Oil and Gas News
Posted on 20 October 2017 | 11:51 pm
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Posted on 20 October 2017 | 9:24 pm
A key hurdle to Donald Trump’s tax reforms has been eliminated, as last night’s US Senate vote in favour of a 2018 budget resolution means the president will only need a simple majority of 51 senators, rather than 60, to pass his tax cuts. As a result he will not necessarily need to seek the support of Democratic legislators, assuming he can convince sufficient Republicans to back him. A major programme of tax cuts was key to the president’s election campaign, with pledges to slash income and business taxes, as well as cutting some of the deductions and loopholes which complicate the system. Great news on the 2018 budget @SenateMajLdr McConnell - first step toward delivering MASSIVE tax cuts for the American people! #TaxReformpic.twitter.com/aBzQR7KR0c— Donald J. Trump (@realDonaldTrump) October 20, 2017 The latest budget bill opened the way for tax cuts of $1.5 trillion (£1.1 trillion) over 10 years, and also allows for extra spending in areas such as defence. Stocks climbed modestly with the S&P 500 and the Dow Jones Industrial Average both closing up over 0.5pc, and gold sliding 0.6pc. Treasury yields climbed to a nine-year high while the move also raised expectations of further interest rate hikes from the Federal Reserve. Analysts believe the move should support stocks over the coming months - but those hoping for rapid progress on the tax plans may be disappointed. “Overhauling the tax code and cutting taxes significantly, as planned by the president, is a very complex process and it will be no easy task for the administration to please all sides and get enough support for the final tax bill to be passed,” said Brian Davidson at Fathom Consulting. “We believe that large corporate tax cuts will eventually be enacted, but this is more likely to happen in the first or second quarter next year, and not later this year as the administration hopes.” For markets “the upshot is that we expect the so-called 'Trump trade' to come back to life as tax reform progresses, although it may be a bumpy ride as delays occur and divisions between Republicans are made public,” he said. Mr Trump has pinned his hopes on tax cuts and spending hikes creating a substantial economic boost, with the result that tax revenues ultimately rise sufficiently to limit extra borrowing. White House announces Trump's proposed tax overhaul 02:04 Economists remain sceptical of the proposals, however, and some Republicans are also keen to avoid a large increase in borrowing - meaning the president can expect some tough negotiations with his own party. Meanwhile reports indicate that Jerome Powell, a governor at the Federal Reserve, is now the favourite candidate to replace Janet Yellen at the top of the central bank. Ms Yellen had been considered a shoo-in by markets as unemployment is low and inflation under control, while she is very gradually pushing interest rates upwards from the emergency levels introduced in the wake of the financial crisis. But in August she criticised the president’s plans to roll back the banking regulations introduced since the credit crunch and this is thought to have damaged her chance of being re-appointed when her term of office expires in February. Gary Cohn, chief economic adviser at the White House, was another leading contender. But he criticised Mr Trump’s reaction to the Charlottesville protests, undermining his chances of taking the role. Mr Cohn is also keen to push through major tax reforms, giving him an incentive to remain in his current role.
Posted on 20 October 2017 | 8:32 pm
Thousands of anguished Somalis gathered to pray Friday at the site of the country's deadliest attack, while the toll rose to 358 and dozens remained missing. Somalia's president will announce a "state ...
Posted on 20 October 2017 | 8:10 pm
Posted on 20 October 2017 | 6:24 pm
Posted on 20 October 2017 | 6:06 pm
Procter & Gamble Co disappointed Wall Street with sales on Friday, hurt by continuing weakness in its Gillette business, a week after it claimed to have fought off hedge-fund manager Nelson Peltz's move to muscle onto the board. P&G, which spent millions battling Peltz's charges of bureaucratic and ineffective management, reported higher sales of beauty and home care products. Net sales in the firm's first quarter results rose just 1 percent to $16.65 billion, missing analysts' expectations of $16.69 billion and driving shares 3.5 percent lower in afternoon trading in New York.
Posted on 20 October 2017 | 4:24 pm
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Posted on 20 October 2017 | 4:00 pm
Philip Morris International Inc. (NYSE:PM) reported earnings yesterday and Wall Street hated it. The stock fell 4%, and what made matters worse is that yesterday we also had a market-wide tizzy that exaggerated the negative reaction in PM stock.Source: Taber Andrew Bain Via Flickr
Posted on 20 October 2017 | 3:52 pm
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Posted on 20 October 2017 | 3:02 pm
Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one (AAPL)
Apple will only be able to ship between 2-3 million iPhone X units before launch, says KGI Securities analyst Ming-Chi Kuo. If true, this means there will not be many iPhone X units in any individual market because it is launching in 57 countries and territories. For Apple fans, this means that it's going to be especially difficult to get one on the first few days it's available.
Posted on 20 October 2017 | 2:42 pm
Posted on 20 October 2017 | 2:33 pm
Australia's near 100-year automotive industry ended on Friday as Holden, a unit of General Motors, closed its plant in South Australia to move manufacturing to cheaper locations. The closure comes a year after Toyota and Ford similarly moved out, eliminating thousands of manufacturing jobs. "The end of Holden making cars in Australia is a very sad day for the workers and for every Australian.
Posted on 20 October 2017 | 2:30 pm
Last night, Celgene Corporation (NASDAQ:CELG) released a headline that they canceled phase three for their potential solution to Crohn’s disease. The stock is now trading down 10%. This means that it would now be down 16% since early October.Source: Wikimedia (Modified)
Posted on 20 October 2017 | 2:24 pm
Shares of Ford Motor Company (NYSE:F) struggled Wednesday and closed down about 65 basis points, likely thanks to a new recall. General Motors Company (NYSE:GM) is up an impressive 12% this month, and that’s after falling over the last few sessions. Some 1.3 million Ford F-150 trucks are affected by this door latch recall.
Posted on 20 October 2017 | 2:15 pm
Chipotle Mexican Grill’s new “queso” cheese topping pictured in San Francisco, California, U.S. September 18, 2017. The restaurant sector analysts at RBC Capital have cut their price target for Chipotle Mexican Grill (CMG) to $330 from $400. Palmer says that Chipotle’s new queso, which launched on Sept. 12, has been disappointing.
Posted on 20 October 2017 | 1:50 pm
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Posted on 20 October 2017 | 12:45 pm
Schlumberger said investments in North America were moderating as energy companies increasingly shied away from chasing higher production at the cost of financial returns. "Oil prices remain volatile and, as a result, our customers remain cautious," Baker Hughes Chief Executive Lorenzo Simonelli said.
Posted on 20 October 2017 | 12:35 pm
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Posted on 19 October 2017 | 7:10 pm
Rite Aid Corporation (NYSE:RAD) investors certainly haven’t been faced with a shortage of things to chew on of late. The failure of Walgreen’s initial plan to outright acquire all shares of RAD stock in 2015 followed by the no-go on 2016’s revised plan to only buy 2,186 Rite Aid units — WBA is now only acquiring 1,932 of Rite Aid’s 4,560 stores — spurred mounds of investor concern, as a large cash infusion was seen as the only way to save the struggling Rite Aid Corporation. Here’s the thing: Rite Aid was in trouble, maybe even doomed, well before Walgreen’s was interested.
Posted on 19 October 2017 | 6:12 pm
Posted on 19 October 2017 | 5:58 pm
Bank of America Merrill Lynch is the latest Wall Street firm to issue a warning about a stock-market correction. BAML joins Morgan Stanley in the ranks of big firms that have sounded the alarm this week. The most recent firm to sound the alarm is Bank of America Merrill Lynch, which forecasts a pullback of at least 10% — the historical definition of a correction — by Valentine's Day.
Posted on 19 October 2017 | 5:40 pm
Posted on 19 October 2017 | 5:15 pm
White nationalist Richard Spencer will speak at the University of Florida — and UF is spending $500,000 on massive police presence
The University of Florida expects to spend $500,000 on security for a speech by white nationalist Richard Spencer. Spencer, a far-right figure, attended the Charlottesville protests, and pledged to speak at other colleges. There will be more police on the UF campus than in any other time in the school's history.
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Posted on 19 October 2017 | 9:31 am
Aaron Judge is the Yankee Greeter. A favorite to win AL Rookie of the Year and a contender for the league's Most Valuable Player Award, Judge jogs toward the dugout at the end of every defensive inning, ...
Posted on 19 October 2017 | 6:43 am