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Markets

Saudi Energy Minister Khalid al-Falih said Friday that no-one should expect to see an "immediate flood" of oil coming back onto the market following the meeting. Due to the global anticipation of the Cartel's voluntary supply withdraws - aimed at further sustaining the technical price recovery - prices have steadily continued to trend higher since the 2014 Brent Crude oil contract plunged.
  • U.S. Oil Prices Slip a Bit Before OPEC Meeting

    U.S. Oil Prices Slip a Bit Before OPEC Meeting

    Markets

    Once known for rampant cheating on agreed oil output targets, the Organization of the Petroleum Exporting Countries has been over-delivering on a pact in place since January 2017, cutting around one and a half times the promised amount. The market is now under "OPEC-Watch" with numerous major players on the sidelines until the cartel along with Russian Federation makes its decision about production rates at its meeting in Vienna on June 22-23.
  • Hackers Target Yet Another South Korean Crypto Exchange, Steal $32 Million

    Hackers Target Yet Another South Korean Crypto Exchange, Steal $32 Million

    Markets

    Hackers have reportedly made away with cryptocurrencies worth $30 million from Bithumb, South Korea's leading exchange, according to reports from a blog update . Some users reported on cryptocurrency-focused forums that they were missing Ripple (RPX) from their accounts, but this information was never confirmed by the exchange.
  • China slams USA threat to impose tariffs on $200 billion in imports

    China slams USA threat to impose tariffs on $200 billion in imports

    Markets

    This move from President Trump could be counted as a countermeasure to China's decision to raise tariffs about $ 50 Billion on U.S products. Trump said that he had ordered US Trade Representative Robert Lighthizer to identify a second tranche of goods imported from China for tariffs of 10 per cent.
  • Germany: Interior minister gives Merkel ultimatum on migrants

    Germany: Interior minister gives Merkel ultimatum on migrants

    Markets

    The CSU has governed Bavaria since 1957. Merkel does not have many options for how to resolve the conflict. Merkel opposes the proposal that comes from a party facing a tough vote in its home base in Bavaria in October against a resurgent far-right Alternative for Germany (AfD), which has advocated harsh anti-immigration line.
  • China says will 'fight back firmly' if U.S. publishes additional tariffs

    China says will 'fight back firmly' if U.S. publishes additional tariffs

    Markets

    Spooked by worsening tensions over trade between the world's two largest economies, investors are selling stocks and commodities and buying safer assets. But China has a much "stronger countermeasure" at its disposal when it comes to the USA, notes Dean Baker , an economist at the Center for Economic and Policy Research.
  • Elon Musk sent an email warning of employee sabotage at Tesla

    Elon Musk sent an email warning of employee sabotage at Tesla

    Markets

    The person has changed the code of an internal application ( Tesla Manufacturing Operating System) under false usernames and exported large amounts of sensitive data to outsiders. In another email sent on Monday (18 June), Musk warned of more possible sabotage in the form of a factory fire. "Could just be a random event, but as Andy Grove said, 'Only the paranoid survive, '" Musk wrote Monday, referring to the late chairman and CEO of Intel Corp.
  • Trump threatens extra tariffs on US$200b of Chinese goods

    Trump threatens extra tariffs on US$200b of Chinese goods

    Markets

    A ministry spokeswoman contacted by the South China Morning Post declined to comment on the statement . "Aircraft, chips and energy imported from the United States could be subject to [punitive tariffs]" he said . government figures. "China will run out of ammunition sooner than the USA", he wrote in a note published on Tuesday. The initial US tariffs are aimed at items such as semiconductors, electronics, plastics and other goods from sectors expected to benefit from China's "Made ...
  • …ICICI board asks Kochhar to remain on leave

    …ICICI board asks Kochhar to remain on leave

    Markets

    Bakhshi was serving as MD and CEO of the bank's insurance subsidiary, ICICI Prudential Life, before his appointment. Kochhar's tenure as CEO and MD ends next March and Bakhshi's appointment as the COO - subject to regulatory approvals - seems to signal the bank is putting in place a succession plan and will be grooming him to don the CEO's mantle.
  • Trump threatens additional $200bn in tariffs on China

    Trump threatens additional $200bn in tariffs on China

    Markets

    The deal with ZTE was a " personal favour " to the Chinese president, White House trade adviser Peter Navarro has said, and it boosted "goodwill" for the North Korea summit. "It's not hard to imagine a scenario in which China encourages Saudi Arabia and Russian Federation, the world's top oil exporters and partners in the agreement to restrict output, to pump more crude", said Russell yesterday.
  • President Trump doubles down on immigration amid backlash

    President Trump doubles down on immigration amid backlash

    Markets

    US President Donald Trump said migrants were violently changing Europe's culture. Trump accused the Democratic Party of blocking an effort to pass major immigration reform. Children are being used by some of the worst criminals on earth as a means to enter our country. Experience has shown that adult illegal immigrants released while their claim is pending usually don't show up for their hearings.
  • China says will 'fight back firmly' if U.S. publishes additional tariffs list

    China says will 'fight back firmly' if U.S. publishes additional tariffs list

    Markets

    The US president warned he would go even further, with punitive measures on an extra $200 billion of Chinese goods - for a possible total of $450 billion of goods, or most Chinese imports - "if China increases its tariffs yet again". "It's not hard to imagine a scenario in which China encourages Saudi Arabia and Russian Federation, the world's top oil exporters and partners in the agreement to restrict output, to pump more crude", said Russell yesterday.
  • Trump's US$50B China tariffs met with retaliation vow from Beijing

    Trump's US$50B China tariffs met with retaliation vow from Beijing

    Markets

    The countries said in a joint statement that China would "significantly increase " purchases of USA agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. It's too early to tell which manufacturers will pass higher costs on to customers or seek cheaper suppliers outside China, should the tariffs take effect in three weeks' time.
  • Bavarians offer respite in migrant plan row with Merkel

    Bavarians offer respite in migrant plan row with Merkel

    Markets

    If Merkel fails to reach such deals in the coming weeks, however, her dispute with the CSU could quickly go back on the boil unless she gives up her resistance to the tougher approach. Seehofer has said these migrants should be turned away at the German border whereas Merkel has said this can only happen with the agreement of the relevant European Union states.
  • Audi CEO Rupert Stadler arrested in diesel scandal investigation

    Audi CEO Rupert Stadler arrested in diesel scandal investigation

    Markets

    Munich prosecutors investigating Audi's role in the 2015 scandal confirmed they arrested Stadler in the Bavarian capital because of risk that he may tamper with evidence, according to an e-mailed statement Monday. Stadler is being held because the police are concerned that he might obstruct the investigation into Audi's diesel vehicles. The executive was arrested at his home in Ingolstadt.
  • Audi CEO Rupert Stadler arrested in diesel emission case

    Markets

    German authorities have taken Rupert Stadler , chief executive officer of Volkswagen AG's Audi unit, into custody, making him the highest-profile arrest in the group's diesel-cheating probes. Audi and Volkswagen confirmed that Stadler was detained on Monday and said he still had a presumption of innocence. VW admitted in September 2015 to using illegal software to cheat USA emissions tests on diesel engines, sparking the biggest crisis in the company's history and leading to a ...