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Crude falls, gasoline surges as Harvey hits southern Texas

Harvey is now moving back toward southeastern Texas and southwestern Louisiana, bringing six to 12 additional inches of rainfall with it, according to the National Weather Service. About 4.4 million barrels of USA refining capacity have been shut by Harvey, including the country's largest refiner, Motiva Port Arthur, which can process more than 600,000 barrels a day. Read More »

Face-saving deal not the end of China-India tussle


The bloc's achievements to date include the US$100bn New Development Bank, opened in Shanghai in 2015 , and the US$100bn Contingency Reserve Arrangement, which provides emergency funds to member countries in sudden crises. "I am confident that the dialogue this year will also be a success and also help expand BRICS influence", he said. "Comprehensive and complementary development strategies will enable BRICS members and participants of "BRICS Plus" to conduct fruitful cooperation", he ... Read More »

Smart shows off autonomous Vision EQ ForTwo concept


Smart has pulled the covers off its new autonomous Vision EQ ForTwo concept ahead of its official debut at the Frankfurt Motor Show next month. "In the future car-sharing users will not have to look for the next available vehicle - it will find them and collect passengers directly from their chosen location", Winkler says. Read More »

Gasoline surges, oil declines as Harvey shutters refineries


Refineries with output of at least 4.4 million barrels per day (bpd) were offline on Tuesday, representing almost 24 percent of USA production, according to Reuters estimates and company reports. The refinery closures helped to push US gasoline futures to a two-year high of $1.7799 per gallon on Monday, though they had receded to $1.7466 by 1325 GMT on Tuesday. Read More »

Oil markets hit by Storm Harvey; US dollar extends fall

That means that no refined products or crude oil will be either imported or exported for the time being. Harvey isn't the first big storm to hit the refinery-rich Gulf Coast, but the oil industry has undergone big changes since the last major interruption from Hurricane Ike in 2008. Read More »

About 25% Of US Gulf Oil Output Offline Due To Harvey


The withdrawal in USA crude stocks is seen accelerating the market rebalancing targeted by the OPEC production cuts initiated earlier in the year, analysts said. If this is the case, customers for USA crude and product exports may well find themselves scrambling to line up replacement cargoes. This means that trade flows will be disrupted, with some cargoes likely to be diverted. Read More »

GDP growth hits 3 Year low 5.7% in Q1


Q1 farm sector growth at 2.5% is flat. Manufacturing: "Manufacturing growth has bottomed out", he said adding that it was down due to the roll out of Goods and Services Tax (GST) and destocking of goods. Meanwhile, India's fiscal deficit at July-end touched 92.4 per cent of the budget mainly because of front-loading of expenditure by various government departments. Read More »

Mumbai Rains: Four Dead; Schools, Offices Closed


It said the heavy downpour reminded the megapolis of the cloudburst on July 26, 2005, when there was about 950 mm rainfall in 24 hours. In neighbouring Thane, a 32-year-old woman and a teenage girl died and two others were injured in rain-related incidents. Read More »

Torrential rains bring India's financial hub to a halt


Following the incessant rain, Milan and Andheri subways have been shut due to water-logging. A man stands in deep flood water along West Little York Road as Addicks Reservoir surpasses capacity due to near constant rain from Tropical Storm Harvey Tuesday in Houston. Read More »

Toshiba Miss Deadline For Chip Business Deal


Apple didn't respond to emails and phone calls seeking comment. Japanese broadcaster NHK previously reported Apple's talks with Bain. Earlier reports said Bain brought Apple into the bidding group to stay in the running as Toshiba leaned toward a deal with Western Digital . Read More »

Qantas, Emirates to apply to extend commercial alliance


Making this announcement today, the Australian national carrier will fly from Sydney to London through Singapore instead of the Middle East under a renegotiated alliance with Emirates. Australia is amongst Changi Airport's top five country markets in terms of passenger traffic. Despite widespread admiration for Emirates as an first-rate airline, Australians, it seems, have never completely fallen for Dubai, as either a stopover or a holiday destination, with its tourism authorities failing ... Read More »

Gasoline prices to spike as Hurricane Harvey hits petroleum system


Oct. WTI oil was down 48 cents, or 1%, to settle at USD45.96/bbl. Oil investors are bracing themselves for a turbulent week as Hurricane Harvey continues to tear through Texas - the core of the U.S. You may have also noticed that volatility has slowed in the market. "The continued increase in flooding creates high uncertainty on the amount of damage that USA refineries will incur, the pace at which the shutdown will reverse and the magnitude of capacity that will be impaired over the ... Read More »

Mum arrested for drunk driving after son (11) calls cops from auto


Washington County Deputies said they arrested a woman whose son reported her for drunk driving. According to the sheriff's office, several other drivers had also called in to report Norris' irregular driving. "Her driving was so bad he realized this was not normal", Deputy Shannon Wilde told KATU. "I've never had that call before", she said. She had earlier attended a Hillsboro Hops minor league baseball game with her son. Read More »

RBI data proves Prime Minister Modi's demonetisation failed on all fronts


After deducting the expe-nditure for printing new notes, the net gain from the mammoth demonetisation exercise boils down to Rs 11,505 crore. Finance Minister Arun Jaitley said while addressing the media that confiscating black money was not the only objective of demonetisation, formalisation of the economy, transfer from cash-based system to digitalised system, increasing the tax base and curbing terrorism were some of the principle objectives of the demonetisation drive. Read More »

Christie Calls Cruz 'Disgraceful' for 'Lies' About Sandy Relief Bill

As Texas tries to recover from the effects of Hurricane Harvey , Texas Republican Senator, Ted Cruz is literally begging the federal government for disaster relief aid. Rep. Peter King (R-Seaford) hasn't forgiven Cruz for it, and last night he sent a reminder to the junior senator from Texas. Continuing with the so-called game, the governor said of Cruz: "He talks about playing politics, [but] that's what he did with people's lives in 2012 and 2013". Read More »

Brexit risks gaps on shop shelves, says retail body BRC


BRC chief executive Helen Dickinson said: "The slowdown in fresh food inflation for a second month kept a lid on overall increases in the price of the weekly grocery shop". In July, a report compiled by food experts and published by the University of Sussex underscored the risk of Brexit causing "chaos" as a result of food prices rising, and safety standards falling. Read More »

Chico's FAS, Inc. (CHS) Trades at 52-Week Low


Altria Group Inc (NYSE:MO) has risen 11.92% since August 28, 2016 and is uptrending. It has underperformed by 15.62% the S&P500. In the most updated research from a number of analysts on Wall Street, the company gets 6 Buys and 0 Sell among 8 analysts. Read More »

Harvey price gouging offenders will pay, Texas AG Paxton says


Or, maybe you've seen the gas prices that have skyrocketed to $30 per gallon. Twitter users have shared a picture of bottled water being sold Friday at a Houston area Best Buy for more than $42 a case. "This was clearly a mistake on the part of a few employees at a single store", Best Buy spokesman Shane Kitzman said in a statement. The retailer said it did not normally sell packs of water, which made the way this Best Buy tried to achieve a bulk sale somewhat more painful, Matyszczyk ... Read More »

Texas crude oil production up 3 percent before Harvey slowdown


WTI light sweet crude oil was down 34 cents at USD46.10 a barrel, the lowest in nearly two months. After settlement, industry group the American Petroleum Institute said its data showed that last week USA crude stocks fell, while gasoline inventories increased and distillate stocks drew. Read More »

Explosion Risk at Arkema Plant in Texas Forces Evacuations


Similar chemicals actually caught fire at the now infamous fertilizer plant in West, and the explosion left the site and the surrounding town looking like a bomb had been dropped on it. Arkema CEO Rich Rowe apologized to the people of Crosby for the threat posed by the facility and thanked emergency management and first responder officials for their help. Read More »

Harvey impacting gas prices in Kansas City


The impact could be felt as far north as Delaware. Gas prices in Virginia could jump as much as 15 to 25 cents per gallon - or more - within 10 days as the result of Hurricane Harvey's impact in Texas, AAA Mid-Atlantic officials are warning. Read More »

Warren Buffett tells CNBC he has not sold a share of Apple


Consequently, having him as the bank's biggest shareholder gives Bank of America an important and valuable seal of approval. Berkshire's agreement was to convert the warrants to Bank of America shares at $7.14 each. "In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder", the bank's chief executive officer Brian Moynihan said in a statement. Read More »