Economy

by | October 15, 2018 | 08:55

USA crude futures were trading down more than 2% at US$73.20 per barrel Wednesday morning, reflecting the declining importance of Gulf of Mexico output that has resulted from the growth of production from the nation's onshore shale fields. For 2019, non-OPEC supply is expected to rise by 2.12 million barrels a day to an average of 61.89 million barrels a day, an increase of 14,000 barrels a day compared with last month's estimate.

by | October 15, 2018 | 08:16

Crude oil prices continued to fall along with the stock market Thursday while President Donald Trump had strong words for countries that ignore US oil sanctions. "Oil bulls are bearing the brunt of another bruising session as yesterday's selling frenzy intensifies", said Stephen Brennock , analyst at London brokerage PVM Oil.

by | October 13, 2018 | 14:01

The fund shaved 0.1 percentage point from America's expected GDP this year and 0.4 percentage points from growth through 2019. Bond markets were closed, leading US indexes to a mixed finish after a day of light trading. The IMF said, "The growth forecast for 2018 is 0.3 percentage point lower than the April 2018 WEO forecast". The IMF only published country forecasts through 2019.

by | October 13, 2018 | 12:01

Singapore Airlines will launch, 11 October, the world's longest non-stop passenger flight. But because carrying a massive amount of fuel adds weight, thus requiring even more fuel, the Airbus 350-900 has been designed for a lighter passenger load - with 67 seats in business class and 94 in economy.

by | October 12, 2018 | 13:24

Blair, a prominent voice opposed to Brexit , resigned as prime minister in 2008. EU chief negotiator Michel Barnier said Wednesday (10 October) that the withdrawal agreement between the EU and United Kingdom is "within reach" if London agrees to keep either Northern Ireland or the entire United Kingdom in the bloc's customs union before a separate deal on future relations is reached.

by | October 05, 2018 | 15:27

Adding to the bullish mood, Federal Reserve chairman Jerome Powell said on Wednesday that the central bank may raise interest rates above an estimated "neutral" setting as the "remarkably positive" U.S. Higher prices have swollen India's current account deficit, which last stood at around 2.4 per cent of GDP, in the April-June quarter. Mr Gandhi took aim at Prime Minister Narendra Modi yesterday, accusing him of remaining silent over the rupee crisis.

by | October 04, 2018 | 19:17

He also asked state governments to follow suit by cutting a sales tax or VAT by a similar amount. In another tweet, Fadnavis announced that the state government will heed the government's request and cut the price of petrol by Rs 2.5 per litre, bringing the total benefit for end consumers to Rs 5 per litre in the state.

by | October 03, 2018 | 18:13

Case in point: Russian Federation, whose deputy energy minister, Pavel Sorokin , said on Monday that production of hard-to-recover oil is expected to rise by 10 percent to 860,000 bpd this year, and that "Many of our companies have advanced in this direction".

by | October 02, 2018 | 21:58

The billionaire entrepreneur was fined $20m (£15m) and agreed to step down as chairman of the electric car-maker as part of the deal with the US Securities and Exchange Commission (SEC). The extraordinary support for Musk and the Tesla brand is underlined by the company's huge valuation - which is very much a bet on the future - and the extraordinary reports this past week or so o Tesla enthusiasts volunteering to help Tesla make the deliveries needed to reach its targets.

by | October 01, 2018 | 22:55

Of course, as with all things Tesla , all that performance is on top of industry-leading aesthetics and a tech-filled package. Tesla shares took a steep dive last Friday, plunging 13.90% amidst news of the SEC's lawsuit against the outspoken CEO .

by | October 01, 2018 | 19:41

Analysts were relieved on Monday at the terms of Tesla chief Elon Musk's settlement with the SEC reached over the weekend, but some remain concerned over longer-term challenges the automaker faces. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said. The settlement also requires Tesla appointing two new independent directors, and Tesla setting up a "new committee of independent directors and put in place additional controls and procedures ...

by | September 29, 2018 | 00:46

Given shares are down ~12% in after-market trading, consensus appears to be that Elon will be removed as CEO and chairman and may be removed from the company entirely. However, according to the WSJ , Musk's lawyers backed out of a settlement with the SEC prior to the filing the complaint . The SEC alleges he did not have the funding secured.

by | September 29, 2018 | 00:28

The hackers were able to steal access tokens , which allowed them to take over affected users' accounts. An access token keeps you logged into Facebook so you don't need to enter your password each time you visit the site or app. News of the security breach comes at a particularly vulnerable time for Facebook , which is now facing government investigation and regulation over its role in the Cambridge Analytica scandal .