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OPEC Secretary General says U.S.-China trade deal would remove 'dark cloud' on oil market

OPEC’s Secretary General Mohammad Barkindo said on Wednesday he is confident that the United States and China would reach a trade deal and that it would remove a “dark cloud” over the oil market. It is premature to discuss the December OPEC+ decision and it is too early to say if further output cuts would be needed, Barkindo told reporters on the sidelines of an industry event in Abu Dhabi. OPEC and it’s non-OPEC partners need to continue working together to weather uncertainties and are committed to doing so, he said. …read more […]

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UPDATE 5-'Made in Germany': Tesla sets up shop in Berlin

U.S. electric vehicle pioneer Tesla will build its first European factory and design centre near Berlin to produce cars “Made in Germany” as it seeks to burnish its reputation for reliability and sporting prowess. Tesla Chief Executive Elon Musk made the announcement at a prestigious German car awards ceremony late on Tuesday and said its new plant would make batteries, powertrains and vehicles – starting with its Model Y sports utility vehicle. …read more […]

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Global stocks sink after Trump threatens more China tariffs

Global stocks sank Wednesday after President Donald Trump threatened more tariff hikes on Chinese imports if talks aimed at ending a trade war fail to produce an interim agreement. Market benchmarks in London, Frankfurt, Shanghai and Tokyo declined. Trump said Tuesday that an agreement on the “Phase 1” deal announced last month “could happen soon.” But he warned he was ready to raise tariffs “very substantially” if that fails. …read more […]

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Cathay Pacific cuts profit guidance for second time amid Hong Kong protests

The airline said passenger numbers fell 7% in October and it now expected second-half profit to be “significantly below” the first half’s HK$1.347 billion ($172.04 million), in a step up from the wording “below” used last month. Hong Kong anti-government protesters on Wednesday paralysed parts of the Asian financial hub for a third consecutive day, with some transport links, schools and many businesses closing after an escalation of violence. “Overall we foresee a challenging remainder of 2019 for our airlines,” Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement on Wednesday. …read more […]