Category Archives: Markets & Economy

Iraq and Iran sign Kirkuk oil swap deal

Reuters Staff

BAGHDAD (Reuters) – Iraq has agreed to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil, Iraqi Oil Minister Jabar al-Luaibi said on Saturday.

South Korea’s Hyundai says faces headwinds from weaker yen next year

Hyunjoo Jin

SEOUL (Reuters) – South Korean automakers face a major headwind from a weakening Japanese yen, which will boost rivals like Toyota Motor Corp. (7203.T) next year, a Hyundai Motor (005380.KS) think tank said.

Tax-loss selling to pressure 2017’s losers in December

Chuck Mikolajczak

NEW YORK (Reuters) – Stocks that have been lackluster so far in 2017 are unlikely to see their fortunes reversed in the final month of the year, as investors engage in tax-harvesting practices before the new year.

Bitcoin drops after dramatic gains ahead of futures launch

Jemima Kelly, Gertrude Chavez-Dreyfuss

LONDON/NEW YORK (Reuters) – Bitcoin lost almost a fifth of its value in 10 hours on Friday, having surged more than 40 percent in the preceding 48 hours, sparking fears the market may be heading for a price collapse.

Strong U.S. job growth in November bolsters economy’s outlook

Lucia Mutikani

WASHINGTON (Reuters) – U.S. job growth increased at a strong clip in November, painting a portrait of a healthy economy that analysts say does not require the kind of fiscal stimulus that President Donald Trump is proposing, even though wage gains remain moderate.

Teva Considers 10,000 Job Cuts

By Ruth David and Manuel Baigorri

Teva Pharmaceutical Industries Ltd., the debt-ridden Israeli drugmaker, is considering cutting as many as 10,000 jobs as new Chief Executive Officer Kare Schultz seeks to pare costs, according to people with knowledge of the matter.

The Solar Tech That Is Making Cleaner Oil

By Zainab Calcuttawala

It’s clear: fossil fuel majors from around the world are preparing to redefine their core competency from oil and gas extraction to “energy” provision over the next few decades. In the meantime, the biggest players are working on getting their oil operations on the green side.

U.S. Shale Cautious As Oil Majors Invade Texas

By Nick Cunningham

Shale drillers are starting to show some caution when it comes to their pace of drilling, but some of the oil majors are still increasing their efforts in the shale patch.

Chevron announced a 2018 capital spending program on Wednesday, which detailed spending cuts for the fifth consecutive year. One of the big reasons why Chevron slashed spending yet again is because of the completion of some massive, high-profile LNG export projects in Australia. But the oil major is also trying to chart a careful course amid uncertainty about oil prices.

Oil Investors Are Growing Impatient

By Tsvetana Paraskova

The renewed optimism in the oil markets and the $55-plus WTI prices may have warranted frenzied production growth across the U.S. shale patch, if it wasn’t for the 2015-2016 downturn.

U.S. oil and gas companies are surely happier now than they were in June this year when WTI prices dropped to below $43 a barrel, but they have been preaching spending-discipline as the sting from the oil price plunge is still fresh.

Hedge Funds Killed The OPEC Rally

By Nick Cunningham

Oil investors were confident ahead of the OPEC meeting last week, holding onto their bullish bets, but now there seems to be a bit of an OPEC hangover after weeks of hype.

Heading into the meeting, hedge funds and other money managers increased their bullish bets on crude futures, despite already collectively holding a disproportionately bullish set of positions. The week before the meeting, bets on WTI jumped to their most bullish since February, according to Bloomberg. The shift occurred largely because short bets were liquidated, a sign that investors had fled the scene when they realized that OPEC wasn’t bluffing.

Why Isn’t Wall St. Backing The Next Shale Boom?

By Dan Steffens

Only four of the companies in our Large-Cap Growth Portfolio are trading today in the upper half of their 52-week ranges: Concho Resources (CXO), Continental Resources (CLR), EOG Resources (EOG) and Diamondback Energy (FANG).

No doubt, these four companies are solid and have a lot of running room, but so are the other 12 companies.

Wall Street may be backpedaling on impending launch of bitcoin futures

While bitcoin enthusiasts are bracing for the much-anticipated investor acceptance of digital currency when futures trading starts this weekend, the world’s biggest banks have reportedly halted the move.

The Futures Industry Association (FIA) has sent a cautionary draft letter to the Commodity Futures Trading Commission (CFTC), which approved the start of bitcoin futures trading last week. The lobby group, which includes all the large Wall Street banks, warned the regulator over a swift launch of bitcoin futures that “did not allow for proper public transparency and input,” the Financial Times quotes the letter as saying.

‘Gold price will explode & dollar get wiped out’ – warns investor Peter Schiff

Peter Schiff was among the few economists who correctly predicted the financial crisis in 2008. Ten years later, he sees another crisis emerging: a crisis that can crash the stock market and wipe out the US dollar.

“I predicted a lot more than just the stock market going down back then. I predicted the financial crisis, but more importantly, I predicted what the government would do as a result of the financial crisis and what the consequences of that would be because that’s where we’re headed. The real crash I wrote about in my most recent book is still coming,” Schiff said in an article posted by Greg Hunter’s and quoted by ZeroHedge.

Israel signs deal worth 18.6 million euros with Turkey amid political turmoil

Israel has signed a deal worth nearly 18.6 million euros with Turkey’s Anadolu Isuzu, a joint automotive manufacturing venture between Turkey’s Anadolu Group and Japan’s Isuzu Motors, to buy buses, the Public Disclosure Platform (KAP) said on Dec. 6.

PM Yıldırım says economy to grow by 5-7 pct

Turkey is expected to achieve economic growth of 5 to 7 percent by the end of this year, Prime Minister Binali Yildirim has said.

“It [the economy] will hopefully continue growing in 2018 as well, thanks to achievements that our country has gained so far, and stability [in the country],” Yıldırım said speaking at a meeting of the Turkish Industry and Business Association (TÜSİAD) in the capital Ankara.

With Four Fewer Cylinders, This Aston Martin DB11 Gives You More

This is the first month you can buy the DB11 with a V8 engine. It offers many advantages over the V12 version.

By Hannah Elliott

General Electric to shed 12,000 jobs

General Electric is to cut 12,000 jobs in its power business, 18% of the division’s global workforce.

Millions would lose mortgage, gift write-offs under U.S. tax bill: study

Reuters Staff

WASHINGTON (Reuters) – Millions of households would no longer benefit from federal tax deductions for charity donations, mortgage interest payments and property tax under Republican tax plans being debated in the U.S. Congress, a think tank said on Thursday.

Exclusive: White House doesn’t foresee shutdown, Trump wants 20 percent corporate tax

Jeff Mason

WASHINGTON (Reuters) – The White House is confident it can craft a deal to avoid a government shutdown and foresees a compromise with lawmakers that will include increases in defense and non-defense spending, White House legislative affairs director Marc Short said on Thursday.

Bitcoin blows past $16,000, alarm bells ring louder

Jemima Kelly, Gertrude Chavez-Dreyfuss

LONDON/NEW YORK (Reuters) – Bitcoin rocketed to a lifetime high well above $16,000 on Thursday after climbing some 67 percent over one week, intensifying the debate about whether the cryptocurrency is in a bubble about to burst.

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