Thursday, 20 Feb 2020

Oil Extends Losses On Demand Worries

Watch | Mercedes' new premium SUV model

German luxury car maker Mercedes Benz launched its premium SUV GLC

German luxury car maker Mercedes Benz launched its premium SUV GLC. The latest generation of the GLC is available in both petrol and diesel engine options. These are equipped with MBUX, an intuitive and intelligent multi-media system. The headlights get a new pattern along with revised bumpers. It has 19-inch wheels, that looks premium and gives a proportionate stance. Carried over is the silver finish lining board, with a subtle plastic cladding. This model now has tail lights featuring in LED and a revamped design on the cluster. The additional feature is the engine, with a more powerful 194hp diesel engine. This car is also a BS-VI compliant which has high refinement levels. There is also a 9 speed automatic gear box, which is smooth to shift.

New York Daily News Hits Mitch McConnell With A Yellow-Bellied Cover Nickname

Senate Majority Leader Mitch McConnell (R-Ky.) will likely not be cock a hoop over the New York Daily News’ Tuesday front page.

“Chicken Kiev,” read the tabloid’s headline, next to an image of a chicken with McConnell’s head. “Mitch refuses to budge on witnesses despite Bolton’s Ukraine bombshell,” the newspaper added underneath.

The Daily News’ cover story centered on McConnell’s refusal to allow witnesses to testify in the Senate impeachment trial of Donald Trump over his Ukraine misconduct, despite former national security adviser John Bolton reportedly confirming Democrats’ case against the president in his upcoming book “The Room Where it Happened.”

Trump is accused of pressuring Ukraine’s president to announce an investigation into his potential 2020 Democratic rival Joe Biden, allegedly in exchange for withheld military aid. Trump is also alleged to have stonewalled the investigation into the original allegation. Trump denies any wrongdoing.

Famed Watergate reporter Carl Bernstein last week gave McConnell the mocking nickname of “Midnight Mitch,” over his schedule for the trial that meant some testimony would take place after dark.

The Daily News has a long history of using its eye-catching front pages to take aim at Trump, his allies and members of his administration:

Airbus agrees deal on bribery investigations in UK, US and France

Airbus has said it has agreed a settlement with French, British and US authorities over investigations into allegations of bribery and corruption.

“Airbus confirms that it has reached agreement in principle with the French Parquet National Financier, the UK Serious Fraud Office and the US authorities,” the aerospace group said.

“These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the US International Traffic in Arms Regulations (ITAR). They remain subject to approval by French and UK courts and US court and regulator,” it added.

Airbus said it could not comment on precise details regarding its talks with the investigating authorities. The Financial Times earlier reported that Airbus could pay out huge sums to reach the settlement. Analysts had predicted fines of more than €3bn (£2.5bn) for Airbus.

The FT said Airbus had reached a deferred prosecution agreement with the Serious Fraud Office, which would mark a significant milestone for the regulator after a string of defeats.

Airbus has been investigated by French and British authorities over suspected corruption dating back over a decade. It has also faced investigations in the US over suspected violations of export controls.

Gold prices fall ₹162, silver tumbles ₹657

On Monday, the precious metal had closed at ₹41,456 per 10 gram.

Gold on Tuesday fell by ₹162 to ₹41,294 per 10 gram in the national capital amid rupee appreciation, according to HDFC Securities.

On Monday, the precious metal had closed at ₹41,456 per 10 gram.

Silver prices also dropped by ₹657 to ₹47,870 per kg from the previous close of ₹48,527 per kg.

“Spot gold for 24 Karat in Delhi fell by ₹162 pressured by rupee appreciation. The spot rupee was trading around 11 paisa stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In early trade on Tuesday, the rupee appreciated by 6 paise to 71.37 against the US dollar.

In the international market also, both gold and silver were trading lower at USD 1,579 per ounce and USD 18 per ounce, respectively.

“Global investors are weighing the effect of China’s coronavirus outbreak,” he added.

Oil Extends Losses On Demand Worries

Oil prices fell further on Tuesday to extend losses from the previous session after China reported 24 more deaths from coronavirus epidemic, taking the number of fatalities to 106 and raising concerns about a hit to global economic growth.

Benchmark Brent crude fell 0.85 percent to $58.08 a barrel, while U.S. crude futures were down 0.7 percent at $52.78.

Companies in the travel and tourism industries are the most likely to be affected as the deadly novel coronavirus spreads to more and more countries.

China is the world’s second largest oil consumer, and therefore a broad slowdown in economic activity is expected to weigh on global energy demand.

China has already extended the Lunar New Year holiday to February 2 nationally, and to February 9 for Shanghai.

Tangshan, China’s largest steelmaking city in northern Hebei province, announced today that it is suspending all public transit within the city in an effort to prevent the spread of the virus.

Saudi Arabia and the United Arab Emirates (UAE), allies in the Organization of the Petroleum Exporting Countries (OPEC), tried to play down the impact of the virus on Monday, but reports now suggest that the cartel may consider deepening the ongoing production cuts to stave off excessive price slides.

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