Markets
Oil extends longest quarterly rally in a decade on supply risks
USA light crude futures were up $1.48 at $74.73 a barrel, after touching $74.89, the highest in almost four years. WTI and Brent have both taken out the highs with WTI crude up $2.34 to $75.59. Brent was pushed up by the looming sanctions against Iran, which will start targeting its oil sector from November 4. The further rise in oil prices came on the back of supply concerns before United Sta... [Full Article...]
General Electric ditches boss John Flannery and takes $23bn hit
GE has turned to cost-cutting measures in recent quarters to offset sagging revenues, selling off a light-bulb segment once spearheaded by Thomas Edison and its distributed power business. "GE is bloated and its culture is destroyed". Also in June, GE lost its spot in the blue-chip Dow Jones Industrial Average after over a century. The company also announced that the Power division may tak... [Full Article...]
Mexican officials hail new NAFTA
He plans to sign the deal next month before sending it to Congress for approval. The deal struck Sunday offers a measure of protection for both Canada and Mexico , ensuring each country won't be affected by any auto tariffs unless exports top 2.6 million units annually. [Full Article...]
USA and Canada claim victory as NAFTA saved at the last
A senior Canadian official close to the talks tells CTV News that the deal is not 100 per cent finalized, but that as things stand, the Chapter 19 dispute resolution mechanism remains intact; Canada will have a full cultural exemption; and Canada will be making what the source described as "modest" concessions on access to Canada's supply-managed dairy sector, comparable to what was agreed to as p... [Full Article...]
Oil races toward $85 as Iran sanctions loom
U.S. light crude was up 4 cents at $73.29. Benchmark Brent was up 16 cents at $82.89 a barrel by 0852 GMT, after touching $83.32, the highest level in nearly four years. U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday, discussing ways to maintain sufficient supply once Iran's exports are hit by sanctions. [Full Article...]
Paris Motor Show: New Skoda Kodiaq RS Leaked Ahead Of Official Debut
This logo will replace the current logo on all future RS models. It helps the big SUV reach 62 miles per hour (100 kph) from a standstill in seven seconds before hitting a top speed of 137 miles per hour (220 kph). Meanwhile, head of design at Skoda, Oliver Stefani, added that the Kodiaq RS also looks the part, saying that its "special RS front and rear bumpers, gloss black elements, vRS logos, ... [Full Article...]
Tesla shares soar after Musk gets ousted as chairman
Nelson told FOX Business the settlement , which is still subject to court approval, "reflects certainty Musk is going to remain with the company in the CEO role". Musk will purchase $20 million worth of the company's stock in the next trading opportunity, according to a person familiar with his plans. He arrived at the $420 a share figure by assuming a 20 percent premium on Tesla shares and... [Full Article...]
GE Ousts CEO John Flannery, Discloses Deeper Problems in Power Unit
The company was stricken from the prestigious Dow Jones Industrial Average in June. In a press release announcing the move, GE also said it would be taking a $23 billion non-cash charge for its power business and will miss profit expectations for 2018. [Full Article...]