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Markets

China's trade surplus with the United States ballooned to a record $34.1 billion in September, despite a raft of USA tariffs, official data showed Friday, adding fuel to the fire of a worsening trade war. He blamed previous US presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing , "It's over". "It's had a big impact", Trump said in a Fox News interview.
  • Turkey can not remain silent over Khashoggi's disappearance, Erdogan says

    Turkey can not remain silent over Khashoggi's disappearance, Erdogan says

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    A contributor to The Washington Post , Khashoggi has not been seen since Tuesday last week, when he entered the Saudi consulate in Istanbul, Turkey , to collect papers for his upcoming wedding. The station did not cite a source for its report . Turkey says it will conduct a search of the Istanbul consulate, while Saudi Arabia's foreign ministry said the country was "open to co-operation" and a search of the building could go ahead.
  • U.S. Stocks Fall Sharply, Tech Sector Leads Declines

    Markets

    At the closing bell in the New York Stock Exchange on Wednesday, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall in eight months. CNN reported today that investors may want to start shifting into more defensive stocks, which aren't as expensive as the tech players and also pay healthy, stable dividends.
  • Trump 'demanding' answers from Saudis on Jamal Khashoggi case

    Trump 'demanding' answers from Saudis on Jamal Khashoggi case

    Markets

    But in his first extensive remarks about Khashoggi's case, Trump warned it is "a very sad situation". "We can not let this happen, to reporters , to anybody", Trump said. The same day, Turkish media published images of an alleged 15-member Saudi "assassination squad" and video of suspicious movements at the Saudi Consulate in Istanbul following Khashoggi's disappearance, putting new pressure on the kingdom amid growing worldwide concern for the writer.
  • India may continue to import oil from Iran, says Petroleum Minister

    Markets

    An industry source who also tracks exports said October shipments so far were below 1 million bpd. In May, before U.S. President Donald Trump announced that he was reinstating sanctions against Tehran, the International Monetary Fund had projected Iran's economy would grow by 4 percent in 2018 and 2019.
  • International Monetary Fund retains economic growth projection for India at 7.3% for FY19

    International Monetary Fund retains economic growth projection for India at 7.3% for FY19

    Markets

    South Africa, only 0.8 percent this year. However, some economists still believe that the country would be able to maintain the current growth rate. According to the World Economic Outlook, in India, reform priorities include reviving bank credit and enhancing the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and improving the governance of public sector banks.
  • UK cyber security agency backs Apple, Amazon China hack denials

    UK cyber security agency backs Apple, Amazon China hack denials

    Markets

    Department of Defense and dozens of other organizations. AWS refers to Amazon Web Services, the company's cloud-computing unit. Then there is Businessweek as a news outlet. In a letter to the chairmen and ranking Democrats on the House and Senate Commerce committees, the Cupertino-based company on Monday disputed a Bloomberg report that Chinese spies used a microchip to infiltrate American computer networks.
  • India buying Iran oil in defiance of Trump sanctions

    India buying Iran oil in defiance of Trump sanctions

    Markets

    The bulk of spare capacity is held by Saudi Arabia. Last applied from 2012 to 2015, the sanctions are in retaliation for Iran's supposed nuclear proliferation program. "We will be guided by our national interest", he added. Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.
  • Still far off, Michael a growing menace to Florida Panhandle

    Still far off, Michael a growing menace to Florida Panhandle

    Markets

    Tropical Storm Michael formed on Sunday in the Caribbean Sea and appears to have designs on the panhandle and big bend regions of Florida, according to early forecast tracks. Wednesday . Enlarge / 12z European model forecast for Hurricane Michael's position at 2pm ET on Wednesday . "So dependent on where that eye is, is going to make a determination on what we're going to see in wind , rain and surge as it goes up", Litschauer said.
  • Rocked by Trump's sanctions, Iranian oil exports drop further

    Rocked by Trump's sanctions, Iranian oil exports drop further

    Markets

    Buyers of the superlight crude are under more pressure than importers of "regular" crude since there are few alternate suppliers. Washington had been pressuring governments and companies worldwide to cut imports of Iranian oil to zero under us sanctions that take effect November 4.
  • India to keep buying Iranian oil despite US sanctions

    India to keep buying Iranian oil despite US sanctions

    Markets

    Phil Flynn , senior market analyst at Price Futures Group , summarized: "A strong economy, low unemployment would suggest the US consumer is going to continue to fair well with higher energy prices". But its output has declined sharply in recent months under the threat of USA sanctions. That's why Saudi Arabia has been hesitant to have OPEC and other big producers like Russian Federation dramatically raise production.
  • Nation's largest mattress retailer files for bankruptcy

    Nation's largest mattress retailer files for bankruptcy

    Markets

    Bankruptcy is often a tool that retailers use to get out of unwanted leases. As a result of the store closures and other operational changes, Mattress Firm's corporate earnings before interest, tax, depreciation and amortization (EBITDA) are expected to be $200 million by the company's 2020 financial year, Steinhoff said.
  • U.S. unemployment drops to the lowest level since 1969

    Markets

    Extending losses for second straight session, the US markets ended lower on Friday on worries about runaway inflation spurred by the sudden jump in US Treasury bond yields. On the service side, retail lost 20,000 jobs in September, while restaurants lost 18,200. State education added 21,200, an extraordinary gain, since employment had been virtually flat over the prior year, although this may be partly a problem in seasonal adjustment.
  • India keeps policy rate unchanged in surprise move, rupee tumbles

    India keeps policy rate unchanged in surprise move, rupee tumbles

    Markets

    Selling activity gathered momentum after the RBI kept rates unchanged but changed its stance to "calibrated tightening". However, we also find it hard to believe that the central bank will turn a blind eye to the currency problem. The think-tank of the Monetary Policy Committee (MPC) has chose to hold the rates against strong expectations that the rates may be hiked for the third time in a row.
  • Everything You Need to Know About the September Jobs Report

    Everything You Need to Know About the September Jobs Report

    Markets

    The unemployment rate for September 2017 was 4.2 percent . Ahead of the report , Spencer Hill, an economist at Goldman Sachs, said that Hurricane Florence , which impacted the Carolinas in mid-September, were likely to weigh on Friday's headline job gains, and a 17,000 job drop in the leisure & hospitality industry shows signs of an impact from the storm.
  • Oil prices rise on Iran sanctions, outlook uncertain

    Oil prices rise on Iran sanctions, outlook uncertain

    Markets

    WTI's weekly gain was about 1.3 per cent; Brent's was around 1.4 per cent. The ongoing outlook for a tightening of crude markets overshadowed forecasts for a second weekly gain in USA stockpiles. Originally, the plan had apparently been to officially announce a production increase of 500,000 barrels per day, but this met with opposition from a number of countries, including Iran.
  • Tesla shares drop after Musk mocks SEC on Twitter

    Tesla shares drop after Musk mocks SEC on Twitter

    Markets

    Musk tweeted August 7 that he had "secured" funding to privatize the electric automaker at $420 a share, causing a brief spike in Tesla's share price. "I have lost 30 years of my life savings all in $ tsla thanks to your tweets please stop", TrendTrader007 wrote. However, Musk had been acting erratically for months even before the take-private tweet and the subsequent interviews with the Times and Rogan.
  • Aston Martin shares start trading at $24, value company at $5.6B

    Aston Martin shares start trading at $24, value company at $5.6B

    Markets

    Before the flotation, Aston has revealed a guide price of between £17.50 (Rs 1,664) and £22.50 (Rs 2,140) per ordinary share. Aston Martin is expected to price its United Kingdom initial public offering at 19 pounds (US$24.66) per share, toward the bottom of a marketed range that it had already narrowed, according to people familiar with the matter.
  • Centre challenges non-BJP states to cut Value-Added Tax on fuel

    Centre challenges non-BJP states to cut Value-Added Tax on fuel

    Markets

    Auto fuel prices in these states are expected to go down by Rs 5 per litre. ► Madhya Pradesh government has also chose to give an additional relief of ₹2.5/litre on Petrol and Diesel to give total benefit of ₹5/litre in the state, tweeted Madhya Pradesh CM Shivraj Singh Chouhan .
  • Toyota recalls 2.43 million cars globally

    Toyota recalls 2.43 million cars globally

    Markets

    The automaker said there have been three cases in which vehicles became immobile, but there have been no accidents due to the system fault. The company says the issue differs from problems with the Prius fail-safe mode that were addressed in the 2014 and 2015 recalls.
  • Rupee sinks to historic low, Centre anxious

    Rupee sinks to historic low, Centre anxious

    Markets

    If the RBI does raise rates, it would be the latest in a series of emerging market central banks that have been pressured into tightening policy in response to a tumbling currency. Tweeting in Hindi, the Times of India reported that he said: "The rupee has crossed the 73 mark and price rise is causing an outcry". Higher prices have swollen India's current account deficit, which last stood at around 2.4 per cent of GDP, in the April-June quarter.
  • USA vice president says China interfering in American politics

    Markets

    The Trump administration particularly takes issue with China's tactic of imposing tariffs on products produced by some of the US president's key supporters, such as farmers in the midwestern United States. Pence alleged that China was waging a sophisticated influence campaign aimed at swaying the November 6 elections against Trump's Republican Party in retaliation for his trade policies against Beijing.
  • Island dairy farmers fear losses under new NAFTA

    Island dairy farmers fear losses under new NAFTA

    Markets

    One promise of President Trump's campaign checklist? Trump did succeed in securing dairy concessions from Prime Minister Justin Trudeau. "It's going to be fair and the key thing is we have some time". The deal, which replaces NAFTA, still has to be signed by leaders of all three countries and must be ratified by their respective governments. The agreement will benefit farmers, ranchers and automobile workers, Trump said.
  • Petrol prices cut by Rs 5 in Maharashtra

    Petrol prices cut by Rs 5 in Maharashtra

    Markets

    Maharashtra Chief Minister Devendra Fadnavis was the first one to announce the decision. Only a few weeks ago, multiple media reports , quoting anonymous senior government officials, indicating that the government had no plans of cutting excise duty.