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Nigeria to Maintain Crude Output As Opec Extends Crude Cut

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On Thursday in Vienna OPEC and key producers pledged to extend a cut of around 1.8 million barrels per day (bpd) of output until the end of the first quarter of 2018. This, combined with lower demand, could keep a lid on crude oil prices into the end of the year. Following Thursday's deal, US benchmark West Texas intermediate crude futures fell 5% to $48.90 a barrel, around the same price as the end of November, just before the initial OPEC decision to curb output. Read More »

OPEC deal: Nigeria not opposed to production cut - Kachikwu

An alliance of numerous world's biggest oil-producing nations extended their agreement to cut output for an additional nine months - an effort to support prices that will prove hard in the face of growing production from the U.S. West Texas Intermediate for July delivery fell $1.61, or 3.1 percent, to $49.75 a barrel at 11:41 a.m. on the New York Mercantile Exchange. Russian Federation and other non-Opec countries have signed up to the deal, Suhail al Mazrouei, the oil minister for the ... Read More »

French Open draw: Nadal, Djokovic set on collision course

The 20-year-old German, who beat Djokovic to win his first Masters 1000 final , faces a tough first-round battle against Fernando Verdasco of Spain, a man who has been ranked as high as No 7. The French Open tennis tounament starts Sunday. It makes me happy to feel myself competitive and play well in every event that I played. Djokovic's form nosedived after his triumph on the Parisian red clay as he lost in the third round at Wimbledon for his earliest defeat in a Grand Slam ... Read More »

ONGC reports 6 percent fall in fourth-quarter net profit

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While PAT for 2016-17 stood at Rs6,209 crore compared with Rs3,726 crore a year ago on a standalone basis, the fourth quarter profit was Rs1,819 crore against Rs1,388 crore a year ago. The company made an inventory gain of Rs 743 crore in the fourth quarter of 2016-17 compared with Rs 37 crore gain made in the same period of the previous financial year. Read More »

Oil price falls despite deal to extend output cut

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But the intended impact could be short-lived. But it also spurred growth in the USA shale industry , which is not participating in the output deal, thus slowing the market's rebalancing. The governor of Nigeria's southern Imo state said on Thursday the Forcados terminal would resume operations "soon". The Canadian dollar was last trading at C$1.3484 per USA dollar, down from a five-week high of C$1.3388 touched at one point on Thursday. Read More »

Has $364000 Position in Valeant Pharmaceuticals Intl Inc (VRX)

It has underperformed by 65.21% the S&P500.The move comes after 7 months negative chart setup for the $4.42 billion company. Nomura Holdings Inc, which manages about $39.38 billion US Long portfolio, upped its stake in Consumer Discretionary Selt (XLY) by 295,000 shares to 395,000 shares, valued at $32.20 million in 2016Q4, according to the filing. Read More »

Oil Slumped Post OPEC Extension Announcement

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In the banking sector, Mitsubishi UFJ Financial slipped 0.9 percent, while Sumitomo Mitsui Financial declined 0.6 percent. Against the yen, the dollar eased 0.1 percent to 111.74 yen, staying below a one-week high of 112.13 yen touched on Wednesday. Read More »

Moody's Downgrades China's Rating, Bleak Expectations Follow

Moody's said that it is downgrading its long-term rating for China one notch to a still robust A1 from Aa3. The last time Moody's downgraded China was in November 1989, a few months after a bloody Tiananmen Square protest crackdown. "Theoretically, Chinese companies that issue offshore dollar bonds could bear more pressure from the downgrade decision", said Liu Dongliang, a senior analyst at China Merchants Bank Co. Read More »

South Carolina's poor take a hit in Trump budget plan

When confronted about this during a press conference on Tuesday, Office of Management and Budget Director Mick Mulvaney argued that the administration "did [the double count] on goal..." Trump's budget holds true to his campaign pledge to leave Medicare and Social Security pension benefits alone and contains spending increases for the military and veterans , but it treats most of the rest of the government as fair game. Read More »

Troops pull out of Brazil capital; president under pressure

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Brazilian President, Michel Temer , gave into the latest criticism about the serious political crisis the country is experiencing today and withdrew military presence which had been ordered to be deployed in Brasilia a day before in order to contain violent protests. Read More »

Barrick Gold Corp (ABX) Rating Reiterated by Royal Bank of Canada

Barrick Gold Corp (USA) (NYSE: ABX ) has declined 8.26% since May 26, 2016 and is downtrending. Barrick Gold Corp traded down ($2.15) for the day and closed at $16.89The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.07. Read More »

Opec disappoints crude oil market, brings a knife to a gun fight

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According to Press TV, Iranian Oil Minister Bijan Zanganeh said on the sidelines of the meeting that Iran, which has been exempted from the ongoing output cut deal, would continue producing at its existing level. "The cut in OPEC supplies will be offset by higher US crude production", said KY Lin, spokesman for Formosa Petrochemical Corp. Gaining back some of the losses, Brent crude futures were up 0.56 percent to $51.75 per barrel as of 9:45 am GMT on Friday. Read More »

Numis Securities Ltd Reiterates Add Rating for Just Eat PLC (JE)

It has a 27.07 P/E ratio. Europe Heavyside segment is engaged in the manufacturing and supply of aggregates, asphalt, cement, readymixed and precast concrete and landscaping products. (TSE:RCI.B) earned "Neutral" rating by JP Morgan on Wednesday, April 19. Deutsche Bank have a GBX 1615.00 target on the stock. British Land Company PLC had its "neutral" rating reiterated by analysts at JP Morgan. Read More »

Pakistan economy crosses $300 billion mark, for the first time

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Dar also rejected assertions by some analysts that Pakistan's currency is overvalued by 20%. The GDP growth rate was 5.3% in the outgoing fiscal year - the highest in ten years, he stated, adding that it was for the first time that Pakistan's economy had grown to over $300 billion. Read More »

Trump will engage Pyongyang "under certain circumstances", S. Korean envoy says

North Korea has carried out two atomic tests and dozens of missile launches since the beginning of past year, in its quest to develop a missile capable of delivering a nuclear warhead to the continental US. A spokesman of North Korea Foreign Ministry said that Pyongyang "categorically and totally rejects the UNSC's statement which called into question its bolstering of nuclear deterrence for self-defense", according to the Korean Central News Agency. Read More »

White House Starts The Clock On NAFTA Renegotiations

The Trump administration has written to Congress, officially triggering the 90-day consultation period required before renegotiation of the North American Free Trade Agreement with Canada and Mexico can begin. 3 market for USA agriculture, notably corn, soybeans and pork. Trump's charge that NAFTA and trade deals generally had cost American jobs gained him support among working class voters, who helped lift him to the White House. Read More »

G7 leaders back stronger fight against terror

Leaders from the world's major industrialized nations failed to persuade U.S. President Donald Trump to back a landmark climate deal at a G7 summit in Sicily on Friday after hours of talks that were described by Germany's leader as "controversial". Read More »

I'm Sorry For Body Slamming You

President Trump on Friday told reporters during a photo spray at the G7 Sicily summit that Gianforte's election constitutes a: " great win in Montana ". Gianforte's campaign did not deny Jacobs' allegation but countered in its own statement that the reporter provoked an altercation. Gianforte shushed the crowd and continued, "I should not have treated that reporter that way and for that, I'm sorry, Mr". Read More »

Stoltenberg: NATO to become part of US-led coalition against Daesh

NATO's founding treaty states under Article V that an attack on one ally is an attack on all, but Trump questioned the principle during the USA election campaign and has not publicly backed the commitment. "Our common values are not obsolete", Michel said, as Trump sat behind him with his fellow leaders, his arms crossed. As a candidate, he had expressed skepticism about it. Read More »

Perdue defends budget's food stamp cuts to angry Democrats

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U.S. Sen. Brian Schatz, D-Hawaii, also spoke out against Trump's budget proposal , labeling it " dead on arrival ". But that assumption has already become a baseline of the administration's budget math. The announcement surprised oil markets and briefly pulled down US crude prices. Corporations and high earners - including jobs-generating small-business owners - receive long overdue tax cuts; there's even money for Trump's Mexico wall. Read More »

At G7, world finance chiefs are trying to gauge Trump's plans

Speaking yesterday on the sidelines of the gathering of finance ministers and central bank governors in Bari , the official said there was a consensus not to veer from the message delivered by the G-20 in Baden-Baden two months ago. It said Morneau emphasized that trade between the two countries was balanced and supported middle-class jobs. "We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using ... Read More »

UK campaigning resumes 4 days after concert attack

In a speech in London , Corbyn also promised to reverse cuts to police and emergency services. Labour is no longer a party that will abstain when the Tories cap welfare, connive at the privatisation of the National Health Service or play havoc with our kids' education through the academies and free schools programme. Read More »