Due to pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts, oil prices dropped to six-week lows on Thursday.
Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows.
It, however, recovered a little to trade around $46.90, according to Reuters.
United States’ light crude was down 25 cents at $44.48, also not far off six-month lows, the news agency added.
Continue reading “Oil prices tumble amid uncertainty over implementation of OPEC deal”
U.S. communications giant Verizon completed its purchase of troubled internet company Yahoo on Tuesday.
The chief executive of Yahoo, Marissa Mayer, told employees she would be resigning now that the transaction was over.
In a message, Mayer outlined a long list of developments at the company under her tenure, and said she was “brimming with nostalgia, gratitude and optimism” in spite of her departure.
Continue reading “CEO Marissa Mayer resigns as Yahoo-verizon deal closes”
Liverpool star player, Philippe Coutinho, has signed a new deal that prolongs his stay at Anfield, ESPN has reported.
The 24-year-old Brazil international signed a five year deal on Wednesday with the English Premiership giants, to end speculations in the past few months of a potential move to Barcelona.
Continue reading “Liverpool star Philippe Coutinho signs new 5-year deal”
President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership (TGPP) trade deal on Monday in Washington.
Continue reading “Trump withdraws U.S. from Trans-Pacific trade deal”
The United States President-elect Donald Trump said on Monday that Brexit would turn out to be a great thing and other countries would follow Britain out of the European Union.
He promised to strike a swift bilateral trade deal with the United Kingdom.
Speaking in an interview five days before his inauguration, Mr. Trump Continue reading “Trump says Brexit to be a great thing, wants deal with UK”
Yahoo Inc. says it would rename itself Altaba Inc, while Chief Executive Officer Marissa Mayer steps down from the board after the closing of its deal with Verizon Communications Inc.
Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion.
Continue reading “Yahoo to be named Altaba, Mayer to leave board after Verizon deal”
Tanzania and Nigeria’s Dangote Cement have reached a deal on the supply of natural gas to the firm’s manufacturing plant in the country after negotiations stalled over prices, Tanzanian President John Magufuli said on Saturday.
The 500 million dollars cement factory in the southeastern-Tanzanian-town of Mtwara, set up last year with an annual capacity of three million tonnes, runs on expensive diesel-generators and has sought government-support to reduce costs.
The plant was shut down recently on account of high energy costs and erratic Continue reading “Nigerian business Mogul, Dangote & Tanzania govt. reach natural gas supply deal”
Colombia’s government and the Revolutionary Armed Forces of Colombia (FARC) said on Saturday that they had agreed on a new peace deal to end their 52-year war.
The announcement came six weeks after the original one was narrowly rejected in a referendum for being too lenient on the guerrillas.
The government and FARC, which have been holding talks in Havana for four years, said they had incorporated the proposals of various sectors of society into the new accord.
Continue reading “Colombia, rebels agree new peace deal”
Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week due to their utterances, a report says.
The report quoted Saudi Arabia’s Energy Minister, Khalid al-Falih, as telling reporters in Algiers that “this is a consultative meeting. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers.”
Also, Iranian Oil Minister, Bijan Zanganeh, said “it is not the time for decision-making,” referring to the next formal OPEC meeting in Vienna on Nov. 30.
‘He added that “we will try to reach agreement for November.”
Continue reading “Saudi Arabia, Iran hopes for OPEC oil deal in Algeria”