Business
Tesla loses more than $244 billion in a month as rally fizzles
Shares of Tesla Inc fell for a fifth consecutive session on Monday, caught in a tech-led selloff that has wiped more than $244 billion off the company’s market value over the last month. High-flying tech stocks, which powered the market’s rebound from the pandemic lows in March last y
Oil surges above $70 a barrel after attack on Saudi oil site
Brent crude oil surged more than two percent Monday following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers.Brent crude, the international standard, surpassed $70 per barrel for the first time in
Global food prices continue to rise with poorest countries hit hardest
World food prices spiked for the ninth consecutive month to hit a six year-high in February, led by sugar and vegetable oils, according to data from the Food and Agriculture Organization (FAO) of the United Nations. The agency said that its food price index jumped by 2.4 percent month-on-month
Oil prices rally to highest since 2019 after Opec+ rolls over output curbs
Oil prices rallied to their highest since 2019 on Friday after Opec and its allies agreed to roll over existing production cuts until the end of April. Brent, the marker under which two-thirds of global crude is traded, ended the week at $69.36 per barrel. West Texas Intermediate, which tracks US
Oil hits almost 14-month high after Opec+ extends output cuts
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months after Opec and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.Brent crude futures were up $1.75, or 2.6%, at $68.49 a barrel by 1250 GMT and US West Texas Inte
British house prices dip for second month in a row in February
The average British house price dropped to £251,697 ($348,340) in February, according to the Halifax House Price Index, as the country’s mini housing boom continued to soften. However, while house prices were 0.1 per cent down from January, the second monthly dip in a row, they were s
Gold prices low on firm US yields
Gold prices remain low on Thursday due to the continuous rise in US Treasury yields that has kept the non-yielding bullion under pressure. Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20. Howie Lee, an economist at OCBC Bank "In the short t
Oil strengthens ahead of key OPEC+ meeting
Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories.Brent crude futures added 61 cents, or 1 percent, to $64.68
Oil prices rise on hope for demand
Oil prices advanced on Wednesday, uplifted by the progress made in US vaccine rollouts, although uncertainty about OPEC+ Thursday meeting curtailed gains. US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $5
Lebanon’s president wants investigation into currency crash
BEIRUT: Lebanon’s president ordered the central bank governor on Wednesday to open an investigation into currency speculation, after the Lebanese pound plunged to record lows on the black market this week, leading to protests in the stricken country.The request by President Michel Aoun came
OPEC says general oil market outlook is positive as energy industry gathers
OPEC sees the oil market’s outlook as positive in general and the uncertainty that dominated last year is easing, the group’s secretary general said.“This is a major turnaround from a year ago,” Mohammad Barkindo was quoted as saying on Twitter on Tuesday.He added that posi
Gold price jump as dollar drops, US stimulus cheer
Gold prices advanced on Monday beyond 1% as the dollar declines and the US passed a massive $1.9 trillion stimulus package. Spot gold was up 1% at $1,750.24 per ounce by 05:44 GMT, after rising as much as 1.1% earlier in the session while US gold futures rose 1.1% to $1,748.50. Stephen Innes, ch
Bitcoin extends retreat from record high to hit lowest in 20 days
Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 26% from the year’s high of $58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream
Oil prices up over 3% for week ending Feb. 26
Oil prices increased more than 3% during the week ending Feb. 26 as supply resumed in the US's largest oil-producing area, Texas, following the cold snap that affected much of the central part of the country. International benchmark Brent crude traded at $64.79 at 1318 GMT on Friday, posting a 3.
European, Asian stocks slide
European stocks declined on Friday as investors put in money in high-flying technology shares due to worries of rising inflation. The benchmark European stock index was down 0.6%, London's FTSE 100 slipped 0.2% and Germany's DAX lost 0.1%, both well off session lows. Roland Kaloyan, strate
China’s factory activity grows at slightly slower rate in February
China’s factory activity grew at a slightly slower rate in February as factories closed for the Lunar New Year holiday, a Reuters poll showed, although growth is expected to remain firm, buoyed by an early resumption of production.The official manufacturing Purchasing Manager’s Index (
Puma Forecasts Strong Rebound from End of Second Quarter
German sportswear company Puma said on Wednesday it expects a heavy impact on its results from lockdowns to contain the coronavirus pandemic through the end of the second quarter, but said it sees strong improvements after that. “We do expect the negative impact to continue through the firs
Oil holds close to 13-month high, supported by sharp drop in U.S. output
Oil prices remained close to 13-month highs on Thursday, with profit-taking limited by an assurance that U.S. interest rates will stay low and a sharp drop in U.S. crude output last week due to the storm in Texas. Brent crude for April hit $67.70 a barrel during the session, its highest since Jan
