• Iraq confident of OPEC deal to raise oil output
Iraq confident of OPEC deal to raise oil output

The United States, China and India had been pushing for a rise in production to avert a supply shortage later in the year. Saudi Arabia urges OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran shows signs of wavering.

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  • OPEC countries to pump more oil to contain price increase
OPEC countries to pump more oil to contain price increase

Still, some analysts believe that a combination of the OPEC deal, USA oil, and an easing of American demand for energy should eventually contribute to lower oil prices, which in May hit their highest levels in more than three years. Iran, OPEC's third-largest producer, had demanded OPEC reject calls from Trump for an increase in oil supply, arg...

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  • TSX jumps with energy stocks in wake of OPEC deal
TSX jumps with energy stocks in wake of OPEC deal

The countries of the OPEC oil cartel agreed Friday to effectively increase their combined production by nearly 1 million barrels a day, though questions remain over some of the members' ability to do so amid domestic trouble and sanctions. The production increase will partly undo a 1.2 million barrel cut OPEC agreed on in late 2016 that has helped ...

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  • MSCI's expected upgrade to see billions of infow to Saudi Arabia
MSCI's expected upgrade to see billions of infow to Saudi Arabia

If the decision takes place as expected, Saudi Arabia , with 32 stocks, will become the third-largest MSCI country from Europe, Africa or the Middle East, behind only South Africa and Russian Federation. Foreigners were net buyers of Saudi stocks in nearly every week this year, with net inflows of about $3 billion as of June 7 on aggregate for 2...

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  • Supreme Court Tax Ruling Could Have Consequences For Oregon Businesses
Supreme Court Tax Ruling Could Have Consequences For Oregon Businesses

In the decision , the U.S. Supreme Court estimated South Dakota was losing up to $58 million annually in sales taxes. What this ultimately means for consumers is that online purchases could potentially become more expensive. "Main Street retailers that employ your neighbors, pay property tax and support the little league team and high school ban...

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  • OPEC enters meeting that could set direction of oil prices
OPEC enters meeting that could set direction of oil prices

Benchmark Brent crude was up $1.05 a barrel at $74.10 by 0925 GMT. The South American country are facing bans and diplomatic freezes from the United States and its allies, while Iraq has production issues. OPEC Plus are now holding back two million barrels of the market daily. Iran had bridled at complaints on Twitter by U.S. President Donald...

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  • India hikes import duty on U.S. goods
India hikes import duty on U.S. goods

The decision to hike duties is in retaliation to the unilateral increase in tariff by the United States on certain steel and aluminium products earlier this year which had tariff implication of United States dollars 241 million on India. Bilateral trade rose to $115 billion in 2016, but the Trump administration wants to reduce its $31 billion defic...

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  • China: ‘Capricious’ trade policies will hurt United States workers
China: ‘Capricious’ trade policies will hurt United States workers

The move is in response to the U-S tariffs imposed on E-U metal exports. Economists note that on the whole, the US and European Union tariffs will not immediately cause great damage to either side's economy. Trade representatives from India and the United States are set to meet in New Delhi next week. "In other words, China should focus on its ...

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  • European Union says it will start to impose tariffs on United States on Friday
European Union says it will start to impose tariffs on United States on Friday

The majority of United States goods targeted by the European Union , such as tobacco, Harley Davidson motorcycles, cranberries and peanut butter, will now carry a tariff of 25%. Dow members Boeing, Apple and Nike may be targeted by the Chinese as the trade war with the USA rages on, according to The Global Times a state-controlled tabloid.

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  • Saudi Arabia: Deal can be done this week to boost oil supply
Saudi Arabia: Deal can be done this week to boost oil supply

The U.S. average for gasoline stood at $2.87 a gallon on Thursday. Index provider MSCI said late Wednesday it would reclassify Argentina and Saudi Arabia as emerging market countries next year, broadening the investor base for both countries.

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  • Trump Threatens Tariffs On $200 Billion Of Chinese Goods
Trump Threatens Tariffs On $200 Billion Of Chinese Goods

Trump is reiterating at the National Federation of Independent Business that he's trying to renegotiate NAFTA or he will seek separate trade deals with Canada and Mexico. USA companies that supply ZTE also sank. Despite the harsh words from high-level officials, Navarro tried to downplay the economic downsides of the tariffs, calling them "rela...

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  • Merkel, allies avert collision for now in German migrant conflict
Merkel, allies avert collision for now in German migrant conflict

Seehofer threatened Monday to turn back migrants if the German leader doesn't secure a deal within two weeks. "We're seeing small, positive developments, and we must of course continue to do more on the fight against crime", she said.

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  • Oil falls 2 pct as OPEC nears deal to raise production
Oil falls 2 pct as OPEC nears deal to raise production

When OPEC and its allies, which include Russia , Kazakhstan and Mexico, agreed to cut output in late 2016, they announced a 1.8 million-barrel-a-day reduction. The US has asked cartel members to increase their output. U.S. oil prices managed to stage a bounce this week after a rapid decline last Friday saw WTI crumple into 63.36 after lifting st...

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  • Audi CEO Stadler arrested on risk he may suppress evidence
Audi CEO Stadler arrested on risk he may suppress evidence

Prosecutors in Munich said Stadler was arrested at home early on Monday morning and was later remanded in custody by a judge, owing to fears he might hinder an ongoing probe by suppressing or tampering with evidence . Rupert Stadler , chief executive of Volkswagen's Audi unit, speaks last July in Barcelona. The United States filed crimi...

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  • European Union retaliatory tariffs to hit U.S. products on Friday
European Union retaliatory tariffs to hit U.S. products on Friday

Mexico has already put tariffs on USA products that include steel and pork. The tariffs, which will hit American products including motorcycles and denim, are a response to Trump administration tariffs on steel and aluminum exports from Europe.

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  • Bitcoin price drops as cryptocurrency exchange Bithumb is hacked
Bitcoin price drops as cryptocurrency exchange Bithumb is hacked

In this case, Bithumb is big enough to cover the losses, but it isn't always that way and securely holding tokens avoids potential for trouble. While news of the latest theft has weighed on sentiment, the reaction has been relatively subdued, said Ryan Rabaglia, head trader at cryptocurrency dealing firm Octagon Strategy Ltd in Hong Kong.

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  • Starbucks to Close 150 Underperforming Stores, Hike Dividend
Starbucks to Close 150 Underperforming Stores, Hike Dividend

Competition from rivals like McDonald's and Dunkin' Donuts is heating up, said Bernstein analyst Sara Senatore in a research note. "We must move faster to address the more rapidly changing preferences and needs of our customers". In March, Rosalind Brewer, Starbucks' COO, also said the market for vegan food was significant and that the company was ...

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  • Disney Increases Fox Bid to $71.3 Billion
Disney Increases Fox Bid to $71.3 Billion

At stake is a trove of media properties, ranging from The Simpsons to X-Men, that may help fend off the threat from Netflix Inc. and other streaming upstarts. "At a time of dynamic change in the entertainment industry, the combination of Disney's and Fox's unparalleled collection of businesses and franchises will allow us to create more appealing...

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  • China trade fight comes at tricky time for Chinese economy
China trade fight comes at tricky time for Chinese economy

President Trump's announcement to impose additional tariffs on China caused global markets to tumble, . with the Dow now on a six-day-long losing streak. Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses.

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  • Microsoft urges Trump administration to change its policy separating families at border
Microsoft urges Trump administration to change its policy separating families at border

As tensions simmered online, Microsoft, which is led by CEO Satya Nadella , released a statement saying it was "dismayed by the forcible separation of children from their families at the border". In the letter, Microsoft employees say that doesn't go far enough. Meanwhile, other tech CEOs too have responded to the Trump government's policy of se...

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  • Germany: Merkel Struggles With Immigration Policy
Germany: Merkel Struggles With Immigration Policy

Chancellor Angela Merkel said she and French President Emmanuel Macron agreed on Tuesday to create a eurozone budget aimed at boosting investment. At the centre of the tensions there is Mrs Merkel's widely criticised immigration programme, which brought more than a million refugees in the country in 2015.

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  • Trump says Canadians smuggling USA goods, assails tariffs
Trump says Canadians smuggling USA goods, assails tariffs

Trump repeatedly has threatened to withdraw from the 25-year-old deal and said in his remarks he may pursue separate agreements with Canada and Mexico . She said Canada, Mexico and the US will continue negotiating NAFTA through the summer and that she is convinced there is "goodwill" moving forward. Canadians are chiming in to say that they don'...

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  • New undertakings by 21st Century Fox in Sky takeover bid
New undertakings by 21st Century Fox in Sky takeover bid

The long-running saga of 21st Century Fox's $15B attempt to takeover European pay-TV operator Sky continues after British Culture Secretary Matt Hancock warned Disney would have to increase Sky News' budget to £100M ($132M) to get a deal over the line.

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  • Sign asks Dunkin Donuts customers to report employees speaking foreign languages
Sign asks Dunkin Donuts customers to report employees speaking foreign languages

After outrage broke out online, the sign was taken down. The Baltimore Sun reports the sign in the store on West 41st Street was removed after it created a stir on social media. "While her intent was to address a customer service satisfaction issue, the franchisee determined her approach was inappropriate and confirmed the sign has been removed...

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  • McDonald's to rollout paper straws in new trials globally
McDonald's to rollout paper straws in new trials globally

The fast-food chain says restaurants there will switch to paper straws , starting in September. "We spotted a huge opportunity, and we went for it", Transcend Packaging sales and marketing director Mark Varney told The Guardian . Consumers have launched campaigns including The Last Straw , Straw Wars, Straws Suck and No Straw Please to encoura...

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