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Ministers laud strong start to OPEC, non-OPEC oil output cuts

22 Jan

A flag with the OPEC logo is seen before a news conference in ViennaOPEC and non-OPEC countries have made a strong start to lowering their oil output under the first such pact in more than a decade, energy ministers said on Sunday as producers look to reduce oversupply and support prices. “The deal is a success …All the countries are sticking to the deal …(the) results are above expectations,” Russian Energy Minister Alexander Novak said after the first meeting of a committee set up to monitor the deal. Countries involved in the deal could reduce their output by 1.7 million bpd by the end of the month, Interfax news agency quoted Novak as saying.

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Foxconn CEO says investment for display plant in U.S. would exceed $7 billion

22 Jan

FILE PHOTO Founder and chairman of Taiwan's Foxconn Technology Terry Gou is shown on a screen during the third annual World Internet Conference in Wuzhen town of JiaxingFoxconn, the world’s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday. The plans come after U.S. President Donald Trump pledged to put “America First” in his inauguration speech on Friday, prompting Gou to warn about the rise of protectionism and a trend for politics to underpin economic development. Foxconn’s proposal to build a display plant, which would be planned with its Sharp Corp unit, depend on many factors, such as investment conditions, that would have to be negotiated at the U.S. state and federal levels, Gou told reporters on the sidelines of a company event.

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Apple files $1 billion lawsuit against chip supplier Qualcomm

21 Jan

People line up at an Apple store shortly before it opens in BeijingQualcomm is a major supplier to both Apple and Samsung Electronics Co Ltd for “modem” chips that connect phones to wireless networks. The two companies together accounted for 40 percent of Qualcomm’s $23.5 billion in revenue in its most recent fiscal year. In the lawsuit filed in U.S. District Court for the Southern District of California, Apple accused Qualcomm of overcharging for chips and refusing to pay some $1 billion in promised rebates.

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Wall St. opens higher ahead of Trump inauguration

20 Jan

A trader works on the floor of the New York Stock Exchange in Manhattan, New York City(Reuters) – U.S. stocks advanced at the open on Friday ahead of Donald Trump’s inauguration as the 45th president of the United States.

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Two Retirees Create Marijuana Packaging Business in Colorado

19 Jan

A retired schoolteacher and a former marketing executive built a company in Colorado that sells child-resistant containers to cannabis dispensaries.

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U.S housing starts surge in December; jobless claims near 43-year low

19 Jan

A "For Rent" sign is posted outside a residential home in Carlsbad, CaliforniaU.S. homebuilding rebounded more than expected in December as a strengthening economy boosts demand for rental housing. Other data on Thursday showed the number of Americans filing for unemployment benefits unexpectedly falling last week to a near 43-year low, pointing to a further tightening in the labor market that should underpin economic growth this year. Housing starts jumped 11.3 percent to a seasonally adjusted annual rate of 1.23 million units last month, the Commerce Department said.

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Wal-Mart to create 10,000 U.S. jobs in 2017

17 Jan

General view shows a Wal-Mart store in MonterreyThe number of jobs being created is consistent with previous years, said Lorenzo Lopez, a spokesman for Wal-Mart, the largest U.S. retailer and private employer. Several U.S. companies, particularly automakers, have announced plans to create jobs in the United States since the U.S. election victory of Donald Trump.

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Investors turn wary as Brexit, Trump uncertainty grows

16 Jan

A worker shelters from the rain as he passes the London Stock Exchange in LondonLONDON (Reuters) – Investors sold sterling and stocks in Europe and Asia on Monday, seeking shelter in gold and the Japanese yen as uncertainty over Britain’s departure from the European Union and the policies of U.S. President-elect Donald Trump curbed appetite for risk.

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Davos elites struggle for answers as Trump era dawns

15 Jan

FILE PHOTO: Chakrabarti speaks during an interview in KievThe global economy is in better shape than it’s been in years. Stock markets are booming, oil prices are on the rise again and the risks of a rapid economic slowdown in China, a major source of concern a year ago, have eased. Beneath the veneer of optimism over the economic outlook lurks acute anxiety about an increasingly toxic political climate and a deep sense of uncertainty surrounding the U.S. presidency of Donald Trump, who will be inaugurated on the final day of the forum.

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U.S. banks to stay in fashion as earnings kick off

14 Jan

A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York CityU.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises. It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500 . The banks’ top executives expressed optimism on Friday about 2017 in their first public comments about earnings since Trump won the presidential election on Nov. 8.

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