Here’s what $100-a-barrel oil would do to the global economy
Oil could rally further, potentially pushing the global crude benchmark to $100 a barrel and prompting a global ‘surge’ in inflation and braking economic growth, according to economists at Oxford Economics.
The extended rise in prices would come as efforts by Saudi Arabia to make up for oil lost from Iran reduces the world’s spare crude output capacity, the economists, led by John Payne, said in a Wednesday note. “In the short-run, it is likely the supply impact will be offset by higher production elsewhere, but the market is tightening and all it would take is one more shock to supply (e.g. Nigeria) and oil could reach $100 per barrel,” they said.
A move to $100 for Brent would correspond with a rise for U.S. benchmark West Texas Intermediate crude to $89 a barrel.
In Wednesday dealings, June Brent oil LCOM9, +1.15% traded at $74.71 a barrel, while June WTI oil CLM9, +0.42% was at $65.80 a barrel.
Although Saudi Arabia will likely boost production to partially offset the impact of the U.S. ending waivers on Iranian imports, global spare capacity is being drained,” the economists said.
SPRINGFIELD (AP) — Illinois Democratic Gov. J.B. Pritzker said Wednesday he has “no concerns at all” about a media report that Federal authorities are investigating a property tax break he got by taking toilets out of a Chicago mansion he owns.
#FinancialNews The Bank of Canada (BoC) has decided to hold its key interest rate at 1.75% for the fourth time straight since its last move. There was also no mention of a need to hike interest rate in the foreseeable future. 💵📊 Read more in our bio
Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside $3 billion to cover a settlement with U.S. regulators, calming investors who had worried about the outcome of a months-long federal probe.
Shares of the world’s biggest online social network jumped more than 10 percent after hours.
The U.S. Federal Trade Commission has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica.
The probe has focused on whether the sharing of data and other disputes violated a 2011 agreement with the FTC to safeguard user privacy. Facebook set aside $3 billion to cover anticipated costs associated with the settlement, but said the charges could reach as high as $5 billion.
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Today, Our News are going to be for the Oil Prices!
Oil prices fell on Wednesday after a report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that OPEC output cuts and sanctions would take too much oil out of the market. #OpenAnAccountWithUs#StayUpdated#trading#FinancialNews
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Tesla investors brace for grim quarterly results “Our suspicion is that first-quarter earnings could be an outright disaster,” said one analyst.
After delivering two consecutive quarterly earnings, Tesla is expected to fall back into the red for the first three months of the year. But the real question is just how deep the deficit will be when Tesla reveals the January-March numbers after the closing bell on Wall Street Wednesday afternoon.
What’s clear is that a number of traditional upbeat observers have begun to question Tesla’s short- to mid-term outlook. While Chief Executive Officer Elon Musk originally forecast another quarterly profit, it quickly became apparent the new year wasn’t going to start off on a positive note. Tesla reported earlier this month that it had delivered just 63,000 vehicles so far this year.
Making year-over-year comparisons can be tricky with Tesla. For the first half of 2018, the automaker was in what Musk called “production hell,” struggling to fix major problems at its Reno, Nevada, Gigafactory battery plant and its Fremont, California, assembly line. So, by comparison, sales of the Model 3 sedan were up 522.2 percent compared to the first quarter of 2018. But, far more tellingly, deliveries were off 19.4 percent compared to the final three months of last year.
The older Models S and X, meanwhile, were off by 44.5 percent compared to the first quarter of 2018, and down 56.1 percent compared to the last quarter of the year.
Declining demand for the Models S and X shouldn’t be much of a surprise, said Joe Phillippi, senior analyst with AutoTrends Consulting. “They’re getting old,” he said.
Occidental offers $57 billion for Anadarko, topping Chevron
Oil and gas producer Occidental Petroleum Corp sought to scuttle Chevron Corp’s takeover of Anadarko Petroleum Corp on Wednesday with a $57 billion bid that raises the prospect of the first hostile battle for a major oil company in years.
The surprise $76-per-share proposal comes after Occidental repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas’s Permian basin, where production has boomed in recent years.
Occidental’s bid pushed Anadarko’s share price in premarket trading above the $65 per share offered by Chevron. It said it had boosted the cash portion of its offer to 50 percent, up from earlier offers. Chevron deal comprised 25 percent cash and 75 percent stock.
A deal would make Occidental the largest producer in the lucrative Permian, with total production of 533,000 barrels of oil equivalent production per day, the company said.
Shares of Anadarko were up more than 14 percent at $73 in premarket trading, while Occidental shares were down 8 percent at $57.38.
Occidental said on Wednesday in a letter to Anadarko’s board that it had made two proposals of “significantly higher value” to that made by Chevron since April 8.
Anadarko would also be liable to pay Chevron a $1 billion break-even fee if its board chooses to go with Occidental’s offer. “It is unfortunate that Anadarko agreed to pay a break up fee of $1 billion, representing approximately $2 per share, without even picking up the phone to speak to us after we made two proposals during the week of April 8,” Occidental President and Chief Executive Officer Vicki Hollub said in a letter to Anadarko’s board on Wednesday.
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2 1823 hours ago
الشركة المتحدة للتنمية تعلن عن النتائج المالية للربع الأول من عام 2019
صافي ربح 176 مليون ريال قطري وإيرادات بقيمة 530 مليون ريال قطري
لقراءة البيان الصحفي: تفضلوا بزيارة الموقع الالكتروني للشركة المتحدة للتنمية
United Development Company Announces Q1 2019 Financial Results
Net profit of QR 176 million on revenues of QR 530 million
To read the press release, please visit UDC website
A little over a year ago, the third largest bank in France by assets unveiled a blockchain-based trade finance platform for all its corporate clients, the we.trade platform.
Now Societe Generale has found another use case for blockchain technology – bond issuance.
In a statement, the giant lender has revealed that its covered bond unit, Societe General SFH, has issued its first covered bond on the Ethereum blockchain worth over $110 million. The security tokens have been awarded a triple A rating by Fitch and Moody’s.
Missed out on #Amazon 🤔
Well, no problem - here is a new story to write home
#Shares in Africa's largest e-commerce firm, #Jumia start trading in New York later, a move that could set a trend for other tech start-ups from the continent.
Jumia has raised $196m by selling shares at $14.50 each, which will give the company #Unicorn status - a technology #Startup worth $1bn-plus.
It was founded in Lagos, #Nigeria , by two French #entrepreneurs in 2012 and now offers services to most of the African population.
The company's sales jumped by almost 40% last year to $147.3m.
Nonetheless, Jumia is not yet profitable and has accumulated losses of nearly $1bn since it was founded 🤔
Although there are technical and infrastructure hurdles to growing Africa's online retail market, a big selling point is that Jumia accepts mobile money payments across a continent where few people have credit or debit cards.
However Jumia faces tougher competition. "Its initial public offering coincides with the launch of a competing app from global logistics provider DHL allowing consumers in 11 African countries to buy directly from global retailers. "The #DHL Africa eShop brings together more than 200 American and British #retailers and will deliver directly to homes, something Jumia has struggled with." Erik Hersman, chief executive of Nairobi-based internet and software firm BRCK, said Jumia's listing sent an important signal to other African start-ups that a major stock market listing was possible. "It's an important event in the evolution of the African tech scene"
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20 2,65112 April, 2019
Chemotherapy compounds are toxic. SM-88 is designed to target only active cancer cells and to force them to be vulnerable to the body’s natural defenses and processes.
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5 1,91614 December, 2017
Tyme Technologies Announces Closing of Public Offering of Common Stock. Click here for the full press release: https://tinyurl.com/tymecpo
The leading US #cryptoExchange says the card is coming to the UK first, and will let users pay with their digital assets directly. “Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as #GBP , which is used to complete the purchase… “To celebrate the launch of Coinbase Card, we’re waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist. Coinbase customers can download the #iOS and #Android app today and securely link their Coinbase account. Once linked, the crypto balance held on Coinbase will be immediately available to use through the virtual card, and their contactless #CoinbaseCard will be sent in the post.” Update: #Coinbase has issued a clarification via email that #XRP is not yet available on Coinbase Card, as reported in the #media earlier in the news
The start of another new series with RVN! This is where I take a recent news headline, simplify it and make it jargon free! 📰🔥
When broken down, it is easy to see that the drop in oil prices is simply a supply and demand issue. The correlation between oil prices and overall market performance is a debate itself. While some say there is no relation, most say that it shows a lack of spending within the economy! Less spending=low demand! Low demand+high supply= Decreases!📉💰
I’d love to hear your explanation of the oil price drop in the comments! 📉👇🏻