Business

U.S. crude futures rose 20 cents to US$72.28 a barrel, close to the highest since mid-July. Estimates range from 500,000 barrels per day (bpd) to 2 million bpd. Mr Trump yesterday urged the United Nations to back his package of sanctions against the Middle Eastern country, imposed after he pulled the USA of the JPCOA agreement signed in 2015 with the aim of preventing it developing nuclear weapons - an agreement he claims Tehran was in breach of.
  • Trump claims he rejected Trudeau meeting over Nafta frustrations

    Trump claims he rejected Trudeau meeting over Nafta frustrations

    Business

    A spokeswoman for the Canadian prime minister denied that he had requested any such meeting, but Trump's comments on Wednesday marked a new low in relations between the two leaders. If differences with Ottawa can not be resolved by then, the Trump administration will ask Congress to approve a Mexico-only deal, he said. Trump also cast serious doubt on ongoing NAFTA negotiations, raising issues with "the negotiating style of Canada".
  • Canada deal in doubt; focus shifts to Japan trade talks

    Business

    The United States and Canada are divided over the best way to resolve trade disputes and on a US demand for more access to Canada's protected dairy market. However, if anything that might add more pressure on the United States, which has squeezed a good deal out of Mexico. The chief USA trade negotiator is scheduled to meet with Canadian Foreign Minister Chrystia Freeland on the sidelines of the annual United Nations General Assembly meeting in NY.
  • Oil prices falter as Donald Trump ups pressure

    Business

    Oil prices, however, have trended higher amid concerns about supply. The US President has repeatedly blamed OPEC for high oil prices, to which the organization replied that it has no power to control crude prices. He has also accused Iran of pursuing a "bloody agenda". "They have put a significant number of barrels on the market since President Trump started tweeting and since the June meeting", said Helima Croft, global head of commodity strategy at RBC Capital Markets.
  • Starting in January, Dunkin Donuts will just be Dunkin

    Starting in January, Dunkin Donuts will just be Dunkin

    Business

    In a tour of a next-generation Dunkin' store, Tyler reports that the most notable change - beyond the logo - is the inclusion of a new tap system for cold beverages. Dunkin' Donuts said in a statement that, depending on how customers respond, it may pare down its selection nationwide. In August, they went to just Dunkin' in roughly 50 US stores but faced backlash from customers.Many argued that Dunkin' helped popularize the word " donut " as they spell it and therefore should keep it in ...
  • UK: May's cabinet 'fully behind' Brexit plan

    UK: May's cabinet 'fully behind' Brexit plan

    Business

    The document, shared with national delegations at the Salzburg summit last Wednesday, does go into detail. One said they understood that the customs element of May's Chequers plan would damage their own economic interests. The likelihood that post-Brexit Britain will suffer severe economic... "For example, cross-border supply chains will not operate seamlessly". Earlier on Tuesday, Labour said it was likely to oppose any deal negotiated by Theresa May as it did not meet its six tests, ...
  • Oil jumps to four-year high

    Oil jumps to four-year high

    Business

    Benchmark Brent crude on September 24 hit its highest since November 2014 at $80.94 per barrel, before falling back to around $80.65. OPEC also ignored US President Trump's request to lower oil prices by increasing output, keeping oil prices well supported.
  • Labour Members Approve Motion to Keep Open Option of Second Referendum

    Labour Members Approve Motion to Keep Open Option of Second Referendum

    Business

    Britons voted by a 52-48 percent margin in a 2016 referendum to leave the EU. Ms Long-Bailey once again failed to answer the question and said: "In terms of what we have discussed at party conference this week, and it has been a really good discussion, quite frankly, we have stated that we want a general election".
  • Why were United Nations diplomats laughing at Trump?

    Why were United Nations diplomats laughing at Trump?

    Business

    There was awkward audible laughter and the United States president looked around the room and smiled broadly. Following their historic summit in June, Trump said he appreciated the steps Kim has taken to denuclearize. "According to the mullahs in Tehran, we are 'the Great Satan, ' lord of the underworld, master of the raging inferno", Bolton said in remarks prepared for delivery at a NY meeting convened to oppose Iran's nuclear ambitions.
  • Michael Kors bags Versace for $2.1 bn

    Michael Kors bags Versace for $2.1 bn

    Business

    Idol said his group plans to grow Versace's global sales to $2 billion globally, reach profit margins in the "high teens range" and open about 100 new stores as well as bolstering online sales. Jefferies reiterated its "buy" rating for Micheal Kors after the acquisition of the Italian designer house Versace. Like Coach, Michael Kors is changing its name as it seeks to reframe how people in perceive it.
  • Comcast buys 29.1 percent of Sky stock in market purchases

    Comcast buys 29.1 percent of Sky stock in market purchases

    Business

    The deal will also help Comcast develop its direct-to-consumer strategy by giving it "greater scale to amortize its content investments", the analysts said . Comcast needs 50 percent of the stock plus one share to complete its takeover. Representatives for Philadelphia-based Comcast; Burbank, California-based Disney and Isleworth, U.K.
  • Instagram co-founders Systrom and Krieger leaving firm

    Instagram co-founders Systrom and Krieger leaving firm

    Business

    The founders of Instagram are leaving Facebook after growing tensions with Chief Executive Officer Mark Zuckerberg over the direction of the product, people familiar with the matter said. "Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents", Zuckerberg said. Facebook's stock hasn't recovered from the hit, either.
  • US, China Exchange New Round of Tariffs in Trade War

    US, China Exchange New Round of Tariffs in Trade War

    Business

    China responded with similar tariffs, but only targeted $60 billion worth of USA goods in exchange. China targeted 5,200 USA goods with five to 10 percent tariffs, including big ticket items such as liquefied natural gas, lumber and electronics, as well as peppermint oil, pig hides and condoms.
  • Barrick and Randgold merger creates £14bn gold mine giant

    Barrick and Randgold merger creates £14bn gold mine giant

    Business

    The deal value, at 48.5 pound-a-share, matched Randgold's market capitalization as of Friday's close. This morning the shares rose by 4 per cent to £52.02. Randgold's London listing will be cancelled. Its subsidiary Acacia Mining PLC., which operates three gold mines in Tanzania and accounts for about 6 per cent of Barrick's annual production, has been under a gold-export ban in the country for more than a year.
  • SiriusXM Announces Plans to Acquire Pandora for $3.5 Billion

    SiriusXM Announces Plans to Acquire Pandora for $3.5 Billion

    Business

    A big idea behind the merger is that SiriusXM and Pandora target complementary audiences. The new deal will see Pandora join SiriusXM for $3.5 billion in an all-stock transaction. The deal was announced on Monday, September 24, and SiriusXM expects that everything should be finalized around the first quarter of 2019. For every share of Pandora they own, shareholders will get 1.44 of newly issued shares of Sirius XM , the companies said in their announcement Monday.
  • Iran says Trump pressing oil majors to raise output

    Iran says Trump pressing oil majors to raise output

    Business

    The U.S. Energy Information Administration (EIA) expects domestic crude oil production will increase over the next five years and then flatten after 2022, staying at about 11 million to 12 million barrels per day through 2050. Iran, OPEC's third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to United States pressure.
  • Deputy Attorney General Rod Rosenstein Exiting Job

    Business

    Rosenstein oversees the Mueller investigation - and once he's fired Rosenstein, Trump can fire Mueller. Rosenstein did not name any names or mention the effort by some members of the House Freedom Caucus to fire the deputy attorney general.
  • Iran: US wish to halt Iran's crude exports won't come true

    Business

    He sees US$90 oil by Christmas and US$100 in early 2019. OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia , on Sunday ruled out any immediate extra increase in output, effectively rebuffing a call by Trump for action to cool the market.
  • Michael Kors to take control of Italy's Versace

    Michael Kors to take control of Italy's Versace

    Business

    Versace declined to comment. "We believe that some of the work required on Versace , which includes toning down some of the brasher elements of the brand which are now out of step with the more subtle tone preferred by modern consumers, are precisely the issues with which Michael Kors has struggled and is yet to satisfactorily resolve", wrote Saunders in a report .
  • Could you stay 30 hours in a coffin?

    Could you stay 30 hours in a coffin?

    Business

    October 13 to 7 p.m. October 14 at the park. Participants need to bring their pillows and sleeping bags or blankets. They will be allowed one six-minute bathroom break per hour, and meals, snacks, and drinks will be provided. Also going are two VIP Haunted House passes and a ticket for two to ride the Freak Train for Freak Unleashed. And guess what? If you finish. you get to keep the coffin! If you're interested in spending one of your October weekends in a coffin, you can enter to ...
  • Saudi Arabia rejects Trump request to hike oil output

    Business

    This time, the deepening trade war between the USA and China threatens economic growth in Asia and turmoil in emerging countries could amplify the impact of higher prices on global demand growth. That equates to an increase of about 1 million bpd, but the latest figures show they are some way from achieving that target. It's possible that Iranian exports may drop by more than 1 million (bpd), and possibly even as high as 2 million bpd, as major customers with the possible exception of ...
  • Porsche CEO says company will not produce diesel models

    Porsche CEO says company will not produce diesel models

    Business

    In a statement on the automaker's website, Porsche announced it would stop building diesel-powered cars and instead focus on electric cars. Are you sad to see Porsche ditch diesel in favour of hybrids and EVs? Porsche was forced by the regulator in May to recall nearly 60,000 Cayenne and Macan diesel cars because of illicit engine functions.
  • Australia fruit scare: Needles found in New Zealand strawberries

    Australia fruit scare: Needles found in New Zealand strawberries

    Business

    They also advised people to cut up any Australian strawberries before eating them. This comes after a massive recall across the Tasman, where the product was pulled from the shelves of a number of supermarkets after the discovery of strawberries spiked with needles across six regions in Australia.
  • ABC boss Michelle Guthrie sacked just halfway through her five-year term

    ABC boss Michelle Guthrie sacked just halfway through her five-year term

    Business

    The board of the Australian Broadcasting Corporation ( ABC ) has announced the departure of the organisation's managing director Michelle Guthrie . Guthrie said she was " devastated " by the board's decision to terminate " despite no claim of wrongdoing on my part ". Guthrie escalated her rhetoric from there, acknowledging that her contract included a clause permitting the board to oust her " without cause and with immediate effect ", but claimed there was no clear reason for them to do so.
  • Australia store bans needles amid strawberry crisis

    Australia store bans needles amid strawberry crisis

    Business

    They could be "trying to do their bit" to support farmers struggling with the fallout by taking needles of the shelves, he said, but "cynically, you could also argue they want to be a part of the conversation and want to appear to be assisting".
  • It’s high times for soaring marijuana stocks on Wall Street

    It’s high times for soaring marijuana stocks on Wall Street

    Business

    As for Coronos, Citron said the cannabis producer "appears to have been deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces - unlike every other major cannabis player". The share price was boosted by bullish comments from its chief executive and news that America's drugs regulator would allow the company to export a cannabis-based drug to the United States.
  • Nordstrom takes heat for selling scuffed shoes

    Nordstrom takes heat for selling scuffed shoes

    Business

    The brand chose to display these shoes on an American retail chain Nordstrom and let us warn you the shoe may look cheap but in reality these pairs are being sold for $530 which is a whopping Rs. Suffice to say that once the internet got wind of the tape sneakers, it was not a happy camper (incidentally Camper is the name of another shoe brand that has not yet resorted to fusing home improvement items with its footwear).
  • Comcast beats Fox in Sky auction with $US39b bid

    Comcast beats Fox in Sky auction with $US39b bid

    Business

    The sweetened bid from Comcast , 17 per cent higher than the company's offer for Sky going into the auction, exceeded expectations. Comcast bowed out of the fight with Disney to buy those 21st Century Fox assets but will now take Sky TV.
  • US crude, gasoline stockpiles fell last week

    US crude, gasoline stockpiles fell last week

    Business

    Iran will veto any OPEC decision that harms its interests and warned that some oil producers are trying to create an alternative suppliers' forum that supports US policies hostile to the government in Tehran, Vestnik Kavkaza reports citing the Islamic Republic's oil minister Bijan Namdar Zanganeh.
  • Uber is in early talks to buy Europe's Deliveroo

    Uber is in early talks to buy Europe's Deliveroo

    Business

    According to the Bloomberg report, Deliveroo would not be interested in selling for any price that's not "considerably higher" than its current valuation. The two firms have been jostling for first place in the food delivery market since 2014, thanks to the inception of Uber Eats . The negotiations abruptly ended after SoftBank concentrated on backing Uber .
  • Emirates seeks Etihad takeover, says Bloomberg

    Emirates seeks Etihad takeover, says Bloomberg

    Business

    Both the airlines denied reports of the merger talks, the financial news agency said. An Emirates spokeswoman said the company doesn't comment on speculation, as did a spokesman for Etihad, Bloomberg News said. The cargo and logistics arm of Middle East carrier Etihad Airways will redeploy its Boeing 777 freighter capacity on "core trade lanes" to connect its Abu Dhabi hub to selected global markets in Asia, Europe and the US.
  • India Seeking to Pay in Rupees for Iranian Oil from Nov.

    Business

    India's imports from Iran are expected at 360,000 bpd-370,000 bpd for September/October compared to 658,000 bpd for April-August, according to data from trade sources obtained by Reuters . "We have told the Indians consistently, as we have told every nation, that on November 4th the sanctions with respect to Iranian crude oil will be enforced, and that we will consider waivers where appropriate, but that it is our expectation that the purchases of Iranian crude oil will go to zero from every ...
  • Bidding war for Sky on course for auction - Takeover Panel

    Bidding war for Sky on course for auction - Takeover Panel

    Business

    After discussions with both companies vying for Sky, and noting that neither Comcast nor Fox has declared its final offer, the Takeover Panel said it established the auction procedure "to provide an orderly framework for the resolution of the competitive situation".
  • USA markets hit new record high

    USA markets hit new record high

    Business

    Wall Street shares are seen continuing the record run after the Dow Jones Industrial Average and S&P 500 reached new peaks on Thursday. In small-caps, the Russell 2000 closed at 1,720.18 for a gain of 17.25 points or 1.01%. The US saw heavy selling in February this year, with the S&P 500 and Dow hitting correction territory, leading to speculation that the US market bull run had finally run its course.
  • Tesco's new budget store 'Jack's' inspired by Jewish founder

    Tesco's new budget store 'Jack's' inspired by Jewish founder

    Business

    Commenting on the announcement, John Perry, managing director of SCALA, a leading provider of management services for the supply chain and logistics sector, said, "With discount retailers Lidl and Aldi reported to control around 13 per cent of the United Kingdom grocery market, it's no surprise that retail giant Tesco has launched its own discount chain, Jack's".
  • New Tesla killer: Audi's all-electric crossover may devour Elon Musk's lunch

    New Tesla killer: Audi's all-electric crossover may devour Elon Musk's lunch

    Business

    Intel 's Shooting Star drones have featured in many drone light shows to date, and the computing giant now holds the world record for the largest number of drones flown in unison when it celebrated its 50th anniversary earlier this year. The home charging stations sold by Amazon will price around $1,000 each, which includes installation. Its charging units cost $500. Furthermore, through the myAudi app, customers can define their own personal priorities, such as charging when electricity ...
  • Barclays online banking down due to 'technical issues'

    Barclays online banking down due to 'technical issues'

    Business

    But customers were still complaining that there is an issue with the app, even though the bank said it was working normally. The bank said: "We're sorry about today's problems with online banking, telephone banking and some features in Barclays mobile banking.
  • Walmart warning it'll raise prices as Trump's China tariffs kick in

    Walmart warning it'll raise prices as Trump's China tariffs kick in

    Business

    While the direct economic impact of the dispute on China has so far been limited, the trade tensions could rapidly push Chinese exporters to switch away from the USA market, a former chief of China's central bank said on Wednesday. U.S. President Donald Trump has threatened further retaliation if Beijing takes aim at U.S. agricultural or industrial workers as he accused China of trying to sway U.S.
  • Japan's Oil Refiners Temporarily Halt Iranian Loadings On Sanctions Threat

    Business

    UCO Bank had in the previous round of sanctions handled rupee payments. The Trump administration is now in talks with India on issues related to Iranian sanctions. According to Financial Times, Iran's exports have already fallen significantly, down at least 500,000 barrels a day since May to below 2m b/d, even before U.S.
  • Oil prices slip as Donald Trump calls on OPEC to lower prices

    Business

    The president also suggested it was unfair that OPEC raises prices when, "We protect the countries of the Middle East, they would not be safe for very long without us". Over the past four years, changes to US crude oil transportation infrastructure and the fluctuations in the Brent-WTI spread have resulted in refiners in the East Coast receiving the highest crude volumes by tanker and barge from the Gulf Coast since 2014, while crude by rail shipments from the Midwest have slumped 77 percent ...