Markets


Iran Says No to Oil Production Freeze
- February 19, 2016

According to Reuters, talks in Tehran between Bijan Zanganeh , Iranian oil minister, and his counterparts from Iraq, Qatar and Venezuela began on Wednesday. This nose-dive has been particularly excruciating for countries like Russia, Saudi Arabia and Venezuela , whose budgets rely heavily on energy revenues. (more...)
Parmesan Cheese With Too Much Wood Pulled From Grocery Shelves Parmesan Cheese With Too Much Wood Pulled From Grocery Shelves
- February 19, 2016

They found that numerous cheeses have cellulose which is made from wood pulp . Earlier this week, a Bloomberg investigation revealed that some producers of Parmesan use excessive amounts of cellulose, and sometimes cheaper cheeses, in their purportedly pure products. (more...)
Venezuela's Maduro devalues currency, hikes fuel prices Venezuela's Maduro devalues currency, hikes fuel prices
- February 19, 2016

The price of 91-octane gasoline will increase to 1 bolivar a liter from 7 centavos. " This is a necessary measure, a necessary action to balance things, I take responsibility for it ", Maduro said during an hours-long televised broadcast, flanked by his cabinet. (more...)
Flint Paid Three Times the National Average for Water in 2015 Flint Paid Three Times the National Average for Water in 2015
- February 19, 2016

In this photo taken on Tuesday, Feb. 16, 2016, Flint resident Tia Simpson pauses after prepping her dinner using half a dozen bottles of water at her home on Flint's south side, in Mich. Snyder is seeking to direct another $195 million toward the crisis, including $30 million to cover a portion of residents' and businesses' water bills for two years and $25 million to replace service lines. (more...)
Snyder hopeful for more Medicaid coverage amid Flint crisis
- February 18, 2016

The bill, backed by Snyder, only covers two-thirds of the water portion of people's water/sewer bills. But the water in the city cost "far above the threshold for what the United Nations considers affordable ", according to Grant. "It just needs to stop!" Corrosive compounds in the river water caused lead from the city's pipes to leak into the water supply. At that time residential rates had gone up by 110 percent in less than a year. (more...)
Flint paid highest water bills in 2015
- February 18, 2016

The NAACP will invite "disruptive civil disobedience" in Flint if Gov. Rick Snyder doesn't present a plan in the next 30 days that has a deadline for replacing the city's water pipes, the organization's national leader said Monday. Almost 90 percent of Americans are served by a public water system, including residents of Flint, while private water systems are clustered in a handful of states including Pennsylvania, New Jersey, Delaware, and Idaho. (more...)
Michigan House Approves $30 Million for Flint
- February 18, 2016

Flint Mayor Karen Weaver said she appreciates support from Michigan Gov. Rick Snyder to move quickly to replace Flint's lead pipes and his recent budget proposal to partially fund the project. Despite people's misgivings about Flint River water, the river water was safe to drink. The governor's team has advocated a more deliberate approach to assess the condition of the entire water system in Flint first in order to make sure any pipe removal does not increase the chances of additional ... (more...)
Flint mayor, governor split on pace of lead pipe replacement
- February 18, 2016

Snyder's office to coat the old pipes is not an acceptable solution. People attending the event gave almost $2,600. The Flint contamination issue occurred after a state-appointed emergency manager in April 2014 ordered that the city switch its source of water from Detroit to the Flint River in an effort to save money and reduce debt. (more...)
Iran snubs Doha proposal, won't freeze on oil output levels
- February 18, 2016

Iran's OPEC envoy Mehdi Asali said it was " illogical " to ask Iran to freeze production levels in comments to the Shargh daily newspaper before the talks on Wednesday. A freeze in production from January's near-record levels would do little to relieve the glut, analysts said. "Although this is the first step it should not be the last". (more...)
UAE ready for cooperation to stabilize oil prices - energy minister UAE ready for cooperation to stabilize oil prices - energy minister
- February 18, 2016

But the idea has failed to impress the market so far with oil prices fluctuating sharply this week and trading on Thursday at $35 per barrel. Energy companies, particularly those with large upstream projects, are coping with losses by reducing investments and laying off workers. (more...)
Google Doodle Marks 235th birthday of Rene Laennec Google Doodle Marks 235th birthday of Rene Laennec
- February 18, 2016

But only until Rene Theophile Hyacinthe Laennec's breakthrough invention. Born on 17 February, 1781 in France, the Laennec was a religious man and the inventor and founder of many other medical contributions apart from the stethoscope. So, taking inspiration from a simple game, he rolled a paper and pressed it to his patient's chest. Before the invention of the familiar medical instrument, doctors would have listened to patient's hearts by simply putting their ears to their chests. (more...)
Tesla Is Losing Money But Making More Cars Tesla Is Losing Money But Making More Cars
- February 17, 2016

What does this mean for Tesla and its investors? Adding the lower-cost Model 3 to its lineup should help broaden Tesla's customer base. But Tesla said it would initially roll out a highly optioned version. Tesla delivery figures are closely watched by the financial community because they are a barometer of the state of the production group, which has so far only one plant. (more...)
Saudi Arabia, Russia, Qatar, Venezuela agree to freeze oil production Saudi Arabia, Russia, Qatar, Venezuela agree to freeze oil production
- February 17, 2016

He later took to Twitter to say his country's oil policy "is open to cooperate with all producers toward mutual interest of the market stability and we are optimistic on the future". Meanwhile, Saudi Arabian Oil Minister Ali al-Naimi said that freezing oil producers' output will be adequate to improve the oil market. The 13-member body supplies about 40 per cent of the world's oil. (more...)
Tesla Model 3 to be unveiled on 31 March
- February 17, 2016

The hotly anticipated Model 3, the latest auto from the Tesla (NASDAQ:TSLA) stable, will go on sale from March 31, the electric vehicle manufacturer revealed, as it promised it would start turning a profit in 2016. So even if you're one of the first to plunk down $1,000 to reserve one, it'll still be a long wait. The Model 3's appeal is obvious. The average price of all new cars today is about $34,000, according to Kelley Blue Book. (more...)
Steel chiefs warn of environment, jobs damage from China imports Steel chiefs warn of environment, jobs damage from China imports
- February 17, 2016

STEEL workers are joining together today to demand the European Union takes tough action to save the industry. Although the body has welcomed the introduction of levies on some imports, it added the low levels they were set at were a "slap in the face" to the industry because they were not high enough to have any impact. (more...)
Alibaba buys nearly 33 million shares of Groupon Alibaba buys nearly 33 million shares of Groupon
- February 16, 2016

Groupon has had problems since the IPO in growth as well as profit. The company announced that profit excluding certain costs was 4 cents per share in comparison to analyst's estimates of break even for the quarter. Magic Leap is a USA based startup that works "on a head-mounted virtual retinal display which superimposes 3D computer-generated imagery over real world objects, by projecting a digital light field into the user's eye". (more...)
Continental Automotive Systems Recalls Air-bag Controls Installed in 5 Million Vehicles
- February 16, 2016

National Highway Traffic Safety Administration ( NHTSA ) that the potentially malfunctioning air bags are fitted in vehicles created by Honda, Mercedes-Benz, Fiat Chrysler, Volvo Trucks North America and Mazda Motor Corp. This is the latest large-scale US recall related to air bag problems. A second notification will be sent to inform owners when parts become available. (more...)
Honda warns auto dealerships of liability as airbag recall widens
- February 16, 2016

Honda explains that this recall has been made based on a Defect Information Report from airbag supplier, Takata. Cautioning that this recall affects "certain specific vehicles only" within the models and model years listed, Honda said in a statement Wednesday that particular vehicle identification numbers "to be included in this recall [have] not yet been determined". (more...)
Elon Musk admits the first Model X was too ambitious
- February 16, 2016

The electric vehicle manufacturer recorded a quarterly non-GAAP net loss of $114 million or $0.87 per share, worse than the $0.16 loss per share expected by analysts. Mr Musk and the company's new chief financial officer, Jason Wheeler, sought to assure investors on a conference call on Wednesday evening that Tesla is determined to cut costs, hit production targets and stanch losses. (more...)
Deadpool breaks North American box office records
- February 16, 2016

The film is poised to break several box-office records including largest February opening weekend , largest R-rated opening, largest R-rated comic adaptation, and - get this - the largest opening ever for 20th Century Fox , according to BoxOfficeMojo . (more...)

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