Monday, 28 Sep 2020

Saad Hariri Says He Doesn’t Want to Be Nominated for Lebanese Premier

Indonesia reports 2,447 new coronavirus infections, 99 deaths

JAKARTA (REUTERS) – Indonesia reported 2,447 new coronavirus infections on Tuesday (Aug 25), taking the total number of cases to 157,859, data from the country’s Covid-19 task force showed.

The data recorded an additional 99 deaths, taking the total to 6,858, the highest Covid-19 death toll in South-east Asia.

Oil Prices Mixed In Cautious Trade

Oil prices were mixed in cautious trade on Tuesday as traders weighed storm-driven production cuts in the U.S. Gulf Coast against rising coronavirus cases in Asia and Europe.

Increasing U.S. rig count also kept prices under pressure ahead of the API inventory data.

Benchmark Brent crude rose 18 cents, or 0.4 percent, to $45.82 a barrel, while U.S. West Texas Intermediate crude futures were marginally lower at $42.61 a barrel.

Energy producers have reportedly shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14 percent of the nation’s total output as Tropical Storm Laura moved toward the Gulf of Mexico.

The storm is expected to strengthen into a category 1 hurricane as it approaches the Louisiana/Texas coast.

On the coronavirus front, the World Health Organization (WHO) said that the Covid-19 pandemic is still expanding, but the rise in cases and deaths has slowed globally, except for Southeast Asia and the eastern Mediterranean regions.

Europe is seeing a rise in coronavirus cases while researchers in Hong Kong reported what appears to be the first confirmed case of Covid-19 reinfection.

Top U.S. virus expert Anthony Fauci has warned against rushing out a Covid-19 vaccine before it has been fully tested.

Dublin evacuation: Irish health headquarters evacuated – emergency crews race to scene

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The building in Dublin has been evacuated following the discovery of a suspicious parcel. 

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JSW Group combines distribution of cement & steel under JSW One

JSW One has commenced operations in eastern India and will be scaled-up pan-India over the next couple of years

JSW Group has announced the combination of the distribution and supply chain of its steel & cement businesses under an integrated JSW One initiative to make it easier for customers to source the products.

JSW One has commenced operations in eastern India and will be scaled-up pan-India over the next couple of years.

“It will derive synergies to benefit both the steel & cement businesses by streamlining and maximizing the depth and expanse of JSW Group’s sales and supply chain network. JSW One will also combine the Group’s expertise across product portfolio to provide comprehensive service capability to its customers,” the group said in a statement.

Parth Jindal, managing director, JSW Cement said, “Our customers need TMT rebars, cement and steel roofs to construct their houses as well as paint to beautify their homes. JSW Group is the only conglomerate globally which can offer steel, cement and paints as a comprehensive offering to our customers. Through JSW One, we leverage this unique opportunity to change and alter the way we market our products to our customers.”

“I strongly believe in the opportunity for JSW One to be a force multiplier that will cater to an ecosystem of similar stakeholders. We already have a very strong presence through our various businesses in eastern India, which can be leveraged to quickly scale up our combined offerings in this region,” he said.

Stock Alert: Best Buy Down 6% On Outlook

Shares of Best Buy Inc. (BBY) are losing more than 6 percent or $7.11 in Tuesday’s morning trade at $110.26, after the electronics retailer warned that its third-quarter sales will likely not continue at the current rate of growth.

Tuesday, Best Buy said its second-quarter net earnings rose to $432 million or $1.65 per share from $238 million or $0.89 per share in the prior-year quarter. Excluding items, adjusted earnings were $1.71 per share, compared to $1.08 per share a year ago. Analysts polled by Thomson Reuters had a consensus earnings estimate of $1.08 per share. Analysts’ estimates typically exclude special items.

Enterprise revenues edged up to $9.91 billion from $9.54 billion in the same quarter last year, while the Street had a consensus revenue estimate of $9.71 billion.

Looking ahead, Best Buy said that while it is planning for third-quarter sales to be higher compared to last year, it will likely not continue at the current quarter-to-date level of about 20 percent growth. The company also did not provide financial guidance for the full year.

Best Buy has traded in a range of $48.11 to $119.48 in the past 52 weeks.

Saad Hariri Says He Doesn’t Want to Be Nominated for Lebanese Premier

Follow us @middleeast for more news on the region.

Saad Hariri, Lebanon’s former premier close to Saudi Arabia, said he doesn’t want to be nominated to form a new government and that his party will name someone suitable for the post during consultations with the president.

Hariri, head of the Sunni-dominated Future bloc, accused his rivals of seizing on a new opportunity to “blackmail” him for their own personal interest, according to a statement Tuesday. He also asked politicians to stop considering his possible nomination.

Parliament Speaker Nabih Berri has lobbied for Hariri to return to office, a few weeks after caretaker Premier Hassan Diab resigned in the face of mounting anger over the Aug. 4 blast in Beirut. Reports in local media have said that the president had already rejected Hariri’s nomination.

Read more: How the Beirut Blast Has Worsened Lebanon’s Crises

President Michel Aoun has yet to announce the start of parliamentary consultations to name a new prime minister.

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