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Iraq May Be the Next Flash Point for Oil Markets

(Bloomberg Opinion) — It’s now been a week since mass protests sprang up in southern Iraq, sparking unrest that has left dozens dead and continues to flare. What began as spontaneous expressions of discontent over high unemployment, government corruption and Iranian involvement in Iraqi affairs has quickly turned into a movement that could soon have severe consequences for global oil markets. This new danger comes just as supply concerns following last month’s attacks on a key Saudi Arabian facility have begun to die down.Southern Iraq is home to most of Iraq’s oil industry and the protests have reached the city …read more […]

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SoftBank's Damage From Uber, WeWork Could Exceed $5 Billion

(Bloomberg) — Masayoshi Son’s startups have had a rough few months, from a botched initial public offering by WeWork to a sharp decline in shares of Uber Technologies Inc. Now analysts are beginning to calculate that the damage for Son’s SoftBank Group Corp. will likely reach into the billions of dollars.Mitsubishi UFJ Morgan Stanley Securities Co. cut its profit estimate for SoftBank’s Vision Fund, its main investment vehicle, by 580 billion yen ($5.4 billion) to an operating loss of 367.6 billion yen for the September quarter, citing declines in the stock prices of Uber and Slack Technologies Inc. and the …read more […]

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Business News

China’s Hikvision resolutely opposes U.S. blacklisting: state media

Chinese state media said on Tuesday video surveillance firm Hikvision resolutely opposes the U.S. move to blacklist the firm, saying the decision has no basis in fact. The U.S. Commerce Department on Monday placed 28 Chinese public security bureaus and companies – including Hikvision – on a U.S. trade blacklist over Beijing’s treatment of Uighur Muslims and other minorities.

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Oil edges higher on supply worries; eyes on trade talks

Oil prices rose on Tuesday, buoyed by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption, adding to support. Brent crude rose 38 cents, or 0.7%, to $58.73 a barrel by 0344 GMT, while U.S. West Texas Intermediate (WTI) crude was at $53.08, up 33 cents, or 0.6%. “Copper and aluminum traded very strongly in London and given the weakness we saw in manufacturing data last week, that suggests that there’s some correction going on in industrial commodities generally,” said Michael McCarthy, chief market strategist at brokerage CMC Markets …read more […]