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Sun, 15 Sep 2019 15:49
Yahoo News - Latest News &Headlines
Attack on Saudi oil sites raises risks amid US-Iran tensionA weekend drone attack on Saudi Arabia that cut into global energy supplies and halved the kingdom's oil production threatened Sunday to fuel a regional crisis, as the U.S. released new evidence to back up its allegation that Iran was responsible for the assault amid heightened tensions over Tehran's collapsing nuclear deal. U.S. Secretary of State Mike Pompeo has blamed Iran for the attack Saturday on key Saudi oil infrastructure.
Attack on Saudi oil sites raises risks amid US-Iran tension
Foley Family Wines Limited’s (NZSE:FWL) Investment Returns Are Lagging Its IndustryToday we'll look at Foley Family Wines Limited (NZSE:FWL) and reflect on its potential as an investment. To be...
Foley Family Wines Limited’s (NZSE:FWL) Investment Returns Are Lagging Its Industry
Iran denies attacking Saudi oil sites but prepared for 'full-fledged war'Yemen's Iranian-backed Houthi rebels said they launched drones that struck the Saudi Arabian oil installations Saturday, disrupting crude oil output.
Iran denies attacking Saudi oil sites but prepared for 'full-fledged war'
S&P Global Platts sees Saudi oil strikes driving up risk premium in crude marketPrices could move higher still if Saudi output is curtailed for a more substantial period, the note's author Chris Midgley, global head of analytics at S&P Global Platts, wrote. An industry source briefed on the developments told Reuters on Sunday that Saudi Arabia's oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities. Platts said, however, that "any evidence of prolonged disruption of production would heavily impact OPEC spare capacity and the ability of the IEA to use Strategic Petroleum Reserves to shore up the market".
S&P Global Platts sees Saudi oil strikes driving up risk premium in crude market
Trump defends Supreme Court justice over fresh misconduct claimUS President Donald Trump mounted an angry defense of Supreme Court Justice Brett Kavanaugh on Sunday as the controversial judge faced calls for an investigation, or even impeachment, over fresh allegations of sexual misconduct. Trump blasted the media and "Radical Left Democrats" after a former Yale classmate of Kavanaugh alleged that the jurist -- one of the most senior judges in the land -- exposed himself at a freshman year party. The latest allegation in The New York Times came after Kavanaugh denied sexual misconduct accusations leveled against him by two women during his confirmation to the Supreme Court last October.
Trump defends Supreme Court justice over fresh misconduct claim
EM Review: Trade Truce Hopes, ECB Bazooka Fueled Risk Appetite(Bloomberg) -- Emerging-market currencies posted the longest streak of gains since January 2018 and stocks rose to a six-week high as global monetary easing and prospects of a trade truce -- even if a temporary one -- made investors more comfortable with riskier assets. As the European Central Bank cut rates and announced a new stimulus plan, markets are waiting for the Federal Reserve to confirm bets on additional easing.The following is a roundup of emerging-markets news and highlights for the week ending Sept. 13.Highlights:U.S. officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matterBefore that, President Donald Trump had said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeksEarlier, Treasury Secretary Steven Mnuchin said on Fox Business that Washington and Beijing made “a lot of progress” in trade negotiationsThe U.S. is considering an executive order to crack down on shipments of fentanyl and counterfeit goods, according to people familiar with the matter, a move aimed in part at pressuring China to help the U.S. combat its opioid epidemicChina announced a range of U.S. goods to be exempted from 25% extra tariffs put in place last year, as the government seeks to ease the impact from the trade war without lifting charges on major agricultural items like soybeans and porkThe Asian country is considering whether to permit renewed imports of American farm goods including soybeans and pork, according to people familiar with the situationSaudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s energy industry and set the world’s biggest crude-processing plant ablaze -- an attack blamed on Iran by the top U.S. diplomatSaudi Aramco has picked a slew of banks to work on its planned initial public offering following intense lobbying by some of the world’s top dealmakers, people with knowledge of the matter saidThe European Central Bank cut the deposit rate to a record-low minus 0.5% and said it’ll buy 20 billion euros ($22 billion) a month of debt for as long as neededNorth Korea delivered a pointed message to the Trump administration -- firing two “short-range projectiles” into its eastern seas hours after saying it was willing to restart nuclear talks with the U.S.Turkey’s new central bank governor delivered another interest-rate cut that exceeded forecasts as he balances calls for drastic easing from President Recep Tayyip Erdogan with the market’s fragile sentiment. The key rate was cut to 16.5% from 19.75% and the lira advancedTrump discussed easing sanctions on Iran to help secure a meeting with Iranian President Hassan Rouhani later this month, prompting then-National Security Advisor John Bolton to argue forcefully against such a step, according to three people familiar with the matterEmerging-market exchange-traded funds received inflows for a second straight week, led by Mexican stocksAsia:Global funds no longer need approval to purchase quotas to buy Chinese stocks and bonds, the State Administration of Foreign Exchange saidChina’s producer price index fell further into contraction, signaling a worsening economic slowdown that threatens to add deflationary pressures to the global economy. Credit growth rebounded faster than expected in AugustThe country is opening the door to soybean meal shipments from Argentina, the world’s biggest exporter of the animal feed, as Beijing looks to pivot away from U.S. agricultural products amid a trade war with WashingtonSouth Korea’s unemployment rate plummeted to the lowest level in nearly six years in August, a rare positive sign for an economy facing headwinds from weak global demandPresident Moon Jae-in appointed to the position of justice minister a close confidant who faced a grilling in the media and in parliament over allegations of corruption and nepotismIndia is making all efforts to boost the economy and create jobs, Finance Minister Nirmala Sitharaman saidInflation accelerated in August, reaching the highest level since October, while remaining within the central bank’s medium-term targetThe nation has called a meeting of state-run bank chiefs next week to review lenders passing on interest-rate cuts to customers, people with the knowledge of the matter saidBank of Thailand Governor Veerathai Santiprabhob said the baht’s appreciation is a big concern for the country’s exporters. Finance Minister Uttama Savanayana said the central bank closely monitors the currencyThe government is ready to take new economic steps if the ones already rolled out are insufficient, Uttama saidThe World Bank projects Indonesia’s economic growth will slow to below 5% next year and warned of “severe” outflows if global risks worsenThe country expects to complete $10.9 billion of strategic projects this year, according to a statement issued by Coordinating Ministry for Economic AffairsIndonesian sovereign bonds will extend a rally as foreign funds keep chasing high-yield securities amid a global slowdown and a low interest-rate environment, according to a government officialThe nation must speed up reforms aimed at boosting foreign investment and bolstering the economy to counter risks of a global recession, President Joko Widodo saidMalaysia’s central bank kept its benchmark interest rate unchanged at 3% for a second straight meeting as the economy posts steady growth despite mounting global risks. “Domestic drivers of growth, alongside stable labor market and wage growth, are expected to remain supportive of economic activity,” Bank Negara Malaysia said in a statementThe government will need to seek fiscal space in its 2020 state budget to prioritize sustainable economic growth, Finance Minister Lim Guan Eng saidTaiwan’s exports rebounded more than expected in August, as the protracted China-U.S. trade war accelerates manufacturing relocation and the new iPhone launch cycle lifts demandChina again urges the Taiwan’s Democratic Progressive Party to immediately withdraw their “black hands” in Hong Kong, spokesman from China’s Taiwan Affairs Office saidPhilippines’ trade deficit widened to $3.4 billion in July after narrowingin the previous two months, compared with a revised shortfall of $2.4 billion in JuneCurrent account deficit narrowed to $1.7b in 1H from shortfall of $3.8b the year earlierHouse of Representatives approved bill gradually reducing transaction tax rate on listed stocks from current 0.6% to 0.1% in 2024Philippine central bank Governor Benjamin Diokno said another policy rate cut of at least 25 basis points could come as early as this monthEMEA:South Africa’s longer-maturity debt and the low level of foreign-currency bonds is “more of a strength than a weakness” for the country’s credit rating, according to Moody’s Investors ServiceBusiness confidence slumped to the lowest level since disinvestment from the country over its apartheid policies more than three decades agoFactory output contracted for the second consecutive month in July as the output of petroleum and chemical products and basic iron and steel continued to shrinkTalks around restructuring Eskom Holdings SOC Ltd.’s bonds must be approached carefully to avoid spooking the market, according to S&P Global RatingsThe Nigerian government is holding on to its economic growth projection of 3% this year even after expansion missed forecasts in the second quarterA local court upheld President Muhammadu Buhari’s victory in February elections, dismissing a challenge by the main opposition candidate that sought to overturn the winTurkey’s 12-month rolling current-account surplus widened to the highest level since January 2002 as weak consumer demand continued to curb importsZimbabwean Finance Minister Mthuli Ncube established a Monetary Policy Committee in his latest attempt to stabilize an economy in freefallSerbia’s central bank kept interest rates unchanged at a record low, pausing after two unexpected cuts to assess the impact of looser monetary policy on below-target economic growth and slowing inflation. The benchmark rate was held at 2.5%Surging inflation and a government plan to nearly double the minimum wage weren’t enough to make Poland abandon its pledge to keep borrowing costs at a record-low for the foreseeable future. The central bank left its key rate at 1.5%Romanian inflation slowed for the second month in three, with the lack of sustained direction in prices bolstering the central bank’s stance to keep interest rates on holdCzech consumer prices rose 2.9% from a year earlier in August, exceeding the 2.8% median analysts’ estimate and the central bank’s own projection of 2.6%The Tadawul All Share Index almost wiped out this year’s gains after Saudi Arabia picked banks for the Aramco saleAramco is considering a structure for its initial public offering that would prevent it from marketing the deal directly to fund managers in the U.S., people with knowledge of the matter saidSaudi Arabia held discussions with some of the kingdom’s wealthiest families about becoming anchor investors in Aramco’s mammoth share sale, according to five people with knowledge of the talksLebanon’s government is unlikely to tap international bond markets at currentmarket rates, an official said, days after the indebted country’s finance minister announced plans for a sale of up to $2 billion in NovemberEgypt will approach investment banks “very soon” to advise on a plan to raise between $3 billion and $7 billion from international debt markets by June,a Finance Ministry official saidInflation eased in August to its lowest level since the start of 2013, paving the way for what could be the second-biggest push to cut interest rates across emerging marketsZimbabwe’s central bank raised its main interest rate to 70% to stabilize a plummeting currency and rein in surging inflationLatin AmericaArgentina’s recently imposed capital controls are now creating impediments for bondholders looking to collect payments as their securities come dueThe International Monetary Fund is unlikely to grant a $5.4 billion disbursement to Argentina without knowing the economic policy plans of the government that takes over in December, according to people familiar with the situationCountry’s economy minister is headed to Washington this month for more talks on the country’s record International Monetary Fund loan, which has hit trouble after the government imposed capital controls and delayed debt payments amid a market slumpDollar reserves continue to shrink as businesses and savers move money out of banks, increasing the chances that the government will need to tighten capital controls in coming weeksPresidential front-runner Alberto Fernandez is expected to visit Mexico on Sept 19 to meet with President Andres Manuel Lopez ObradorInflation was little changed at 54.5% in August, less than the 55.4% forecast by analystsMexico’s inflation slowed sharply in August to very near the central bank’s target, bolstering the case for policy makers to lower borrowing costs furtherManufacturing production increased 3% from a year earlier, three times more than economists expected and partly offsetting a drop in the broader industrial sectorState-run oil producer Petroleos Mexicanos tapped the international bond market and announced cash tender offers for outstanding bondsPemex also to receive a $5 billion capital injection from the Mexican government to improve its debt profileLopez Obrador sent Congress a 2020 budget plan that assumes a growth scenario many economists see as too optimisticBrazil’s economy contracted in July aftertwo months of gains, according to a key gauge of activity, as the central bank prepares to cut interest rates again in its efforts to boost growthBrazil-based funds significantly reduced bets on falling interest rates last month as the real slumped 8%Retail sales rose five times more than economists expected in JulyGovernment has announced the rules for an auction of oil drilling rights worth $26 billion, setting the stage for Latin America’s top crude producer to become an even bigger player in the global marketA senior Brazilian lawmaker expressed confidence that the pension reform bill currently in the Senate won’t have to return to the lower house for further scrutiny, a move that would delay the crucial legislation and unsettle investorsThe special secretary for the tax office has resigned amid a fierce debate over the possible introduction of a tax on financial transactionsPresident Jair Bolsonaro has flip-flopped on key appointments to Brazil’s antitrust regulator, leaving the respected body in a state of paralysis and subject to accusations of political interferenceChile will submit a bill to Congress within six months to make it more attractive for foreign companiesto sell stocks and bonds in the local market, Finance Minister Felipe Larrain saidPeru’s central bank kept its reference rate unchanged at 2.5% while signaling it’s ready to consider increasing stimulus after the economy’s worst slump in almost decadeThe government’s plan to reduce its fiscal deficit by increasing revenue faces risks due to slower economic growth, Fitch Ratings saidColombia’s economic committees for the Senate and Lower House approved the amount of 271.7 trillion pesos ($81 billion) for the nation’s 2020 budgetGovernment will take on 19.2 trillion pesos in new debt to fund its 2020 budget, Finance Minister Alberto Carrasquilla said\--With assistance from Colleen Goko and Selcuk Gokoluk.To contact Bloomberg News staff for this story: Yumi Teso in Bangkok at yteso1@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.net;Aline Oyamada in Sao Paulo at aoyamada3@bloomberg.netTo contact the editors responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net, Karl Lester M. YapFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
EM Review: Trade Truce Hopes, ECB Bazooka Fueled Risk Appetite
EM Review: Trade Truce Hopes, ECB Bazooka Fueled Risk Appetite(Bloomberg) -- Emerging-market currencies posted the longest streak of gains since January 2018 and stocks rose to a six-week high as global monetary easing and prospects of a trade truce -- even if a temporary one -- made investors more comfortable with riskier assets. As the European Central Bank cut rates and announced a new stimulus plan, markets are waiting for the Federal Reserve to confirm bets on additional easing.The following is a roundup of emerging-markets news and highlights for the week ending Sept. 13.Highlights:U.S. officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matterBefore that, President Donald Trump had said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeksEarlier, Treasury Secretary Steven Mnuchin said on Fox Business that Washington and Beijing made “a lot of progress” in trade negotiationsThe U.S. is considering an executive order to crack down on shipments of fentanyl and counterfeit goods, according to people familiar with the matter, a move aimed in part at pressuring China to help the U.S. combat its opioid epidemicChina announced a range of U.S. goods to be exempted from 25% extra tariffs put in place last year, as the government seeks to ease the impact from the trade war without lifting charges on major agricultural items like soybeans and porkThe Asian country is considering whether to permit renewed imports of American farm goods including soybeans and pork, according to people familiar with the situationSaudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s energy industry and set the world’s biggest crude-processing plant ablaze -- an attack blamed on Iran by the top U.S. diplomatSaudi Aramco has picked a slew of banks to work on its planned initial public offering following intense lobbying by some of the world’s top dealmakers, people with knowledge of the matter saidThe European Central Bank cut the deposit rate to a record-low minus 0.5% and said it’ll buy 20 billion euros ($22 billion) a month of debt for as long as neededNorth Korea delivered a pointed message to the Trump administration -- firing two “short-range projectiles” into its eastern seas hours after saying it was willing to restart nuclear talks with the U.S.Turkey’s new central bank governor delivered another interest-rate cut that exceeded forecasts as he balances calls for drastic easing from President Recep Tayyip Erdogan with the market’s fragile sentiment. The key rate was cut to 16.5% from 19.75% and the lira advancedTrump discussed easing sanctions on Iran to help secure a meeting with Iranian President Hassan Rouhani later this month, prompting then-National Security Advisor John Bolton to argue forcefully against such a step, according to three people familiar with the matterEmerging-market exchange-traded funds received inflows for a second straight week, led by Mexican stocksAsia:Global funds no longer need approval to purchase quotas to buy Chinese stocks and bonds, the State Administration of Foreign Exchange saidChina’s producer price index fell further into contraction, signaling a worsening economic slowdown that threatens to add deflationary pressures to the global economy. Credit growth rebounded faster than expected in AugustThe country is opening the door to soybean meal shipments from Argentina, the world’s biggest exporter of the animal feed, as Beijing looks to pivot away from U.S. agricultural products amid a trade war with WashingtonSouth Korea’s unemployment rate plummeted to the lowest level in nearly six years in August, a rare positive sign for an economy facing headwinds from weak global demandPresident Moon Jae-in appointed to the position of justice minister a close confidant who faced a grilling in the media and in parliament over allegations of corruption and nepotismIndia is making all efforts to boost the economy and create jobs, Finance Minister Nirmala Sitharaman saidInflation accelerated in August, reaching the highest level since October, while remaining within the central bank’s medium-term targetThe nation has called a meeting of state-run bank chiefs next week to review lenders passing on interest-rate cuts to customers, people with the knowledge of the matter saidBank of Thailand Governor Veerathai Santiprabhob said the baht’s appreciation is a big concern for the country’s exporters. Finance Minister Uttama Savanayana said the central bank closely monitors the currencyThe government is ready to take new economic steps if the ones already rolled out are insufficient, Uttama saidThe World Bank projects Indonesia’s economic growth will slow to below 5% next year and warned of “severe” outflows if global risks worsenThe country expects to complete $10.9 billion of strategic projects this year, according to a statement issued by Coordinating Ministry for Economic AffairsIndonesian sovereign bonds will extend a rally as foreign funds keep chasing high-yield securities amid a global slowdown and a low interest-rate environment, according to a government officialThe nation must speed up reforms aimed at boosting foreign investment and bolstering the economy to counter risks of a global recession, President Joko Widodo saidMalaysia’s central bank kept its benchmark interest rate unchanged at 3% for a second straight meeting as the economy posts steady growth despite mounting global risks. “Domestic drivers of growth, alongside stable labor market and wage growth, are expected to remain supportive of economic activity,” Bank Negara Malaysia said in a statementThe government will need to seek fiscal space in its 2020 state budget to prioritize sustainable economic growth, Finance Minister Lim Guan Eng saidTaiwan’s exports rebounded more than expected in August, as the protracted China-U.S. trade war accelerates manufacturing relocation and the new iPhone launch cycle lifts demandChina again urges the Taiwan’s Democratic Progressive Party to immediately withdraw their “black hands” in Hong Kong, spokesman from China’s Taiwan Affairs Office saidPhilippines’ trade deficit widened to $3.4 billion in July after narrowingin the previous two months, compared with a revised shortfall of $2.4 billion in JuneCurrent account deficit narrowed to $1.7b in 1H from shortfall of $3.8b the year earlierHouse of Representatives approved bill gradually reducing transaction tax rate on listed stocks from current 0.6% to 0.1% in 2024Philippine central bank Governor Benjamin Diokno said another policy rate cut of at least 25 basis points could come as early as this monthEMEA:South Africa’s longer-maturity debt and the low level of foreign-currency bonds is “more of a strength than a weakness” for the country’s credit rating, according to Moody’s Investors ServiceBusiness confidence slumped to the lowest level since disinvestment from the country over its apartheid policies more than three decades agoFactory output contracted for the second consecutive month in July as the output of petroleum and chemical products and basic iron and steel continued to shrinkTalks around restructuring Eskom Holdings SOC Ltd.’s bonds must be approached carefully to avoid spooking the market, according to S&P Global RatingsThe Nigerian government is holding on to its economic growth projection of 3% this year even after expansion missed forecasts in the second quarterA local court upheld President Muhammadu Buhari’s victory in February elections, dismissing a challenge by the main opposition candidate that sought to overturn the winTurkey’s 12-month rolling current-account surplus widened to the highest level since January 2002 as weak consumer demand continued to curb importsZimbabwean Finance Minister Mthuli Ncube established a Monetary Policy Committee in his latest attempt to stabilize an economy in freefallSerbia’s central bank kept interest rates unchanged at a record low, pausing after two unexpected cuts to assess the impact of looser monetary policy on below-target economic growth and slowing inflation. The benchmark rate was held at 2.5%Surging inflation and a government plan to nearly double the minimum wage weren’t enough to make Poland abandon its pledge to keep borrowing costs at a record-low for the foreseeable future. The central bank left its key rate at 1.5%Romanian inflation slowed for the second month in three, with the lack of sustained direction in prices bolstering the central bank’s stance to keep interest rates on holdCzech consumer prices rose 2.9% from a year earlier in August, exceeding the 2.8% median analysts’ estimate and the central bank’s own projection of 2.6%The Tadawul All Share Index almost wiped out this year’s gains after Saudi Arabia picked banks for the Aramco saleAramco is considering a structure for its initial public offering that would prevent it from marketing the deal directly to fund managers in the U.S., people with knowledge of the matter saidSaudi Arabia held discussions with some of the kingdom’s wealthiest families about becoming anchor investors in Aramco’s mammoth share sale, according to five people with knowledge of the talksLebanon’s government is unlikely to tap international bond markets at currentmarket rates, an official said, days after the indebted country’s finance minister announced plans for a sale of up to $2 billion in NovemberEgypt will approach investment banks “very soon” to advise on a plan to raise between $3 billion and $7 billion from international debt markets by June,a Finance Ministry official saidInflation eased in August to its lowest level since the start of 2013, paving the way for what could be the second-biggest push to cut interest rates across emerging marketsZimbabwe’s central bank raised its main interest rate to 70% to stabilize a plummeting currency and rein in surging inflationLatin AmericaArgentina’s recently imposed capital controls are now creating impediments for bondholders looking to collect payments as their securities come dueThe International Monetary Fund is unlikely to grant a $5.4 billion disbursement to Argentina without knowing the economic policy plans of the government that takes over in December, according to people familiar with the situationCountry’s economy minister is headed to Washington this month for more talks on the country’s record International Monetary Fund loan, which has hit trouble after the government imposed capital controls and delayed debt payments amid a market slumpDollar reserves continue to shrink as businesses and savers move money out of banks, increasing the chances that the government will need to tighten capital controls in coming weeksPresidential front-runner Alberto Fernandez is expected to visit Mexico on Sept 19 to meet with President Andres Manuel Lopez ObradorInflation was little changed at 54.5% in August, less than the 55.4% forecast by analystsMexico’s inflation slowed sharply in August to very near the central bank’s target, bolstering the case for policy makers to lower borrowing costs furtherManufacturing production increased 3% from a year earlier, three times more than economists expected and partly offsetting a drop in the broader industrial sectorState-run oil producer Petroleos Mexicanos tapped the international bond market and announced cash tender offers for outstanding bondsPemex also to receive a $5 billion capital injection from the Mexican government to improve its debt profileLopez Obrador sent Congress a 2020 budget plan that assumes a growth scenario many economists see as too optimisticBrazil’s economy contracted in July aftertwo months of gains, according to a key gauge of activity, as the central bank prepares to cut interest rates again in its efforts to boost growthBrazil-based funds significantly reduced bets on falling interest rates last month as the real slumped 8%Retail sales rose five times more than economists expected in JulyGovernment has announced the rules for an auction of oil drilling rights worth $26 billion, setting the stage for Latin America’s top crude producer to become an even bigger player in the global marketA senior Brazilian lawmaker expressed confidence that the pension reform bill currently in the Senate won’t have to return to the lower house for further scrutiny, a move that would delay the crucial legislation and unsettle investorsThe special secretary for the tax office has resigned amid a fierce debate over the possible introduction of a tax on financial transactionsPresident Jair Bolsonaro has flip-flopped on key appointments to Brazil’s antitrust regulator, leaving the respected body in a state of paralysis and subject to accusations of political interferenceChile will submit a bill to Congress within six months to make it more attractive for foreign companiesto sell stocks and bonds in the local market, Finance Minister Felipe Larrain saidPeru’s central bank kept its reference rate unchanged at 2.5% while signaling it’s ready to consider increasing stimulus after the economy’s worst slump in almost decadeThe government’s plan to reduce its fiscal deficit by increasing revenue faces risks due to slower economic growth, Fitch Ratings saidColombia’s economic committees for the Senate and Lower House approved the amount of 271.7 trillion pesos ($81 billion) for the nation’s 2020 budgetGovernment will take on 19.2 trillion pesos in new debt to fund its 2020 budget, Finance Minister Alberto Carrasquilla said\--With assistance from Colleen Goko and Selcuk Gokoluk.To contact Bloomberg News staff for this story: Yumi Teso in Bangkok at yteso1@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.net;Aline Oyamada in Sao Paulo at aoyamada3@bloomberg.netTo contact the editors responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net, Karl Lester M. YapFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
EM Review: Trade Truce Hopes, ECB Bazooka Fueled Risk Appetite
Union votes to strike at General Motors' US plantsThe United Auto Workers union announced Sunday that its roughly 49,000 workers at General Motors plants in the U.S. would go on strike just before midnight because contentious talks on a new contract had broken down. About 200 plant-level union leaders voted unanimously in favor of a walkout during a meeting Sunday morning in Detroit. Union leaders said the sides were still far apart on several major issues and they apparently weren't swayed by a GM offer to make new products at or near two of the four plants it had been planning to close, according to someone briefed on the matter.
Union votes to strike at General Motors' US plants
Is Air New Zealand Limited (NZSE:AIR) Trading At A 38% Discount?Does the September share price for Air New Zealand Limited (NZSE:AIR) reflect what it's really worth? Today, we will...
Is Air New Zealand Limited (NZSE:AIR) Trading At A 38% Discount?
Democratic presidential candidates want Kavanaugh impeached after newly surfaced sexual misconduct accusationSeveral Democratic presidential candidates called for Kavanaugh to be impeached, while Republicans called the new report a "smear" against the justice
Democratic presidential candidates want Kavanaugh impeached after newly surfaced sexual misconduct accusation
United Auto Workers union calls national strike against GM, 46,000 workers to stay outThe UAW contract with GM expired at midnight Saturday and the union on Sunday called for a strike of all 46,000 GM workers in the US.
United Auto Workers union calls national strike against GM, 46,000 workers to stay out
It's not your imagination. Chipotle's guacamole is different and avocado prices are downWhile avocado prices have stabilized, some consumers have noticed a difference in Chipotle’s guacamole and have taken to social media to complain.
It's not your imagination. Chipotle's guacamole is different and avocado prices are down
Saudis Set to Restore Almost Half of Output Lost to Drone Strike(Bloomberg) -- Saudi Arabia is likely to restore almost half the oil production lost after this weekend’s devastating drone strike as early as tomorrow, though a full resumption from the world’s biggest crude exporter may take weeks.That’s according to industry consultant Energy Aspects in a note sent to clients on Sunday. Saudi Arabia will meet obligations to suppliers by running down reservesas state oil company Saudi Aramco works toward bringing back all the 5.7 million barrels a day lost after the giant Abqaiq processing plan was set ablaze.Although supply into the global market won’t be disrupted in the short term, prices are likely to jump when they open for the week as traders digest the attack. Claimed by rebels in Yemen, but blamed on Iran by the U.S., the assault shows the vulnerability of the very heart of the Saudi economy and how Crown Prince Mohammed bin Salman’s more aggressive foreign policy could threaten his push for economic modernization.Before the attack, Saudi Arabia was pumping about 9.8 million barrels a day, almost 10 percent of global production. Aramco could consider declaring itself unable to fulfill contracts on some international shipments -- know as force majeure -- if the resumption of full capacity at Abqaiq takes weeks, people familiar with the matter said, asking not be identified before a public statement.If the disruption is “protracted it could be a big challenge for the oil markets,” Mele Kyari, chief executive officer of state producer Nigerian National Petroleum Corp., told Bloomberg Television on Sunday.Iran-backed Houthi rebels in Yemen claimed responsibility for the attacks, but U.S. Secretary of State Michael Pompeo blamed Iran directly, without offering evidence for that conclusion. Iran’s Foreign Ministry described Pompeo’s remarks as “blind and fruitless accusations.”The attack, said by the Houthis tohave been carried out by a swarm of 10 drones, is the most serious on Saudi Arabia’s oil infrastructure since Iraq’s Saddam Hussein fired Scud missiles into the kingdom during the first Gulf War. The kingdom’s benchmark stock index tumbled as much as 3.1% on Sunday in Riyadh.The Houthis, who are fighting Saudi-backed forces in Yemen, have claimed responsibility for most of the strikes against Aramco installations.“Work is under way to restore production and a progress update will be provided in around 48 hours,” Amin Nasser, Aramco’s president and chief executive officer, said in a statement on Sunday.Crude ReservesAramco will be able to keep customers supplied for several weeks by drawing on a global storage network. The Saudis hold millions of barrels in tanks in the kingdom itself, plus three strategic locations around the world: Rotterdam in the Netherlands, Okinawa in Japan, and Sidi Kerir on the Mediterranean coast of Egypt.Instead of supplying some customers with the usual crude oil grades of Arab Light or Arab Extra Light, the company may offer them Arab Heavy and Arab Medium as a replacement, according to a person familiar with the matter.A satellite picture from a NASA near real-time imaging system published early on Sunday, more than 24 hours after the attack, showed the huge smoke plume over Abqaiq had dissipated completely. But four additional plumes to the south-west, over the Ghawar oilfield, the world’s largest, were still clearly visible.While that field wasn’t attacked, its crude and gas is sent to Abqaiq for processing. The smoke most likely indicated flaring, the industry term for what happens when a facility stops suddenly and excess oil and natural gas is safely burned off.For the global oil market, the 5.7 million barrels a day Saudi halt is the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department ofEnergy.Government ActionThe U.S. government said it’s prepared to dip into the Strategic Petroleum Reserve if necessary to offset any market disruption. The International Energy Agency, which helps coordinate industrialized countries’ emergency fuel stockpiles, said it was monitoring the situation.The key question for governments, oil traders and the Organization of Petroleum Exporting Countries, in which Saudi Arabia is the largest producer, is how long the disruption lasts.“The global economy can ill afford higher oil prices at a time of economic slowdown,” Ole Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen, said by email.(Updates throughout with context and background.)\--With assistance from Mahmoud Habboush, Verity Ratcliffe, Manus Cranny, Giovanni Prati and Anthony DiPaola.To contact the reporters on this story: Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net;Javier Blas in London at jblas3@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, James HerronFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudis Set to Restore Almost Half of Output Lost to Drone Strike
Saudis Set to Restore Almost Half of Output Lost to Drone Strike(Bloomberg) -- Saudi Arabia is likely to restore almost half the oil production lost after this weekend’s devastating drone strike as early as tomorrow, though a full resumption from the world’s biggest crude exporter may take weeks.That’s according to industry consultant Energy Aspects in a note sent to clients on Sunday. Saudi Arabia will meet obligations to suppliers by running down reservesas state oil company Saudi Aramco works toward bringing back all the 5.7 million barrels a day lost after the giant Abqaiq processing plan was set ablaze.Although supply into the global market won’t be disrupted in the short term, prices are likely to jump when they open for the week as traders digest the attack. Claimed by rebels in Yemen, but blamed on Iran by the U.S., the assault shows the vulnerability of the very heart of the Saudi economy and how Crown Prince Mohammed bin Salman’s more aggressive foreign policy could threaten his push for economic modernization.Before the attack, Saudi Arabia was pumping about 9.8 million barrels a day, almost 10 percent of global production. Aramco could consider declaring itself unable to fulfill contracts on some international shipments -- know as force majeure -- if the resumption of full capacity at Abqaiq takes weeks, people familiar with the matter said, asking not be identified before a public statement.If the disruption is “protracted it could be a big challenge for the oil markets,” Mele Kyari, chief executive officer of state producer Nigerian National Petroleum Corp., told Bloomberg Television on Sunday.Iran-backed Houthi rebels in Yemen claimed responsibility for the attacks, but U.S. Secretary of State Michael Pompeo blamed Iran directly, without offering evidence for that conclusion. Iran’s Foreign Ministry described Pompeo’s remarks as “blind and fruitless accusations.”The attack, said by the Houthis tohave been carried out by a swarm of 10 drones, is the most serious on Saudi Arabia’s oil infrastructure since Iraq’s Saddam Hussein fired Scud missiles into the kingdom during the first Gulf War. The kingdom’s benchmark stock index tumbled as much as 3.1% on Sunday in Riyadh.The Houthis, who are fighting Saudi-backed forces in Yemen, have claimed responsibility for most of the strikes against Aramco installations.“Work is under way to restore production and a progress update will be provided in around 48 hours,” Amin Nasser, Aramco’s president and chief executive officer, said in a statement on Sunday.Crude ReservesAramco will be able to keep customers supplied for several weeks by drawing on a global storage network. The Saudis hold millions of barrels in tanks in the kingdom itself, plus three strategic locations around the world: Rotterdam in the Netherlands, Okinawa in Japan, and Sidi Kerir on the Mediterranean coast of Egypt.Instead of supplying some customers with the usual crude oil grades of Arab Light or Arab Extra Light, the company may offer them Arab Heavy and Arab Medium as a replacement, according to a person familiar with the matter.A satellite picture from a NASA near real-time imaging system published early on Sunday, more than 24 hours after the attack, showed the huge smoke plume over Abqaiq had dissipated completely. But four additional plumes to the south-west, over the Ghawar oilfield, the world’s largest, were still clearly visible.While that field wasn’t attacked, its crude and gas is sent to Abqaiq for processing. The smoke most likely indicated flaring, the industry term for what happens when a facility stops suddenly and excess oil and natural gas is safely burned off.For the global oil market, the 5.7 million barrels a day Saudi halt is the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department ofEnergy.Government ActionThe U.S. government said it’s prepared to dip into the Strategic Petroleum Reserve if necessary to offset any market disruption. The International Energy Agency, which helps coordinate industrialized countries’ emergency fuel stockpiles, said it was monitoring the situation.The key question for governments, oil traders and the Organization of Petroleum Exporting Countries, in which Saudi Arabia is the largest producer, is how long the disruption lasts.“The global economy can ill afford higher oil prices at a time of economic slowdown,” Ole Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen, said by email.(Updates throughout with context and background.)\--With assistance from Mahmoud Habboush, Verity Ratcliffe, Manus Cranny, Giovanni Prati and Anthony DiPaola.To contact the reporters on this story: Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net;Javier Blas in London at jblas3@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, James HerronFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudis Set to Restore Almost Half of Output Lost to Drone Strike
Generation healthy: alcoholic seltzer craze sweeps USHealth-conscious American millennials have found their drink of choice: alcoholic carbonated water that is lower in calories and carbs than beer and wine. A hard seltzer craze is sweeping the United States as Generations Y and Z pursue healthier lifestyles, influenced by viral trends on Instagram and YouTube. US sales of the bubbly booze, also called spiked seltzer, have soared almost 200 percent this year compared to 2018, according to research firm Nielsen.
Generation healthy: alcoholic seltzer craze sweeps US

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