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Oil Trades Near One-Month High After OPEC Agrees Production Cuts

Crude oil prices meandered for most of the trading day Wednesday before ministers from the Organization of Petroleum Exporting Countries emerged from meetings in Algeria with an agreement to take extraordinary action meant to pull the market into balance.

Business

Oil prices rise despite doubts over OPEC output deal

But it also took multiple cuts, every time, to persuade crude prices to rise again. Moreover, if oil prices rise, it could greenlight new drilling around the world. Producers like Venezuela and Nigeria have faced tremendous economic pain as oil prices remain low. "But, it is the first step". Members of the oil-producing cartel made a decision to cut its aggregate output by 700,000-800,000 barrels per day (bpd) to around 32.5 million to 33 million bpd.

Business

OPEC agrees modest oil output curbs in first deal since 2008

In the immediate aftermath of the decision, oil prices spiked by 5% to touch $48 per barrel. Disagreements between Iran and its regional rival Saudi Arabia had thwarted earlier attempts to reach a deal. "No doubt, Saudi Arabia is feeling the economic pain from low oil revenues". Crude oil peaked over $100 per barrel in 2013. "It has worked before", Herbert said.

Business

OPEC Members Agree On Production Cuts, Sending World Prices Soaring

Mohammed Bin Saleh Al-Sada, Qatar's energy minister and current Opec president, announced the deal after several hours of talks on Wednesday in the Algerian capital Algiers. Wednesday's meeting was tasked with addressing the collapse in prices, which have fallen by more than half since mid-2014. This is the first stage where suddenly various of the bits are starting to come together, which makes it possible to start thinking about an agreement and just feeling out whether there's going to ...

Business

USA asks Deutsche Bank to pay $14bn to settle mortgage probe

The concern comes after The Wall Street Journal reported late Thursday that the Justice Department proposed the bank pay $14 billion to settle several high-profile mortgage probes in the US dating back to securities the bank sold between 2005 and 2007.

Business

Army Denies Pak Media Claims, Says Soldier Inadvertently Crossed LoC

Pakistan dismissed the reports that India's military had targeted "terrorist launch pads" inside the Pakistan-controlled part of Kashmir. "The Indian government has exposed itself through the recent incident", it says, adding such underhand tactics will not weaken the freedom struggle in the occupied valley.

Business

Alert over terror threat at Peres funeral

A PLO source, speaking on condition of anonymity because of the sensitivity of the subject, said that Mr. Erekat had been hesitant to attend, that Abbas's decision is "a very unpopular" one among Palestinian officials and the attempt to take a message of peace to Jerusalem is "bulls***".

Business

Yahoo confirms massive data breach

Even though Yahoo hasn't provided much evidence, other security experts also said it's still very possible state-sponsored hackers were responsible for the data breach. Yahoo! confirmed last week the hack had taken place , advising users to change their passwords after what it said may have been a state-sponsored hack.

Business

U.S. lawmakers blast Mylan CEO over 'sickening' EpiPen price hikes

Mylan NV (MYL.O) faced new scrutiny over price hikes for its anti-allergy EpiPen on Tuesday, with USA lawmakers calling for a probe of oversight of the company's rebates to government healthcare plans, while West Virginia said it was investigating whether Mylan defrauded its Medicaid department.

Business

Mylan blasted for raising EpiPen prices to get 'filthy rich'

The price of an EpiPen two-pack has risen from about $100 in 2009 to around $600 today, according to medical literature and various pharmacies across the nation. Bresch, the Marion County native and daughter of U.S. Sen. The treatment is also at the center of several antitrust investigations related to Mylan's school distribution program.

Business

Yahoo should face SEC probe over e-mail breach, senator says

The internet firm said no passwords, payment card data or bank account information was affected. Yahoo , the multinational technology company, faced a serious security breach as a hacker was able to expose user accounts of several million users.

Business

Wells Fargo employee fraud: Why has no one been charged?

Wells Fargo said it wanted to put the matter behind it. On Tuesday, Wells Fargo's board announced that Stumpf , 63, will forfeit all of his outstanding unvested equity awards, worth $41 million, and forgo his salary during a board investigation.

Business

Lawmakers Take More Swings at Wells Fargo CEO John Stumpf

Also, Carrie Tolstedt, the head of the bank's community banking arm, will forfeit $19 million in unvested equity. Under questioning, he said he recommended over the weekend to the board's lead director, Stephen Sanger, that he should forfeit stock awards.

Business

Deutsche Bank Shares Rise After Germany Denies Hatching Rescue Plan

On Tuesday, the shares of Deutsche Bank , Germany's biggest lender and a former pillar of the entire European banking system, hit their lowest level since 1983 after it confirmed it had received a claim for US$14 billion from the U.S. "The market now does not expect any agreement at this meeting, so no agreement should have only limited negative impact on the oil price", wrote Marshall Gittler, head of investment research at FXPRIMUS.

Business

Battleborn Could Be Going Free-To-Play

Free-to-play was the business model that Gearbox wanted from the start, the source said, adding that it was publisher 2K's decision to offer it as a $60 game. "We think there remains an opportunity to grow the audience for this unique experience over time and 2K will continue to drive engagement and recurrent consumer spending on the title through add-on content and virtual currency".

Business

Congress clears stopgap spending bill, $1.1 billion to fight Zika

Dan Kildee said in a speech on the House floor that GOP leaders "don't see American citizens" when they look at the people of Flint, where drinking water has been contaminated with lead for more than a year. The Flint measure, set for a vote Wednesday as an amendment to a separate water projects bill, would authorize $170 million to help Flint and other cities with water emergencies.

Business

Why Intra-Cellular Therapies' Stock Got Crushed Today

Intra-Cellular blamed the setback on an unusually high number of responses seen in patients treated with placebo, a relatively common phenomenon in psychiatric clinical trials. "We remain committed to the development of ITI-007 for the treatment of schizophrenia, bipolar depression, agitation associated with dementia, including Alzheimer's disease and other neuropsychiatric indications".

Business

Congress OKs spending bill, $1.1 billion in Zika funding

The House voted 342-85 to pass the legislation, which will keep the government funded through December 9 and give lawmakers time to work out a long-term spending bill for the fiscal 2017 year that begins Saturday. The bill approved Wednesday includes full 2017 funding of more than $82 billion for military construction and veterans programs and about $7 million over the next 10 weeks to begin paying for new programs approved by Congress to fight heroin addiction and prescription painkiller ...

Business

Turkish markets up, lira rises against dollar post Fed decision

Also, the Turkish lira largely benefited from the Fed and BoJ decisions as the USA dollar versus Turkish lira rate, which was at 2.9768 the previous day at market close of markets at 5:30 p.m. Japanese Yen traders are likewise left with an effectively unchanged fundamental outlook, and this in itself favors a continued JPY rally (USD/JPY decline) versus the US Dollar.

Business

Actually the first ever Tesla Autopilot fatality occurred in China, not America

More to the Tesla, Mobileye breakup than safety? Amnon Shashua, chief technology officer at Mobileye , said that the partnership ended as "it was pushing the envelope in terms of safety". In its CCTV footage report, a police officer said about the crash in China: "When it was approaching the road sweeper, the vehicle didn't put on the brake or avoid it; instead, it crashed right into it".

Business

Erdogan to extend emergency

Turkish President, Recep Erdogan on Thursday. said the government was preparing to extend the state of emergency for another three months, a media report said. As Peter has reported , the attempted coup has strained the already-complicated relationship between the US and Turkey. Tens of thousands of people have been dismissed or suspended from government jobs including the police, military and judiciary.

Business

Lawmakers: Wells Fargo a 'criminal enterprise' like Enron

It's rare for the House Financial Services Committee to be unified on anything, but it was a bipartisan pile-on for more than four hours as members blasted Wells Fargo and its actions. After Singleton's auto was sold at auction, Wells Fargo tried to collect more than $10,000 from him to cover the difference between what was owed on the vehicle and what it had sold for.

Business

Donald Trump asks if he should toss non-Christian conservatives from rally

Specifically, Trump is likely to spend more time working on specific answers and sharpening his attacks after spending much of the first meeting on defence, said that person, who spoke on condition of anonymity to discuss internal campaign strategy.

Business

House lawmakers heap blistering criticism on Wells Fargo CEO

As Warren noted during his testimony, Stumpf set the accounts-per-customer target for employees at eight - where other large banks average five - because, "Eight rhymes with great". "This is the behavior of people that we found, that we did not want", Stumpf insisted. Answering Meeks' charge that "there's no responsibility", Stumpf replied by saying something he said several times Thursday: that he holds his job "at the pleasure of the board".

Business

Ortiz honored by Yankees with painting, book of letters

They won the AL East thanks to the Blue Jays loss while this game was still going on, but they were deprived of the right to woop and holler on the field in NY given Mark Teixeira's stunning walkoff grand slam with two outs in the ninth. The team's first opponent has not been determined yet. Boston , which had already secured at least a wild-card spot in the playoffs, will open its postseason schedule October 6 seeking a second World Series crown since 2013.

Business

Yellen says economy likely ready for rate hike later in 2016

Benchmark indexes Sensex and the Nifty posted modest gains on Wednesday and the rupee extended gains for the fifth consecutive session to close at a three-week high of 66.46 per dollar, after a World Economic Forum report said India has become the second most competitive BRICS economy and will grow faster than China this year on the back of improved monetary policy and recent reforms towards opening up the economy.

Business

New Jersey Train Crash in Station Kills One, Injures More Than 100

The terminal was built in 1907, and was renovated between 2004 and 2011, in a project that restored ferry service and rebuilt a long-missing clock tower. Picture: twitter/NBC NewsA scene of devastation inside the station. Leon Offengenden said he was in the third carriage. But it wasn't safe enough yet for investigators to extract the second recorder from the engineer's compartment because of the collapsed roof and the possibility of asbestos in the old building, NTSB Vice Chairwoman ...

Business

Volkswagen Shows I.D. Concept for New Electric Vehicle

However, Volkswagen must balance the huge investments of electric-vehicle technology with the enormous cost of the cheating scandal. "In 2020 we will begin to introduce an entire family of electric vehicles on the market", Volkswagen brand CEO Herbert Diess said in Paris .

Business

Oil gains, Deutsche Bank weighs on stocks; yen off lows

Chief Executive Officer John Cryan has been struggling to convince investors that the lender has the funds to deal with legal bills tied to past misconduct, including a request for $14 billion from the U.S. FTSE China A50 Index futures fell 0.3 percent. In Russia, a major oil producer, the dollar-denominated RTS share index .IRTS rose 2.3 percent. Futures climbed 1.7 percent in NY after surging 5.3 percent on Wednesday.

Business

Stocks turn lower as drugmakers drag health stocks down

The problems of Deutsche Bank are putting the German government in a hard dilemma, as it must decide whether to save the bank , whose assets are valued at about €1.8 trillion, half the size of the German economy. But Neil Wilson, a markets analyst at ETX Capital, said: 'It's not a Lehmans moment in the offing. Separately, on Wednesday, Phoenix Group Holdings, the UK's biggest owner of life assurance funds closed to new customers, announced it would buy Deutsche Bank's United Kingdom ...

Business

Jose Mourinho: I feel sorry for Sam Allardyce after his England sacking

Speaking to Sky Sports News yesterday morning however, Allardyce, denied money was his primary motivating factor in attending the now-infamous meeting, instead insisting he did so as a favour to an old friend who was down on his luck. But I can not talk about other managers. I have cooperated fully in this regard. Southgate has been involved in the England set-up since 2013 with the Under-21 squad and led his country to the finals of the 2015 U21 European Championships.

Business

Vodafone Group Plc's (VOD)

Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Let's have a look at some of the important valuation ratios of the Vodafone Group Plc (NASDAQ:VOD). Growth rates are very important while analyzing the long term growth and valuation of a certain company. The stock is going forward its fifty-two week low with 4.58% and lagging behind from its 52-week high price with -13.11%.

Business

OPEC reaches deal to cut oil output first time in 8 years

Iran's Oil Minister Bijan Zangeneh told reporters on Tuesday that his country was not seeking to forge any deal or agreement in Algeria. The news sparked a six per cent jump in the cost of Brent Crude to around $48 a barrel. But if the deal does indeed go through and oil prices rise above $50, then shale oil production will increase and take some of crude oil's market share, Hochstein pointed out.

Business

Quarterly Earnings Forecast Overview: V.F. Corporation (NYSE:VFC)

Teacher Retirement System of Texas now owns 14,771 shares of the 3D printing company's stock valued at $202,000 after buying an additional 1,805 shares in the last quarter. For the current year the company has low revenue estimates of $163.6B in contradiction of high revenue estimates of $166.15B. The Corporation has a Mean Rating of 3.15 based on the Reuters Analysts consensus issuing ratings.

Business

New study into digital comparison tools

Comparison sites have grown in popularity over the past decade as consumers try to trim household bills. But it will look at concerns about whether consumers should know more about how the sites make their money, and how this might affect their services.


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