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Economy

The US benchmark crude has declined more than 4percent this month as global trade disputes threatened to deflate energy demand growth. Meanwhile the market is worrying about supply from Venezuela and preparing for the last round of USA sanctions against Iran , which will target its oil industry specifically.
  • It's been an afternoon of terror for traders betting against Tesla

    It's been an afternoon of terror for traders betting against Tesla

    Economy

    Trading in Tesla was halted at 2:08 p.m. ETpending the release of news. Elon Musk has said taking Tesla private would provide the company with an "enormous opportunity". Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable.
  • China hits back at United States with $60bn tariff threat

    China hits back at United States with $60bn tariff threat

    Economy

    But shortly after, on 6 July, it increased tariffs on US-made cars to 40% in retaliation to the US's move to tax $34bn of Chinese products. China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year.
  • China frustrates U.S. efforts to end Iran's oil exports

    China frustrates U.S. efforts to end Iran's oil exports

    Economy

    The nuclear deal lifted global sanctions in return for Iran limiting its nuclear program and allowing regular inspections. With tensions high ahead of the return of United States sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.
  • RBI policy move: Banks expected to raise term deposit rates gradually

    RBI policy move: Banks expected to raise term deposit rates gradually

    Economy

    Rohit Poddar, managing director, Poddar Housing and Development Ltd, said, "I personally believe that the home buyers should not worry as it will be hard for many banks to increase the interest rate". Worth mentioning here is that retail inflation, which is factored in by the MPC, soared to a five-month high of 5 per cent in June on elevated fuel price.
  • Model 3 saves the day for Tesla in Q2 earnings

    Model 3 saves the day for Tesla in Q2 earnings

    Economy

    Tesla is going to be an fantastic company over the next five years. "It took 15 years to execute on our initial goal to produce an affordable, long-range electric vehicle that can also be highly profitable", Musk and the chief financial officer, Deepak Ahuja, wrote in the shareholder letter .
  • Four Turkish political parties protest United States sanctions

    Four Turkish political parties protest United States sanctions

    Economy

    Last week President Trump warned Turkey it would face "large sanctions" if it did not release Mr Brunson immediately. Turkey blames the 2016 coup attempt on Fetullah Gulen, a Turkish cleric now living in the United States, and has long suspected that Washington had a hand in it-allegations the United States fiercely denies.
  • Facebook just had the worst day in stock market history

    Facebook just had the worst day in stock market history

    Economy

    Those problems hadn't mattered to the success of the business - until now. And for those hoping for a swift bounce back, the company told Wall Street the numbers won't get any better this year. "The core Facebook platform is declining", said Brian Wieser, an analyst at Pivotal Research Group. Three key factors are driving Facebook's expected revenue growth decline, Wehner said.
  • Oil prices spike after Saudi halts shipments following attack

    Economy

    According to the US Energy Information Administration, an estimated 4.8 mln bpd of crude oil and refined petroleum products flowed through Bab al-Mandeb waterway in 2016, around 2.8 mln barrels went north towards Europe, while the other two million barrels went from Europe towards the Middle East and Asia.
  • Crypto Market Retreats After SEC Rejects Winklevoss Bitcoin ETF Again

    Crypto Market Retreats After SEC Rejects Winklevoss Bitcoin ETF Again

    Economy

    The ruling expressed skepticism over whether the Winkelvoss's proposal to source the Bitcoin for the ETF from their own exchange would provide an adequate source of liquidity. Watch bitcoin trade in real-time . She argued that the movement of Bitcoin ETPs into the market would foster a sense of institutionalization that would target the problems that the Commission faces with the Bitcoin market.
  • Putin Ready To Invite Trump To Russia, Visit DC 'If Appropriate'

    Economy

    Donald Trump and Vladimir Putin want to see each other, but they can't decide when and where. Speaking to reporters at a summit of BRICS countries in South Africa, Putin said telephone calls between Moscow and Washington were insufficient and that both sides needed to meet to talk about issues like the Iran nuclear deal, conflicts in the Middle East, and arms control treaties.
  • Million dollar winning lottery ticket sold in Detroit

    Million dollar winning lottery ticket sold in Detroit

    Economy

    One ticket holder has scooped the winning $522 million Mega Millions jackpot. The winning ticket was bought at Dynasty Liquor, located at 8910 Puritan Street in Detroit. You get a nice chunk of change when you cash in your ticket, but with the annuity option, each of the other 29 annual payments is 5% larger than the previous year.
  • How Will Trump's Trade War Impact American Politics?

    How Will Trump's Trade War Impact American Politics?

    Economy

    Ross said a bilateral trade relationship between the USA and the European Union would be beneficial when dealing with the escalating US tariffs on goods from China . Mark Martinson, who raises crops and cattle in north-central North Dakota and is president of the U.S. Durum Growers Association, said the $12 billion figure "sounds huge" but there are many farmers in need.
  • Zuckerberg Loses $16.8 Billion in a Snap as Facebook Plunges

    Zuckerberg Loses $16.8 Billion in a Snap as Facebook Plunges

    Economy

    Fourteen analysts surveyed by Zacks Investment Research expected $13.4 billion. Facebook Inc saw the first signs of user disenchantment in the midst of public scandals over privacy and content, with second-quarter revenue and average daily visitors missing analysts' projections.
  • Ex-Fiat Chrysler CEO Sergio Marchionne dies aged 66

    Economy

    Sergio Marchionne , man and friend, is gone", it read. We reached out to Fiat Chrysler Automobiles for an official update on Marchionne's health and will update when we hear back. Under Marchionne's guidance, Fiat Chrysler has enjoyed huge gains in its long-popular Jeep brand, and it built on the Dodge Challenger (reintroduced in 2008) to become a player in the resurgent muscle vehicle market.