Economy

Western Canadian crude prices continue to fall

Western Canadian crude prices continue to fall

Yet as supply losses deepen in OPEC members Venezuela and Iran , the level of spare production capacity left elsewhere amounts to just 2 percent of global demand and will likely shrink further, it said. The Organization of the Petroleum Exporting Countries (OPEC) made a similar move on Thursday. The IEA said Iran's oil output, including natural gas liquids, had fallen to a two-and-a-half-year low of 3.45 million b/d in September in the run-up to next month's reinstatement of ... Read More

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IMF Chief Lagarde Defends Fed's Rate Hikes Slammed by Trump

IMF Chief Lagarde Defends Fed's Rate Hikes Slammed by Trump

Chinese representatives said they did not want a further depreciation of the yuan exchange rate, Mnuchin said. "If America has a problem, everyone has a problem", Rogers said. "However, with the strength of the U.S. economy and core PCE, the Fed's favourite inflation metric, now in line with its 2% target, the Fed's decision to move away from the ultra-easy monetary policy that characterised the years following the financial crisis is arguably justified". Read More

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BC pipeline explosion risks Washington natural gas shortage

BC pipeline explosion risks Washington natural gas shortage

FortisBC, the company that depends on the Enbridge line for about 85 per cent of the gas it delivers to its one million customers, said in an online notice that gas is now flowing, but customers are still asked to cut back. "We had gas flowing into two large pipelines that were operating at full capacity before the rupture", Stout said. Zachary Semotiuk said he saw a "huge flash", followed by a "raging fire", that was easily visible above the tree line from several kilometres away. Read More

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Research shows unionists prefer Brexit over the territorial integrity of the UK

Research shows unionists prefer Brexit over the territorial integrity of the UK

The details at stake are mainly over how to avoid the return of border controls between European Union member Ireland and the British province of Northern Ireland, amid fears they might put a 1998 peace deal in the north at risk. Barnier said Brexit would trigger the need for customs, Value-Added Tax and compliance checks with EU standards between Ireland and Northern Ireland in the event that a planned "backstop" were triggered because a future EU-UK trade deal was not sufficient in itself to ... Read More

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Petrol, Diesel cheaper by Rs 5 from midnight

Petrol, Diesel cheaper by Rs 5 from midnight

In a significant decision which would give major relief to the people, the Petrol and Diesel prices in Jammu and Kashmir have been slashed by Rs 5 per litre. The Gujarat Chief Minister tweeted that it has matched the central government's reduction, and that petrol and diesel are now cheaper by Rs 5 per litre. Read More

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Amazon Raises Minimum Hourly Pay to $15, Calls For New Minimum Wage

Amazon Raises Minimum Hourly Pay to $15, Calls For New Minimum Wage

The company said the salary increase , set to take effect November 1, would affect more than 250,000 full- and part-time employees in addition to more than 100,000 seasonal staff members. Amazon said it doesn't expect to raise prices for its products to pay for the wage increases. Amazon announced that all its USA workers will get a raise to $15 from as low as $10 per hour. Read More

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China cancels trade talks with US

China cancels trade talks with US

Hopes for talks to resolve the issue appeared to have been dealt a blow as The Wall Street Journal reported Beijing cancelled the visit of a negotiating team expected September 27-28 in Washington . economy, resulting in the bullion to reach an average valuation of $1,350 an ounce (currently at $1,198.36 an ounce) in 2019. "The trade war is now a reality", said Fitch economist Brian Coulton. Read More

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Argentina burns reserves, asks for early International Monetary Fund help as peso crashes

Argentina burns reserves, asks for early International Monetary Fund help as peso crashes

The Argentine peso fell 0.5 percent to a record 31.5 per US dollar on Wednesday after the announcement. Nerves are frayed in Latin America's No. The economy contracted 6.7 percent in June, the third month in a row of negative growth, and the annual growth rate was a negative 0.6 percent. Not only would budget belt-tightening likely deepen the economic recession toward which the country now seems to be lurching, it is also that the Macri government would not seem to have the political ... Read More

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Verizon to stop imposing data restrictions on firefighters battling California wildfires

Verizon to stop imposing data restrictions on firefighters battling California wildfires

The California State Assembly's Committee on Natural Disaster Response, Recovery, and Rebuilding is holding an informational hearing Friday on "The Verizon Wireless "Data Throttling" of Mendocino Complex Firefighters' Internet Access". The problem came to light this week in a brief that is part of a federal lawsuit filed by New York Attorney General Barbara D. Underwood and 22 other state attorneys general, arguing the Federal Communications Commission's 3-2 vote in December to scrap the ... Read More

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Turkish Court Again Rejects Appeal To Release U.S. Pastor

Turkish Court Again Rejects Appeal To Release U.S. Pastor

Deepening a spat that has rattled financial markets and threated to split a long-standing defense and political alliance, Treasury Secretary Steven Mnuchin suggested the next spiral of tit-for-tat sanctions was coming soon. It estimates Turkey's short-term external debt at $180 billion and total external debt at $460 billion - the highest in emerging markets. Finance Minister Berat Albayrak told investors on Thursday that Turkey would emerge stronger from the crisis, which Ankara ... Read More

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Tesla Board 'Totally Blindsided' by Musk's Suggestion to Take Company Private

Tesla Board 'Totally Blindsided' by Musk's Suggestion to Take Company Private

Yeagar's filing reiterates what much of what the prior suits allege: That despite affirmative statements from Musk of having secured proper investment to go private, no such plans had been made. California-based Tesla has become one of the most valuable automakers on expectations it will disrupt the industry, although it produced only slightly more than 100,000 vehicles past year. Read More

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Higher US tariffs on steel imports from Turkey take effect

Higher US tariffs on steel imports from Turkey take effect

As the tariffs will take effect immediately, a lot of Turkish steel exporters and United States importers could be hurt, as there are steel cargoes on the way to the U.S. Even before Trump's announcement, President Tayyip Erdogan told Turks to exchange gold and dollars for lira in order to fight "an economic war ". The lira fell further as Erdogan spoke. Read More

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Israel and Trump's New Iran Sanctions

Israel and Trump's New Iran Sanctions

The commission said today it hadn't received any such requests despite the growing number of companies who say they are pulling out of Iran. North Korea for its part denounced the United States for its "outdated acting script" in pressuring the North with continued sanctions, but said it was still prepared to meet its obligations after a historic North Korea-U.S. Read More

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Elon Musk tweets he may take Tesla private

Elon Musk tweets he may take Tesla private

Musk has also clashed repeatedly with critics, especially investors who have taken short positions on the stock, meaning they benefit when the price falls. He also said he would not sell his stake. However, Mr Musk has said he has no plans to do so and promised that the firm will be profitable in the second half of the year, barring any unforeseen events. Read More

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Trump threatens Turkey sanctions over pastor

Trump threatens Turkey sanctions over pastor

US President Donald Trump had earlier written on Twitter that his country "will impose large sanctions on Turkey for their long time detainment of Pastor Andrew Brunson ". One of Brunson's attorneys is Jay Sekulow, who also represents Mr. Trump in the Russian Federation investigation. Erdoğan has demanded Gülen in exchange for Brunson, a trade the USA has wisely refused. Read More

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Trump Administration to Give $12 Billion to Farmers Caught in Trade War

Trump Administration to Give $12 Billion to Farmers Caught in Trade War

They also said China's government-backed economy and its increasing shift toward automation and reliance on service industries mean that American workers would feel the pain of a full trade war before Chinese businesses do. commodities, including field crops like soybeans and sorghum, livestock products like milk and pork, and many fruits, nuts and other specialty crops, it said. Read More

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