British Pounds Slows As Key Ministers Quit Over Brexit

British Pounds Slows As Key Ministers Quit Over Brexit

Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post, piling yet more pressure on U.K. Prime Minister Theresa May. On Wednesday, May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. This came after she also received support from officials at the EU earlier in the week. But by Thursday morning a short flurry of ministers decided to resign from their positions in protest at her proposals. Raab, in a letter to the…

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Levi Strauss Plans $5 Billion IPO 

Levi Strauss Plans $5 Billion IPO 

A Levi’s logo on the window of a Levi Strauss & Co. store in London. Chris Ratcliffe | Bloomberg | Getty Images Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said. Levi’s is looking to raise between $600 million and $800 million and targeting the first quarter of 2019 to go public, said the people, who asked not to be named discussing confidential deal details. The company is aiming to…

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Global Market Threatened With Crude Oil Surplus In 2019

Global Market Threatened With Crude Oil Surplus In 2019

  Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. “In 1H19, based on our outlook…

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Crude Oil Slumps To $71.83 On Account Of Adequate Supply, Waivers On Iran

Crude Oil Slumps To $71.83 On Account Of Adequate Supply, Waivers On Iran

U.S. BANK J.P. MORGAN SAID THE “SELL-OFF IN OIL WAS DUE TO EXCESSIVE CRUDE” FROM RISING PRODUCTION “WHILST IRANIAN SUPPLY WAS STILL IN THE MARKET”. Washington re-imposed sanctions against Iran’s oil exports on Monday but granted waivers to its biggest customers, allowing limited imports for the next 180 days. Refinitiv data showed Iranian exports have fallen to 1 million barrels per day (bpd) so far in November, down from around 3 million bpd in mid-2018. But Iran supply is expected to rise after November as waivers are used to start…

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Cartier Partner Alibaba On China’s Online Luxury Market

Cartier Partner Alibaba On China’s Online Luxury Market

The partnership will feature offerings of Yoox Net-a-Porter Group (YNAP), the online retailer now fully-owned by Switzerland’s Richemont, to Chinese consumers, the companies said. YNAP and Alibaba, China’s biggest e-commerce player, will launch mobile apps in the country for the multi-brand Net-a-Porter store and men’s fashion specialist Mr Porter under a joint venture. Chinese consumers make up a third of all luxury goods purchases globally, and while many still snap up expensive watches, jewelry and clothes on overseas trips, shoppers are increasingly spending at home, encouraged in part by an…

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UK’s RBS Bank Sets Aside $128 Million For Brexit Uncertainty

UK’s RBS Bank Sets Aside $128 Million For Brexit Uncertainty

The provision means RBS is concerned that its customers might become less able to pay their debts when Britain leaves the European Union in five months’ time. While HSBC put aside $245 million at its half-year results to account for greater economic uncertainty, RBS is the first big UK bank to link the move to Brexit. CEO Ross McEwan said RBS was taking into account the possibility of more negative outcomes from the Brexit negotiations, under new accounting standards that require banks to be better prepared for possible future losses….

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GLOBAL LNG Prices Drops To 2 Month Low 

GLOBAL LNG Prices Drops To 2 Month Low 

High freight rates are also weighing on Asian demand, with deliveries of LNG heading to northwest Europe instead. December spot LNG  fell to $10.20 per million British thermal units (mmBtu), the lowest since Aug. 10. Bids and offers were far apart, while the price spread between December and January was estimated at about $1 per mmBtu. Illustrating the tepid demand, a fleet of half-a-dozen tankers carrying unsold LNG has been floating in Singapore and Malaysian waters for up to two weeks, traders said this week. The ships are carrying a…

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Heineken Declares 4.4% Rise Q3 Global sales

Heineken Declares 4.4% Rise Q3 Global sales

Dutch brewing giant Heineken on Wednesday toasted 4.4 percent growth in global beer sales for the third quarter after a warm European summer and strong performances in Brazil, Mexico, South Africa and Vietnam. The world’s number two brewer also reported an 8.0 percent increase in net profit for the first nine months to 1.6 billion euros ($1.83 billion). “Volume growth continued in the third quarter, benefitting from good weather in Europe and strong growth in Brazil, Mexico, Vietnam and South Africa,” Heineken chief executive Jean-Francois van Boxmeer said in a…

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Global Stock Gains On A Steady Decline

Global Stock Gains On A Steady Decline

Stocks plummeted on Wednesday as a sharp drop in tech shares and worries about corporate earnings added fuel to this month’s steep pullback. The Dow Jones Industrial Average dropped 608.01 points at 24,583.42 and erased all of its gains for 2018. The S&P 500 dropped 3.1 percent to 2,656.10 and also turned negative for the year. The Nasdaq Composite fell 4.4 percent to 7,108.40— entering correction territory — as Facebook, Amazon, Netflix and Alphabet all traded lower. “An increasingly murky macro picture is clouding the 2019 earnings outlook leaving investors to largely shrug off a solid…

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Nigeria And Libya To Play Key Role In $100 A Barrel Crude Speculation

Nigeria And Libya To Play Key Role In $100 A Barrel Crude Speculation

  Libya and Nigeria are heading into high-stakes elections that could usher in a period of instability and disrupt oil supplies. Outages in the two OPEC nations would make it harder for the cartel to compensate for the loss of supply from Iran and Venezuela. Members of a brigade headed by field commander Salah Bogheib and loyal to Khalifa Haftar -a retired general and former chief of staff for Moamer Kadhafi- hold up their guns as they fight alongside Libyan army troops against Islamist gunmen in the eastern Libyan city…

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