Markets


280000 barrels of oil traded at IRENEX on 1st day 280000 barrels of oil traded at IRENEX on 1st day
- November 01, 2018

U.S. West Texas Intermediate (WTI) crude futures were firmer, however, at $67.16 a barrel, up 12 from their last settlement. "Mounting perception of a weakening in global oil demand due to increasing tariff issues between the US and China , while extremely hard to measure, will be maintaining some negative influence in keeping would-be buyers sidelined", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. (more...)
United Kingdom to Slap New Tax on Technology Giants United Kingdom to Slap New Tax on Technology Giants
- November 01, 2018

The European Union is reportedly working on legislation that could levy a tax of three percent on tech companies' gross regional revenues, while Singapore, India and other countries in Asia are exploring similar measures. users. While the details of the new tax will be out after the government consults experts in the field the tax will be created to ensure it is established tech giants - rather than local tech start-ups shoulder the burden of this new tax. (more...)
Jump in Ease of Doing Business: Fruits of persistent efforts Jump in Ease of Doing Business: Fruits of persistent efforts
- November 01, 2018

The World Bank's latest Doing Business Report 2019 released on Wednesday showed that various measures undertaken by the government had helped India jump 23 places from its rank of 100 in 2017. The World Bank index ranks 190 countries on the basis of 10 indicators, namely starting a business, dealing with construction permits, registering a property, getting credit, getting electricity, trading across borders, resolving insolvency, enforcing contracts, protecting minority investors and ... (more...)
Govt Sends Letters to RBI Invoking Section 7 of RBI Act Govt Sends Letters to RBI Invoking Section 7 of RBI Act
- October 31, 2018

This did not go down well with the Centre, who said that they were 'upset' that the RBI publicly spoke about the rift. This section, never invoked by any government so far despite phases of tension with the central bank, allows it to instruct the RBI to take specific action. (more...)
Tech Giants Including Google, Facebook & Amazon Face UK Digital Services Tax Tech Giants Including Google, Facebook & Amazon Face UK Digital Services Tax
- October 30, 2018

The Chancellor sought to reassure voters and shore up the morale of the fractious Tory MPs Theresa May needs to back her Brexit deal by peppering his speech with spending pledges and a surprise income tax cut, The Guardian reports. Paul Johnson, director of the Institute for Fiscal Studies, said: "He's just simply chose to spend all of that. I think he has abandoned any idea of getting to budget balance by the mid-2020s". (more...)
Elon Musk says $40m tweet was 'worth it' after being fined Elon Musk says $40m tweet was 'worth it' after being fined
- October 30, 2018

The news was first broke on Twitter , the chief executive of Tesla frequently uses Twitter to convey the firm's strategy, a plan of action that has sometimes been more damaging than being beneficial for both the chief and his company. Musk initially tweeted that he expected Tesla to reach a 5,000-per-week production rate by December 2017, and 10,000-per-week by the end of 2018. (more...)
Spending Slowdown Casts Shadow on Solid U.S. GDP Report Spending Slowdown Casts Shadow on Solid U.S. GDP Report
- October 29, 2018

Exceed the 3% expansion was one of the objectives of the campaign of 2016, and Donald Trump will probably get there this year. Consumer spending, which accounts for about 70 percent of the economy, recorded a 4 percent increase, highest since the fourth quarter of 2014. (more...)
IBM buying North Carolina-based Red Hat in $34B deal IBM buying North Carolina-based Red Hat in $34B deal
- October 29, 2018

IBM's decision to acquire Red Hat for US$34 billion is a bold stroke, an admission of weakness and a mighty complication. IBM, which has a market capitalization of $114 billion , will pay $190 per share in cash for Red Hat, a 63 percent premium to Friday's closing share price. (more...)
Oil tumbles for third week 'as fear selling spreads' Oil tumbles for third week 'as fear selling spreads'
- October 28, 2018

Saudi Arabia , now at 10.4 million barrels a day, is headed toward record-level output. Current tension between USA and Saudi Arabia , over Khashoggi hold a potential to affect world oil market but stability in oil market is US priority and also US trying to drop Iran oil export to zero. (more...)
Toyota's Lexus leads U.S. magazine's reliable vehicle rankings Toyota's Lexus leads U.S. magazine's reliable vehicle rankings
- October 28, 2018

The rankings are closely watched by the industry, since vehicle buyers frequently look to Consumer Reports for advice. Three European brands, Audi, BMW , and Mini , round out the top 10. The Model X SUV remained "Much-Worse-Than-Average" for reliability, with ongoing problems including the falcon-wing doors and center display screen. (more...)
Text leads to Mega Millions win for Virginia woman Text leads to Mega Millions win for Virginia woman
- October 27, 2018

Cooper says the victor will owe the state $80 million in taxes if the full prize is paid out in annual installments. Mickle says she first thought her uncle was confused when he said he won, but staff later confirmed his story. "I asked everyone if they'd seen how high the jackpot was", Smith said in a written statement. But if it wasn't for the persistence of a relative, she may have remained oblivious about her winnings. (more...)
Tesla reportedly faces FBI investigation over production numbers Tesla reportedly faces FBI investigation over production numbers
- October 27, 2018

Tesla showed earnings of $311.5 million during the three months ending in September, swinging from a loss of $619 million at the same time previous year . Shares of Tesla Inc have risen 1.13% so far in 2018 compared with a 9.69% gain for the benchmark index, Nasdaq 100 (NDX). Tesla reports its strongest quarter in history by virtually every metric ... (more...)
Look China rich help drive billionaire wealth to $8.9 trillion Look China rich help drive billionaire wealth to $8.9 trillion
- October 27, 2018

Nearly one in five came from China , which saw 373 people hold US$1.12 trillion, rising from just 16 in 2006, according to a report on billionaires published by UBS and PwC on Friday. In Europe, billionaire wealth grew 19% to US$1.9 trillion. The top three industries where Chinese billionaires made their money are real estate, technology, and consumer and retail. (more...)
Cathay Pacific flags data breach affecting 9.4 million passengers Cathay Pacific flags data breach affecting 9.4 million passengers
- October 27, 2018

Hong Kong's privacy commissioner Stephen Wong expressed "serious concern" over the breach in a statement Thursday and said the office would initiate a compliance check with the airline. It is reminding passengers it does not ask for personal or financial information via email and will never ask for passwords. Last month, British Airways suffered a data breach , with the personal and financial details of 380,000 customers being stolen from its online payment website. (more...)
A day after a rout, United States stocks turn higher on solid earnings A day after a rout, United States stocks turn higher on solid earnings
- October 27, 2018

The Nasdaq surged 241 points, or 3.4 percent, to 7,350. But other large industrial companies in the Dow fell, including Caterpillar and 3M which dropped 5.6 per cent and 4.2 per cent, respectively. In a bright spot, chipmaker Intel gained 3 per cent to $45.63 after it reported strong quarterly results and raised its outlook. US bond prices rose. (more...)
US Fed's vice chair backs further rate hikes US Fed's vice chair backs further rate hikes
- October 27, 2018

Trump has upped his criticism in recent months as the Fed signaled it would continue its campaign of gradually increasing interest rates. U.S. president Donald Trump targeted federal chairman Jerome Powell in his latest tirade against Federal Reserve stating that the organization is the biggest threat to American economy as it is only concerned about raising interest rates that adversely affects borrowing power. (more...)
Saudi Arabia says Khashoggi's killing was premeditated Saudi Arabia says Khashoggi's killing was premeditated
- October 26, 2018

He also vowed to hold accountable those behind the crime. He did not address charges that some of his closest security aides have been implicated in the October 2 death at the Saudi Consulate in Istanbul and made a particular plea that the incident would not cause a diplomatic break between Saudi Arabia and Turkey . (more...)
Single Ticket in South Carolina Wins Record Mega Millions Jackpot Single Ticket in South Carolina Wins Record Mega Millions Jackpot
- October 26, 2018

If more than one person wins, the jackpots would be divided proportionately, as happened in 2012 with a Mega Millions jackpot of US$656 million, a lottery official said. Sixteen other states had $1 million winners. While most states require the winner's identity to be made public, SC is one of eight states where they may choose to remain anonymous. (more...)
Four Florida Mega Millions players win prizes of up to $3 million Four Florida Mega Millions players win prizes of up to $3 million
- October 26, 2018

Last October, those officials made two big changes: They doubled ticket prices to $2 - and tweaked the formula to make it easier to win smaller prizes but harder to win the jackpot . The next jackpot victor could come from anywhere. SC is one of the few states that does not require lottery winners to make their identities public information. (more...)
Google fired 48 people for sex harassment in last two years Google fired 48 people for sex harassment in last two years
- October 26, 2018

Eileen Naughton, Google's " vice president for people operations " - which doesn't sound like a cult position at all - stressed that the company reviews every harassment complaint and takes them very seriously. Before Kalanick's departure, Uber said it had fired 20 people after examining 215 claims of discrimination, harassment, unprofessional behavior, and bullying. (more...)

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