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Iran refutes Saudi claim that can meet post-sanctions oil demand

India's move marks the second time in recent weeks New Delhi has disregarded the Trump administration's threat of sanctions. Amid growing uncertainty of the repercussions of the Iranian sanction, Indian imports from Iran have shrunk, though the Indian government had indicated it would continue with the Iranian oil imports. Read More »

William Nordhaus and Paul Romer Win Nobel Prize for Economics

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Between them, the committee said , the two "have designed methods for addressing some of our time's most basic and pressing questions about how we create long-term sustained and sustainable economic growth". Nordhaus' brother, Bob, is a prominent environmental attorney who penned portions of the Clean Air Act of 1970, specifically the part about allowing the government to regulate previously unnamed pollutants. Read More »

India wants U.S. sanctions waiver after cutting Iran oil imports

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Iran has pledged to block any OPEC supply increase that the country deems to be against its interest. And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day. sanctions, reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers. She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside. Read More »

Apple attacks Bloomberg spy-chip story in letter to Congress

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Apple, Amazon, and SuperMicro have denied Bloomberg's claims that their servers were infiltrated by Chinese agents who inserted microchips into their equipment . That's a narrower denial than the ones Apple and Amazon put out last week, but it still seems to bolster the companies' claims. "Apple never had any contact with the Federal Bureau of Investigation or any other agency about such an incident". Read More »

India buying Iran oil in defiance of Trump sanctions

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US Secretary of State Mike Pompeo said in India last month that they may consider waivers for Iranian oil buyers like India, but they must reduce their imports. "Any country that makes such claims. just wants to display its support for the USA sanctions against Iran", Zanganeh was quoted as saying. Crude futures rose to a four-year high this past week as the market prepares for the return of U.S. Read More »

Fuel price hike: Petrol, diesel rates on the rise again

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The prices of petrol and diesel will become cheaper immediately by Rs 2.50 per litre, with the Modi government on Thursday announcing a small cut in central taxes on fuel. In Mumbai and Chennai, Rs 2.65 and Rs 2.68 were reduced respectively, but in Kolkata it was just Rs 2.50. Since yesterday, prices of auto fuels declined the most in Assam and Madhya Pradesh, followed by Jammu & Kashmir, Chhattisgarh and Arunachal Pradesh. Read More »

Food and Health, Millions of pounds of ground beef recalled

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The USDA inspection mark on the packaging of the recalled products contains the establishment number "EST". A July 2017 notice from the USDA's Food Safety and Inspection Service accused the facility's president of enabling "egregious" and "inhumane" practices with livestock. Read More »

Tokyo's famed Tsukiji fishmarket holds last auction before move

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Tsukiji, which also offers vegetables and fruit, has been the hub of Tokyo's food scene for decades and its many stalls and restaurants have made it one of the most popular tourist attractions in the city. Trucks began arriving at the new site at 8 AM. But the move has proved controversial, with rows breaking out over pollution and the loss of Tsukiji's globally recognised brand. Read More »

Unilever dumps plan for single head office in Rotterdam

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The Anglo-Dutch group, which also makes Ben and Jerry's ice cream, Persil washing powder and PG Tips tea, said it was scrapping a proposal that would have seen its corporate base move to the Netherlands. But on Friday Unilever said it recognized that the proposal had not received support from a significant group of shareholders and therefore withdrew it. Read More »

Part-time gains weigh on jobless rate

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The job gains were also nearly entirely in Ontario and British Columbia, with little change in the other provinces. "Following two very volatile months even for the LFS, the data was somehow able to surprise everyone once again". However, unlike the national gains, most of the jobs added in B.C. were full-time positions. "The monthly gyrations in Canadian jobs data can make it tough to draw many firm conclusions on the true health of the economy, but the underlying picture looks reasonably ... Read More »

Toronto and US stocks lower in late-morning trading; Loonie lower

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That's a good sign for stocks. "Now that's being reversed, so all these overpriced valuations are coming down and we're seeing the markets drop as interest rates are being normalized. Yields on 10-year Treasury debt spiked 12 basis points to 3.19 percent, the highest since June 2011. "There is no material slowdown in the US economy". Read More »

U.S. unemployment falls to 48-year low in September

The modest job gains came after private payrolls firm ADP said hiring surged 230,000 in the month, but the two reports often diverge since they calculate employment differently. Gains or losses are calculated via the Current Employment Survey of 147,000 business establishments, while the unemployment rate is based on the Current Population Survey of 60,000 households. Read More »

RBI maintains repo rate status quo

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The market did not react well to the RBI's decision . The Reserve Bank of India ( RBI ) will make its interest rate announcement tomorrow, and it faces a policy dilemma. Taking a more gradual approach to raising rates should make it easier to sustain economic growth, with the RBI forecasting expansion of 7.4 percent for the financial year ending in March and 7.6 percent for the following year. Read More »

Mattress Firm declares Chapter 11 bankruptcy

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With new entrants like online retailer Casper now selling mattresses with little to no markup, that pricing umbrella has begun to collapse. In Chapter 11 bankruptcy, retailers typically try to get out of expensive leases and slash debt to have a better chance of surviving profitably. Read More »

Iran oil minister reiterates Trump to blame for rising crude prices

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Meanwhile, the industry-funded American Petroleum Institute was said to report stockpiles rose by 907,000 barrels last week. After the JCPOA and the European Union agreed to relieve sanctions imposed on Iran on the condition that the country curb its nuclear capacity in July 2015, Iran's crude exports saw a slight increase in 2016, reaching 1.9 million bpd and jumped to 2.1 million bpd in 2017, according to data compiled from OPEC. Read More »

Amazon Cuts Monthly Bonuses, Stock Awards to Raise Minimum Wage

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GMB and other labor advocates criticized Amazon for the move, as hourly employees could theoretically make less money than before despite the wage increase. All hourly workers will get a bump in pay, even if they are already making $15 an hour. "We intend to advocate for a minimum wage increase that will have a profound impact on the lives of tens of millions of people and families across this country". Read More »

Sydney-bound flight lands safely after mayday call

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Major roads around the airport were closed briefly as a precaution just after 6.30am, but reopened shortly after the plane landed safely. The pilot of the 787-900 Dreamliner had earlier issued a mayday call due to low fuel levels, said Airservices Australia , the nation's aviation navigation authority. Read More »

India Introduces Fuel Relief On Rising Prices At The Pump

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Following this, several BJP-states decided lowered fuel prices by additional Rs 2.50 per litre. Still, the petrol/diesel prices continue to skyrocket at much higher levels during Modi government , he contended. He accused the Modi government of a "Rs 13 trillion fuel loot" by imposing heavy excise duty on petrol and diesel in the last four years and the benefits of low worldwide prices were not passed on to the people. Read More »

US Unemployment Rate Falls To 49-Year Low Of 3.7 Percent

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Hourly pay edged up 0.3 per cent for the month, and is 2.8 per cent higher than the same month a year ago, a notch above inflation. Nonfarm payrolls increased by 134,000, fewer than expected and slowed in part by job losses attributed to Hurricane Florence. Read More »

European Union offers Theresa May an alternative to the Chequers plan for Brexit

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The four to five page declaration is expected to include an "evolution clause" in which the European Union will say it remains open to improving its offer should a British government change tack during the 21-month transition period. "This is an acknowledgement that political space could open up for a more ambitious deal later". An EU source said: "The message to Labour is that the United Kingdom could move up Barnier's stairs if the British government changes its position in the ... Read More »

'Dancing Queen' May says austerity is over - with a 'good' Brexit deal

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May's rival and Brexit critic, former Foreign Secretary Boris Johnson , shared his vision of a post-Brexit Britain on Tuesday, during a speech in which he said the government should be cutting taxes to stimulate investment. AN MP has expressed "disappointment" at his south Essex colleague who controversially gave the Prime Minister a vote of no confidence. Asked what she thought of Johnson's speech, May told Sky News that Johnson had put in a characteristically good performance. Read More »

Trudeau sets out to sell Canadians on trade pact

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He said it was "privilege" for other countries to trade with the US: "So we have negotiated this new agreement [with Mexico and Canada] based on the principle of fairness and reciprocity - to me it's the most important world in trade, because we've been treated so unfairly by so many nations all over the world". Read More »

Pence accuses China of 'malign' campaign to undermine Trump

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Washington blames China for hacking into U.S. government and corporate databases although officials and independent analysts have failed to detected the kind of systematic manipulation of social media and hacking of emails that Russian Federation is alleged to have engaged in before Mr Trump's shock election victory in 2016. Read More »

Aston Martin says IPO values carmaker at £4.33bn

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Now, shares of the British carmaker have been listed on the London stock exchange at £19 per share, valuing the company at £4.33 billion. The shares fell to as low as 17.75 pounds and were down 3.16 percent at around 8 a.m. The top-end brand, one of the few remaining British carmakers in a sector that is largely foreign owned, is cherished by Hollywood actors, global sports stars and British royalty alike. Read More »

Toyota recalls 55,000 hybrids in United Kingdom over 'stalling' fault

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See the chart below. The recall applies to 1.25 million vehicles in Japan, 807,000 in the USA, 290,000 in Europe and 3,000 in China with the rest across the globe. "Toyota has found that in rare situations, the vehicle may not enter a failsafe driving mode as intended". The software will be updated for all involved vehicles at no charge to the owner. Read More »

Pence Accuses China Of Undermining Trump Campaign

China has previously denied Mr Trump's accusations of meddling. Cui said Beijing wanted to resolve the trade war through negotiations but that would required goodwill from both sides. He was also to say that Chinese officials have tried to influence business leaders to condemn USA trade actions, "leveraging their desire to maintain their operations in China". Read More »

China slams 'ridiculous' US Vice President Pence's election meddling charges

While Pence declared that behavior of Russian Federation "pales in comparison to what China is doing across this country", he only cited vague internal declarations by USA intelligence agencies and then pointed to an advertisement, purchased by the state-run China Daily newspaper, that was placed in the Des Moines Register that criticized the Trump administration's trade war tactics. Read More »

North Korea Said to Have Stolen a Fortune in Online Bank Heists

Secretary of State Mike Pompeo used to describe how he feels about his return to North Korea this weekend to continue denuclearization talks with the regime. "In fact, Pompeo and Kim's meeting Sunday could be a make-or-break event for US-North Korea relations - especially if it were to go badly". "What North Korea has indicated is they will permanently dismantle their nuclear facilities in Yongbyon, which is a very big part of their nuclear program", Seoul's Foreign Minister Kang Kyung-wha ... Read More »

Petrol, Diesel price rise again: Check todays rates in metro cities

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Bihar deputy chief minister Sushil Kumar Modi, who holds the finance portfolio, however told ANI that the state will take a decision after getting official intimation. "Will have to see what states where leaders were indulging in lip sympathy and tweeting, what would these states do". Additionally, oil companies are to be asked to absorb another Re 1 per litre. Read More »

Japanese Nikkei hits 27-year high as markets cheer Nafta deal

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Democratic U.S. Senator Amy Klobuchar of Minnesota, a border state with Canada , also tweeted: "I'm glad MN's number one trading partner Canada is back in the mix". US Trade Representative Robert Lighthizer has tried to recruit the European Union and Japan to pressure Beijing to change its trade, intellectual property, and subsidy practices. Read More »

Rupee Breaches 73/$ Mark For The First Time Ever

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The greenback soared to a 15-month high against the Singapore dollar and stood tall against other Asian currencies on Thursday (Oct 4), after robust U.S. sanctions on Iran are effective next month. Rupee fell to fresh record low levels after consolidating in a broad range of 73.20 and 73.70 levels for the last few sessions. Read More »