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bank Economy energy month PPI Top News 

U.S. producer prices record biggest drop in 11 months

August 10, 2017 By Lucia Mutikani WASHINGTON (Reuters) – U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate hike. Other data on Thursday showed an increase in the number of Americans filing for unemployment benefits last week. The trend in weekly jobless claims, however, remained consistent with a tightening labor market. “Another twist of the screw tighter for this labor market but inflation is not able to gain…

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bank Business Economy energy New York Top News 

Standard Chartered eyes New York energy trading, bucks Wall Street trend: sources

August 2, 2017 By Catherine Ngai and Florence Tan NEW YORK/SINGAPORE (Reuters) – Standard Chartered is planning to launch an energy trading business in New York, two sources familiar with the matter said, in what appears to be the first major bank move into the sector in the United States after years of retreat on Wall Street due to cutbacks and stricter regulation. The British bank has hired Matthew Hastings, a former oil options trader at PetroChina International America in Houston, as its new head of energy trading in London,…

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BP energy gas industry Tech Top News 

BP in talks with electric carmakers on service station chargers

August 1, 2017 By Karolin Schaps and Ron Bousso LONDON (Reuters) – BP is in talks with electric vehicle makers on partnering to offer battery re-charging docks at its global network of fuel service stations as it seeks to benefit from the move away from diesel and petrol cars, Chief Executive Bob Dudley told Reuters on Tuesday. The expected rapid growth in the use of electric vehicles in the coming decades is threatening oil companies’ business model as demand for some road fuels could plateau as early as the late…

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BMW Chunichi Shimbun energy Japan Tech Top News 

Toyota set to sell long-range, fast-charging electric cars in 2022: paper

July 25, 2017 TOKYO (Reuters) – Toyota Motor Corp is working on an electric car powered by a new type of battery that significantly increases driving range and reduces charging time, aiming to begin sales in 2022, the Chunichi Shimbun daily reported on Tuesday. Toyota’s new electric car, to be built on an all-new platform, will use all-solid-state batteries, allowing it to be recharged in just a few minutes, the newspaper said, without citing sources. By contrast, current electric vehicles (EVs), which use lithium-ion batteries, need 20-30 minutes to recharge…

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Atlanta Diptendu Lahiri Economy energy rates Top News 

Weak mortgage income hurts U.S. regional lenders

July 21, 2017 By Sruthi Shankar and Diptendu Lahiri (Reuters) – Weak refinancing, thanks to higher interest rates, took a bite out off regional banks’ earnings in the second quarter and loan growth remained sluggish, mirroring trends seen at larger banks. Mortgage banking income fell by double digits on a percentage basis at most regional banks that have reported results so far. BB&T Corp posted a 15 percent fall in mortgage banking income, while U.S. Bancorp , the largest regional bank, said revenue from mortgage banking fell 11 percent. Along…

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Economy energy rates Top News Trump U.S. 

Trump administration reduces royalty rates in first U.S. oil, gas lease sale

July 14, 2017 WASHINGTON (Reuters) – The Trump administration on Thursday announced its first offshore oil and gas lease sale, offering 76 million acres (30 million hectares) in the Gulf of Mexico and reduced royalty rates for shallow-water leases to encourage drilling at a time of low oil prices. U.S. Interior Secretary Ryan Zinke said the sale on Aug. 16 would offer leases offshore Texas, Louisiana, Mississippi, Alabama and Florida for exploration and development. The sale will be the first of the administration’s 2017-22 National Outer Continental Shelf Oil and…

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Business energy month OPEC report 

Oil could hit $60 before year-end: Barron’s, citing Citi analyst

July 9, 2017 (Reuters) – Accelerating world oil demand and reduced supply from the Organization of the Petroleum Exporting Countries (OPEC) could push crude prices up to $60 a barrel before the end of the year, according to a report from Barron’s. The report cites research from Citigroup senior energy analyst Eric Lee, who previously called for a bear market in oil when the price was above $100. The decline in recent weeks to a low of just over $44 for Brent crude , the international benchmark, has made Lee…

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Business energy increase month U.S. 

Tech’s market leadership over? Not so fast

July 7, 2017 By Lewis Krauskopf NEW YORK (Reuters) – Technology shares surrendered their leadership in the U.S. stock market over the past month, but the fast-growing group may soon resume its outperformance and maneuver back into pole position. Upcoming earnings reports for the technology sector , whose profits are expected to outpace the overall S&P 500 for the 11th consecutive quarter, could lure back investors who have been concerned about expensive valuations and that too many people may have piled into the big names. The sector has slumped 4…

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ADP Business energy month report 

Tepid data, tech weakness to weigh on Wall Street

July 6, 2017 By Tanya Agrawal (Reuters) – Wall Street looked set to open lower on Thursday after data showed lower-than-expected hiring in the private sector and as technology shares fell. The ADP National Employment Report showed private employers added 158,000 jobs in June, below the estimated addition of 185,000. The report by payrolls processor ADP acts as a precursor to monthly non-farm payrolls data, due on Friday, that includes hiring in both the public and private sectors. Another set of data showed weekly jobless claims rose for the third…

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Business energy Japan Nikkei rates U.S. 

Global shares stumble, oil steadies after flying start to second half

July 4, 2017 By Marc Jones LONDON (Reuters) – World shares pulled back and bonds and gold regained favor on Tuesday as a long-range ballistic missile test by North Korea and July 4 holidays for U.S. markets dampened risk appetite. Asian shares were pushed lower and South Korea’s won slid to a 16-week low after the North’s missile landed in Japanese territorial waters amid assertions from Pyongyang that it could now strike “anywhere in the world”. Europe saw a modest drop too as the pressure to lock in profit after…

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