Author: Press Room

The oil market is closely watching the developments within OPEC+ as the group prepares for a virtual meeting on November 30 to discuss potential production cuts. This comes in the wake of a significant increase in US crude inventories and amid expectations of a Chinese stimulus that could impact demand. was trading at $76.50 on Friday, as OPEC+ confirmed it would hold a virtual meeting next Wednesday to deliberate on production strategies. The group, including key player Saudi Arabia, is contemplating maintaining its current output cut of 1 million barrels per day into the next year. This decision is influenced…

© Reuters. The US dollar strengthened against the Canadian dollar early today, with the pair extending its weekly gains to hit 1.3710. This movement comes just before the release of Canada’s Retail Sales report and amid a recovery in West Texas Intermediate (WTI) prices, which have risen to $76.50. The increase in oil prices typically supports the Canadian dollar, known as the Loonie, but market fluctuations spurred by delays from OPEC+ have tempered gains. Bank of Canada Governor Tiff Macklem has suggested that existing policies may be adequate for managing inflation, hinting at a potential pause in interest rate hikes.…

Abortion and gun control are the top priorities for Virginia Democrats heading into the new year after their election wins earlier this month.Bills and resolutions to ensure abortion access and ban so-called assault weapons were filed Monday as Democratic leaders set the agenda for the 2024 legislative session. Democrats propose increasing the state’s minimum wage and automatically restoring voting rights for convicted felons who have completed their sentences.Del. Don Scott, the new speaker of the House and first Black man to hold the office, said the upcoming legislative session will move Virginia forward.”I am especially glad to see the resolution…

Cruise crew members are accusing Carnival UK of threatening to “fire and rehire” 919 of them.A maritime union said Carnival UK filed a notice of mass layoffs as it was negotiating pay cuts.The union said it was similar to a 2022 scandal where another cruise company replaced workers with underpaid foreign workers. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app UK cruise giant Carnival has been accused by union employees of threatening to fire more than 900 crew members if they don’t take pay cuts…

UK retailer Desmond & Dempsey has resisted slashing prices during the Black Friday discounting bonanza since it was founded in 2014. This year was different. “We had a night of [deliberating] ‘do we do it, do we not’,” said Molly Goddard, who runs the burgeoning luxury pyjama brand with her husband, Joel Jeffery. “The reason why we did it was twofold: for the first time, our change in spending and our decision-making [as a couple] . . . has become a lot harder . . . quite frankly our mortgage went up significantly.”Goddard and other retailers are having to work harder to tempt customers as Britain’s sluggish economy and the…

© Reuters. Tourists visit the Big Buddha statue in Phuket, Thailand July 3, 2023. REUTERS/Jorge SIlva/File Photo BANGKOK (Reuters) – Thailand expects 3.4-3.5 million visitors from China this year, below its target, the Tourism Authority of Thailand (TAT) said on Friday, despite rolling out a visa-free programme to attract Chinese tourists. About 3.01 million Chinese tourists have visited the country so far this year, it said. China has been a key source market for Thailand’s vital tourism industry, with 11 million Chinese visitors in pre-pandemic 2019, accounting for more than a quarter of all arrivals that year. “China’s slowing economy…

© Reuters. The ownership structure of Range Resources Corporation (NYSE:) is dominated by institutional investors who collectively hold a significant 86% stake in the company, signaling strong credibility among professional investors. Among these, FMR LLC stands out as the top shareholder with 15% ownership, followed by other substantial holdings of 9.8% and 9.3%. Company insiders are also notably invested, owning US$135 million in shares. This substantial insider ownership may indicate an alignment of interests with shareholders but also raises questions about centralized power dynamics within the company. Conversely, the general public holds a smaller 12% share, which could potentially limit…

© Reuters. Investing.com– Oil prices rose slightly in Asian trade on Friday as traders remained on edge over a delay in an OPEC+ meeting, although expectations of more supply cuts by the cartel put prices on course to break a four-week losing streak. Trading volumes were muted with U.S. markets closed for the Thanksgiving holiday. While crude prices were set to rise for the week, gains were paltry after an unexpected delay in a of the Organization of Petroleum Exporting Countries and allies (OPEC+). The meeting was delayed to November 30 from November 26, with media reports suggesting some disagreements…

© Reuters. Investing.com– Asian currencies kept to a tight range on Friday, while the dollar moved little as a U.S. market holiday made for scant trading, although focus now turned to key business activity readings due later in the day.  Most regional currencies were set for some weekly gains amid growing conviction that the Federal Reserve was done raising interest rates. This notion had put the dollar at near three-month lows at the beginning of the week. But the greenback saw some strength in recent sessions, following strong U.S. labor data and some hawkish signals from the minutes of the…

Charleston, South Carolina elected William Cogswell as its next mayor in Tuesday’s runoff.Cogswell, a Republican, unseated incumbent Democratic Mayor John Tecklenburg by a margin of about two percent.Cogswell is the first Republican elected to the post since George Cunningham, who left office in 1877.The historic South Carolina city of Charleston has elected its first Republican mayor since the Reconstruction Era.William Cogswell, formerly a Republican state lawmaker, defeated incumbent Democratic Mayor John Tecklenburg by about 2 percentage points in Tuesday’s runoff, according to the South Carolina Election Commission. Results posted online by the commission showed a 569-vote margin separating the two…