Money


Prices of oil drop Prices of oil drop
- December 11, 2019

West Texas Intermediate oil futures were down 28 cents, or 0.47 percent to $58.92 a barrel, having risen about 7 percent last week on the prospects for lower production from " OPEC +", which is made up of the Organization of the Petroleum Exporting Countries and associated producers including Russian Federation. (more...)
Saudi Aramco becomes world's biggest listed firm Saudi Aramco becomes world's biggest listed firm
- December 11, 2019

The state-controlled oil giant's shares opened at 35.2 riyal ($9.39) on Wednesday, 10 percent above their IPO price of 32 riyals to give it a market value of $1.88 trillion. In the lead-up to the flotation, there had been a strong push for Saudis, including princes and businessmen, to contribute to what is seen locally as a moment of national pride, and even duty. (more...)
EU leader urges MEPs to back green growth plan EU leader urges MEPs to back green growth plan
- December 11, 2019

The EU's top official Wednesday launched the bloc's new "Green Deal", hailing it as a strategy for jobs and economic growth, not just for cutting emissions. 100 billion must be mobilised, so that Europe can show the way in the green transition, where the overall goal is climate neutrality by 2050. The funding is aimed at winning over fossil fuel-dependent countries, particularly Poland, the Czech Republic and Hungary, by helping them with their energy transition to renewables.To make the ... (more...)
John Properties employees receive $10M in bonuses John Properties employees receive $10M in bonuses
- December 11, 2019

The smallest bonus was $100, given to an employee who started his job the Monday after the holiday party, according to Maykrantz. The bonus will be split among the employees, and the amount allocated will be based on years of service. But then they were told to look inside the red envelope that each person was handed at the St. John's Properties Christmas party. Company founder and chairman Edward St. (more...)
Saudi Aramco shares gain 10% in pre-market auction Saudi Aramco shares gain 10% in pre-market auction
- December 11, 2019

The IPO on Saudi Arabia's Tadawul stock exchange in Riyadh valued Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple ( AAPL ), which is worth almost $1.2 trillion. But Riyadh scaled back its global ambitions by only listing Aramco on the Tadawul and cancelling roadshows in NY and London due to muted interest from foreign investors. (more...)
Maryland real estate company surprises its employees with $10 million bonus
- December 11, 2019

One of the largest commercial real estate firms in the Mid-Atlantic will pay a total of $10 million in bonuses to its 198 employees, KTLA sister station WJW in Cleveland reported Tuesday. The smallest amount, $100, was for an employee who was just hired and hadn't even started at the company yet. The average payout was around $50,000-depending on each individual's tenure at the company-and came on top of the annual year-end bonus, as well as other benefits. (more...)
Former US Fed Chairman Paul Volcker dies at 92 Former US Fed Chairman Paul Volcker dies at 92
- December 11, 2019

Powell, who has been heavily criticised by President Donald Trump for keeping monetary policy tight and restricting growth, was past year advised by Volcker to ignore brickbats from the White House. Enron had filed for what was then the biggest bankruptcy in United States history under questions about its finances and accounting practices, and Andersen had signed off on its books. (more...)
Holden Commodore axed after 40 years due to slow sales Holden Commodore axed after 40 years due to slow sales
- December 10, 2019

There was a Commodore for every type of person, from humble repmobile sedans to stately versions such as the Calias and Caprice, but it was the performance versions such as the V8-powered SS that really captivated enthusiasts, and let's not even get started on some of the wild creations of Holden-aligned tuner HSV. (more...)
Jaguar Racing Program Unlocks Extra Range In I-Pace Crossovers Jaguar Racing Program Unlocks Extra Range In I-Pace Crossovers
- December 10, 2019

Jaguar has developed a range-boosting update for the I-Pace. This will allow the I-Pace to remotely receive software upgrades, much like a typical smartphone does. Using that research, Jaguar has managed small refinements that incrementally improve how the vehicle runs and drives. The evolution of the Corvette through generations five to seven is an example of a race program that led to successively better and better road cars, but today I've got an example of a racing program that's ... (more...)
After Cybertruck, Elon Musk's Tesla is gearing up for electric 'Cyberquad' ATV After Cybertruck, Elon Musk's Tesla is gearing up for electric 'Cyberquad' ATV
- December 10, 2019

It was then a pleasant surprise for the residents of the city of Los Angeles, US, to see Tesla CEO Elon Musk take the pick-up out for a spin earlier this week. Reports have surfaced pointing out the vast similarities to a Yamaha Raptor ATV, which indicates this vehicle shown may have been rebodied and had an electric powertrain swapped in. (more...)
Pelosi announces USMCA trade pact Pelosi announces USMCA trade pact
- December 10, 2019

She declared it "infinitely better" than the deal the White House reached with Mexico and Canada a year ago. House Democrats including Ways and Mean Chair Rep. "I am optimistic we can reach a deal". Announcing House Democratic support for the deal directly after impeachment articles takes that argument away from Republicans - and gives vulnerable purple district Democrats some cover should they want to vote to impeach the president. (more...)
China's CPI up 4.5%, PPI down 1.4% in November China's CPI up 4.5%, PPI down 1.4% in November
- December 10, 2019

Meanwhile, auto sales in China fell for a 17th consecutive month in November, with the number of new energy vehicles (NEVs) sold contracting for a fifth month in a row, data from the country's biggest auto industry association showed on Tuesday. (more...)
E.coli concerns prompt salad recall E.coli concerns prompt salad recall
- December 10, 2019

The product is not under a recall at this time, though consumers are urged not to eat or sell the salad mix with the identifying information. According to CPMA's press release, the regions affected were listed as: New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Quebec. (more...)
Jetstar leaves passengers stranded at Sydney airport Jetstar leaves passengers stranded at Sydney airport
- December 10, 2019

Jetstar said their flight schedule was experiencing "short delays" due to the IT outage, which was affecting "a few" of their systems. In Australia, Jetstar said it was working to bring systems back online after flight delays and cancellations, including four New Zealand flights that were cancelled due to the issue. (more...)
Canopy Growth announces new CEO to replace ousted Bruce Linton Canopy Growth announces new CEO to replace ousted Bruce Linton
- December 10, 2019

When the board ousted Linton, Zekulin agreed to remain as the sole CEO until a replacement was found, presiding over two-plus quarters of lackluster earnings amid broad problems for Canadian weed companies. Alliance Global rates Canopy stock as neutral. An ETF tracking Cannabis stocks has lost more than half its value since then. Companies have been hurt by a shortage of retail outlets as licensing is hampered by regulations that have allowed the black market to thrive. (more...)
Elon Musk Takes Cybertruck Out for First Public Spin, Dinner at Nobu Elon Musk Takes Cybertruck Out for First Public Spin, Dinner at Nobu
- December 10, 2019

The ATV was created to work with the Cybertruck , according to Musk. Musk said that Tesla is planning a "sick attachment for the Cybertruck ", according to Electrek , and the marque subsequently released a new render of the electric pickup truck with its own trailer. (more...)
Saudi Aramco Raises $25.6B, Becomes Largest IPO In World's History Saudi Aramco Raises $25.6B, Becomes Largest IPO In World's History
- December 10, 2019

And the company ditched plans to list outside Saudi Arabia , amid headwinds including lower oil prices, heightened geopolitical tensions and climate change concerns. It had initially sought to raise $100bn on two exchanges - with a first listing on the kingdom's Tadawul bourse, and then another on an overseas exchange such as the London Stock Exchange. (more...)
Just Eat: Prosus ups offer to £5.1bn in Takeaway.com battle Just Eat: Prosus ups offer to £5.1bn in Takeaway.com battle
- December 10, 2019

Prosus reduced the level of acceptances required from 75% to a simple majority (50% plus one Just Eat share). Prosus chief executive officer Bob van Dijk said: " Just Eat is a quality business, which we believe has all the ingredients to be transformed into a long-term sector victor". (more...)
Tesla Model 3 on Autopilot crashes into police vehicle Tesla Model 3 on Autopilot crashes into police vehicle
- December 10, 2019

Tesla has not commented on the incident, and the investigation has not revealed whether or not the Model 3's brakes were applied prior to the collision, by either the driver or Autopilot. The NTSB stated that a Model 3 vehicle struck a truck connected to a semitrailer on March 1st. Investigators haven't revealed whether the Model's 3 brakes were applied prior to the collision, either by the driver or the auto. (more...)
Ericsson To Pay $1bn To Settle US Corruption Charges Ericsson To Pay $1bn To Settle US Corruption Charges
- December 10, 2019

One subsidiary, Ericsson Egypt Ltd., pleaded guilty in the Southern District of NY on charges of conspiracy to violate the anti-bribery provisions of the FCPA. authorities. According to reports , in a conference call CEO Borje Ekholm said the company wanted to move forward. "The agreement with the SEC and the Department of Justice shows that we have not always met our standards for doing business the right way". (more...)

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