Markets
OPEC agrees to increase oil output 1 million barrels a day
But unexpected outages in Venezuela , Libya and Angola have effectively brought supply cuts to around 2.8 million bpd in recent months. Iran, for example, has been hit by US sanctions that hinder its energy exports. "We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said , referring to a time when oil rallied close to $150 per barrel. [Full Article...]
Saudi Arabia to see potential $10bn windfall from MSCI upgrade
The kingdom, which was also recently added to the FTSE Russell as a "Secondary Emerging" market in March 2018, will be included in MSCI's Emerging Market Index in two phases concurring with the May 2019 Semi Annual Index Review and the August 2019 Quarterly Index Review. [Full Article...]
Will You Have to Pay More Sales Taxes on Your Online Purchases?
The Supreme Court threw out previous precedent on Thursday to allow states to collect sales tax from online vendors, a major change that represents higher prices for online consumers, but a huge financial win for states. However, smaller e-tailers like Newegg used to have a no-tax advantage. A U.S. Supreme Court decision expanding the ability of states to pull in tax dollars from online pu... [Full Article...]
What to Expect From the OPEC Meeting
But a member of Nigerian delegation to the event said as a loyal member, Nigeria will support the position of OPEC leadership to retain the current supply level in order stabilise the market. "While China could secure the crude from alternative sources, such as West Africa which has a similar quality to United States crude, the U.S. would find it hard to find an alternative market that is as b... [Full Article...]
Tariffs on 29 U.S. goods to be hiked after 45 days
Turkey will start imposing tariffs on imports of USA coal, paper, walnuts, almonds , tobacco, unprocessed rice, whisky, automobiles, cosmetics, machinery equipment and petrochemical products, Economy Minister Nihat Zeybekçi said. India exported goods worth Dollars 42.21 billion to the USA in 2016-17, while imports were USD 22.3 billion. But that has not satisfied Trump, who pointed to zero du... [Full Article...]
European Union slaps retaliatory tariffs on U.S. goods
European Commission President Jean-Claude Juncker, who has said the bloc would target "Harley-Davidson, bourbon and Levi's jeans", said on Thursday the U.S. By the first week in July, $75 billion in U.S. products will be hit by new foreign tariffs, according to the U.S. Chamber of Commerce's John Murphy. [Full Article...]
Daimler first firm to warn Trump's tariffs will hit profits
They also threatened a second round of tariffs on some $4.3 billion worth of USA products if the dispute was not resolved. It is a $241 million measure that matches the amount of steel and aluminum import duty expected to be collected from India by the United States after the Trump administration imposed the measures earlier this year. [Full Article...]
TSX dips with oil ahead of OPEC meeting
That would effectively mean a modest boost from producers such as Saudi Arabia that has been cutting more deeply than planned despite production outages in Venezuela and Libya. Sources told Reuters on Thursday that Iran wants any increase to be justified on demand conditions and not dictated by outside external pressure, as even some of Saudi Arabia's traditional allies have accused the kingdo... [Full Article...]