EU disintegration? Here’s the probability of France’s far right ending the largest civilization project of the 20th century

With Marine le Pen transforming her National Front (NF) into a party for the populist era, analysts have been carefully assessing how French elections in May could deal a “severe blow” to the European Union (EU). “It’s difficult to imagine how the European Union could function should such a Euroskeptic (as Le Pen) be at the helm of one if its major economies … It would likely precede its fracturing,” Michael Hessel, political economist at Absolute Strategy Research, told CNBC via telephone. He said that that low voter turnout would be Le Pen’s best hope of securing an unlikely election victory. Continue reading “EU disintegration? Here’s the probability of France’s far right ending the largest civilization project of the 20th century”

Google’s Eric Schmidt: Trump administration will do ‘evil things’

Eric Schmidt, the executive chairman of Google’s parent company, told an audience of Google employees on Thursday that the Trump administration is “going to do these evil things as they’ve done in the immigration area and perhaps some others.” Schmidt’s remarks were made during the company’s weekly meeting at its headquarters in Mountain View, California, on January 26, when reports were surfacing about the sweeping immigration order that President Donald Trump would sign the next day. Continue reading “Google’s Eric Schmidt: Trump administration will do ‘evil things’”

Trump Nominates Judge Gorsuch as His Supreme Court Justice Pick

President Donald Trump nominated Judge Neil Gorsuch on Tuesday night to fill the current Supreme Court vacancy that was left after the death of Justice Antonin Scalia nearly a year ago. Gorsuch, 49, graduated from Harvard Law School and received the prestigious Marshall scholarship to attend Oxford University. He has served on the Colorado-based U.S. 10th Circuit Court of Appeals since 2006 and previously was a clerk for Supreme Court Justices Byron White and Anthony Kennedy. Continue reading “Trump Nominates Judge Gorsuch as His Supreme Court Justice Pick”

Merkel rejects US comments, says Germany cannot influence euro

Chancellor Angela Merkel on Tuesday rejected a U.S. trade adviser’s charge that Germany was using an “undervalued” euro to gain advantage, saying her government had always called on the European Central Bank to pursue an independent policy. “Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did that before the euro existed,” Merkel told a news conference with Swedish Prime Minister Stefan Lofven. Continue reading “Merkel rejects US comments, says Germany cannot influence euro”

OPEC achieves 82 pct of pledged oil output cut in January-Reuters survey

OPEC’s oil output is set to fall by more than 1 million barrels per day (bpd) this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years. The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.20 million bpd from Jan. 1 – the first such deal since 2008 – to prop up oil prices and get rid of a supply glut. Continue reading “OPEC achieves 82 pct of pledged oil output cut in January-Reuters survey”

Trump’s Trade War May Have Already Begun

America’s traditional allies are on the lookout for new friends. They have heard the mantra “America First” from the new president, divining a Trump doctrine: global cooperation last. Europeans have taken note of Mr. Trump’s denigration of the European Union and his apparent esteem for the Russian president, Vladimir V. Putin. In Asia and Latin America, leaders have absorbed the deepening possibility that Mr. Trump will deliver on threats to impose punitive tariffs on Mexican and Chinese imports, provoking a trade war that will damage economic growth and eliminate jobs around the world. Continue reading “Trump’s Trade War May Have Already Begun”

Uber strikes deal with Daimler to add self-driving Mercedes-Benz to fleet

Uber Technologies Inc [UBER.UL] has signed another deal with a major automaker as the popular ride service accelerates efforts to build out one of the world’s first fleets of autonomous vehicles. Uber on Tuesday announced a partnership with Germany’s Daimler AG, maker of the luxury Mercedes-Benz cars and trucks. In the coming years, Daimler plans to incorporate its own self-driving Mercedes-Benz into Uber’s growing fleet of self-driving cars. Uber did not offer a specific timeline. Daimler is the first auto company to join Uber as it opens up its platform for manufacturers to introduce their own self-driving cars. Continue reading “Uber strikes deal with Daimler to add self-driving Mercedes-Benz to fleet”

Trump pushes drugmakers for lower prices, more U.S. Production

U.S. President Donald Trump in a meeting on Tuesday with pharmaceutical executives called on them to manufacture more of their drugs in the United States and cut prices, while vowing to speed approval of new medicines and ease regulation. Trump told them the government was paying “astronomical” prices for medicines in its health programs for older, disabled and poor people and said he would soon appoint a new U.S. Food and Drug Administration leader. Continue reading “Trump pushes drugmakers for lower prices, more U.S. Production”

Bridgewater’s Dalio says Trump’s populist policies could hurt world economy

Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates LP, said he is increasingly concerned about the Trump administration’s “populist” policies that could hurt the world economy. The detrimental effects of these policies could be more powerful than the beneficial effects of Trump’s pro-business policies, Dalio and co-Chief Investment Officer Bob Prince said on Tuesday. “We are now in a period of time when how this balance tilts will be more important to the economy, markets, and our well-beings than normally dominant drivers such as central bank policies,” Dalio and Prince said in a note. Continue reading “Bridgewater’s Dalio says Trump’s populist policies could hurt world economy”

U.S. President Trump poses grave risk to world trade: French Finance Minister

U.S. President Donald Trump’s administration poses a grave risk to international trade and Europe will have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said on Tuesday. “Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy,” Sapin said in a speech to an audience of international economists gathered at the French finance ministry. Continue reading “U.S. President Trump poses grave risk to world trade: French Finance Minister”

Dakota pipeline: US Army to allow work on final section

The US Army has been ordered to allow the construction of the final section of a controversial oil pipeline. North Dakota Senator John Hoeven said the Army Corps of Engineers had been directed to allow work under Lake Oahe, a reservoir on the Missouri River. Native Americans, who have protested against the Dakota Access Pipeline for months, vowed legal action to stop it. President Donald Trump recently signed an executive order signalling his support for the pipeline. Continue reading “Dakota pipeline: US Army to allow work on final section”

Iran Launches a Missile, Testing Trumps Vows of Strict Enforcement

Iran conducted its first missile test since President Trump took office, American and Israeli officials said Monday, posing an early test of whether the Trump administration will make good on its promises to strictly enforce all aspects of the Iranian nuclear deal and a side agreement on missile testing. The Iranian missile traveled about 600 miles, but its re-entry vehicle reportedly exploded before the flight was complete. Continue reading “Iran Launches a Missile, Testing Trumps Vows of Strict Enforcement”

Mexico Vows $50 Million Legal Fund to Fight U.S. Deportations

Mexico’s top diplomat said Monday his country will spend about $50 million to hire lawyers for migrants in the United States facing deportation. The money will be channeled through Mexican consulates in the U.S. and also go to outreach programs “to promote respect for Mexicans’ rights.” Foreign Relations Secretary Luis Videgaray said the effort “isn’t about obstructing the enforcement of the law in the United States, or much less opposing law enforcement.” “We are going to focus the money on one fundamental objective, which is the defense of the rights of Mexicans. Continue reading “Mexico Vows $50 Million Legal Fund to Fight U.S. Deportations”

Robot arm is surprisingly good at picking up fruit

British online grocery store Ocado has been on the hunt for a robot. It wants to even further automize its grocery process by getting a robot to pick and pack orders. So in coordination with the SoMa Project — a robotics project funded by the European Union — Ocado has been testing and developing possible solutions. The team’s been working on this project for 18 months, but today’s the first time the public is getting a look at the progress they’ve made. Continue reading “Robot arm is surprisingly good at picking up fruit”

Goldman Sachs CEO says bank does not support Trump travel ban

Goldman Sachs Group Inc CEO Lloyd Blankfein told employees that President Donald Trump’s order to halt arrivals from seven Muslim-majority countries was not a policy the bank endorsed, according to a source familiar with the matter. “This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily,” Blankfein told employees in a voicemail on Sunday. Continue reading “Goldman Sachs CEO says bank does not support Trump travel ban”

Deutsche Bank’s future capital needs uncertain: Handelsblatt

There is still some uncertainty over whether Deutsche Bank may need to increase its capital, management board member Christian Sewing was quoted as saying in German daily newspaper Handelsblatt. “There is still some uncertainty. Only when this is gone will be know exactly what our capital resources look like for the long term,” the paper quoted Sewing as saying in an interview published on its website on Monday. “Currently we fulfill all capital requirements comfortably,” Sewing added. Continue reading “Deutsche Bank’s future capital needs uncertain: Handelsblatt”

Former HBOS bankers found guilty in $307 million fraud trial

Two former HBOS bankers and four other people were found guilty on Monday in a $307 million fraud trial. They are among the first people to have been found guilty for contributing to losses that led to taxpayer-funded rescues of several of Britain’s top banks during the financial crisis. Former HBOS bankers Lynden Scourfield and Mark Dobson, businessmen Michael Bancroft, David Mills and his wife Alison Mills and accountant Tony Cartwright were convicted for various crimes following a five month jury trial in London. Continue reading “Former HBOS bankers found guilty in $307 million fraud trial”

Emboldened by Trump, some police unions seek to overhaul Obama’s reforms

Steve Loomis, president of the Cleveland Police Patrolmen’s Association, had a blunt message for Donald Trump during a meeting in September: court-ordered reforms aimed at curbing police abuses in the midwestern city are not working. Loomis and two other attendees said Trump seemed receptive to Loomis’s concerns that federally monitored police reforms introduced during the Obama administration in some cities in response to complaints of police bias and abuse are ineffective and impose an onerous burden on police forces. Continue reading “Emboldened by Trump, some police unions seek to overhaul Obama’s reforms”

Your Fired: Trump dumps top lawyer who defied immigration order

U.S. President Donald Trump fired top federal government lawyer Sally Yates on Monday after she took the extraordinarily rare step of defying the White House and refused to defend new travel restrictions targeting seven Muslim-majority nations. Yates said late on Monday that the Justice Department would not defend the order against court challenges, saying that she did not believe it would be “consistent with this institution’s solemn obligation to always seek justice and stand for what is right.” Hours later, she was fired. Continue reading “Your Fired: Trump dumps top lawyer who defied immigration order”

Trump’s heartland voters shrug off global uproar over immigration ban

Many of President Donald Trump’s core political supporters had a simple message on Sunday for the fiercest opponents of his immigration ban: Calm down. The relaxed reaction among the kind of voters who drove Trump’s historic upset victory – working- and middle-class residents of Midwest and the South – provided a striking contrast to the uproar that has gripped major coastal cities, where thousands of protesters flocked to airports where immigrants had been detained. Continue reading “Trump’s heartland voters shrug off global uproar over immigration ban”

Donald Trump: John McCain and Lindsey Graham ‘Looking to Start World War III’

President Donald Trump ridiculed the duo of Senator John McCain and Senator Lindsey Graham after they criticized his executive order restricting immigration into the United States from high risk countries in the Middle East. “The joint statement of former presidential candidates John McCain & Lindsey Graham is wrong – they are sadly weak on immigration,” Trump wrote on Twitter. He accused the neocon senators of failing to focus on border security and instead trying to involve the United States in foreign conflicts around the world. Continue reading “Donald Trump: John McCain and Lindsey Graham ‘Looking to Start World War III’”

EU’s Donald Tusk sees Trump as threat to Europe

European Council President Donald Tusk has warned that “worrying declarations” from US President Donald Trump are among the challenges faced by the EU. He said the change in Washington was part of an external threat that also included an assertive China, an aggressive Russia and radical Islam. In a letter to 27 European leaders, Mr Tusk also said he believed most of them agreed with him. Several statements from Washington have prompted alarm in Europe’s capitals. Continue reading “EU’s Donald Tusk sees Trump as threat to Europe”

US travel ban: Diplomats ‘prepare unprecedented dissent memo’

Hundreds of US diplomats around the world are set to formally criticise President Donald Trump’s immigration restrictions, officials tell the BBC. A “dissent cable” has been drafted for senior state department officials. The White House said those complaining should “get with the programme”. In the wake of Mr Trump’s ban on nationals from seven Muslim-majority countries, ex-President Barack Obama has spoken out against discrimination “based on faith or religion”. Continue reading “US travel ban: Diplomats ‘prepare unprecedented dissent memo’”

In the last 24 hours, four federal courts have objected to Trump’s actions

Last night, a Federal District court issued an emergency stay on deportations for passengers affected by President Donald Trump’s executive order banning entry to the US from seven majority-Muslim countries. Since that first decision, three other courts have issued their own rulings, putting a halt to deportations for those detained at airports across the country. Despite the rulings, there appears to be some uncertainty surrounding the judicial orders. The New York Post reports that some customs agents have ignored the orders, and have not allowed access to detainees. Continue reading “In the last 24 hours, four federal courts have objected to Trump’s actions”

Merkel critical of US immigration ban, spokesman tells Spiegel

German Chancellor Angela Merkel has criticized a new U.S. travel ban on people from seven Muslim-majority countries, the online site of German news magazine Der Spiegel reported Sunday. “She is convinced that even the necessary, decisive battle against terrorism does not justify putting people of a specific background or faith under general suspicion,” Merkel’s spokesman, Steffen Seibert, told the magazine. Continue reading “Merkel critical of US immigration ban, spokesman tells Spiegel”

Growing Number of G.O.P. Lawmakers Criticize Trumps Refugee Policy

A growing group of Republican lawmakers criticized President Trump’s refugee policy on Sunday even as party leaders in Congress continued to show restraint. The executive order Mr. Trump issued on Friday, which targets Syrian refugees and all travelers from several predominantly Muslim nations, had drawn little dissent from Republicans initially even as Democrats denounced it and protests erupted around the country and the world. Continue reading “Growing Number of G.O.P. Lawmakers Criticize Trumps Refugee Policy”

Trump imposes lifetime ban on some lobbying, five years for others

President Donald Trump acted Saturday to fulfill a key portion of his pledge to “drain the swamp” in Washington, banning administration officials from ever lobbying the U.S. on behalf of a foreign government and imposing a separate five-year ban on other lobbying. Trump has said individuals who want to aid him in his quest to “Make America Great Again” should focus on the jobs they will be doing to help the American people, not thinking ahead to the future income they could rake in by peddling their influence after serving in government. Continue reading “Trump imposes lifetime ban on some lobbying, five years for others”

Trump puts Bannon on security council, dropping joint chiefs

President Donald Trump is reshuffling the US National Security Council (NSC), downgrading the military chiefs of staff and giving a regular seat to his chief strategist Steve Bannon. Mr Bannon, formerly the head of the populist right-wing, Breitbart News website, will join high-level discussions about national security. The order was signed on Saturday. The director of national intelligence and the joint chiefs will attend when discussions pertain to their areas. Continue reading “Trump puts Bannon on security council, dropping joint chiefs”

Judge blocks US from deporting visa holders detained after Trump’s refugee order

A federal judge granted an emergency stay Saturday to bar deportation of people with valid visas who landed in the U.S., following chaos and detentions after President Donald Trump’s executive order related to immigration from seven Muslim-majority countries. The American Civil Liberties Union estimates it will affect between 100 and 200 people detained at or in transit to U.S. airports, though they do not have to be released from detention. Continue reading “Judge blocks US from deporting visa holders detained after Trump’s refugee order”

Facebook’s Mark Zuckerberg opposes Trump’s immigration order

Facebook Inc. Chief Executive Mark Zuckerberg on Friday publicly opposed two executive orders signed by President Donald Trump aiming to curtail immigration and bolster border security, contrasting with the neutral stance the tech executive has taken since the election. “Like many of you, I’m concerned about the impact of the recent executive orders signed by President Trump,” Zuckerberg wrote on his Facebook page. Continue reading “Facebook’s Mark Zuckerberg opposes Trump’s immigration order”

George Soros-Financed Groups Scheme to Stop Trump’s Temporary Refugee Halt Order

Immigration lawyers from groups financed by billionaire George Soros, a champion of open border policies, were signatories to a lawsuit filed Saturday to block President Donald Trump’s executive order halting visas for 90 days for “immigrants and non-immigrants” from Syria, Somalia, Sudan, Libya, Yemen, Iran, and Iraq. The executive order further suspended the entry of all refugees for 120 days, indefinitely blocks Syrian refugees from entering and lowers the ceiling to 50,000 for refugees allowed to enter the U.S. during Fiscal Year 2017. Continue reading “George Soros-Financed Groups Scheme to Stop Trump’s Temporary Refugee Halt Order”

Trump orders strict new refugee screening, citing terrorists

President Donald Trump has barred all refugees from entering the United States for four months, and indefinitely halted any from Syria, saying the ban is needed to keep out “radical Islamic terrorists.” The order Friday immediately suspended a program that last year resettled in the U.S. roughly 85,000 people displaced by war, political oppression, hunger and religious prejudice. Trump indefinitely blocked those fleeing Syria, where a civil war has raged, and imposed a 90-day ban on entry to the U.S. from seven Muslim majority nations. Continue reading “Trump orders strict new refugee screening, citing terrorists”

Britain’s May in Turkey for talks with Erdogan

British Prime Minister Theresa May on Saturday met with Turkish President Recep Tayyip Erdogan, a day after a friendly meeting in Washington with U.S. President Donald Trump. May flew overnight to Ankara by RAF Voyager jet from the U.S., where she and Trump proclaimed a new chapter in the trans-Atlantic “special relationship.” She arrived for talks with Erdogan to find her own image dominating television screens in the presidential palace, which were showing images of her visit to the White House on Friday. Continue reading “Britain’s May in Turkey for talks with Erdogan”

Billionaire Carlos Slim tells Mexico not to fear Trump

On the day before his 77th birthday, Mexican billionaire Carlos Slim said he was celebrating, not his birth, but the unity of his country. The world’s fourth-richest person, according to Forbes, on Friday entered a standing-room-only press conference in the same building from which he runs his empire, holding a set of papers with handwritten notes and a book with several pages marked, titled: “Great Again: How to Fix our Crippled America,” by Donald Trump. Continue reading “Billionaire Carlos Slim tells Mexico not to fear Trump”

Democratic congressman: President Trump is ‘mentally unstable’

Arizona Rep. Ruben Gallego said Friday that he thinks President Donald Trump is “mentally unstable.” “Yes, I do believe the president is mentally unstable,” Gallego, a Democrat, said on KTAR News 92.3 FM’s Mac & Gaydos. “I’ve said this thousands of times.” Gallego made similar comments on CNN in August when Trump was the Republican nominee, arguing at the time that, “this man is unstable, he’s unfit to be a presidential candidate.” Continue reading “Democratic congressman: President Trump is ‘mentally unstable’”

Spanish PM Warns Populist Victories Would ‘Destroy Europe’

Victory at the polls later this year for Alternative for Germany (AfD), or Marine Le Pen in France would be a “disaster” that would “destroy Europe”, Spain’s Prime Minister said on Thursday. In an interview with radio station Onda Cero, Mariano Rajoy slammed populism, claiming it “serves only to create poverty and division”, and ranted against anti-mass migration and Eurosceptic movements that are growing in power across Europe. “I don’t even want to think about it, that would be a disaster. Continue reading “Spanish PM Warns Populist Victories Would ‘Destroy Europe’”

Judge Blocks Trump Order on Refugees Amid Chaos and Outcry Worldwide

A federal judge in Brooklyn came to the aid of scores of refugees and others who were trapped at airports across the United States on Saturday after an executive order signed by President Trump, which sought to keep many foreigners from entering the country, led to chaotic scenes across the globe. The judges ruling blocked part of the presidents actions, preventing the government from deporting some arrivals who found themselves ensnared by the presidential order. Continue reading “Judge Blocks Trump Order on Refugees Amid Chaos and Outcry Worldwide”

Tim Cook says Trump’s executive orders are ‘not a policy we support’

In a message to employees obtained by The Verge, Apple CEO Tim Cook noted that he was concerned about Donald Trump’s executive orders limiting immigration from seven countries, and that “it is not a policy we support.” In the memo, Cook noted that there were employees that were affected by the executive orders, and that the company’s human resources, legal, and security teams were in touch to support them. He also noted that the company had reached out to the White House to protest the orders. Continue reading “Tim Cook says Trump’s executive orders are ‘not a policy we support’”

Trump’s cabinet is worth $14 BILLION

so no wonder they’re living the lifestyles of the super-rich (down to forgetting to mention the odd $100 million, say experts. Total net worth of men and women at the top of the Trump administration is calculated at $14 billion. Richest cabinet in history has been found to have forgotten millions of assets and tax liabilities during confirmation hearings. Continue reading “Trump’s cabinet is worth $14 BILLION”

Certain flight crew barred from U.S. entry after Trump order – IATA memo

A new ban on U.S. travel for nationals of seven Middle Eastern countries caught the airline industry unprepared, with flight crew from those states also barred from entering, the International Air Transport Association said on Saturday. U.S. Customs and Border Protection (CBP) has briefed the global trade group that passport-holders from states such as Iran and Iraq, including cabin crew, will be barred entry to the United States, IATA said in an email to its member airlines, seen by Reuters. Continue reading “Certain flight crew barred from U.S. entry after Trump order – IATA memo”

Euro zone bailout fund – Greek public debt is manageable

Greece’s public debt can be manageable, the euro zone bailout fund said on Sunday, responding to a leaked report by the International Monetary Fund that the country’s debt will explode to 275 percent of GDP by 2060. A spokesman for the bailout fund, the European Stability Mechanism (ESM), said the path for Greek public finances agreed between Athens and the euro zone was credible and backed by contingency measures in case of unforeseen events. Continue reading “Euro zone bailout fund – Greek public debt is manageable”

Global backlash grows against Trump’s immigration order

A global backlash against U.S. President Donald Trump’s immigration curbs gathered strength on Sunday as several countries including long-standing American allies criticized the measures as discriminatory and divisive. Governments from London and Berlin to Jakarta and Tehran spoke out against Trump’s order to put a four-month hold on allowing refugees into the United States and temporarily ban travelers from Syria and six other Muslim-majority countries. He said the move would help protect Americans from terrorism. Continue reading “Global backlash grows against Trump’s immigration order”

Trump Mexico wall will destroy lives, Berlin mayor warns

Berlin Mayor Michael Mueller has urged US President Donald Trump “not to go down the road of isolation” with his planned border wall with Mexico. Mr Mueller warned such divides cause “slavery and pain” and would “destroy the lives of millions”. The German city was divided by the Berlin Wall from 1961 to 1989. Mr Mueller’s statement came as Mr Trump and Mexican President Enrique Pena Nieto agreed to “work out their differences” over the issue. Continue reading “Trump Mexico wall will destroy lives, Berlin mayor warns”

GM to cut 625 jobs in Canada, move some work to Mexico: union

General Motors Co will cut 625 jobs at its auto assembly plant in Ingersoll, Ontario, by the end of July as it moves some production work to Mexico, the president of Canada’s largest auto workers union said on Friday. The union blamed the North American Free Trade Agreement and Mexico’s cheaper labor costs for the job losses, which it called unjustified given strong sales of the Chevrolet Equinox crossover and GMC Terrain sport utility vehicle assembled in the southern Ontario plant. Continue reading “GM to cut 625 jobs in Canada, move some work to Mexico: union”

U.S. drillers add oil rigs for 12th week in 13 -Baker Hughes

U.S. energy companies this week added oil rigs for a 12th week in the last 13, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut production that has kept crude prices over $50 a barrel since early December. Drillers added 15 oil rigs in the week to Jan. 27, bringing the total count to 566, the most since November 2015, energy services firm Baker Hughes Inc said on Friday. Continue reading “U.S. drillers add oil rigs for 12th week in 13 -Baker Hughes”

American Airlines profit plunges

American Airlines Group Inc, the No. 1 U.S. airline by passenger traffic, reported a fall in profit from a year earlier, when it recorded a $3 billion tax benefit. The company said its net income fell to $289 million, or 56 cents per share, in the fourth quarter ended Dec. 31, from $3.28 billion, or $5.09 per share, a year earlier. Excluding items, the airline earned $1.48 per share.

UBS annual net profit nearly halves but CEO sees ‘turning point’ after Trump’s win

UBS fourth-quarter net profit fell from the equivalent period in 2015 but still surpassed analyst expectations with the Swiss bank on Friday blaming macroeconomics and geopolitics for negatively impacting client sentiment and trading volumes. Switzerland’s largest bank delivered 738 million Swiss francs ($737.3 million) of fourth-quarter net profit, coming in short of last year’s comparable 949 Swiss francs, but clearly ahead of a Reuters consensus forecast of 339 million Swiss francs. Continue reading “UBS annual net profit nearly halves but CEO sees ‘turning point’ after Trump’s win”

South Sudan aims to more than double oil output in 2017/18

South Sudan plans to more than double oil production to 290,000 barrels per day (bpd) in fiscal 2017/2018, the finance minister said on Friday, indicating a target higher than the level recorded shortly before conflict erupted in late 2013. The nation, which seceded from Sudan in 2011 but plunged into civil war just over two years later, aimed to add 160,000 bpd to existing output of 130,000 bpd in the financial year starting in July, Minister Stephen Dheiu Dau told Reuters. Continue reading “South Sudan aims to more than double oil output in 2017/18”

Oil will ‘massively disappoint’: Macro investor Raoul Pal

Oil extended its earlier losses in Friday trading on concerns about production. At session lows it was down $1 a barrel. And crude will likely continue to slide much, much lower, according to Raoul Pal, a macro investor and strategist, and founder of financial publication The Global Macro Investor. Pal said in a wide-ranging interview Wednesday on CNBC that speculative positioning on oil futures contracts is the “biggest in all of history.” Continue reading “Oil will ‘massively disappoint’: Macro investor Raoul Pal”

BOJ surprises by bond buying increase, yields dip

The Bank of Japan surprised the government bond market on Friday by increasing its buying in five- to 10-year bonds, helping to bring down their yields from 11-month highs touched earlier this week. There was an impression that the BOJ wasn’t trying to bring down bond yields. But I suspect the BOJ could not stay silent if the 10-year yield was to go above 0.1 percent,” said Hideaki Chida, chief fixed income strategist at NLI Research Institute. Continue reading “BOJ surprises by bond buying increase, yields dip”