|Saturday, May 27, 2017

Business News

US plan to sell oil reserves undermines OPEC supply management efforts

SINGAPORE, May 24: U.S. President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday since it counters OPEC’s efforts to control supply in order to boost prices. The White House requested in its budget released late on Monday gradually selling off the nation’s Strategic Petroleum Reserve (SPR) starting in October ...Full Article

Trump’s budget proposes deep cut to US oil stockpile

NEW YORK, May 24 President Donald Trump’s budget released on Tuesday (May 23) proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America’s shale boom has lessened the ...Full Article

Oil producers to extend output curbs at OPEC meeting

VIENNA, May 24: Oil producers inside and outside the OPEC cartel began gathering in Vienna on Tuesday (May 23) ahead of a meeting expected to agree an extension of ...Full Article

Chinese carmaker Geely to acquire ‘struggling’ Proton: Sources

BEIJING, May 24: Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, sources said on Tuesday (May 23), beating out rival bidder PSA Group. Zhejiang ...Full Article

Ringgit opens higher against greenback

KUALA LUMPUR, May 23: The ringgit opened higher, riding high on the back of Malaysia’s robust first-quarter 2017 (1Q2017) Gross Domestic Product (GDP) growth data. Dealers noted increased buying ...Full Article

Trump budget plan slashes food stamps, healthcare for poor

WASHINGTON, May 23: The White House is set to deliver President Donald Trump’s first full budget to lawmakers on Tuesday, a plan that would slash funding for healthcare and ...Full Article

US stocks rise for third straight session

NEW YORK, May 23: US stocks rose for the third straight session on Monday (May 22) as investors again focused on signs of strengthening economic growth and pushed away ...Full Article

Asian energy firms lead market gains on hopes for oil ouput cut

HONG KONG, May 23: Energy shares led a broad rally across Asian markets on Monday as oil prices were boosted by growing hopes that an OPEC-led output cut will be ...Full Article

Ringgit kicks-off new week stronger against greenback

KUALA LUMPUR, May 22: The ringgit kicked off the new week on a stronger note against the US dollar, extending last week’s upward momentum following the better-than-expected first quarter ...Full Article

US and Pacific Rim countries at odds in heated trade meeting

HANOI, May 22: Japan and other members of the Trans-Pacific Partnership agreed on Sunday (May 21) to pursue their trade deal without the United States as the Trump administration’s ...Full Article
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