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The real currency weakened as much as 1 percent against the dollar. The drop in Petrobras shares wiped some 45 billion reais ($12 billion) from the company's capitalization, according to Reuters' calculations. The economic and political storm has shaken the lame duck Temer government ahead of October elections and rattled nerves about the path forward for Petrobras, Latin America's biggest oil producer.
  • Is No One Wanting To Buy Air India From The Government?

    Is No One Wanting To Buy Air India From The Government?

    Markets

    Singapore Airlines has in the past said it was keeping an "open mind" about Air India , but three sources close to the company have played down the carrier's interest, despite its previous public comments. Choubey had earlier made it clear that AI will not be sold unless the government gets a right price for it. The government will ensure that the airline does not face "any operational difficulties following the latest developments".
  • Two Massive Winning Lotto Tickets Sold in Brampton

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    Marie, Toronto the Sault Ste. Once the lottery hits $60 million, additional revenue is used to create $1-million prize draws (called Maxmillion draws). This win comes just one day after a LOTTO 6/49 ticket somewhere in the province won the $9.6 million jackpot on Wednesday's draw. There was no winning ticket was sold for last night's big prize.
  • Another side effect of higher minimum wages: Lower health-care benefits

    Another side effect of higher minimum wages: Lower health-care benefits

    Markets

    Tracy Pease of Hazel Park, Mich., spoke May 21 during a rally in Lansing, Mich., in support of the Michigan One Fair Wage group's petition to raise the state's minimum wage to $12 an hour. Minimum wage workers are going to be seeing some more money on their cheques starting tomorrow. The wage hike is well below the $50 a week rise demanded by unions, but the commission said such a rise could have an impact on the employment prospects of the unemployed.
  • US Oil Poised for Weekly Loss as Record Output Weighs on Price

    US Oil Poised for Weekly Loss as Record Output Weighs on Price

    Markets

    Concerns about USA bottlenecks are contributing to the decline in US futures as well. However, the American production has increased significantly and seen a growth of 27 per cent in the last two years to around 10.73m barrels per day. Looking at crude oil more broadly, there is a growing divergence between Brent and WTI prices. Futures on the Shanghai International Energy Exchange climbed 0.4% to 474.5 yuan a barrel.
  • SoftBank to invest US$2.25bn in GM AV unit

    SoftBank to invest US$2.25bn in GM AV unit

    Markets

    Softbank will own about 20% of a joint venture that has been set up to bring GM's self-driving technology to market. They made some significant progress based on an impressive real-world self-driving demo of their Bolt EV prototype of which they now have over 100 driving in California, Arizona, and MI.
  • United Kingdom authorities propose crackdown on high-cost lending

    United Kingdom authorities propose crackdown on high-cost lending

    Markets

    The package of proposals could save consumers a combined 200 million pounds a year, the watchdog said. FCA chief executive Andrew Bailey said: "Our immediate proposed changes will make overdraft costs more transparent and prevent people unintentionally dipping in to an overdraft in the first place".
  • Qantas, Air New Zealand To Codeshare On Domestic Flights

    Qantas, Air New Zealand To Codeshare On Domestic Flights

    Markets

    The alliance will see Qantas add its QF code to 30 domestic routes in Air NZ's domestic network, and Air NZ add its prefix to 85 Australian domestic Qantas routes. Tickets for the codeshare services will be available by the end of July, for travel from October 28. But the kinks of the frequent flyer program arrangement have yet to be ironed out before the codeshare starts on October 28 - the same day Air NZ's relationship with Virgin Australia is due to expire .
  • Sears will close its Strongsville location

    Sears will close its Strongsville location

    Markets

    The stores are among 72 additional stores that Sears said aren't profitable. "Eligible" employees will get severance. Plans calls for an upscale, three-floor gym with three indoor pools and an outdoor pool, yoga studios, basketball courts, a bar and cafe, and a child care center.
  • Trudeau calls U.S. viewing Canada as national security threat 'simply ridiculous'

    Trudeau calls U.S. viewing Canada as national security threat 'simply ridiculous'

    Markets

    Mr Trump responded to this on Twitter , writing: " Canada has treated our agricultural business and farmers very poorly for a very long period of time". Although the US has said the tariffs are being applied for national security reasons, the economy secretary argued that steel and aluminum are integral supplies in highly integrated strategic sectors of the North American economy, such as the automotive, aerospace, electric and electronic industries.
  • Marchionne ramps up SUVs as prepares to hand over Fiat Chrysler wheel

    Marchionne ramps up SUVs as prepares to hand over Fiat Chrysler wheel

    Markets

    FCA promised eight models in the lineup, aiming to turn Chrysler into a volume brand that would have rivaled Chevrolet and Ford . A spokeswoman told Automotive News that Chrysler, Dodge and Fiat would not be fully eliminated, but the company has not yet explained how the brands will be maintained through 2022.
  • Petronas takes 25% stake in Canadian LNG project

    Petronas takes 25% stake in Canadian LNG project

    Markets

    The move was unexpected after PETRONAS withdrew from the $36 billion Pacific NorthWest LNG Project last summer, a move that put an end to that project. The analyst said activity is starting to ramp up again in the global LNG market with a number of new project approvals expected by next year, resulting in more competition and possibly rising project costs.
  • Google reportedly won’t renew controversial drone imaging program

    Markets

    Fei-Fei Li, chief scientist at Google Cloud, told colleagues in emails that they should "avoid at ALL COSTS any mention or implication of AI" when announcing the Project Maven contract. More than 6,400 employees signed a petition calling for Google to cancel the deal, with at least 13 employees resigning in recent weeks in protest at Google's involvement, according to a second person familiar with the deal.
  • Trump appears to comment on jobs report before its official release

    Trump appears to comment on jobs report before its official release

    Markets

    A former White House press secretary nodded to the decades of norms that Trump broke. And late previous year, responding to criticism that he had been silent about the deaths of four US Special Forces members in Niger, the president referred the 2010 death of White House Chief of Staff John Kelly's son in Afghanistan, publicly revealing what Kelly had shared privately with him - that then-President Barack Obama did not call Kelly after his son's death.
  • Spain: The rise and fall of Mariano Rajoy

    Spain: The rise and fall of Mariano Rajoy

    Markets

    To prevent a power vacuum after a no-confidence motion, Spanish law makes the motion's author - in this case, Sanchez - the country's new leader as soon as the king swears him in. He shook hands with Sanchez, who was then embraced by his Socialist deputies beaming with delight at a political coup that looked impossible just a few days previously.
  • U.S. jobless rate falls to 18-year low

    U.S. jobless rate falls to 18-year low

    Markets

    Though the labor market is viewed as being close to or at full employment, there is still some slack remaining. Wages grew 2.7 percent compared to last May, but the growth is still more gradual than economists would expect with such a low unemployment rate .
  • Google will end Project Maven military contract in 2019

    Markets

    Google misled the public about the size of the company's contract to develop AI for the Pentagon, and its executives chose against publicizing its participation in the project, leaked emails obtained by The Intercept show. " The contract is not direct with Google but through a partner (ECS) and we have terms that prevent press releases from happening without our mutual consent ", wrote Black, adding that the Defense Department " will not say anything about Google without our approval ".
  • Uber, Waymo in talks about self-driving partnership: Dara Khosrowshahi

    Uber, Waymo in talks about self-driving partnership: Dara Khosrowshahi

    Markets

    Buffet took time to note that much of the discussion surrounding his potential deal with Uber is rife with disinformation. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source. Uber last week announced first quarter results and a tender offer that nudges its valuation past $60 billion. Asked about whether the talks could resume, Mr Khosrowshahi said it was "always possible" and he would welcome any kind of dialogue with Mr Buffett.
  • Italy's Conte sworn in as PM of anti-establishment government

    Italy's Conte sworn in as PM of anti-establishment government

    Markets

    Italy's first-ever populist government will now be tasked with repairing ties with the European Union after almost three months of bitter negotiations. Markets, already wary of the populist programme, took fright this week at the prospect of an incoming administration intent on challenging Europe. The Milan stock exchange rose 1.74 percent at 1430 GMT as banks hit hard by the turmoil showed signs of recovery.
  • Trump floats replacing NAFTA with bilateral agreements with Canada, Mexico

    Trump floats replacing NAFTA with bilateral agreements with Canada, Mexico

    Markets

    Do Timber & Lumber in USA?' Canadian Prime Minister Justin Trudeau said today he offered to go to Washington this week to complete talks on renegotiating the North American Free Trade agreement but that Vice President Mike Pence called and told him a meeting with the USA president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.
  • FTSE slumps as Italy crisis hits European markets

    FTSE slumps as Italy crisis hits European markets

    Markets

    Crude oil extended losses as traders braced for output increases. EUR/USD has seen wide fluctuations this week. The French CAC 40 slumped 1.3 percent. The euro struggled near a 6-1/2-month low against the USA dollar on Tuesday, the bounce seen at the start of the week fading out as investors took a grim view of Italy seemingly heading towards another election.
  • #B31JustRead: Channel 4 reveals shortlisted cities for new national HQ

    #B31JustRead: Channel 4 reveals shortlisted cities for new national HQ

    Markets

    The broadcaster received more than 30 submissions before settling on seven large metropolitan centres for its new national headquarters. Channel 4 bosses revealed today that Leeds is being considered as a possible home for its national headquarters or as one of two "creative hubs", along with Greater Manchester, Liverpool , West Midlands, Glasgow, Cardiff and Bristol.
  • A California Chick-fil-A Will Pay Its Workers $17 an Hour

    A California Chick-fil-A Will Pay Its Workers $17 an Hour

    Markets

    While analysts can't say whether a $17 to $18 hourly wage is the highest in the country for front-line fast-food workers, it certainly appears to be among the higher ones, said David Henkes, a senior principal with Technomic, a restaurant research and consulting firm.
  • Wall Street's Dow Tumbles on Concerns over Italy's Political Turmoil

    Wall Street's Dow Tumbles on Concerns over Italy's Political Turmoil

    Markets

    The dollar rose to 108.88 yen from 108.24 yen. The market's main measure of short-term volatility, the CBOE Volatility index, spiked to its highest level since April 25. FTMIB while short-dated Italian bond yields IT2YT=RR - a sensitive gauge of political risk - fell more than half a percent from half-decade highs.