Business

© Sven Hoppe / DPA / Global Look Press
OPEC deal could give Russia extra $15bn in oil revenue
With the Russian budget based on the oil price averaging $40 per barrel, the jump to $55 after OPEC agreed to production cuts could add one trillion rubles (about $15 billion) to Kremlin coffers, according to VTB Capital analysts.

Business snaps

  • US trade gap widens as exports of soybeans, other goods fall

    The US trade deficit recorded its biggest increase in more than 1-1/2 years in October as exports of soybeans and other goods dropped, suggesting that trade would be a drag on growth in the fourth quarter. The Commerce Department said on Tuesday the trade gap widened 17.8 percent to $42.6 billion. That was the largest percentage increase since March 2015. When adjusted for inflation, the deficit rose to $60.3 billion from $54.2 billion in September. (Reuters)

  • German factory orders beat forecasts, up strongly in October

    German factory orders were up a far stronger-than-expected 4.9 percent in October compared with the previous month, led higher by orders for cars and vehicle parts. The figure released by the Economy Ministry on Tuesday compared with economists’ forecast of a modest 0.6 percent gain. The increase followed a 0.3 percent decline in September revised upward from the initial reading of a 0.6 percent loss. While bulk orders were below average for October, there was a 7.2 percent increase in orders for investment goods such as machinery. Demand for cars and vehicle parts was up 10.5 percent. Orders from inside Germany rose 6.3 percent, as did those from countries outside the eurozone. Demand from other eurozone countries was flat. (AP)

  • US Supreme Court rules for Samsung in smartphone fight with Apple

    The US Supreme Court on Tuesday sided with Samsung in its big-money smartphone patent fight with Apple, throwing out an appeals court ruling that said the South Korean company had to pay a $399 million penalty to its American rival for copying key iPhone designs. The justices in their 8-0 ruling sent the case back to the lower court for further proceedings. (Reuters)

  • Zimbabwe imported more than 300,000 tons of maize in 2016 after drought – Mugabe

    Zimbabwe imported more than 300,000 tons of maize in 2016 to plug a shortfall caused by a devastating drought in one of the continentэs poorest countries, President Robert Mugabe said on Tuesday. The El Nino-induced drought that hit southern Africa has been particularly bad for Zimbabwe, whose economy is in the grips of severe cash shortages, causing widespread food shortages and fuelling anti-government protests in recent months. (Reuters)

  • EM stocks rise to five-day highs, shrug off Italy concerns

    Emerging market equities hit five-day highs on Tuesday, with the Moscow bourse at fresh peaks as investors shrugged off the results of Italy’s referendum, while a weaker dollar helped currencies such as the rand and the lira make gains. Financial markets recovered on Tuesday with the benchmark emerging equities index up 0.8 percent and set for its best performance in a week, helped by strong gains from emerging Europe to Asia. Moscow shares outperformed, up 0.9 percent at record highs. Russian central bank first deputy governor Ksenia Yudayeva said Russia’s economy was recovering and would return to growth in the first quarter of 2017. (Reuters)

  • UK’s financial watchdog tightens rules for spread betting products

    Britain’s financial watchdog proposed tougher rules for retail financial spread betting products known as ‘contracts for difference’ (CFD) after finding that 82 percent of customers using them lost money. “We have serious concerns that an increasing number of retail clients are trading in CFD products without an adequate understanding of the risks involved, and as a result can incur rapid, large and unexpected losses,” the Financial Conduct Authority (FCA) said on Tuesday. CFDs, including spread bets and rolling spot foreign exchange products, are agreements between two parties to exchange the difference between the opening price and closing price of a contract. (Reuters)

  • Weaker commodities shares drag down European equities

    European shares edged lower in early trading on Tuesday, with commodities-related stocks coming under pressure following a drop in prices of crude oil and industrial metals. The pan-European STOXX Europe index was down 0.2 percent. Italy’s FTSE MIB was trading flat after finishing down 0.2 percent on Monday following political jitters in Italy. The STOXX Europe 600 Basic Resources index dropped 1.4 percent, the biggest sector faller, after prices of major industrial metals such as copper, aluminum and nickel fell 0.5 to 1.2 percent. Energy shares also slipped, with the regional oil and gas index falling 0.8 percent after crude oil fell after its output rose in virtually every major export region despite plans by OPEC and Russia to cut production. (Reuters)

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