News That Matters

Business

China temporarily spares U.S. oil imports from tariffs

China temporarily spares U.S. oil imports from tariffs

Business
Sept. 19 (UPI) -- U.S. crude oil exports have been temporarily spared from Chinese tariffs, giving state-run oil refineries a short window to import as much as possible. They're scrambling for U.S. imports because WTI, the U.S. benchmark, is selling at a $ 6.66 per barrel discount to Dubai crude oil. That's the biggest price difference of the year. China announced 10 percent tariffs on $ 60 billion in U.S. imports Tuesday in retaliation for President Donald Trump's latest volley of tariffs that were announced Monday. It's not clear when China's tariffs on crude oil will go into effect. "Oil on the tariffs list will only impact trade flows but not overall demand and as such could weaken U.S. grades regionally and in the worse case WTI prices but the global benchmark Brent should not be af...
Jack Ma rows back on pledge to create one million US jobs

Jack Ma rows back on pledge to create one million US jobs

Business
Alibaba founder Jack Ma, who once boasted his e-commerce firm would spur the creation of one million jobs in America, has rowed back on those plans.Citing the ongoing trade war between the US and China, Mr Ma told China's Xinhua news agency: "There is no way to complete the promise."It follows remarks by Mr Ma at Alibaba's investor day that the trade tensions could continue for decades.He had previously embraced the idea of expanding in the US.In January 2017, Mr Ma met with US President Donald Trump, outlining a plan to increase Alibaba's presence in America and strengthen relations between the two countries.Alibaba said access to Chinese customers through its online marketplace would help US businesses grow and hire workers - a...
Gas prices steady after onslaught from Hurricane Florence

Gas prices steady after onslaught from Hurricane Florence

Business
Sept. 18 (UPI) -- Hurricane Florence had little effect on gasoline prices because the storm didn't go near refineries or other energy infrastructure. The Carolinas and surrounding states also had an abundant supply of gasoline, analysts report, explaining the lack of a spike in prices. AAA reports that national prices remained steady at $ 2.85 on the week. Gasoline supplies in the mid-Atlantic and Northeast topped 66.7 million barrels, the highest level since March 2016. But actually delivering gasoline to gas stations in the hardest hit areas of North Carolina could be a short-term challenge. During the build-up to the hurricane, many drivers topped off their tanks, leaving some stations empty. "Gasoline stocks in the hurricane-impacted area are healthy, but delivery of gasoline will be ...
BMW to shut factory for a month after Brexit day

BMW to shut factory for a month after Brexit day

Business
Car giant BMW will shut its main British manufacturing factory immediately after Brexit day next year for several weeks, because of the rising risk of a "no-deal" divorce, Sky News has learned. The Mini plant in Oxford will not produce cars for at least a month from 1 April 2019, as the German giant activates the next stage of its no-deal contingency plans.During the referendum campaign, a number of high profile Leave campaigners claimed that an exit deal with the EU was inevitable because BMW would lobby German Chancellor Angela Merkel for one.David Davis, who later went on to become Brexit secretary, claimed in February 2016 that the UK is "too valuable a market for Europe to shut off". Image: Ex-Brexit Secretary David Davis sa...
U.S. official: Increase LNG exports to Europe to counter Russia

U.S. official: Increase LNG exports to Europe to counter Russia

Business
Sept. 17 (UPI) -- The United States needs to increase its natural gas exports to Europe to counter Russia's increasing energy dominance in the region, a top Trump administration official warned. Europe is shifting away from coal and new pipelines from Russia to Europe could put the countries at the mercy of Gazprom, Russia's largest gas producer. "Due to a lack of supply routes and insufficient pipeline buildout, Europe is also becoming more, not less, dependent on Russian natural gas," Steven Winberg, assistant secretary of fossil energy, said during a Senate hearing Thursday. "That does not have to be the case. Our nation is endowed with vast supplies of natural gas and production is growing rapidly." But some argue that allowing a mass exodus of natural gas out of the United States wou...