Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.
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Rolls’ Again Bags Sweet $2.7billion Contract Defeating Rival GE
Rolls has defeated joint venturing General Electric and Pratt & Whitney while being awarded a £6.1billion deal with Emirates during April last year. Now the British car manufacturer again succeeds in snatching another deal worth $2.7billion with airline company Norwegian. The recent achievement is believed to accelerate Rolls CEO’s ongoing overhauling efforts aiming to establish transparency and cost cut of $200 million a year by 2017.
Yen Falters Against Stronger Dollar, BoJ’s Further Rate Slashing Attempts May Go In Vain
US Dollar has been witnessed to gain some value against yen in both Tokyo and Japan on Monday. The appreciation of dollar has taken place due to BoJ’s surprise move for slashing the interest rate to (-) 0.1%. Even BoJ Governor has hinted further rate slashing events, if situation demands. But economists have referred the attempt as an attraction drawing stance aiming to prevent yen from rising to boost up the sluggish economic growth.
Nigeria seeks $3.5 bln loans to fill budget gap
Nigeria requires $3.5 billion funds to fill its $15 billion budget deficit. The falling oil prices are eroding revenues for the government. The largest economy in Africa is seeking $2.5 billion loan from the World Bank and $1 billion loan from ADB.
Credit Suisse, Barclays to pay $154.3mn to settle 'Dark Pool' probe
Credit Suisse Group AG and Barclays Plc will pay combined $154.3 million to settle regulatory investigations into their 'dark pools.' The New York Attorney General said that the fight against the fraud and rigging in the trading mechanism would continue further. The US Securities and Exchange Commission (SEC) observed that Barclays and credit Suisse have misled their investors by providing inaccurate information.
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India's Transport Minister Nitin Gadkari said that the country needs $10billion funds to give a push to the economy growth. The Indian government is targeting $14.7 billion investments for infrastructure projects in next three years. The Finance Ministry has also increased budget allocations by 50 percent for infrastructure projects.
Russia says there's proposal from OPEC on production cuts and it's open to have a word on oil production cuts. Russia is a non-OPEC oil producing nation. Russian oil minister said that the proposal envisages five percent cut in the oil production to support falling oil price. However, there's no clarity over the proposal whether it was from OPEC or non-OPEC members.
Zika has appeared as a nightmare to many Latin American countries. The number of Zika infected has reached 4 million landmarks since reporting of the first case just eight months earlier. Absence of proper vaccine has made the situation much more terrible. Recently, scientists have escalated the fears revealing climate change may also contribute to the spread of Zika and other mosquito borne diseases.
Apple has been used to acquire smaller technology enterprises occasionally and is reluctant to discussing its policy or plan. This has been referred as the Apple’s usual nod for purchasing any company by the analysts. Thus the analysts confirm Apple’s Flyby Media acquisition and predict developing of iPhone headsets capable of tracking subject’s motion.
Facebook users will soon be prohibited from coordinating private firearm sales using its platform and also through Instagram. The step evokes strict policies on regulating promotional posts on unlicensed gun businesses . The new rule is only applicable for person-to-person firearm sales, licensed gun dealers will be permitted to use the social network.
South African Reserve Bank (SARB) has announced increasing key interest rates by fifty basis points to 6.75% on Thursday. It has also slashed down growth forecast to 0.9%. SARB has increased the interest rates for the second time with an interval of weeks. However, the rate hike will influence the Banks’ expenses and banking industry may witness job cutting as cost minimization effort.
WHO on Thursday has warned for probable spread of Zika virus across the North and Central American countries. Ahead of rising concerns for Zika spreading, drug makers and scientists have commented that manufacturing of an appropriate vaccine may even require a decade. These warnings has opened a huge business potential for Oxitec, an Intrexon subsidiary. Oxitec’s gene modified mosquitoes are capable of ensuring security against Zika for large populations.
Google has been reported to conduct secret tests over drones under codename of SkyBender at Spaceport America in New Mexico. The tech giant is using 5G wireless that involves millimeter wave technology which is considered as the future of high speed data transmission technology. Though the test results have been kept secret, but the $300,000 tests bring fortune for Virgin Galactic Spaceflights, reportedly suffering from cash crunch.
At the end of the month, Chinese stocks rallied and closed higher on Friday. Despite this, Shanghai Composite Index suffered its biggest monthly fall in the past seven years. The Chinese benchmark index Shanghai Composite tumbled 22.6 percent in January and this is the biggest monthly fall since October 2008. Chinese currency Yuan was marginally moved up against the US dollar on support extended by People's Bank of China (PBOC).
