Nancy Sun, the Co-Founder & Chief Engineer of Ike shines light on how trucking touches every part of our lives.
Nancy Sun, the Co-Founder & Chief Engineer of Ike shines light on how trucking touches every part of our lives.
(Bloomberg) -- Oil extended its slide to a second day on a toxic cocktail of surging coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya.Futures in New York fell toward $39 a barrel after dropping 1.9% on Friday. The U.S. reported record infections for a second straight day, while Italy approved a partial lockdown and Spain announced a national curfew. Democrats and Republicans accused each other of “moving the goalposts” in interviews on CNN as hopes for a deal before next week’s election appeared to be in tatters.The worsening demand outlook is coinciding with Libya’s push to almost double crude output, which is gaining momentum as rival sides prepare for a new round of talks aimed at ending a nearly decade-long conflict. A force majeure has been lifted on the Ras Lanuf and Es Sider ports, and the country’s state oil company said output would surpass 1 million barrels a day in four weeks.A little more than six months after Covid-19 sent oil prices into a tailspin, a second wave is threatening to take another bite out of energy demand. There are several reasons why a repeat of April’s bloodbath is unlikely, however. Flagging consumption isn’t coinciding with a price war, governments may be less likely to impose major lockdowns and demand in Asia is holding up.See also: It’s Asia to the Rescue Again as Oil Demand Falters Elsewhere“Demand issues tied to resurgent virus cases have taken the market’s attention for the past few weeks,” said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. “The supply side issues have now certainly started to gain a little bit more prominence with Libya suggesting that their supplies will rise significantly over the next couple of months. That presents a new headwind for OPEC.”Brent’s three-month timespread widened to 95 cents a barrel in contango - where prompt prices are cheaper than later-dated ones - from 86 cents on Friday. The change suggests concerns about over-supply have risen slightly.If virus cases keep rising in Europe and the U.S., it’s possible the OPEC+ alliance will push back a planned easing of production cuts from January. Russian President Vladimir Putin last week signaled openness to delaying the taper. The group will decide on whether to stick to the current plan at a meeting scheduled for Nov. 30-Dec. 1.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
While Kogan.com Ltd (ASX:KGN) might not be the most widely known stock at the moment, it led the ASX gainers with a...
The Global Coffee Pod Machine Market will grow by 1,428.20 th units during 2020-2024
The South Australian government will boost spending on health infrastructure in the upcoming state budget.
Essendon has landed a coaching coup by signing 2020 assistant coach of the year Daniel Giansiracusa from the Bulldogs.
Thailand's parliament opened Monday for a special session to discuss the growing youth-led pro-democracy movement, which is demanding Premier Prayut Chan-O-Cha's resignation and reforms to the ultra-powerful monarchy.
* Dollar makes small broad gains in Asia * Sterling steady as Brexit breakthrough hopes support * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E By Tom Westbrook SINGAPORE, Oct 26 (Reuters) - The dollar found support on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress toward a U.S. stimulus package put traders in a cautious mood, although hopes for a Brexit trade deal held sterling steady. Against the risk-sensitive Australian dollar and against the euro it gained about 0.2%. The United States has recorded its highest ever number of new COVID-19 cases for two consecutive days and so has France.
(Bloomberg) -- Kotak Mahindra Bank Ltd., backed by Asia’s richest banker, is exploring a takeover of smaller Indian rival IndusInd Bank Ltd., people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets.Uday Kotak, founder and chief executive officer of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, asking not to be identified as the discussions are private. Uday Kotak and the Hinduja family have held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal, another person said.Shares of IndusInd jumped as much as 4.1% in early Mumbai trading on Monday, while Kotak Mahindra slipped less than 1%.A deal would cement Kotak Mahindra’s position as one of India’s leading private banks, boosting its assets by about 83%. It would also throw a lifeline to IndusInd, which has seen its market value drop 60% to $6 billion this year after being hit by concerns over worsening asset quality and an erosion of low-cost deposits. Kotak in 2014 acquired the local unit of ING Groep NV for 150 billion rupees ($2 billion) in the largest takeover of a lender in India.Deliberations are at an early stage and talks could fall through, the people said.Kotak Mahindra’s spokesman declined to comment. IndusInd “completely denies the said rumor and considers it malicious, untrue and baseless,” the bank’s external spokesman said in an email, adding the founders “reiterate their full support to IndusInd Bank, now and always.”The U.K.-based Hinduja family began discussions for selling control of the Mumbai-based lender following a dispute between the four brothers over the future of the family’s $11.2 billion fortune, one of the people said.India’s central bank earlier this year pushed back on the Hinduja brothers’ plan to raise stake in IndusInd, people with knowledge of the matter said in June.Kotak Mahindra’s 2.7 trillion rupee market capitalization makes it India’s third-largest lender by value.IndusInd’s shares have fallen 64% in the past year as investors fretted over the founders borrowing money against its shares, worsening asset quality, and erosion of low-cost deposits. The brothers have since repaid the loan backed by shares of the bank.(Adds share prices of Kotak Mahindra and IndusInd in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Monika Lakatos, a celebrated singer of "Olah Gypsy" music from Hungary, has become the first Romani artist to receive the prestigious World Music Expo (WOMEX) lifetime achievement award.
Malaysian Prime Minister Muhyiddin Yassin faced calls to resign on Monday as doubts swirled over the support that he commands, after the king rejected his request to declare a state of emergency to fight the coronavirus epidemic. Muhyiddin had requested emergency rule amid a fresh spike in infections in Malaysia and global pandemic that has battered the economy. King Al-Sultan Abdullah's refusal is seen further eroding Muhyiddin's grip on power, a month after opposition leader Anwar Ibrahim said he has majority support in parliament, including from defectors from the ruling alliance, to form a new government.
Melbourne Victory coach Grant Brebner has bolstered his A-League squad by signing English midfielder Jacob Butterfield.
The Morrison government has released the terms of reference for a one-month investigation into the watches scandal at Australia Post.
The Australian government has described invasive internal searches of women at Doha Airport as offensive and grossly inappropriate.
Rugby-bound Melbourne grand final hero Suliasi Vunivalu has his heart on becoming a dual international after bowing out of league as a dual NRL title winner.
Some Australians are a bigger target than others.
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Chinese leaders will discuss ambitious new measures to tackle climate change on Monday at a government plenum to finalise a new five-year national development plan, after Chinese President Xi Jinping pledged to make the country "carbon neutral" by 2060. Policymakers are under pressure to include radical climate targets in the new 2021-2025 "five-year plan", with the COVID-hit economy weighing on their decisions. Government departments drawing up the document were scheduled to complete the first draft by April, but Xi's announcement to the United Nations that the country will offset all its emissions within 40 years meant they must integrate the new climate goals.
Dodgers beat Rays in World Series Game 5 to take a 3-2 series lead.
(Bloomberg) -- U.S. equity futures started the week on the back foot as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. Asian stocks drifted lower and Treasuries advanced.S&P 500 contracts retreated, though were off their session lows. Stocks slipped in China, Japan and South Korea. They were flat in Australia. The dollar strengthened. U.S. House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive as chances faded of a resolution before next week’s election. Hong Kong is closed for a public holiday Monday.Ten-year Treasury yields ticked lower but remained above 0.8%. Oil extended a decline. U.S. stocks rose Friday as investors held out hope for a spending package.Investors remain focused on the chances of an agreement on a stimulus package as November’s election fast approaches. Still, concerns are mounting that surging virus cases could force additional business closures. The U.S. added more than 85,000 cases in a record figure for one day.“There is very limited incentive on both sides to get a deal done,” Joseph Shaposhnik, a portfolio manager at TCW, said on Bloomberg TV. “The market has baked that in, has baked in the election and is looking out six months and thinking what are the odds life begins to normalize, a vaccine is introduced.”President Donald Trump’s chief of staff said the U.S. isn’t going to “control” the pandemic. U.S. Vice President Mike Pence’s chief of staff tested positive, raising the prospect of another outbreak within the White House. Cases also continue to surge in Europe and other parts of the world.Meanwhile, China is rethinking its yuan internationalization strategy and a senior central bank official called for more proactive with policies to support markets, including improving bilateral currency swap agreements.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the major moves in markets:StocksS&P 500 futures fell 0.6% as of 12:31 p.m. in Tokyo. The S&P 500 Index rose 0.3% Friday.Topix index fell 0.3%.Australia’s S&P/ASX 200 Index was little changed.South Korea’s Kospi index fell 0.4%.Shanghai Composite Index fell 0.7%.CurrenciesThe yen fell 0.2% to 104.88 per dollar.The offshore yuan fell 0.1% to 6.6772 per dollar.The euro fell 0.2% to $1.1835.The British pound traded at $1.3027, little changed.The Bloomberg Dollar Spot Index rose 0.2%.BondsThe yield on 10-year Treasuries fell three basis points to 0.81%.Australia’s 10-year bond yield fell more than four basis points to 0.81%.CommoditiesWest Texas Intermediate crude lost 1.7% to $39.16 a barrel Friday.Gold fell 0.2% to $1,898.25 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Daniel Crennan has resigned as deputy chair of the Australian Securities and Investments Commission over an investigation related to relocation expenses.