Oil Prices Rise As Dollar Eases
Oil prices rose on Tuesday as the dollar weakened and China’s forecast-beating quarterly GDP growth figures helped shift investor focus back to demand.
Brent crude futures for March delivery climbed 66 cents, or 1.2 percent, to $55.41 a barrel, while U.S. West Texas Intermediate crude futures were up 22 cents, or 0.4 percent, at $52.64.
There was no settlement on Monday as U.S. markets were closed for the Martin Luther King Holiday.
The U.S. dollar eased as investors looked to comments from U.S. Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing later today.
According to a copy of her prepared remarks. Yellen will call on the federal government to “act big” to ramp up the recovery.
Biden and his administration will be sworn into office on Wednesday, with investors waiting for clarity on spending and the policies of the incoming government.
Investors also remain hopeful that economic growth in China will help support growth in the Asian region.
Refineries in China, the world’s top crude oil importer, posted record throughput in 2020, processing 3 percent more crude oil than a year ago, data released on Monday showed.
FTSE Russell deletes CNOOC from global and China indexes due to U.S. ban
SHANGHAI (Reuters) – Global index publisher FTSE Russell said on Friday it will delete CNOOC Ltd from its global and China indexes due to the U.S. investment ban.
The removal of the Hong Kong-listed stock from FTSE’s global indexes and the FTSE China 50 Index will be effective on Jan. 27, it said in a statement.
Dom’s Take: Fly, Robin, Fly!
On February 1, 2021, Finance Minister Nirmala Sitharaman will present her third Budget.
The year gone by has forced airlines to focus sharply on cutting costs and tweaking internal dynamics for survival.
Due to the COVID-19 pandemic, the sector has seen major erosion in air traffic, resulting in mass lay-offs in the industry.
In the first of a series on Budget 2021, Dominic Xavier hopes the FinMIn will give India’s struggling airlines a break.
- Dom’s Take
Feature Presentation: Aslam Hunani/Rediff.com
Stock Alert: Travelers Hits New 52-week High As Q4 Profit Beats View
Shares of Travelers Companies Inc. (TRV), a provider of insurance products and services, are rising almost 4 percent or $5.37 in Thursday’s morning trade at $150.39, after touching a new 52-week high of $152.29.
Thursday, Travelers reported fourth-quarter net income of $1.31 billion or $5.10 per share, up from $873 million or $3.35 per share in the previous-year quarter. Core income was $4.91 per share, compared to $3.32 per share in the prior year quarter. Total revenues grew 4 percent to $8.40 billion from $8.06 billion last year. Net written premiums increased 3 percent to $7.27 billion from $7.08 billion last year.
Analysts polled by Thomson Reuters had a consensus estimate for earnings of $3.18 per share on revenues of $7.27 billion.
Travelers has traded in a range of $76.99 to $152.29 in the past 52 weeks.
Amazon removing QAnon merchandise following Capitol riot
Big Tech stocks plunge as backlash against Silicon Valley grows
Big Tech alums flow into Biden administration amid crackdown on Trump allies
Parler sues Amazon after being forced offline
Parler app pulled offline as CEO warns of ‘longer than expected’ outage
Amazon said this week that it is working to take down merchandise associated with the QAnon conspiracy theory following last week’s storming of the US Capitol by Trump supporters.
The e-tail giant attributed the move to its policies that prohibit offensive items and inappropriate content. Amazon had attracted scrutiny for selling the merchandise after many members of last week’s riot were seen wearing gear emblazoned with large “Q” logos.
The attack left five people dead, including a Capitol Hill police officer.
QAnon is notorious for pushing conspiracy theories, including claims that President Trump is secretly fighting a cabal of child-sex predators, among them prominent Democrats and figures in Hollywood.
Amazon’s move to take down QAnon merchandise comes after its AWS cloud provider announced that it would stop hosting the web content of controversial social network Parler.
Parler had attracted Trump supporters and other right-wing activists with its pledge to be a haven for free speech as larger platforms such as Facebook and Twitter clamped down on misinformation after the 2020 presidential election.
With Post wires.
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Woman Hunted After $13 Million Vanishes From Korean Casino
South Korean police are on the hunt for a female casino executive who disappeared after her employer discovered 14.6 billion won ($13 million) in cash missing from the resort’s coffer.
Hong Kong-basedLanding International Development Ltd., which operates Jeju Shinhwa World, disclosed in a statement on its website that it was unable to reach the employee who was in charge of the casino funds. Landing’s shares in Hong Kong plunged 7.6% to a record low on Monday before rebounding 6.4% on Tuesday.
Jeju Provincial Police Agency confirmed that the probe is underway at its anti-corruption team, but declined to elaborate. Jeju, an island off the southern coast of South Korea, is a popular tourist destination dotted with foreigners-only casinos.
The employee in charge of the funds was a Malaysian national who did not return to work after going on vacation at the end of December, Yonhap News Agency reported. The missing funds — all in cash — would be too heavy and bulky at about 280 kilograms (617 pounds) for one person to carry out of the casino, let alone transport off the island. Police secured surveillance camera footage from the casino but the video around the time the funds may have disappeared was erased, according to Yonhap.