstream and downstream and strong balance sheet would give it the financial strength to navigate the downturn Due to those factors, I have been steadily bullish on CVX. For 2017, I’m switching my allegiance to Apache Oil prices have risen above $50 a barrel.
Strained U.S.-Israeli Ties Reach Another Low After Kerry Speech
Strained U.S.-Israeli ties reached another low on Wednesday as Secretary of State John Kerry and Prime Minister Benjamin Netanyahu traded blame over the stalled Middle East peace process, with President-elect Donald Trump vowing a fresh start when he takes office on Jan. 20. Kerry, in a speech Wednesday in Washington, said Netanyahu’s policies backing the expansion of settlements in East Jerusalem and the West Bank were putting a two-state solution to the Israeli-Palestinian conflict increasingly out of reach. Netanyahu, minutes later, accused Kerry of anti-Israel bias and said the U.S. focus on settlements was “unbalanced.”
Singapore’s Year of Misbehaving Moneymen Puts MAS on High Alert
From the 1Malaysia Development Bhd.-linked scandal to a 333-count front-running case and the largest market-manipulation prosecution in Singapore’s history, this year’s allegations of moneymen behaving badly have put the city-state’s image as a squeaky-clean financial hub to the test. Regulators have responded with their busiest year of enforcement actions, shutting the local units of two Swiss banks, fining some of the world’s biggest lenders and seizing S$240 million of assets.
Your pictures
George Primentas from London is behind The Missing Graph. He tells us that he’s been designing infographics inspired by business news since October.
Britons Hoard Cash as Economic Uncertainties Prompt Caution
Britons are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association. Personal deposits grew an annual 4.8 percent in November, data compiled by the BBA show.
Oil Trades Near 17-Month High as Market Seen Balancing in 2017
Oil traded near the highest since July last year, spurred by optimism that OPEC and 11 other producing nations will cut production as promised in January to prop up prices. Futures rose an eighth session in New York after closing on Tuesday at the highest since July 2, 2015.
Qualcomm Fined $853 Million by South Korean Antitrust Agency
South Korea’s antitrust regulator slapped a record 1.03 trillion won fine on Qualcomm Inc. for violating antitrust laws, the latest in a string of government actions that threaten the U.S. chipmaker’s most profitable business. The South Korean Fair Trade Commission said Wednesday that the company licensed its key patents only to mobile-phone makers and didn’t properly negotiate the terms of its licenses.
S.Korea Fines Qualcomm $854M for Violating Competition Laws
South Korea’s antitrust regulator fined Qualcomm Inc 1.03 trillion won for what it called unfair business practices in patent licensing and modem chip sales, a decision the U.S. chipmaker said it will challenge in court. The fine, the largest ever levied in South Korea, marks the latest antitrust setback for Qualcomm’s most profitable business of licensing wireless patents to the mobile industry, at a time when the business is facing headwinds from a cooling smartphone market.
Oil Prices Edge Down Ahead of Production Cuts
Oil prices edged down on Wednesday as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year. International Brent crude futures were trading down 7 cents, or 0.12 percent, at $56.02 a barrel at 0722 GMT after closing the previous session up 93 cents.
One Group of Oil Investors Didn’t Cash In on the 2016 Rally
Front-month West Texas Intermediate crude futures have gained 45 percent so far this year as OPEC engineered the first global output cut in 15 years. The U.S. Oil Fund LP, an ETF designed to track oil prices that has seen investors pour in nearly $3 billion in the past two years, only grew 6.6 percent over the same period.
Qualcomm Fined $853 Million by South Korean Antitrust Agency
South Korea’s antitrust regulator slapped a record 1.03 trillion won fine on Qualcomm Inc. for violating antitrust laws, the latest in a string of government actions that threaten the U.S. chipmaker’s most profitable business. The South Korean Fair Trade Commission said Wednesday that the company licensed its key patents only to mobile-phone makers and didn’t properly negotiate the terms of its licenses.
Facebook Safety Check creates false alarm in Bangkok
Facebook users in Bangkok were falsely alerted to an “explosion” in the Thai capital, after the social network activated its Safety Check feature. It allows Facebook users in danger zones to mark themselves as safe, but in this instance was triggered by a protestor throwing firecrackers.
Airbus to Slow A380 Production in 2017 in Accord With Emirates
Airbus Group SE will put off a dozen deliveries of the A380 plane in the next two years following an agreement with Emirates, its largest customer for the model, as demand continues to fade for the double-decker. Handovers of six A380s apiece that were originally planned for 2017 and 2018 will be shifted to a year later following an agreement with Emirates and engine supplier Rolls-Royce Holdings Plc, the Toulouse, France-based planemaker said Tuesday in an e-mailed statement.
Oil Extends Longest Run of Gains Since August Ahead of OPEC Cuts
Oil extended the longest winning streak in more than four months as the market anticipates that output cuts from OPEC and non-OPEC producers will help speed the elimination of a supply glut. Futures advanced 1.7 percent in New York, climbing for a seventh session amid gains in equity markets.
Note to Iran: Buying Boeing Jets Is Good — but Don’t Brag About a 50% Discount
An Iranian official seemed to brag that Iran got a 50% discount on its $16.6 billion purchase of Boeing jets. But at Boeing and Airbus, nobody pays the list price.
Oil Extends Longest Run of Gains Since August Before OPEC Cuts
Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market. Futures advanced 0.4 percent in New York, climbing for a seventh session.
Shale Specter Haunts OPEC as Oil Seen Rallying Into 2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November by a pump-at-will OPEC strategy aimed at market dominance.
Russia Urges Libya Leadership Role for UN-Defying Military Chief
Russia threw its weight behind a powerful Libyan army commander, Khalifa Haftar, who’s in conflict with the UN-backed government there, saying he must have a role in the leadership of the crisis-wracked state. Russian Deputy Foreign Minister Gennady Gatilov criticized the United Nations’ envoy to Libya for favoring other political forces in the North African country.
Expat Fee, Subsidy Cuts: What’s in Saudi Fiscal Balance Document
Saudi Arabia followed a historic budget announcement last week with an 84-page document outlining how the Arab world’s largest economy plans to balance its budget by 2020. The document includes plans to curtail capital spending, raise new revenue and stimulate the private sector.
Iran Says Will Only pay Half Price for New Boeing Planes
Iran’s official IRNA news agency is reporting the deputy transport minister as saying that his county will only pay half of the announced price for 80 new Boeing planes, given the reductions in its purchasing options. According to the Sunday report, Asghar Fakhrieh Kashan says that despite an initial $16.8 billion deal with Boeing to purchase 80 passenger planes, “Regarding the style of our order and its options, the purchase contract for 80 Boeing aircraft is worth about 50 percent of the amount.”
Asian stocks lower in light trading after Christmas
KEEPING SCORE: The Shanghai Composite Index fell 1.1 percent to 3,075.11 and Tokyo’s Nikkei 225 lost 0.1 percent to 19,410.43. Seoul’s Kospi gained 0.1 percent to 2,037.
Displaced But Determined: How One Syrian Software Developer Restarted His Career
Five years ago, Adham Rchwani left Syria to rebuild his life in Germany. In his own words, this is what it’s taught him.
Saudi Paper Retracts Aramco 49% Stake Sale Plan Story
The Riyadh-based newspaper al-Eqtisadiah retracted a story saying Saudi Arabia is planning to sell almost half of Saudi Arabian Oil Co., the world’s largest oil company known as Aramco. The stake that the government plans to sell and the time frame of the sale are different than what was mentioned in the story published on Saturday, al-Eqtisadiah said in a statement published Sunday.
Oil & Gas Stock Roundup: Optimism Continues to Grow
Oil prices meandered along for most of the week, basically ending where they began. That said, there was still plenty of optimism in the oil market to go around, which drove several oil-related stocks up by double digits this week.
Paschi Seeks State Aid as Italy Sets $21 Billion for Banks
Italy’s government is set to rescue Banca Monte dei Paschi di Siena SpA after the world’s oldest lender failed to raise 5 billion euros from the market, in what will be the country’s biggest bank nationalization since the 1930s. Italy will plow as much as 20 billion euros into the country’s banks providing both emergency liquidity guarantees and capital injections, as more lenders may seek lifelines soon.
Berlin truck attack suspect killed in Milan police shootout
Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia. Mustapha Amri and Walid Amri, the father and brother of the suspect in the truck attack, display a photo of Anis Amri in Oueslatia, Tunisia.
Creating ‘one-of-a-kind’ perfumes in South Africa
Perfumes are a very personal choice and one Cape Town perfume maker has taken this idea to heart by making her own range of perfumes – from scratch.
Oil Settles at 17-Month High
An oil pump jack pumps oil in Al-Jbessa oil field in Al-Shaddadeh town of Al-Hasakah governorate April 2, 2010. REUTERS/Stringer – RTR45V6M crude gained seven cents, or 0.1 percent, to settle at $53.02, its highest close since July 2015.
Does China Offer Plug Power a Path to Profitability?
Operating primarily in material handling equipment, Plug Power’s interest in the EV market represents a change in direction; however, management recognizes a significant opportunity. According to Andy Marsh, Plug Power’s CEO,”China has made hydrogen and fuel cell vehicles a key component of the country’s Energy Revolution Program, which includes over $100 billion in investment and runs through 2030.”
NN Group to Buy Dutch Rival Delta Lloyd for $2.6 Billion
NN Group NV agreed to buy Delta Lloyd NV for about 2.5 billion euros after its earlier offer for the Dutch insurer was rejected. NN offered 5.40 euros a share in cash for Amsterdam-based Delta Lloyd, the companies said in a statement on Friday.
Tunisian Suspect In Berlin Market Attack Killed In Milan Shootout: Reports
Police in Milan, Italy, have shot and killed Anis Amri, the Tunisian man suspected of carrying out Monday’s terror attack at a Christmas market in Berlin, media reports said Friday. The 24-year-old suspect, identified via a fingerprint check, died in a shootout at Sesto San Giovanni on Friday, Italian news service ANSA reported .
10 Last-Minute Gift Ideas That Can Help Make The World A Better Place
How you can put your money toward more than just more stuff-and nudge your friends and family in the right direction, too. If ever there was a year to give back, this is it.
Porsche Holding Wins Hedge Fund Lawsuit at German Top Court
Porsche Automobil Holding SE won a key legal victory in its effort to end years of litigation stemming from a failed attempt to take full control of Volkswagen AG in 2008. Germany’s highest civil court dismissed an appeal by 19 hedge funds including Viking Global Equities LP, Glenhill Capital LP and David Einhorn’s Greenlight Capital Inc., Porsche Holding said Friday in a statement.
Monte Paschi’s Fatal Sin Brings Nationalization for Oldest Bank
On the afternoon of Dec. 9, Marco Morelli, chief executive officer of Banca Monte dei Paschi di Siena SpA, was preparing for a board meeting in the lender’s Belle Epoque-era offices in Milan when the news hit: the European Central Bank had rejected his bid for more time to raise the 5 billion euros needed to stay afloat. The gathered executives and their advisers from JPMorgan Chase & Co.