• China committed to Iranian oil and gas
China committed to Iranian oil and gas

U.S. West Texas Intermediate ( WTI ) crude futures were down 5 cents at $67.58 per barrel. Futures for September delivery increased 1.2 per cent to 519 yuan (S$104) a barrel on the Shanghai International Energy Exchange. Iran's oil exports peaked at nearly 3 million bpd in May this year, but they have since fallen to around 2 million bpd as Asian...

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  • Asian stocks sink as Turkey fears hurt emerging markets
Asian stocks sink as Turkey fears hurt emerging markets

He says it would "facilitate solving the economic problems" so "at the end of the day it's also in the interests of Turkey ". The appeal document seen by Reuters said the court should halt any unlawful political interventions and lift judicial control provisions imposed on Andrew Brunson.

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  • Former Cagliari goalkeeper Davide Capello survives 30m fall at Genoa bridge collapse
Former Cagliari goalkeeper Davide Capello survives 30m fall at Genoa bridge collapse

Rescue workers combed through the rubble of Italy's bridge collapse on Wednesday as the death toll climbed to 37 and the government blamed the bridge's private owner, demanding resignations and moving to strip its toll concession. "I was driving along the bridge, and at a certain point I saw the road in front of me collapse, and I went down with ...

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  • Turkey's lira crisis puts European economies at risk, says expert
Turkey's lira crisis puts European economies at risk, says expert

Relations between the two sides have further soured over Ankara's imprisonment of American pastor Andrew Brunson . On Tuesday, he said Turkey would boycott USA electronic products. "We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands. "We have Vestel Venuüs in our country", Erdogan said, referencing...

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  • Firefighter dies in Mendocino Complex Fire
Firefighter dies in Mendocino Complex Fire

The River Fire started more than two weeks ago. Forrest Gordon Clark , 51, was charged with aggravated arson and criminal threats, among other crimes, for allegedly starting the fire. But now the Ranch Fire alone is the biggest single fire to ever scar the state. The fires had burned a combined total of 325,226 acres and was 67 percent contain...

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  • Class-Action Lawsuit Filed Against Tesla After Elon Musk's Tweet
Class-Action Lawsuit Filed Against Tesla After Elon Musk's Tweet

In the days following Musk's tweet , Tesla stock tumbled back down to around $353 per share. Musk, often the center of controversy, did not prove he had the funds to finance the operation - despite tweeting "funding secured". "There's this huge culture of these securities plaintiffs' firms", Sjostrom told Ars on Wednesday-before Isaacs' lawsui...

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  • Erdogan says Turkey to 'boycott' USA electronic goods
Erdogan says Turkey to 'boycott' USA electronic goods

The lira tumbled to a record low of 6.97 to the dollar in early Istanbul trading on August 13, meaning it has lost 46 percent of its value this year. "What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to ...

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  • Airliner stolen from Seattle-Tacoma airport crashes
Airliner stolen from Seattle-Tacoma airport crashes

The mechanic has only been identified as a 29-year-old man from Pierce County, sheriff's spokesman Ed Troyer tweeted. "We are working back ground on him now", the Pierce County Sheriff wrote. "We heard the jet because our windows were down while we were waiting in the ferry line to go to Anderson Island which is adjacent to Ketron Island".

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  • European shares tumble as Turkish turmoil hits banks
European shares tumble as Turkish turmoil hits banks

The currency slid almost 8 percent in relation to the dollar to a record low of 6.59 shortly after Trump announced the increase on metals duties on Twitter . Negotiations for his release broke down when Turkey refused to free Brunson after his third courtroom hearing on July 18. Canada's main stock index also fell on Friday.

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  • U.S. to impose sanctions on Russian Federation over nerve attack in UK
U.S. to impose sanctions on Russian Federation over nerve attack in UK

The Kremlin acknowledged on Thursday Putin's office had received the letter, but Peskov suggested the Russian leader was yet to parse it. Mr Skripal and his daughter recovered after intensive care in hospital, and their current whereabouts are being kept secret.

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  • United States tariffs on China: Trump administration adds $16 billion
United States tariffs on China: Trump administration adds $16 billion

The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23. China responded by promising to hit $60 billion worth of United States goods coming into the country with tariffs. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move. The list is heav...

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  • Oil Prices Steady After Sharp Fall
Oil Prices Steady After Sharp Fall

The action, followed by another set of sanctions scheduled for November, will bring USA sanctions against Iran to the level on par with those prior to a major multilateral nuclear deal reached in 2015. All countries must stop importing Iranian oil by then, the State Department said in June, or face sanctions. "We envisage that Iran views its ...

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  • Tesla boss Musk weighs go-private deal for electric carmaker
Tesla boss Musk weighs go-private deal for electric carmaker

Tesla has been the subject of a number of short sales by investors - who feel the money-losing company doesn't have a path to profitability and that its shares will tumble. A leveraged buyout of Tesla, which went public in 2010 on Nasdaq and which sports a market capitalization of almost $64 billion, or other take-private transaction would repre...

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  • US Economy Adds 157K Jobs In July, Unemployment Rate Drops To 3.9%
US Economy Adds 157K Jobs In July, Unemployment Rate Drops To 3.9%

The additional signs of strength in the job market could add to concerns the Federal Reserve would move to raise the key lending rate more aggressively. She said that even though hiring has picked up in manufacturing, it's still dwarfed by hiring in lower-wage industries. Excluding those factors, hiring in July would have been closer to the month...

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  • Oil Prices Fall After EIA Confirms Crude Inventory Build
Oil Prices Fall After EIA Confirms Crude Inventory Build

Signs that a supply disruption in the Bab al-Mandeb Strait in the Red Sea could be resolved weighed on prices. Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the US meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tue...

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  • China Trade wars continue as China vows retaliation
China Trade wars continue as China vows retaliation

The highest penalties on the new list would be imposed on honey, vegetables, mushrooms and chemicals, targeting farming and mining areas that supported President Donald Trump in the 2016 election. Beijing retaliated with matching tariffs on the same amount of U.S. exports to China. Washington is preparing to also impose tariffs on an extra $1...

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  • What an interest rate rise means for you
What an interest rate rise means for you

Repo rate has been raised by 25 basis points to 6.50 percent. " RBI's action to hike the repo rate by another 25 bps today might result in a marginal increase in lending rates for corporate borrowers with a lag", said Dhaval Kapadia, director, portfolio specialist, Morningstar Investment Adviser India.

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  • Samsung Electronics posts $9.9 bn Q2 net profit, down 0.1%
Samsung Electronics posts $9.9 bn Q2 net profit, down 0.1%

The operating profit for the chip division accounted for 78.1 percent of the entire pie, trailed by the IT and Mobile Communications division at 17.9 percent. The device sports 18.5:9 screen providing almost 15% more display area without increasing the overall size of the handset, the company said. The network business, however, achieved solid gr...

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  • Tesla hit major Model 3 production milestone in Q2 2018
Tesla hit major Model 3 production milestone in Q2 2018

Investors responded very positively: Tesla shares surged as much as 12 per cent in after-hours trading. In a series of Twitter updates on Wednesday, Elon Musk announced that some classic Atari games would be coming as Easter Eggs in Tesla's Software V9.0 release, which is expected to be rolled out in September of this year and accessible to...

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  • Turkey threatens retaliation against United States after sanctions
Turkey threatens retaliation against United States after sanctions

White House press secretary Sarah Sanders made the announcement on Wednesday, calling Andrew Brunson's incarceration "unfair and unjust". Turkish Foreign Minister Mevut Cavusoglu claimed on Wednesday the extraordinary use of financial sanctions against Ankara, which is a U.S.

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  • Apple closes in on trillion dollar status
Apple closes in on trillion dollar status

Fiscal third-quarter results also beat Wall Street expectations. Shares of the company are up 13.44% since the beginning of 2018. Investors sent the company's stock up $7.31, or close to 4%, in after-hours trading. Apple also reported a 37 per cent increase, to Dollars 3.7 billion, in the division for miscellaneous hardware, including Apple Wat...

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  • PM Narendra Modi Dials Imran Khan, Expresses Hope on Democracy in Pakistan
PM Narendra Modi Dials Imran Khan, Expresses Hope on Democracy in Pakistan

But the monitors criticized the campaign, saying it was marred by intimidation of some candidates, an effort to undermine the former ruling party and media self-censorship. One of the biggest problems faced by the PTI is that several of its members, including the party chief Imran Khan , who have won more seats will retain only one.

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  • GOP lawmakers tell Trump aides of tariff concern
GOP lawmakers tell Trump aides of tariff concern

Mr Trump noted the two continents together make up more than 50% of the world's trade , and said it would be good if they removed all tariffs and trade barriers as part of the discussions. The steel and aluminium tariffs, however, remain in place. Whatever progress was achieved Wednesday could provide some relief for US automakers. Trump has...

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  • EU agrees to buy a lot of soybeans, resolve tariff issues
EU agrees to buy a lot of soybeans, resolve tariff issues

Trump could impose the 25% vehicle tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year. "Engaging is unilateralism or protectionism is not the way out", Geng said, when asked about Kudlow's comments. "I share the president's desi...

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  • Twitter's stock plunges on weak user numbers
Twitter's stock plunges on weak user numbers

Twitter said it was putting the long-term stability of its platform above user growth by cracking down on abuse. The quarter marked the first time overseas revenue contributed the majority of Twitter's ad sales. Overall, investors have shown their satisfaction the past 12 months as Twitter has successfully pivoted to video. In the meantime, Tw...

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  • Mark Zuckerberg’s fortune tumbles $16.8 billion in a day
Mark Zuckerberg’s fortune tumbles $16.8 billion in a day

But the revenue of $13.2 billion missed Wall Street estimates of $13.4 billion. The social media giant revealed in its second quarter results that its monthly active user numbers across all of its platforms had grown to 2.23bn at an increase of just 11 per cent, falling short of consensus estimates of 2.25bn as polled by Thomson Reuters .

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  • Facebook hammered as user growth cools
Facebook hammered as user growth cools

Through scandal and turmoil, Facebook had taken on an air of invincibility, with its user base continuing to grow and ad dollars fueling its steadily rising stock price. In North America, an effort to get all political advertisers to verify their identities may have halted some purchases as the company worked through its broad definition of what'...

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  • Tesla shares plummet after reportedly asking suppliers for cash rebates
Tesla shares plummet after reportedly asking suppliers for cash rebates

Not too long ago, Tesla CEO Elon Musk , who has a penchant for making bold promises, claimed that Tesla would be able to turn a profit sometime before 2019. In a memo to targeted suppliers, management framed the appeal as an "investment", an opportunity to ensure Tesla's continuation and, by extension, its ability to remain a parts buyer.

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  • Marchionne out of FCA and Ferrari due to ailing health
Marchionne out of FCA and Ferrari due to ailing health

Ferrari NV, with Marchionne as chairman, begins trading in NY with a market value of about $10 billion. Fiat Chairman John Elkann, in a letter to Fiat's 236,000 employees Sunday, called Marchionne a "true, rare kind of leader" and lauded him as "the best CEO that anyone could ask for and to me personally, a true mentor, partner, close friend...

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  • Chinese yuan wilts again, cushioning the blow of Trump tariffs
Chinese yuan wilts again, cushioning the blow of Trump tariffs

The company said its US wholesale business and worldwide distributor business both saw their sales drop in the last quarter. But trade tensions are escalating anyway. "We've been ripped off by China for a long time". European stocks slid sharply in afternoon trading, buffeted by their stronger currencies , but clawed back much of their losses.

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  • 28th GST Council meeting in Delhi
28th GST Council meeting in Delhi

Interestingly the sugar cess also came up during the discussion and reportedly a report was submitted for the same. The GST Council on Saturday approved the new return formats and associated changes in law - a move that will simplify the tax filing process.

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  • Microsoft's Cloud Continues to Drive Earnings, The Company Forward
Microsoft's Cloud Continues to Drive Earnings, The Company Forward

The financial statement notes that intelligent cloud revenue was $9.6 billion for the quarter, an increase of 23%, driven by Azure growth of 89%. LinkedIn also saw a relatively large increase in revenue, posting 37 percent growth over the same period a year ago.

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  • Donald Trump ratchets up criticism of Fed interest rate rises
Donald Trump ratchets up criticism of Fed interest rate rises

President Donald Trump criticized the Federal Reserve for raising interest rates, a rare rebuke by a sitting president that upends longstanding executive branch protocol to avoid commenting on monetary policy. Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. Testifying before...

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  • Benchmark Brent oil price slips as focus returns to oversupply
Benchmark Brent oil price slips as focus returns to oversupply

While Saudi Arabia and Russian Federation pledged last month that OPEC would soon decide how to distribute a collective output boost of about 1 million barrels a day, the committee didn't give a recommendation on how they should share out the planned increase during its meeting on Wednesday.

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  • Google gobsmacked over €4.34bn European Union fine for Android dominance
Google gobsmacked over €4.34bn European Union fine for Android dominance

Business review site Yelp has complained about Google's anti-competitive business models, and its polic head, Luther Lowe, described Ms Vestager's decision as an "important step in restoring competition, innovation and consumer welfare in the digital economy".

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  • Elon Musk Offers to Help Soccer Team Trapped In Thai Cave
Elon Musk Offers to Help Soccer Team Trapped In Thai Cave

A Thai navy SEAL died early Friday as he attempted a rescue mission to save the 12 boys and their coach. Though rescuers found the group after nine days and they have received food, blankets and medical attention, it is still a risky dive and scramble through four kilometres of tunnels where they are trapped in - as they can not swim or dive.

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  • U.S. will 'absolutely' sanction European companies that do business with Iran
U.S. will 'absolutely' sanction European companies that do business with Iran

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed. "Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy", U.S.

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  • Trump supporters boycott Walmart for selling 'Impeach 45' clothing
Trump supporters boycott Walmart for selling 'Impeach 45' clothing

Items both for and against President Barack Obama and former Secretary of State Hillary Clinton are also for sale. Some red, white and blue apparel offered on Walmart Inc.'s website from third-party sellers this holiday week may have American shoppers feeling a little less than united.

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  • LeBron James to wear No. 23 with Los Angeles Lakers
LeBron James to wear No. 23 with Los Angeles Lakers

ESPN reported neither James nor his management team will sit down with Cavaliers powerbrokers when the free agency period officially opens later this weekend as he decides whether to remain with the franchise he led to an NBA Championship in 2016 or take his talents elsewhere next season.

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  • Tesla finally hits weekly production target for Model 3 cars
Tesla finally hits weekly production target for Model 3 cars

In an email sent to Tesla staff and obtained by electric auto site Electrek , the chief executive, Elon Musk , said: "We did it!" All eyes had been on Elon Musk & Co. According to the China Automobile Dealers Association, Tesla exported about 17,000 cars to China past year, making it the company's second-biggest market.

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  • Trump on trade: European Union 'possibly as bad as China'
Trump on trade: European Union 'possibly as bad as China'

The Financial Times reports that the European Union has threatened to retaliate if US President Donald Trump places tariffs on European cars. "Economic analysis confirms that an increased tariff on these products will be harmful first and foremost for the U.S.

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  • Rahul targets Modi on black money
Rahul targets Modi on black money

The Congress delivered a stinging comeback to union ministers Arun Jaitley and Piyush Goyal who have said it was wrong to assume that all money in Swiss banks was black money . A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.

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  • End of an era: Toys 'R' Us stores close for good
End of an era: Toys 'R' Us stores close for good

The company, which was in business for 70 years, filed for bankruptcy late last year and was unable to turn its financial difficulties around. Pouring salt on the wounds of nostalgic millennials further, a photo of mascot Geoffrey the Giraffe wheeling a small suitcase out of an empty Toys R Us store went viral this week - a vivid illustrati...

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  • Oil prices: Trump did not pressure us to increase production - Barkindo
Oil prices: Trump did not pressure us to increase production - Barkindo

President Donald Trump who has criticized the group for keeping prices too high. Meanwhile, Iran, which has been opposed to raising OPEC output as it would lower prices, is set to suffer a marginal loss as it lacks spare capacity to ramp up production.

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  • Harley-Davidson moving US production over European Union tariffs
Harley-Davidson moving US production over European Union tariffs

Harley-Davidson said that moving some production from the U.S.to factories overseas could take at least nine to 18 months to be completed. While numerous company's efforts to grow its brand focus on Asia, the European market remained the second largest after the USA with about 40,000 in retail sales a year ago.

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  • Supreme Court tax decision good news for Norman
Supreme Court tax decision good news for Norman

So as online retail has grown, states have sought increasingly clever ways to force out-of-state sellers to collect sales tax where they know their own residents are unlikely to pay use tax . Amazon collects sales tax from customers in the 45 states that have a sales tax. "As a regional destination for working, eating, entertainment, and shoppin...

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  • SCOTUS rules states can collect taxes from online shopping transactions
SCOTUS rules states can collect taxes from online shopping transactions

By early 2017, Amazon was collecting sales taxes in all states that have sales taxes, but it was doing so only for merchandise it sells directly, not for merchandise other retailers sell on its platform. Some states have exemptions for collecting sales tax. "It is going to squash the entrepreneurship, I just can not stress that enough", Christy...

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  • OPEC and allies agree to share oil production increase
OPEC and allies agree to share oil production increase

The country's oil import bill including petroleum products, for May 2018 increased 49 per cent to $115 billion. Front-month United States crude futures extended their rally during the session, trading as much as US$1.51 a barrel above the second month contract.

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  • European Union retaliatory tariffs on USA goods go into effect
European Union retaliatory tariffs on USA goods go into effect

European consumers would be able to find "alternatives", European Commission Vice President for trade Jyrki Katainen said . The European Commission formally adopted a law putting in place the duties on €2.8 billion (S$4.4 billion) worth of U.S.

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  • OPEC Aims for Modest Output Hike to Overcome Iran's Dissent
OPEC Aims for Modest Output Hike to Overcome Iran's Dissent

U.S. shale producers can step up to meet any supply deficit, but Roberts and Phil Flynn, senior energy analyst at the Price Futures Group, said it takes time for them to increase output because of the nature of shale mining. and handful of other non-OPEC countries will more than meet global demand. On Tuesday, the head of Russia's second-larges...

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