German technology and industrial conglomerate Thyssenkrupp on Tuesday posted a 17-percent increase in its second-quarter operating profit, helped by a recovery in steel prices that has already benefited larger rival ArcelorMittal. The group, which makes everything from submarines to chemical plants, said second-quarter adjusted earnings before interest and tax (EBIT) came in at 500 million […]
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Europe markets seen lower amid geopolitical risks, oil prices near multi-year highs
European markets are set to open lower on Tuesday morning, as investors monitor key political and economic risks while oil prices hover close to multi-year highs. The FTSE 100 is seen down around 19 points at 7,690, the CAC is expected to open 14 points lower at 5,525 while the DAX is poised to start […]
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ON MAY 14th the United States and United Arab Emirates (UAE) announced a deal that should, at least in theory, put an end to their long-simmering dispute over what airlines in America allege are unfair subsidies provided by the Gulf state to its two major airlines. News of the agreement had emerged three days earlier, […]
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The populist cleric who fought US troops is winning Iraq’s election: Meet Moqtada al Sadr
The numbers are still coming in after polls closed over the weekend in Iraq’s first election since defeating the Islamic State (ISIS) late last year. And they are pointing to a shock win for firebrand Iraqi cleric Moqtada al Sadr, who wasn’t even running for prime minister, along with his coalition allies, the Iraqi Communist […]
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The Catalan parliament just appointed another separatist as its leader
The Catalan parliament has elected the separatist lawmaker Quim Torra as regional president, giving fresh impetus to attempts to split from Spain. The vote Monday ends five months of political deadlock and makes Torra the seventh Catalan leader since Spain returned to a democracy in the 1970s. Torra narrowly won the vote 66 to 65 […]
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Citi warns that surging oil prices could soon create a 'hostile environment' for stocks
A dramatic upswing in oil prices over recent months could soon create a “particularly hostile environment” for global investors, Citi economists warned Monday. The price of crude has risen over the past two years, from $26 in 2016 to $77 on Monday, as the balance between supply and demand has been steadily tightening. This has […]
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Uber hires an Amazon executive to head up its UK unit as fight to keep London license continues
Uber named its new U.K. boss Monday amid an ongoing battle with London’s transport regulator over its license to operate in the city. The ride-hailing giant said Jamie Heywood, U.K. director of electronics at Amazon, would join Uber next month as its new regional general manager for Northern and Eastern Europe. London’s transport authority, Transport […]
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A UK spy chief has accused Russia of ‘flagrant breaches’ of international law
One of the U.K.’s top spies has made a rare public speech, accusing Russia of “flagrant breaches of international rules” over a poisoning attack on U.K. soil in March. In a speech to security chiefs in Berlin Monday, MI5 Director-General Andrew Parker said the “reckless attempted assassination of Sergei Skripal, using a highly lethal nerve […]
Read moreTrump administration demands in NAFTA trade negotiations meant to push auto jobs back to the United States may not be enough to spark a shift in where automakers build cars and trucks. New math to determine what qualifies as vehicle content, what limits apply to allow tariff-free auto imports and how long companies would have […]
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HSBC says it’s made the world's first trade finance transaction using blockchain
HSBC claimed on Monday it had performed the world’s first commercially viable trade finance transaction using blockchain technology. The bank issued a letter of credit for U.S. food and agriculture firm Cargill. The trade finance transaction involved a bulk shipment of soybeans from Argentina to Malaysia. The letter of credit was issued from HSBC to […]
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