Category Archives: Markets & Economy

The Man Who Moved Oil With His Words Won’t Talk About It Anymore

by Sharon Cho  and  Serene Cheong

For more than two decades, the oil market hung to Ali al-Naimi’s every word — whether he was taking a characteristic stroll at dawn on Vienna’s Ringstrasse, hurrying through a hotel lobby after a conference, or dodging throngs of reporters at an OPEC meeting.

Nokia relaunches the iconic 3310 mobile phone

The Nokia 3310, once the world’s most beloved phone, will be resurrected as a low-cost alternative in the smartphone-era. It will be sold by Finnish start-up HMD Global, which acquired the Nokia brand name in 2016.

People’s Bank of China Devalues Yuan By 0.23%

China again devalued the yuan, setting the rate at 6.8814 yuan per dollar.

Russia’s GDP growth at 3% is possible in 2018-2019 — VEB Deputy CEO

SOCHI, February 27. /TASS/. VEB Deputy Chairman Andrei Klepach believes it is possible to achieve the growth of Russia’s GDP at 3% in 2018-2019. He shared his opinion with journalists at the Sochi-2017 Russian Investment Forum.

How the London Stock Exchange’s mega merger with Deutsche Boerse was suddenly derailed by Brussels

Julian Harris

Everything seemed to be going so smoothly. Nearly a year after the London Stock Exchange and Deutsche Boerse unveiled their latest attempt to merge, many City folk gave the £21bn deal a respectable chance of success. “Better than 50 per cent,” one high-profile Square Mile executive said at a lunch earlier this month.

Trump administration re-evaluating self-driving car guidance

By David Shepardson | WASHINGTON

U.S. Transportation Secretary Elaine Chao said on Sunday she was reviewing self-driving vehicle guidance issued by the Obama administration and urged companies to explain the benefits of automated vehicles to a skeptical public.

SoftBank nears deal to invest $3 billion in U.S. startup WeWork: CNBC

By Thomas Wilson and Julie Zhu | TOKYO/HONG KONG

Japan’s SoftBank Group Corp (9984.T) is close to making an investment in U.S. office-sharing startup WeWork expected to be worth over $3 billion, CNBC reported on Monday, as it expands its reach beyond tech and telecoms.

LSE, Deutsche Boerse deal in jeopardy as EU set to block

London Stock Exchange (LSE.L) said its proposed merger with Deutsche Boerse AG (DB1Gn.DE) was unlikely to be approved by the European Commission, leaving the stock market operators’ third attempt at combining on the brink of failure.

Trump budget plan boosts Pentagon, trims State Dept, EPA: officials

The White House will send federal departments a budget proposal on Monday containing the defense spending increase President Donald Trump promised, financed partly by cuts to the U.S. State Department, Environmental Protection Agency and other non-defense programs, two officials familiar with the proposal said.

Phonemakers pile in to exploit Samsung weakness

By Eric Auchard and Harro Ten Wolde | BARCELONA

Phonemakers are piling in to fill a gap in the market left by Samsung (005930.KS), still licking its wounds from a costly recall of its flagship Note 7 and with no key device of its own to launch at the telecom industry’s biggest annual fair.

Funds prepare $2 billion oil market play as supply tightens

By Catherine Ngai | NEW YORK

Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as a historic OPEC output cut slashes supply.

No cuts to U.S. entitlement programs in Trump budget: Mnuchin

By David Lawder | WASHINGTON

U.S. President Donald Trump’s first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.

Asia stocks erase losses but some investors await Trump talk

By Saikat Chatterjee | HONG KONG

Asian stocks erased early losses but stayed below 19-month highs on Monday as a renewed drop in sovereign bond yields on political concerns prompted some investors to move to the sidelines after a recent rally.

London Stock Exchange/Deutsche Boerse merger in doubt

The 29bn euro (£24.5bn) merger of the London Stock Exchange and Deutsche Boerse could collapse after the LSE said the deal was unlikely to be approved by the European Commission.

Exclusive: Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle

By Nandita Bose

Wal-Mart Stores Inc (WMT.N) is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi ALDIEI.UL and other U.S. rivals like Kroger Co (KR.N), according to four sources familiar with the moves.

How Russia Is Using Oil Deals To Secure Its Influence In The Middle East

By Zainab Calcuttawala

A string of oil deals between Russian oil companies and Arab petrostates have shifted the center of political gravity in the Middle East and North Africa towards Moscow – counteracting the effect of decades of American military and political involvement as U.S. President Donald Trump’s plan for the region remains unclear.

Have The Majors Given Up On Canada’s Oil Sands

By Nick Cunningham

Canada’s oil sands could struggle to rebound, with potentially billions of barrels of oil being kept underground permanently.

Is The Renewable Transition Harming The U.S. Economy?

By Michael McDonald

Recent data from the 2017 Sustainable Energy in America Factbook suggests that sectors of America’s energy market are quickly shifting towards greener energy, while also dispelling the myth that such shifts will hurt the economy. Despite a GDP growth of 12 percent since 2007, America’s usage of energy has fallen by 3.6 percent. Analysts believe this to be indicative of a new stage of American history in which energy productivity is improving, while increasingly less energy is needed to sustain growth.

Is OPEC Lying To The Oil Markets?

By Matt Smith

Has no-one really done a ‘getting riggy with it’ pun yet? Ok then, here it goes. We’ve made it to Friday, which means we get a couple of data points to hold our attention at the tail-end of the trading week.

Currency Rout Pushes Embattled Yemen to Brink of Starvation

by Sam Wilkin and Mohammed Hatem

Anwar Abdullah goes to work every day but he hasn’t been paid in five months. When prices for wheat, sugar and other staple foods spiked earlier this month, the Yemeni school teacher feared for his three children.

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