TOKYO, June 30 (Reuters) - Oil prices on Wednesday extended the previous day's small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge.
Brent crude was up 25 cents, or 0.3% at $75.01 a barrel by 0655 GMT, after edging higher on Tuesday. U.S. crude was up 41 cents, or 0.6% at $73.39 a barrel, having risen 0.1% in the previous session.
While the highly contagious Delta variant of the coronavirus is taking hold in many countries, prompting new lockdowns or movement restrictions from Australia to Portugal, hopes of a broader recovery in demand for fuel remained intact.
On the last day of June, Brent is heading for another monthly gain, which would mean the contract has risen for six out of the last seven months. U.S. crude has traded similarly since November.
"Futures have been trading on a one-way ripper to the upside ever...
During his nine scandal-marred years in power, former South African President Jacob Zuma used his political clout and legal maneuvering to fend off graft charges and opposition efforts to impeach him.
Back in 2014, Peng Xin and her husband Zhao Lin pledged their home as collateral for a bank loan to get their fledgling bubble tea business off the ground.
Today, the company they founded,
Risk management is at the core of any good trading plan, without having a sound set of principles to follow a trader is doomed to fail. We outline rules and factors to consider when customizing a risk management game-plan right for you.
We understand the difficulties of trading, which is why we’ve put together a variety of guides designed to help traders of all experience levels.
Risk management is one of the most important aspects to successful trading, but far too often it’s overlooked. Job #1 for a trader is to always keep yourself in the game. A sound strategy and the discipline to follow it will go long way towards ensuring you stick around.
If you are in the learning stage, your objective is to keep losses very small until you figure out what you are doing from an analytical and strategy standpoint. Adhering to sound risk parameters early-on will go a long way towards building a foundation for later on.
For the more...
Confidence among businesses in London has reached its highest level for almost three years, according to new research published today.
Lloyds Bank Commercial Banking’s latest Business Barometer shows business confidence in the capital rose 17 points to 41 per cent in June 2021 – the highest level since September 2018.
London ranked second behind Scotland, which reported a 27 point increase to 42 per cent.
HONG KONG, June 30 (Reuters) - For 22-year old Timmin Lam, who is studying in Manchester, the ban on flights from the United Kingdom to Hong Kong this week is the latest in a series of unrelenting measures that have prevented him from travelling home for almost two years.
"I feel trapped in the UK. I really wish the pandemic would improve," he said.
Authorities in the global financial hub said on Monday that Hong Kong would ban passenger flights from the United Kingdom starting July 1 to curb the spread of the Delta variant of COVID-19.
Britain has been categorised as extremely high-risk and people who have stayed in the country for more than two hours will be unable to board passenger flights for Hong Kong.
It is the second time that the Chinese-ruled hub has barred arrivals from Britain; the earlier ban was in force from December 2020 until May.
The government said the ban was due to "the recent rebound of the epidemic situation in the UK and the...
LONDON, June 29 (Reuters) - Tennis great Serena Williams limped out of Wimbledon in tears on Tuesday after her latest bid for a record-equalling 24th Grand Slam singles crown ended in injury.
The American sixth seed and seven-times Wimbledon winner was clearly in pain on a slippery Centre Court and sought treatment while 3-2 up in her first round match against unseeded Belarusian Aliaksandra Sasnovich.
Williams returned after a lengthy break but the distress was evident.
She grimaced and wiped away tears before preparing to serve at 3-3 after Sasnovich had pulled back from 3-1 down.
The 39-year-old, who had started the match with strapping on her right thigh, then let out a shriek and sank kneeling to the grass sobbing, before being helped off the court.
"I was heartbroken to have to withdraw today after injuring my right leg," Williams wrote on Instagram.
"My love and gratitude are with the fans and the team who make being on centre court so...
Don’t bother calling your contact at Carlyle Group in the week beginning 16 August – they won’t be there. The company is taking a leaf out of the books of Victorian cotton mill owners and shutting down the whole firm for a week to let everyone have some time off. According to human resources head Bruce Larson, it’s part of a firmwide emphasis on wellbeing and health which has also seen “Wellness Wednesdays”, Peloton clubs and a $750 “wellbeing stipend” which employees are meant to spend on gym memberships or mindfulness podcasts (although Carlyle doesn’t actually track this, so you can spend it on booze or hamburgers if you like).
The firmwide week off seems like an attractively Gordian solution to the key problem Carlyle was facing in trying to improve conditions for its employees – in an employee survey, only 64% of them said they felt able to take time off when they needed to. Junior private equity executives are often in a...
Singapore is changing the way it reports on progress against Covid-19, focusing on key trends and the number of severe virus cases while dropping detailed information about individual infections, the Ministry of Health said.
The change comes “as we move to a new phase of battling the pandemic, with a strong focus on preventing the virus from spreading, vaccinating our population and starting the process to transit to a new normal,” the Ministry of Health said in a statement late Tuesday.
Germany’s Greens rejected allegations that the party’s chancellor candidate, Annalena Baerbock, lifted passages from other texts without citation in a new book laying out her political views.
The accusation was made by an Austrian-based media website,
A third “booster” shot of the Oxford-AstraZeneca Covid-19 vaccine produces the strongest immune response, researchers have found.
They did add there was not evidence that such shots were necessary in light of shortages in some countries. Watch the full report.
- The Fed's perceived policy shift this month has been the key in accelerating the downside move after being rejected near $1,900 for gold. Now price action rests on the edge of the support level pointed out above.
When we think of the Olympic Games, many well-known sports and events come to mind. From 100m sprinters running the length of the track in less than 10 seconds, to gymnasts executing perfect eye-catching routines which may have been practiced hundreds of times. However, there are many disciplines and events which are long-forgotten by today’s generation of Olympic spectators.
Here we take a look at some of the most interesting and obscure events that did not stand the test of time and no longer feature in the Games. Some, from over a hundred years ago, didn’t make it beyond just one Olympics.
June 30 (Reuters) - Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere.
The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29.
"While a large new infection wave could slow the market rebalancing, we expect OPEC+ to remain tactical in its output hikes with downside risks to global supply elsewhere pointing to a more robust outlook for crude and the upstream sector than petroleum products and the downstream sector," Goldman said.
The bank sees a base case of 0.5 mbpd supply increase from OPEC+ producers for consecutive months, when the group meets on July 1 to discuss the threat of the Delta COVID variant, the potential...
A business as powerful as Amul needn’t usually worry about a bunch of animal-rights activists in its home country. The top bovine farming cooperative in the world’s biggest producer and consumer of milk, Amul had revenue of $7 billion last year, and its Amul Butter Girl, with her rosy cheeks and polka-dot dress, is one of India’s most recognizable corporate mascots. That should be enough for the company to withstand criticism from the India branch of People for the Ethical Treatment of Animals, which is trying to persuade the dairy cooperative to
China’s biggest bank has dumped plans to fund a $3 billion coal-fired power plant in Zimbabwe, in a blow to a two-decade effort to develop the project, according to a coalition of 32 environmental groups.
HONG KONG, June 30 (Reuters) - Deutsche Bank (DBKGn.DE) will be unable to sponsor initial public offerings (IPOs) in Hong Kong from July because it temporarily does not have sufficient licensed bankers, according to a person with direct knowledge of the matter.
Deutsche's licence was suspended after two of its bankers who were the IPO principals left the bank, the source said, adding the licence should be renewed when those two people are replaced.
The person declined to be named as the information, first reported by the Financial Times, was not yet public.
Deutsche Bank declined to comment to Reuters.
The city's regulator, the Securities and Futures Commission (SFC), declined to comment on Deutsche's licence being put on hold.
Deutsche had scaled down its equities business globally in 2019, but had kept a small equities capital market (ECM) presence in Asia, mainly in Singapore.
The bank hired some personnel lately in its ECM division,...
I was going to write about giga-factories, lithium mining and other dinosauric investment myths this morning, but the first thing that caught my ear this morning was a very earnest young economist from some bank in the City commenting on the 13.4 % annualised rise in UK Housing Prices. He was asked to explain why, during the worst economic shock in 300 years (the Pandemic, in case anyone has forgotten), house prices were on the up he went into behavioural analysis about couples reassessing work/life balance, deciding to upsize, moving out the conurbations, etc.
Utter Twaddle. Famously, economists will never agree on anything. Put three of them in a box and expect 4 different theories on box economics.
Suffice to say, I disagree with the young man. The reason UK house prices have risen is largely a matter of distortions; over the last 12 months its been the stamp duty holiday, but longer term the absurd level of interest rates – a distorted...
A winner of Brewdog’s “solid gold” beer can has asked the advertising watchdog to investigate the brewer’s claim the can is worth £15,000.
The Advertising Standards Authority (ASA) has confirmed it is looking into the matter, the BBC reported, and Brewdog stands by the valuation.
Brewdog offered 10 people to chance to find what it described as a “solid gold” can worth £15,000 in a case of its beer.
The artwork of elementary school students decorates the office windows behind home plate at Richmond County Bank Ballpark in Staten Island. One encourages residents not to litter. Another drawing, of the stadium’s infamous Staten Island pizza rat mascot, reads: “Better Days Are Coming!”
But empty liquor bottles litter the nearby concourse, and dandelions and other weeds grow in the outfield.
For the first time in 20 years, the ballpark is not the home of the Staten Island Yankees. In fact, nothing is happening at the city-owned stadium, which covers about six acres and offers waterfront views of Lower Manhattan.
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