Economy

OPEC oil supply rises to one-year high

OPEC oil supply rises to one-year high Canada's main benchmark crude index, Western Canada Select (WCS) is now trading at $26.2 per barrel, which is nearly $55 barrel per barrel discount to Brent and $45 per barrel discount to WTI. Oil prices have been creeping upwards for more than a year, quietly gaining ground as emerging-market investors fretted about trade and the end of cheap money. [Full Article...]

2.8 percent benefit increase announced

2.8 percent benefit increase announced Retirees in 2019 are likely to get the biggest increase in Social Security benefits in seven years.Retired Americans who collect Social Security can look forward in 2019 to the biggest increase in benefits in seven years. The benefits are supposed to increase with inflation, which has been tied to the rise in gas prices, health care, and higher rents. This year, for the first time, most people w... [Full Article...]

United Kingdom government slashes subsidies for hybrid and electric cars

United Kingdom government slashes subsidies for hybrid and electric cars Motoring officials have condemned the move to slash the hybrid grants with Mike Hawes from the SMMT saying it "sends yet more confusing signals to auto buyers". John Pryor, ACFO Chairman commented; "The government's decision to reduce financial support for plug-in vehicles is, quite frankly bonkers". Though the scheme has helped increase the uptake of hybrid auto ownership (according to the DfT... [Full Article...]

Mortgage rates leap to 7-year highs; 30-year at 4.9 percent

Mortgage rates leap to 7-year highs; 30-year at 4.9 percent The Market Composite Index, a measure of mortgage loan application volume, fell 1.7% on a seasonally adjusted basis and slipped 2% on an unadjusted basis. Mortgage rates moved to the highest level in seven years this week, with the average rate for a 30-year fixed-rate mortgage climbing to 4.90%, up from 4.71% the previous week, according to Freddie Mac's Primary Mortgage Market Survey . [Full Article...]

Chinese tech stocks are getting slammed

Chinese tech stocks are getting slammed A sell-off in Chinese and Hong Kong shares deepened Thursday, following a slump in USA equities and as concerns about a trade war persist. A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. [Full Article...]

Fracking to start in Lancashire after council wins High Court legal challenge

Fracking to start in Lancashire after council wins High Court legal challenge Media captionJudith Moritz shows us around one of the UK's first horizontal exploration wellsDismissing the application, the judge said: "The claimant first has to establish that there is a serious issue to be tried."I am satisfied that the claimant falls at the first hurdle". [Full Article...]

Woman's emotional support squirrel kicked off flight

Woman's emotional support squirrel kicked off flight On Tuesday night, the Orlando Police Department was forced to remove a woman from a Frontier Airlines plane after she brought a squirrel on board. Exotic animal exploits aside, NPR's David Schaper reported, emotional support animals can address very real problems as some passengers "with severe anxiety , phobias, PTSD or other disabilities cannot travel without them". [Full Article...]

BMW to take full control of Chinese joint venture

BMW to take full control of Chinese joint venture Harald Krüger, BMW's CEO, said Chinese Prime Minister Li Keqiang personally supported the negotiations with Brilliance . "We see this as a game changing strategic achievement", Arndt Ellinghorst, a London-based analyst at Evercore ISI, said in a note to clients. [Full Article...]

Secretary Mnuchin says China trade talks must include currency issues

Secretary Mnuchin says China trade talks must include currency issues Indonesia President Joko Widodo delivers a speech during a plenary session at International Monetary Fund-World Bank Annual Meeting 2018 in Nusa Dua , Bali , on Friday. Tensions have soared in recent months with Donald Trump's administration rolling out billions of dollars in tariffs against China in a bid to tackle its trade deficit and rein in what Washington views as unacceptable trade ... [Full Article...]

10-Year Bond Yield at Multi-Year High with Massive Selloff

10-Year Bond Yield at Multi-Year High with Massive Selloff U.S. inflation expectations for both one and three years into the future were unchanged last month, according to a Federal Reserve Bank of NY survey that painted a picture of price stability among consumers. "Short-term bonds are getting to be a compelling place to hang out", he said. On stock markets, Wall Street stocks showed a mixed picture, with the Dow Jones Industrial Average fell 0.... [Full Article...]

Brexit deal 'rests on Irish border issue', says former minster

Brexit deal 'rests on Irish border issue', says former minster However, Britain would nearly certainly have to pay billions more for continued access to the customs union and single market during an extended transition, as the £39 billion Brexit "divorce" bill only covers the financial period up to 2020, when the EU's current seven-year budget cycle expires. [Full Article...]

Passengers ready for World’s longest flight

Passengers ready for World’s longest flight It covered the 9,000 nautical miles (9,537 miles) in 17 hours and 25 minutes and landed on Friday at 5.24 am NY time, CNBC reported . The route, combined with the airline's plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco next month, will give the premium Asian carrier its biggest-ever U.S. [Full Article...]

Patisserie Valerie owner discovers 'accounting irregularities'

Patisserie Valerie owner discovers 'accounting irregularities' Now Patisserie Valerie , which has more than 200 stores in the United Kingdom, has seen its owner make the shock admissions in a statement to investors today. With British high-streets taking a sustained battering in 2018, amid declining consumer spending power and Brexit pricing pressures, the news could probably not have come at a worse moment. [Full Article...]

Winning numbers for $548 million Mega Millions jackpot

Winning numbers for $548 million Mega Millions jackpot No one has won since July. The largest, just $2 million more, was drawn in March 2012. Numbers have been drawn for a lottery jackpot that would be the ninth-largest lottery in USA history. The next drawing is Tuesday night with the jackpot expected to be around $654 million. The biggest prize won on a single ticket was for $543 million. [Full Article...]

Crude Oil Futures Drops By 1% On Higher OPEC Output Survey

Crude Oil Futures Drops By 1% On Higher OPEC Output Survey OPEC Secretary-General Mohammad Barkindo said on Thursday that oil producers are very concerned about spare output capacity amid a reduction in energy-industry investment. It had planned to import of 9 million tonnes of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tonnes a month. OPEC said its own production rose by 132,000 bpd in September to 32.76 million... [Full Article...]

Oil slips as International Monetary Fund cuts outlook, Michael hits U.S. Gulf

Oil slips as International Monetary Fund cuts outlook, Michael hits U.S. Gulf Oil prices dropped 2% on Wednesday as US equity markets broadly fell, even though energy traders anxious about shrinking Iranian supply from US sanctions and kept an eye on Hurricane Michael, which closed some US Gulf of Mexico oil output. [Full Article...]

Trump says Fed 'out of control' but won't fire Powell

Trump says Fed 'out of control' but won't fire Powell Trump this week has blamed the market's big sell-off on the Fed's interest rate increases, saying "the Fed is out of control". "Actually, it's a correction that we've been waiting for, for a long time", Trump said. Raising interest rates was justified "for those economies that are showing much improved growth, inflation that is picking up... unemployment that is extremely low", Lagarde told a pres... [Full Article...]

Singapore Airlines launches world's longest flight to NY

Singapore Airlines launches world's longest flight to NY Tickets for the new route start at £1,639 in Premium Economy and £3,689 in Business Class. Non-stop ultra-long haul flights can typically command an airfare premium of around 20 percent versus those involving one or more stops, according to travel industry data, given their popularity with time-sensitive business travellers. [Full Article...]

Boston Dynamics' Atlas Robot Can Do Parkour

Boston Dynamics' Atlas Robot Can Do Parkour Check out the latest video of Boston Dynamics' freakishly talented Atlas robot, and you'd be forgiven for thinking the final days of the Age of Man are at hand. We can have our best, our strongest, and our fastest square off against robots like Atlas. "This absence is perhaps the most significant barrier between the narrowly focused AI applications we have today and the more general AI application... [Full Article...]

Facebook shares more details on huge hack

Facebook shares more details on huge hack Thirty million people have been affected by a massive hack of Facebook, with the attackers gaining access to millions of victims' highly sensitive personal data. The Register asked Facebook whether it intends to pay for identity theft monitoring for the 30 million people affected, a common act of contrition following data thefts. [Full Article...]


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