Crude Oil Futures Close Sharply Higher As Inventories Drop

Mnuchin Says There Is Still No Agreement on Fiscal Stimulus

U.S. Treasury Secretary Steven Mnuchin said there’s still no agreement on a fresh fiscal stimulus package after he met for about 90 minutes with House Speaker Nancy Pelosi.

Mnuchin told reporters that he and Pelosi “made a lot of progress over the last few days,” and they will continue their talks.

“We still don’t have an agreement, but we have more work to do,” Mnuchin said. “We’re going to see where we end up.”

Pelosi said in a statement: “We found areas where we are seeking further clarification. Our conversations will continue.”

The House will hold a vote on the latest Democratic proposal for a $2.2 trillion package later on Wednesday, Pelosi said. That bill has little chance in the Republican-controlled Senate.

U.S. stocks pared gains on the news, after previously rallying on optimism that Mnuchin and Pelosi would find a path to a deal.

Reliance Retail to get ₹5,550 cr. investment

Co-investors of Silver Lake to invest an additional ₹1,875 crore.

Reliance Industries Ltd. (RIL) and Reliance Retail Ventures Ltd. (RRVL) on Wednesday announced that co-investors of Silver Lake will invest an additional ₹1,875 crore into RRVL, a subsidiary of RIL.

This brings the aggregate investment by Silver Lake and its co-investors in RRVL to ₹9,375 crore, translating into a 2.13% equity stake in RRVL on a fully diluted basis.

This latest investment values Reliance Retail at a pre-money equity value of ₹4.29 lakh crore.

Earlier on Wednesday, General Atlantic, a leading global growth equity firm, said it has decided to invest ₹3,675 crore into RRVL.This investment values Reliance Retail at a pre-money equity value of ₹4.285 lakh crore. General Atlantic’s investment will translate into a 0.84% equity stake in RRVL on a fully diluted basis

This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a ₹6,598.38 crore investment in Jio Platforms announced earlier this year, RIL said in a filing with stock exchanges.

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Debate Commission Says Changes Coming After Trump-Biden Faceoff

The commission that runs presidential debates said it would change the formats of the next presidential debates after Tuesday’s chaotic clash between President Donald Trump and Democratic nominee Joe Biden to provide a more orderly exchange of views.

“Last night’s debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues,” the commission said in a statement, without specifying what changes it would make.

Trump brought his confrontational style to Tuesday night’s debate, constantly interrupting Biden, prompting numerous blunt and angry retorts on both sides.

“The CPD will be carefully considering the changes that it will adopt and will announce those measures shortly,” the commission’s statement said, thanking moderator Chris Wallace of Fox News for “the professionalism and skill he brought to last night’s debate.”

Wallace had to shout at the nominees several times in order to keep the debate running as planned.

Presidential debate formats are crafted after weeks of negotiations from both campaigns and the commission, a fact Wallace reminded Trump of Tuesday night when he departed from the rules.

Senegal to Expand Health System After Covid-19 Exposes Needs

Senegal will recruit 1,500 additional health workers and raise 500 billion CFA francs ($893 million) to modernize hospitals and build new facilities, President Macky Sall said.

Even though the Health Ministry’s budget increased by 87% between 2011-19, the coronavirus outbreak has exposed a need for additional personnel, equipment and facilities, Sall said on hiswebsite on Wednesday in response to questions from Senegalese citizens.

The money will be raised over the next four years and will benefit the main hospital in the capital, Dakar, as well as regional facilities. The government plans to recruit 500 doctors and 1,000 nurses, midwives and support staff, he said.

Senegal had 14,982 confirmed coronavirus cases and 311 deaths as of Sept. 30.

HP to pay $6 million fine to settle SEC charges

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

(Reuters) – HP Inc HPQ.N agreed to pay a $6 million fine to settle U.S. Securities and Exchange Commission charges it misled investors by failing to disclose the impact of sales practices it used to meet quarterly sales and earnings targets, the regulator said on Wednesday.

The company did not admit or deny wrongdoing in agreeing to the civil settlement, the SEC said.

Crude Oil Futures Close Sharply Higher As Inventories Drop

Crude oil prices rebounded after early weakness on Wednesday as data showed a drop in U.S. crude inventories in the week ended September 25.

Worries about energy demand outlook due to rising coronavirus cases across the world and reports of fresh lockdown measures in several countries weighed on oil prices early on in the session.

Renewed uncertainty over U.S. presidential elections and the Congressional stalemate on a stimulus package also kept traders and investors on tenterhooks.

However, the official data from EIA helped pull oil prices out from the red.

West Texas Intermediate Crude oil futures for November ended up $0.93 or about 2.4% at $40.22 a barrel.

According to the data released by EIA, crude oil stockpiles fell by about 2 million barrels last week, as against expectations for an increase of 400,000 barrels.

Gasoline inventories were up by 0.7 million barrels, while distillate fuel inventories dropped by 3.2 million barrels.

The EIA data also said that crude stored at Cushing, Oklhahoma, dropped by 1.5 million barrels to 263.5 million.

The data said crude inventories are approximately 13% higher than the five-year average for this time of the year.

The American Petroleum Institute (API) reported late Tuesday a draw in crude oil inventories of 831,000 barrels for the week ending September 25 – but this draw was more than offset by a build in gasoline inventories.