OPEC's Missed Opportunity
OPEC ministers failed in their attempt to convince the market that they have a plan when they agreed to extend output cuts for another nine months. The extension wasn't a problem -- it was the lack of a sense of what comes next.By the time officials had retreated to their Vienna hotels on Thursday, or fled to the airport, the price of crude had fallen by 4 percent. Market Verdict Crude oil dropped after the output agreement Source: Bloomberg Note: Intraday times are displayed in ET. The ext..>> view originalMark Zuckerberg tells Harvard grads that automation will take jobs, and it's up to millennials to create more
Mark Zuckerberg finally has his Harvard degree. The Facebook CEO and famous college dropout left the Ivy League university 12 years ago to found the social network, but he returned Thursday to pick up a honorary doctor of laws degree and drop some wisdom on the class of 2017.In prepared remarks provided to The Washington Post ahead of the speech, Zuckerberg called on his alma mater's newest graduates to tackle major, ambitious "public works" projects that bring together masses of people for the..>> view originalSecond reading of US Q1 GDP up 1.2% vs. 0.9% growth estimate
U.S. economic growth slowed less sharply in the first quarter than initially thought, but the weakness was likely an aberration amid a strong labor market that is near full employment. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said in its second estimate on Friday. That was the weakest performance since the first quarter of 2016 and followed a 2.1 percent rate of expansion in the fourth quarter. The..>> view original10 things you need to know before the opening bell
Reuters/China Stringer NetworkHere is what you need to know. Trump reportedly slammed German carmakers and threatened to stop their US sales. During a meeting with European officials, President Donald Trump said he would stop German automakers from selling "millions of cars" in the US and called Germans "very bad," Der Spiegel reports. The polls are tightening in the UK election. A YouGov poll published Thursday showed Prime Minister Theresa May's Conservative Party holding a 43%-to-38% lead ov..>> view originalChina's reforms not enough to arrest mounting debt: Moody's
By Yawen Chen and Ryan Woo | BEIJING BEIJING China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.The comments came two days after Moody's downgraded China's sovereign ratings by one notch to A1, saying it expects the financial strength of the world's second-largest economy to erode in coming years ..>> view originalCEO pay by the numbers: How big were last year's raises?
This photo combo of file images shows Charter Communications CEO Thomas Rutledge, left, and IBM CEO Virginia Rometty. Rutledge was the highest paid CEO in 2016, and Rometty was the highest paid female CEO, according to a study carried out by executive compensation data firm Equilar and The Associated Press. (Richard Drew/Associated Press) By Associated Press By Associated Press May 26 at 7:45 AM The typical big-company CEO raked in $11.5 million last year in salary, stock and other com..>> view originalJapan, South Korea drive global bitcoin prices as retail investor pile in
HONG KONG Japanese and South Korean buying helped drive the price of bitcoin to an all-time high this week, with the digital currency more than doubling its value since the start of the year, analysts and market practitioners said on Friday.Frenzied buying as the price peaked at $2,760.10 on Thursday caused website outages on Coinbase, the global bitcoin company that allows consumers to buy and sell bitcoins. The price has since fallen back to $2,632.74. In Japan and South Korea, among the lar..>> view originalJudge Orders UPS to Pay $247 Million for Illegally Shipping Cigarettes
Photo A federal judge found UPS liable for illegally shipping cigarettes in New York State, which cost the state and New York City millions in taxes. Credit Ruth Fremson/The New York Times UPS must pay $247 million in damages and penalties to New York City and New York State for illegally shipping cigarettes, a federal judge ordered Thursday.“A very significant award” was necessary because of the public health hazard posed by cigarettes and as a deterrent to future bad ..>> view originalOrders for durable goods fall to 5-month low
Reuters Orders for durable goods, a bellwether for the U.S. economy, fell in April for the first time in five months. Orders for long-lasting goods such as planes and appliances fell in April for the first time in five months, suggesting that a resurgent U.S. manufacturing industry has cooled, but the reading was still better than expected. Durable-goods orders dropped 0.7% last month amid weakness in most key segments of heavy industry, the government reported Friday. Economists polled by..>> view originalGOP candidate accused of body-slamming reporter has said retirement is 'not biblical'
Republican Greg Gianforte won Montana's special congressional election on May 25, a day after he was charged with assaulting a reporter. (Jenny Starrs/The Washington Post) Greg Gianforte, the Montana Republican candidate charged with assaulting a reporter, has not quite reached retirement age. But based on what he has said in the past, he might never stop working anyway. In a 2015 talk at the Montana Bible College, Gianforte said the idea of retirement doesn’t exactly match his religious..>> view original
Friday, June 23, 2017
OPEC's Missed Opportunity and other top stories.
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