Oil surges 3pct on OPEC glut-cut plan
Oil prices have jumped about 3 per cent, rising after OPEC detailed specifics on its production-cut activity to ease global oversupply, and on signs of progress in ending the US-China trade war. Brent crude was up $US1.52 to settle at $US62.70 a barrel, or 2.48 per cent. US West Texas Intermediate crude futures added $US1.73…
Vanguard founder John Bogle dies at 89
John Bogle – also known as Jack – founder of investment management firm Vanguard, has died in Pennsylvania, the company said Wednesday. He was 89.‘Jack Bogle made an impact on not only the entire investment industry, but more importantly, on the lives of countless individuals saving for their futures or their children’s futures,’ said Vanguard…
EU probes Nike tax deals in the Netherlands
The EU on Thursday launched an in-depth probe into Nike’s tax affairs in the Netherlands, following revelations in the ‘Paradise Papers’ scandal that exposed low tax deals for multinationals.The investigation of one of the world’s most iconic brands, with its ‘Just Do It’ moniker, follows a series of other tax probes targeting the Netherlands, including…
Sales of new cars drop in Australia
In a worrying sign that a global credit crunch may well be on the way, the news that new car sales are slumping in the US is similar to a scenario unraveling in Australia. Part of this is due to reduced disposable income, and lower average household spending is often one of the key indicators…
Clive Palmer party approved for election
Clive Palmer wants his newly-registered party to contest all seats at the next federal election. The Australian Electoral Commission has approved the controversial businessman’s application to go by the United Australia Party. Mr Palmer, the federal MP for Fairfax from 2013-16, previously formed the Palmer United Party. The mining magnate claims the ‘re-establishment’ of a…
Sydney auctions jump, national market flat
Sydney saw a jump in auction activity but the nation’s property market is still in a rut, with fewer capital city homes put under the hammer last week and the national clearance rate lagging near a six-year low. Corelogic said on Monday there were 2,689 homes taken to auction over the past week in the…
Macron in Morocco for opening of high-speed railway
French President Emmanuel Macron on Thursday attended the inauguration in Morocco of a high-speed railway line that boasts the fastest journey times in Africa or the Arab world.The French leader and Moroccan King Mohammed VI took part in a grand ceremony at Tangiers’ newly renovated train station, with heavy security measures put in place.Macron then…
Michelin closes Scottish plant with 845 workers
French tyre manufacturer Michelin announced plans Monday to close a Scottish manufacturing plant with 845 employees due to growing competition from cheeper products in Asia.Michelin said the Dundee factory – opened in 1971 and now exclusively manufacturing 16-inch and smaller tyres for cars – would close in mid-2020.It cited lower demand for the plant’s premium…
Google abandons planned Berlin office hub
Campaigners in a bohemian district of Berlin celebrated Wednesday after Internet giant Google abandoned strongly-opposed plans to open a large campus there.The US firm had planned to set up an incubator for start-up companies in Kreuzberg, one of the older districts in the west of the capital.But the company’s German spokesman Ralf Bremer announced Wednesday…
US arrests alleged Chinese spy after extradition from Belgium
US authorities said Wednesday they have arrested a Chinese intelligence agent after he was extradited from Belgium, accusing him of a state-sponsored effort to steal American trade secrets.The Justice Department said Xu Yanjun, an official of the Ministry of State Security, had plotted since 2013 to obtain trade secrets of GE Aviation and other companies.An…
