Thursday, March 9th, 2017

 

US crude oil slumps below US$50 after stocks build

US crude oil slumps below US$50 after stocks build

LONDON (March 9): Oil prices fell on Thursday, extending the biggest falls this year as record US crude inventories kept sentiment weak, pointing to a global glut despite OPEC-led supply cuts.

Crude oil stocks in the United States, the world’s top oil consumer, surged last week to 528.4 million barrels, an all-time high and up 8.2 million barrels in a week, well above forecasts of a 2 million barrel build.

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ECB’s Draghi says G20 must reaffirm commitment to open trade

ECB's Draghi says G20 must reaffirm commitment to open trade

FRANKFURT (March 9): The Group of 20 major world economies should reaffirm its commitment to open trade when it meets in mid-March, European Central Bank President Mario Draghi said on Thursday, after rumours it may drop a reference to opposing protectionism.

Draghi also said the G20 should also retain its commitment to not using exchange rates to enhance competitiveness.

“It’s quite important that the G20 reaffirms this commitment,” Draghi said at a news conference after the ECB’s policy meeting.

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Exxon stumps up US$2.8 bil for Mozambique gas gateway to Asia

Exxon stumps up US$2.8 bil for Mozambique gas gateway to Asia

(March 9): Exxon Mobil Corp, the world’s biggest publicly traded oil producer, has agreed to pay Italy’s Eni US$2.8 billion for a 25 percent stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets.

Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas in place, is one of the world’s largest gas discoveries in recent years.

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US to host 68-nation meeting on countering Islamic State — official

US to host 68-nation meeting on countering Islamic State — official

WASHINGTON (March 9): US Secretary of State Rex Tillerson will host a 68-nation meeting in Washington this month to discuss the next moves by the coalition fighting Islamic State, a senior Trump administration official said on Thursday.

An official announcement about the March 22-23 ministerial meeting is expected later on Thursday, the official said.

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Wall St flat with focus on jobs report, rate meeting

Wall St flat with focus on jobs report, rate meeting

NEW YORK (March 9): US stocks opened little changed on Thursday as investors held off from making big bets ahead of Friday’s jobs data that could boost the chances of an interest rate hike next week.

US crude prices pared losses after hitting a four-month low of US$48.79 before the open, following a record rise in inventories.

The S&P 500 energy index was down 0.8 percent, trading at its lowest level since November.

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D&O, Datasonic, LBS Bina, Vizione, KESM and Icon Offshore

D&O, Datasonic, LBS Bina, Vizione, KESM and Icon Offshore

KUALA LUMPUR (March 9): Based on corporate announcements and news flow today, companies in focus tomorrow may include: D&O Green Technologies Bhd, Datasonic Group Bhd, LBS Bina Group Bhd, Vizione Holdings Bhd, KESM Industries Bhd and Icon Offshore Bhd.

D&O Green Technologies Bhd said several parties have approached the company expressing interest in business opportunities as the semiconductor industry undergoes a consolidation process globally, but no deal has been reached.

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RadioShack successor enters bankruptcy after revival sputters

NEW YORK, March 9 — General Wireless Operations Inc, which set out to revive RadioShack, the venerable consumer-electronics chain, filed for bankruptcy after a last-ditch effort to co-brand with Sprint Corp still failed to keep up with changing…


Wall Street flat with focus on jobs report, rate meeting

NEW YORK, March 9 — US stocks opened little changed today as investors held off from making big bets ahead of tomorrow’s jobs data that could boost the chances of an interest rate hike next week. US crude prices pared losses after hitting a…


Fed to raise rates in March and twice more this year

Fed to raise rates in March and twice more this year

(March 9): The Federal Reserve will raise interest rates next week in response to a series of strong economic data, according to all of more than 100 economists polled by Reuters, with two more hikes likely to follow later this year.

Hawkish comments from several Fed officials have pushed interest rate futures markets to bet on a rate hike on March 15, with the probability now at 90 percent, up from just 30 percent early last week, according to CME Group.

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Carrefour CEO confident of turnaround despite profit hit

Carrefour CEO confident of turnaround despite profit hit

PARIS (March 9): Carrefour disappointed investors with its first drop in annual operating profits since 2012 on Thursday, although the boss of the world’s second-largest retailer said he was “optimistic” about the future and his turnaround strategy.

Shares in Carrefour were down 4.5 percent, the worst stock on Paris’ benchmark CAC-40 index, after it reported a worse-than-expected 3.8 percent drop in operating profit, with its core French business particularly weak.

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