The average gasoline price fell to seven year low and is hovering at $1.91 per gallon in the US. If crude oil price continues to move upwards, then the gas price fall may rebound in the near future. According to AAA, the average may not go above $3 a gallon in 2016. Gasoline price fell 14 cents during the past two weeks.
Industry
Anglo American's copper output up 23% in Q4
Anglo American's copper production and from retained operations rose 23 percent for the fourth quarter of 2015. The overall copper equivalent basis production for 2015 rose five percent when compared with 2014. Majority of metals including copper, coal, nickel and iron ore tumbled during the second half of 2015. The copper inventory of Anglo American was at 197,631 tons as on 2015.
China's Venture Investment May Face Slowdown in 2016
China's tech startup may find 2016 as a tough year as venture capital will face a slowdown this year. Analyst predicted venture capital in China will decline this year, and government try hard to boost the development.
Startups: Job Today, a Tinder-like App for Recruitment, Received $10 million in Venture Capital and Aims for Europe Expansion
The app has been widely used in Spain and just launched in Paris and London. The services focus on blue collar workers and small business who often need a more simple and time-saving recruitment process. The app works similarly to dating app Tinder, where one party can swipe to decide whether the profile on screen fit what they are looking for.
Boeing To Reduce Production In 2016, Orders For 6000 Aircraft By No Means Indicate Decaying Business
Boeing has announced reducing production during 2016. The news has caused US Aerospace Share prices to go down by 9% on Wednesday, which has regained a little on Thursday. The production cut is not due to tattering financial condition of the aircraft manufacturer, but it is related to a transforming strategy. Still the manufacturer holds orders for delivery of around 6,000 aircraft, which represents a different tale.
Latest News
Apple is rumored to launch a new hybrid iPhone called iPhone 5se and new Apple Watch models. The rumor mill has churned out the latest on Apple: Apple will be releasing a new special edition phone based on one of its earlier iPhones, which is expected to be smaller and supports Apple Pay and for capturing Live Photos.
U.S. stocks bounced back after being dragged down on Wednesday by volatility in China. Global market followed to regain, while oil price began to stabilize.
Deutsche Bank AG reported €6.8 billion ($7.2 billion) losses in 2015. As a result, co-CEO John Cryan and Juergen Fitschen announced on Thursday that the management board will not receive bonus.
Speculation over production cut and held the oil price to around $30 a barrel, but uncertainty still lingers. Meanwhile, U.S inventories are reported to reach its highest level of crude stockpile.
The US housing market was boosted at the end of the year 2015 that marked the best year for existing and fresh home sales since 2007. Nearly 501,000 fresh homes were sold the previous year, an increase of 14.5% from 2014.
Freeport-McMoRan said that it has planned to trim up to $10 billion debt through earnings from joint venture transactions and asset sales. The mining group also reported a loss of $4.1 billion for the fourth quarter.
Korean automaker KIA will launch its sporty hatchback KIA Rio GT in 2018. The car will compete against Ford Fiesta ST in sportscar segment.
Introduction of risk based regulation centering Basel III accord has pushed up costs of fund. As an aftermath, the January 20 auction of the UK sovereign bonds has witnessed the lowest demand in nearly seven years. Ahead of rising concerns over the increasing challenges in the UK gilt market, many of the world’s biggest banks are shrinking their bond-trading activities. However, concerns of the investors and dealers have been communicated to the regulators concerned through a meeting held on Tuesday.
The policy making committee of the Federal Reserve Bank has announced keeping key interest rates unchanged on Wednesday. The inflation rate exists below predictions and job growth remains satisfactory. But ahead of global economic turmoil and considering strong Dollar outlook, Fed has decided to let the tightened monetary policy to go further. However, it hints for hiking interest rates during its next meeting scheduled to be held in March.
