Markets
Saudi Arabia rejects Trump request to hike oil output
The price rally mainly stemmed from a decline in oil exports from OPEC member Iran due to fresh U.S. sanctions. "They are doing little and late, to get prices higher", he said. Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices. Meanwhile, China's oil imports from Iran reportedly plunged by around 250,000 barrels per day (bpd) in August compared to ... [Full Article...]
Pandora is being purchased by SiriusXM for $3.5 billion
Its combined revenue with Pandora will go up to $7 billion and the userbase will be at almost 100 million (36 million SiriusXM subscribers and over 70 million monthly Pandora users). "Sirius can merge Pandora's radio business into its satellite subscription business, and can also begin to offer on-demand to its large installed base of satellite subscribers". [Full Article...]
Michael Kors close to buying Versace for $2.4B
Versace and Blackstone both declined to comment to Reuters . It is unclear whether the Versace family, which has controlled the brand for decades, would remain as minority shareholders in the business or if Donatella Versace would stay on as creative director. [Full Article...]
Sensex plunges 536 points, Nifty breaches 11,000 mark
The gauge has lost 1,249.04 points in the previous four sessions. MSCI's broadest index of Asia-Pacific shares outside Japan fell nearly 1 per cent. Weaker rupee also added to the Street's woes, with the currency trading around 72.64 per United States dollar. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 760.70 crore, while domestic institutional investors (DIIs) made purc... [Full Article...]
Petrol Price Crosses 90 Rupees In Mumbai, Cheapest In Delhi Among Metros
Fuel prices rose on Monday between 5 paise and 12 paise across the four metro cities in line with global oil prices and a weakening rupee. The Karnataka government also announced on Monday that petrol and diesel would be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels. [Full Article...]
Saudi energy minister rips Trump tweet: 'I do not influence oil prices'
Agreed in June of this year, the Vienna deal saw major oil producers agree to boost crude oil output by one million barrels-per-day, as part of a compromise deal to ease oil prices and tackle supply issues caused by a fall in output from Iran and Venezuela . [Full Article...]
Petrol price crosses Rs 90 per litre mark in Mumbai
A litre of petrol was being sold in Mumbai at the rate of Rs 90.08, according to the website of International Olympic Committee, the largest fuel retailer of the country. Latest available data from the Organisation of Petroleum Exporting Countries ( OPEC ) shows that its basket of crude oils sold at $77.13 per barrel on Thursday. [Full Article...]
Porsche to stop making diesel cars
Porsche will not make diesel cars in the future, the automaker's Chief Executive Oliver Blume said in an interview with Germany's Bild am Sonntag newspaper. Earlier this year, reports that the automaker would end sales of diesel-powered vehicles surfaced , although company officials initially indicated that no final decision had been made. [Full Article...]