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Major state-owned Chinese banks seen selling dollars to support yuan

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It's lost about 4.6 percent of its value against the dollar since June 14. The recovery came after the People's Bank of China (PBOC) said it would keep the nation's currency stable and not deploy it as a weapon in the trade conflict with the United States, calming worries that any escalation in the standoff would lead to a slowdown in economic growth. Read More »

Saudi, Russia expect oil production to increase by 1m bpd from July

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A source last week told Reuters Saudi Arabia produced 10.8 million bpd in June and it aimed to pump 11 million bpd in July. Iran has vowed to thwart U.S. OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market. "It all kicked off at the weekend with Trump claiming the Saudis had agreed to an extra 2m barrels a day which is physically impossible, they just can't do that", he said. Read More »

Oil prices chart new territory on supply-side concerns

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U.S. President Donald Trump again accused the Organization of the Petroleum Exporting Countries of driving gasoline prices higher on Wednesday and urged the oil producer group to do more . A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on USA crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit. Read More »

European shares advance as US tariff suspension hopes boost autos

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Economists have for months warned of the potential damage to the United States and global economies from aggressive trade policies that evolve into protectionism, which would raise prices and upend global supply chains. source said, adding that there was no evidence the two governments had any substantive engagement at the moment that could lead to the shelving of duties. Read More »

$2.3 billion of MI exports threatened by tariffs

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ASIA'S DAY: Asian markets were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook. Trading volume was lighter than usual ahead of Tuesday, when USA markets are scheduled to close early for the Independence Day holiday the following day. Read More »

Left-wing president elected in Mexico

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The landslide victory of the new president-elect of Mexico Andres Manuel Lopez Obrador gives new hope to the people of Mexico and to all those around the world demanding societies that work for the many , not just the few. Polimnia Romana Sierra organized Lopez Obrador's six-member, all-female security detail when he served as Mexico City mayor from 2000 to 2006. Lopez Obrador's team will study labour costs as well as clamping down on corruption in Mexico's largest company. Read More »

2018 budget in danger as Saudi Arabia pump 2m more barrels

Iran says it will find ways to export its oil, despite what he does. Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market. He said in the Fox interview that European companies would face sanctions if they traded with Iran now. He added, "We will prove that the USA claim to stop exportation of Iran's oil is an illusion". Read More »

Trump supporters call to #boycottWalmart over 'Impeach 45' shirt

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The shirts, seemingly discovered by the chairman of the group Students for Trump , are one of a number of "Impeach 45" offerings, which range from sweatshirts to baby clothes from a wide variety of manufacturers. "We're removing these types of items pending review of our marketplace policies". Some red, white and blue apparel offered on Walmart Inc.'s website from third-party sellers this holiday week may have American shoppers feeling a little less than united. Read More »

Amazon Prime Day Is Coming To Australia This Month!

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Amazon's Prime membership program offers two-day free shipping, access to some TV shows on its streaming service, discounts at Amazon-owned Whole Foods and a host of other perks. Aside from discounts, new Prime exclusive products will be also surfacing. Save up to 50% on popular movies and TV shows on digital, DVD and Blu-Ray. Read More »

EU warns Trump: auto tariffs could lead to $300B retaliation

The EU's letter reportedly said that it has not yet decided on countermeasures to possible auto tariffs , but said it is "likely" to apply them to "a significant volume of trade" in the event Trump imposes such tariffs. China is expected to impose a new 25-percent tax on soybeans in July. But Italy blocked their formal adoption until the migration issue was fully addressed. Read More »

Iran to allow private sector to export oil, beat U.S. sanctions

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The Trump administration is taking a harsher line than the Obama administration did in the lead up to the deal, stating that it does not intend to issue waivers on secondary sanctions to those who import Iranian oil , as my colleague Suzanne Maloney explored in a recent post . Read More »

Tesla hits 5000-a-week Model 3 production goal

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In an email to staff Sunday, Musk noted that Tesla's Model S and Model X cars had also met their production targets, bringing the combined total of finished electric vehicles to 7,000 in a single week . Tesla has been trying to hit a 5,000 per week production target of its Model 3 cars for months after facing production obstacles. The Model 3 , which is built at a factory in Fremont, Calif., retails for as low as $49,000, according to the AP. Read More »

Saudi king said will boost oil output if needed: White House

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There was no confirmation that Saudi Arabia would increase oil production, as President Trump said . US President Donald Trump's administration backed off an assertion he made hours earlier indicating he persuaded Saudi Arabia to effectively boost oil production to its maximum capacity, which would have threatened to blow up a fragile truce agreed by OPEC last week and inflamed the Saudi-Iran rivalry. Read More »

Triple H opens WWE Performance Center doors to Toys R Us mascot

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In March, Toys "R" Us announced its plans to start liquidation nationwide. Several stores that have run out of stock closed, according to AOL . "My heart is breaking", Johnpiere wrote with a photo of the store's sale signs. "I think Geoffrey the Giraffe signifies fun and childhood memories", a zoo representative told CBS San Antonio affiliate KENS . Five former Toys R Us executives, including former CEO David Brandon, shared $8.2 million in retention bonuses. Read More »

OPEC meeting in Vienna agrees to raise oil output

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Crude oil futures edged higher in mid-morning trade in Asia Tuesday as market attention shifted back from the OPEC and non-OPEC meeting in Vienna to USA inventory levels. There are difficulties in getting crude oil to market in the Permian Basin in Texas and New Mexico, in Venezuela, which is struck with political turmoil, and in Angola, Perry said. Read More »

Trump softens threat of new curbs on Chinese investment in United States firms

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Treasury Secretary Steven Mnuchin says the US economy is strong due to President Donald Trump's tax plan and deregulation initiatives. "But we are not going to, on a wholesale basis, discriminate against China as part of a negotiation". The president had called for wide-ranging restrictions on Chinese investment in US companies, along with tariffs, as a way to prevent China from acquiring American-made technology. Read More »

Trump to Harley-Davidson: 'We won’t forget, and neither will your customers'

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He added: "The Aura will be gone and they will be taxed like never before!" The quote, which disparaged Trump's understanding of trade and economics, was being spread by some accounts with very few followers, but quickly went viral. Trump says in tweets Tuesday that the company had already announced it was closing a Kansas City plant. Harley-Davidson executives met with Trump at the White House previous year after Trump canceled a visit to the company's headquarters in Milwaukee because ... Read More »

No waiver on Iran business, U.S. tells India

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Iran's currency, the rial, has plummetted in recent days against the U.S. dollar prompting thousands of Iranians to protest in front of Parliament and on the streets of Tehran. Parliament Speaker Ali Larijani, speaking at the same event as Rouhani, appeared to directly criticize his administration. The United States is pushing for Japan and other major economies to halt imports of Iranian crude oil by November as part of coordinated sanctions on the Islamic republic, a senior U.S. Read More »

U.S. Treasury's Mnuchin says new investment curbs not specific to China

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Meanwhile, after months of tough talk, the threats against China, Canada, Mexico and the European Union soon will turn into tariffs that are already triggering retaliation against USA exports. The economy "is going to a lovely place right now", Navarro said on CNBC. -China relationship, including the USA decision to brand China a strategic competitor in President Donald Trump's National Defense Strategy. Read More »

Harley-Davidson warns European tariffs will cause a 'tremendous cost increase' (HOG)

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Harley-Davidson said the tariffs will add $2,200 (€1,880) on average to the price of its motorcycles in Europe, but it will seek to absorb the cost. He wrote: 'Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. With the European Union tariffs applied, the average cost of a bike faces an increase of around $2,200, it's calculated. Read More »

AMC Theatres' $20 monthly subscription plan rivals MoviePass

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Stubs A-List features all the perks of AMC's current Stubs Insider loyalty program. By the end of the summer, you'll see some major changes to your MoviePass subscription - and you're not going to like them all. "AMC Stubs A-List is AMC's next evolution of delivering awesome benefits to our loyal customers, and we're excited to continue to grow the program by leaps and bounds". Read More »

Saudi officers hand out roses to women drivers in historic moment

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Women in Saudi Arabia rejoiced and celebrated as they were legally allowed to drive cars from midnight (2.30 am Indian time ) on Sunday. "It may also take some time for enough driving schools that cater exclusively to women to be set up in Saudi Arabia , though when established they will create job opportunities for female driving instructors", says PwC. Read More »

Canada Votes To Legalize Cannabis For Recreational Use

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Last night, the Canadian Senate approved The Cannabis Act , making Canada the second country in the world to legally regulate all aspects of the marijuana market - including production, sale and consumption - following Uruguay's historic move to do so in 2013 . Read More »

Eurozone ministers declare Greek debt crisis over

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Greek 10-year bond yields fell 8 basis points to a four-week low at 4.23 percent, while five-year bond yields fell 10 bps to 3.40 percent - their lowest level in nearly four weeks. However, removing his tie at the end of the speech, he argued that "the Greek people had won a battle but not the war". A deal to ease Greek debt has always been seen as a key ingredient in the country's successful return to economic health and foray back into financial markets. Read More »

Iran says OPEC won't take direction from Trump

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The production limits by the Organization of the Petroleum Exporting Countries and Russian Federation have helped increase oil prices , with the benchmark United States crude contract hitting its highest level in more than three years in May. Read More »