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Saudis to Take 'Big Hit' as OPEC Agrees First Output Cut Since 2008

With Saudi Arabia accepting "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels, OPEC has agreed its first limit on oil output since 2008, sources in the producer group were quoted by the media as saying.   After Riyadh signaled it had...

Collective Bank Bargaining on Apple Pay Set to be Opposed by Australian Regulator

In relation to Apple’s mobile digital payments system, permission to collectively bargain with Apple Inc is likely to be denied to four local banks in Australia by the country’s antitrust regulator, the agency said on Tuesday.   Australian Competition and Consumer Commission Chairman Rod...

Ahead of OPEC Meeting, Iran, Iraq at Loggerheads with Saudis

It has become difficult for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday as Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production.   Efforts to bridge differences between OPEC's de facto...

Selling its Technology to Rivals is a way 'Japan's Tesla' GLM stays Competitive

The secret of Japanese electric car maker GLM’s competitiveness is out. This automaker, also dubbed as ‘Japan’s Tesla’ by some sells the technology platform to rivals in addition to selling its own flashy sports cars.   This revelation was made by the chief financial officer of the company...

Oil Market will Balance Without Output Cuts, says Saudi Energy Minister Khalid Al-Falih

Keeping crude oil output at current levels could be justified as the oil market would balance itself in 2017 even if producers did not intervene, believes Saudi Arabia's energy minister Khalid al-Falih who said this on Sunday.   The Organizaiotn of Petroleum Exporting Countries would...

As Snow hits Tokyo and Beijing, Coal, LNG Prices Heat Up

The prices for thermal coal and liquefied natural gas (LNG) was boosted as power stations fire up to meet a surge in electricity demand as there has been advent of an early winter sharp cold snap in northeast Asia and the first November snow fall in Tokyo in 54 years this...

Pain of Downturn Shouldered by Oil Companies with Lower Output

Even as OPEC battles to agree on its first production cut since 2008, data has shown that during one of the worst downturns for the global oil industry, the world's listed oil companies have slashed oil output by 2.4 percent so far this year.   Data provided by Morgan Stanley showed that in...

With the Swipe of an App, Startup Trov Aims to Disrupt Insurance

The way people order food, a car, or a place to stay has been changed by the on-demand economy, which uses smartphone technology to immediately fill consumer needs. Now, offering coverage with the swipe of an app, technology startups are targeting the next business frontier – insurance.  ...

Preparatory OPEC Meeting Goes Well, Oil Prices Hit Highest Since October

As delegates of OPEC members said talks on assigning quotas to individual countries made good progress, oil traders and analysts grew more confident that OPEC will reach a deal to curb global oversupply next week.   As he left the group’s headquarters in Vienna on Monday evening, Libyan OPEC...

$2.3 Billion in Japanese Property may be Bought by China’s Anbang from Blackstone: Reuters

In what would be Japan's biggest property deal since the global financial crisis, China's Anbang Insurance Group Co is in talks to buy as much as $2.3 billion in Japanese residential property assets from Blackstone Group, reported Reuters quoting two people involved in the discussions.  ...

Pre-Trump Sanctions on Russia is being Thought about by the EU

 European Union insiders reportedly say that it would be wrong to assume that the end of the penalties tied to Russian encroachment in Ukraine would be spelled due to Europe’s shaky resolve over extending economic sanctions against Russia, combined with a U.S. president-elect weighing warmer...

After Large Bills Ruled Illegal in India, U.S. Banks Close Rupee Exchanges

Aruna Desai can’t find a bank to exchange her funds and couldn’t give the money away if she tried and she has landed in a problem with the thousands of Indian rupees she has with her in the U.S.   Currency exchange providers in the U.S. have been unable to take the outlawed bills since...
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