Economy

Iran's President: Trump Admin's Sanctions Are 'Economic Terrorism'

Iran's President: Trump Admin's Sanctions Are 'Economic Terrorism' He says the United States will never tell other nations how to live, work or worship - but says the US expects other nations to "honor America's sovereignty in return". "We will never surrender America's sovereignty to an unelected, unaccountable global bureaucracy", he declared. Earlier Tuesday , Mr. Trump said he would not meet Iranian President Hassan Rouhani , but signalled he was open t... [Full Article...]

European Union open to free trade but not Chequers customs plan: document

European Union open to free trade but not Chequers customs plan: document A report by the Institute of Economic Affairs think tank called on the government to seek a "basic" free trade agreement for goods, similar to that between the European Union and Canada, while pursuing "regulatory freedom and trade independence". [Full Article...]

Canada's PM sees possibility to build on U.S.-Mexico NAFTA deal

If the remaining gaps can not be bridged in the next few days, the administration will request congressional approval of a deal with Mexico only, Lighthizer said in NY at the Concordia summit, an annual conference on policy issues. Lighthizer during the rare public appearance. She declined to specifically discuss issues but signaled that Canada is continuing to press to preserve some form of ant... [Full Article...]

Lighthizer hints Mexico pact may need to be reopened if delayed — NAFTA

If Canada comes along later, then that's what'll happen. Both the USA and Mexico have said that they will move forward without Canada if necessary. The President's warning hangs over the fate of hemispheric trade, with no NAFTA deal in sight ahead of US -imposed deadline of September 30. [Full Article...]

Michael Kors Brings Versace On Board for 1.83 Billion Euros

Michael Kors Brings Versace On Board for 1.83 Billion Euros Michael Kors , an iconic label rooted in American and NY fashion but headquartered in London, will pay 1.83 billion euros ($2.1 billion) for Versace, a statement said. Models present a creation from Versace Autumn/Winter 2014 collection during Milan Fashion Week February 21, 2014. In the 24 hours since it was first reported a deal with the American investor was imminent, Versace has been inun... [Full Article...]

Sky to accept Comcast’s £30bn takeover offer ‘immediately’

Sky to accept Comcast’s £30bn takeover offer ‘immediately’ And based on the Comcast offer, UBS analyst John Hodulik values the Disney/Fox stake in Sky at about $15.5 billion and Comcast's stake in Hulu at $3 billion. The Committee said the USA cablenet's offer price of £17.28 represented an "excellent outcome for independent Sky shareholders". They said Comcast's offer was "materially superior" to Fox's, and they urged shareholders to accept it immediat... [Full Article...]

Oil prices at 4-year high after OPEC rebuffs Trump

Oil prices at 4-year high after OPEC rebuffs Trump Analysts said United States commercial crude oil inventories are at their lowest since early 2015 and although U.S. oil production is near a record high of 11 million barrels per day, subdued USA drilling activity points towards a slowdown in output. [Full Article...]

Instagram co-founders stepping down from Facebook

Instagram co-founders stepping down from Facebook The pair sold Instagram to Facebook for $US1 billion in 2012. Mike and I are grateful for the last eight years at Instagram and six years with the Facebook team. Facebook was not immediately available to comment outside regular business hours. Adam Mosseri, who had overseen Facebook's news feed and spent a decade working closely with Zuckerberg, became Instagram's head of product. [Full Article...]

Trade war: China pulls out of talks with the United States over tariffs

Trade war: China pulls out of talks with the United States over tariffs U.S. tariffs on $200 billion (€170 billion) worth of Chinese goods and retaliatory duties by Beijing on $60 billion worth of United States products took effect after the weekend. FILE - Chinese-made children shoes carrying a Chinese map and USA flags are on display for a sale at a shop in Beijing , July 13, 2018. Several rounds of talks in recent months have failed to produce a significant br... [Full Article...]

Oil sets sight on $100

Brent for November settlement rose as much as US$2.14 to US$80.94 a barrel on the ICE Futures Europe exchange and traded at US$80.66 at 9:58 a.m.in London . A further complicating factor is the USA trade dispute with China , which is likely to result in Chinese refiners buying less crude from the United States, disrupting what had become a significant trade flow. [Full Article...]

Sirius XM to Buy Pandora in $3.5 Billion Deal

Sirius XM to Buy Pandora in $3.5 Billion Deal Supporting and strengthening Pandora's brand. SIRIUSXM CEO JIM MEYER said, "We have long respected PANDORA and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by PANDORA's strategic progress and stronger execution". [Full Article...]

Oil jumps as market tightens, more gains seen

Trump wrote on Twitter . For instance, USA commercial crude oil inventories are at their lowest level since early 2015 and the drilling activity has subdued recently. OPEC's reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday. [Full Article...]

SiriusXM purchases Pandora for $3.5 billion

Pandora's "powerful music platform will enable SiriusXM to significantly expand its presence beyond vehicles into the home and other mobile areas", a press release adds. Through targeted investments, we see significant opportunities to drive innovation that will accelerate growth beyond what would be available to the separate companies, and does so in a way that also benefits consumers, artists,... [Full Article...]

Versace soon to be sold

Versace soon to be sold The US fashion group has agreed to buy the Italian firm in a deal worth about €1.7bn ($2bn, £1.5bn), Reuters reported. USA fashion group Michael Kors Holdings Ltd has sealed an agreement to take control of Italy's Versace, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week. [Full Article...]

Gold miner Randgold unveils £13.7bn merger with Barrick

Gold miner Randgold unveils £13.7bn merger with Barrick The price of gold has fallen more than 8% this year, putting all gold producers under pressure. Bristow has long criticised the volume over value approach of gold mining companies whilst Thornton - a former banker with Goldman Sachs Group - has espoused a strategy that seeks to recapture the entrepreneurial spirit of Barrick founder, Peter Munk, whlle adopting modern day investment morés in resp... [Full Article...]

Nifty Closes Below 11,000 After A Gap Of Over 2 Months

Nifty Closes Below 11,000 After A Gap Of Over 2 Months Shares of Dewan Housing Finance Corporation rebounded almost 25 per cent to Rs 438.75 after the company stated that it had not defaulted on any bonds or repayment nor had there been any single instance of delay on any of its repayment of any liability. [Full Article...]

Singapore competition watchdog fines Grab, Uber S$13m

Singapore competition watchdog fines Grab, Uber S$13m However, the Competition and Consumer Commission of Singapore (CCCS) released a statement on the same day, stating that it was not informed of the merger . For one, Grab drivers must be free to use any ride-hailing platform and not be forced to use Grab exclusively. Uber will also be required to sell its auto rental business to any rival that makes a reasonable offer and will not be allowed t... [Full Article...]

Petrol Price Crosses 90 Rupees In Mumbai, Cheapest In Delhi Among Metros

Petrol Price Crosses 90 Rupees In Mumbai, Cheapest In Delhi Among Metros Petrol and diesel prices in the financial capital stood at Rs 90.08 per litre and Rs 78.58 per litre, respectively. A litre of petrol in Mumbai costs Rs 90.08, while the price in Delhi is Rs 82.72. A combination of a dip in the value of rupee against the dollar and rise in crude oil prices has led to a spike in fuel prices since mid-August. According to oil companies, refinery gate price of p... [Full Article...]

Oil price up as Trump calls OPEC to lower prices

Oil price up as Trump calls OPEC to lower prices A committee of participating states "expressed its satisfaction regarding the current oil market outlook with an overall healthy balance between supply and demand", a statement said, at the end of a meeting in Algiers. "It's premature to say what we're going to do in 2019", he added. Seeking to reverse a downturn in oil prices that began in 2014, OPEC, Russia and other allies decided in la... [Full Article...]

Petrol price crosses Rs 90 per litre mark in Mumbai

Brent crude oil is now priced at $78.80 per barrel. Fuel prices have been witnessing a steep rise since the past few weeks. In Chennai, petrol price rose by 12 paise, from Rs 85.87 per litre to Rs 85.99 per litre while diesel price in the Tamil Nadu capital increased by 6 paise per litre, from Rs 78.20 per litre to Rs 78.26 per litre. [Full Article...]


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