China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism


China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday. The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website. Domestic tourism
China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


China retail earnings up 8.5 percent during new year holiday, Commerce Ministry says

China’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5 percent from last year, the country’s commerce ministry said late on Sunday.

The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday, the Ministry of Commerce said in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: vcg, getty images
Keywords: news, cnbc, companies, websitedomestic, billion, yuan, retail, trips, xinhua, 85, earnings, products, official, holiday, commerce, china, ministry


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Death toll from Philippine landslides, floods climbs to 85

The death toll from landslides and devastating floods in the central Philippines triggered by a tropical depression climbed to 85, officials said on Wednesday, and 20 people were missing as rescuers slowly reached cut-off communities. “If we don’t recover the missing or we recover them dead, that is 105 deaths, which we hope not,” Jalad said. The tropical depression, which weakened into a low pressure system before leaving the Philippines on Sunday, brought heavy rain that triggered landslides a


The death toll from landslides and devastating floods in the central Philippines triggered by a tropical depression climbed to 85, officials said on Wednesday, and 20 people were missing as rescuers slowly reached cut-off communities. “If we don’t recover the missing or we recover them dead, that is 105 deaths, which we hope not,” Jalad said. The tropical depression, which weakened into a low pressure system before leaving the Philippines on Sunday, brought heavy rain that triggered landslides a
Death toll from Philippine landslides, floods climbs to 85 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-02  Authors: simvale sayat, afp, getty images
Keywords: news, cnbc, companies, triggered, death, recover, toll, 85, bicol, floods, philippines, landslides, rains, provinces, tropical, climbs, rain


Death toll from Philippine landslides, floods climbs to 85

The death toll from landslides and devastating floods in the central Philippines triggered by a tropical depression climbed to 85, officials said on Wednesday, and 20 people were missing as rescuers slowly reached cut-off communities.

The casualties, including young children, were mostly killed when their homes collapsed in landslides after days of heavy rain in several provinces in the central Philippines, said Ricardo Jalad, executive director of the national disaster agency.

“If we don’t recover the missing or we recover them dead, that is 105 deaths, which we hope not,” Jalad said.

The tropical depression, which weakened into a low pressure system before leaving the Philippines on Sunday, brought heavy rain that triggered landslides and flooding in the Bicol and eastern Visayas regions.

Officials put three provinces under a “state of calamity” to give them access to emergency funds.

Bicol, with a population of 5.8 million, was the hardest hit, with 68 killed in intense rains and landslides. Damage to agriculture in Bicol, which produces rice and corn, was estimated at 342 million pesos ($6.5 million).

Rescuers, including the police and military, used heavy-lifting equipment to clear roads leading to landslide sites and entered flooded communities using rubber boats.

“The sun is already out, with occasional light rains. We hope floods will subside,” Ronna Monzon, a member of the operations personnel at the disaster agency in Bicol, told Reuters.

About 20 tropical cyclones hit the Philippines every year, with destroyed crops and infrastructure taking a toll on human lives and weighing down one of the fastest growing economies in Asia.


Company: cnbc, Activity: cnbc, Date: 2019-01-02  Authors: simvale sayat, afp, getty images
Keywords: news, cnbc, companies, triggered, death, recover, toll, 85, bicol, floods, philippines, landslides, rains, provinces, tropical, climbs, rain


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Marijuana producer Tilray says revenue surged more than 85 percent last quarter

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.” The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation. Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization. Total kilograms sold increased over two-fold to 1,613 k


“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.” The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation. Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization. Total kilograms sold increased over two-fold to 1,613 k
Marijuana producer Tilray says revenue surged more than 85 percent last quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck
Keywords: news, cnbc, companies, company, surged, past, quarter, revenue, demand, tilray, 85, stock, months, kilograms, producer, theres, marijuana


Marijuana producer Tilray says revenue surged more than 85 percent last quarter

Tilray CEO: Our biggest challenge is that there’s so much demand for product 7 Hours Ago | 03:01

“All of that revenue for this quarter is medical and we look forward to next quarter, when we’ll start to see some Canadian adult-use revenue in that earnings report,” Kennedy said.

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.”

The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation.

Tilray’s stock has climbed more than 320 percent over the past three months, making it one of the most speculative names on the Street. Though it posted just $20 million in revenue last year (and is projected to generate just $140 million in 2019), the company has a market cap of about $10.5 billion.

The stock, which trades on the NASDAQ, is down 23 percent over the past month as investors cashed in for profits.

The stock pared some of its losses following those comments and was last down 2 percent in after hours trading.

Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization.

The company reported an adjusted loss for last quarter of 8 cents versus an expected 12 cents per share loss, according to the four analysts polled by Refinitiv. Total kilograms sold increased over two-fold to 1,613 kilograms from 684 kilograms in the prior year.

Tilray announced earlier in the third quarter that it had become the first and only company to receive regulatory approval in Canada and Germany to export medical cannabis flower for distribution to German patients.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck
Keywords: news, cnbc, companies, company, surged, past, quarter, revenue, demand, tilray, 85, stock, months, kilograms, producer, theres, marijuana


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Supreme Court Justice Ruth Bader Ginsburg, 85, breaks ribs in fall

Supreme Court Justice Ruth Bader Ginsburg fell in her office and fractured three ribs. It is not the first time that Ginsburg has fractured her ribs while on the court. In June 2012, Ginsburg fractured two ribs in a fall and did not disclose the injury to the public until months later. She was the principal author of a landmark brief that led Supreme Court in 1971 to apply the the equal protection clause of the 14th Amendment to women. Ginsburg, the second of four women to serve on the high cour


Supreme Court Justice Ruth Bader Ginsburg fell in her office and fractured three ribs. It is not the first time that Ginsburg has fractured her ribs while on the court. In June 2012, Ginsburg fractured two ribs in a fall and did not disclose the injury to the public until months later. She was the principal author of a landmark brief that led Supreme Court in 1971 to apply the the equal protection clause of the 14th Amendment to women. Ginsburg, the second of four women to serve on the high cour
Supreme Court Justice Ruth Bader Ginsburg, 85, breaks ribs in fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: tucker higgins, joanne rathe, the boston globe, getty images
Keywords: news, cnbc, companies, ginsburg, bader, ribs, court, fractured, went, serve, ruth, justice, supreme, 85, womens, breaks, fall


Supreme Court Justice Ruth Bader Ginsburg, 85, breaks ribs in fall

Supreme Court Justice Ruth Bader Ginsburg fell in her office and fractured three ribs. The 85-year-old liberal justice was admitted to a hospital Thursday.

Ginsburg’s health has been a matter of intense speculation in recent years. The court’s oldest member, Ginsburg has survived multiple bouts with cancer, and in 2014 underwent a procedure to have a stent placed in her right coronary artery.

The fall happened Wednesday evening.

“She went home, but after experiencing discomfort overnight, went to George Washington University Hospital early this morning,” the court said in a statement Thursday. “Tests showed that she fractured three ribs on her left side and she was admitted for observation and treatment.”

It is not the first time that Ginsburg has fractured her ribs while on the court. In June 2012, Ginsburg fractured two ribs in a fall and did not disclose the injury to the public until months later. The court said at the time that despite the fracture, Ginsburg “did not skip a beat.”

The Brooklyn-native, one of four liberal justices on the nine-member court, has said she plans to serve on the bench until she is 90, and has hired law clerks through 2020.

Her approach to the law has been described as cautious, though she has been influential in shaping jurisprudence in cases involving gender discrimination, women’s reproductive health and international law.

She was the principal author of a landmark brief that led Supreme Court in 1971 to apply the the equal protection clause of the 14th Amendment to women.

Ginsburg, the second of four women to serve on the high court, was appointed by President Bill Clinton in 1993. Before joining the court, she worked as the director of the ACLU’s Women’s Rights Project.

News of Ginsburg’s fall comes on the same morning as the formal investiture of Justice Brett Kavanaugh, President Donald Trump’s second nominee to the high court.

The court said that more information would be provided as it became available.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: tucker higgins, joanne rathe, the boston globe, getty images
Keywords: news, cnbc, companies, ginsburg, bader, ribs, court, fractured, went, serve, ruth, justice, supreme, 85, womens, breaks, fall


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Brent crude steadies near $85 as Saudi raises oil output towards record

Oil traded below a four-year high on Wednesday as top exporter Saudi Arabia said it increased output to near a record high and after Reuters reported that Russia and Saudi Arabia had struck a private deal in September to pump more. Crude still found support from expectations that U.S. sanctions on Iran will further cut the OPEC country’s oil exports, tightening supplies and straining the ability of other major producers. Brent crude, the global benchmark, fell 7 cents to $84.73 a barrel by 9:21


Oil traded below a four-year high on Wednesday as top exporter Saudi Arabia said it increased output to near a record high and after Reuters reported that Russia and Saudi Arabia had struck a private deal in September to pump more. Crude still found support from expectations that U.S. sanctions on Iran will further cut the OPEC country’s oil exports, tightening supplies and straining the ability of other major producers. Brent crude, the global benchmark, fell 7 cents to $84.73 a barrel by 9:21
Brent crude steadies near $85 as Saudi raises oil output towards record Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: ahmed jadallah
Keywords: news, cnbc, companies, record, arabia, wti, saudi, output, oil, west, steadies, traded, cents, raises, crude, 85, brent, barrel, near, high


Brent crude steadies near $85 as Saudi raises oil output towards record

Oil traded below a four-year high on Wednesday as top exporter Saudi Arabia said it increased output to near a record high and after Reuters reported that Russia and Saudi Arabia had struck a private deal in September to pump more.

Crude still found support from expectations that U.S. sanctions on Iran will further cut the OPEC country’s oil exports, tightening supplies and straining the ability of other major producers.

Brent crude, the global benchmark, fell 7 cents to $84.73 a barrel by 9:21 a.m. ET (1321 GMT), reversing an earlier gain. The price hit $85.45 on Monday, its highest since November 2014. U.S. crude was down 5 cents at $75.18.

U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $75.17 a barrel.


Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: ahmed jadallah
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The government just gave its explanation for appealing the $85 billion AT&T-Time Warner merger

The U.S. Department of Justice released its written argument explaining why it’s appealing AT&T’s $85 billion acquisition of Time Warner, a deal that was approved by U.S. District Court Judge Richard Leon in June. The government argues Judge Leon ignored “mainstream economics” in his decision because he refused to see a deal as having “an appreciable danger” of raising prices on consumers in the future. The government said Judge Leon ignored economic theory by claiming Time Warner wouldn’t have


The U.S. Department of Justice released its written argument explaining why it’s appealing AT&T’s $85 billion acquisition of Time Warner, a deal that was approved by U.S. District Court Judge Richard Leon in June. The government argues Judge Leon ignored “mainstream economics” in his decision because he refused to see a deal as having “an appreciable danger” of raising prices on consumers in the future. The government said Judge Leon ignored economic theory by claiming Time Warner wouldn’t have
The government just gave its explanation for appealing the $85 billion AT&T-Time Warner merger Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: alex sherman, lucas jackson, stephanie keith
Keywords: news, cnbc, companies, gave, leon, merger, appealing, billion, warner, economics, atttime, explanation, 85, directv, judge, ignored, att, district, refused, paytv


The government just gave its explanation for appealing the $85 billion AT&T-Time Warner merger

The U.S. Department of Justice released its written argument explaining why it’s appealing AT&T’s $85 billion acquisition of Time Warner, a deal that was approved by U.S. District Court Judge Richard Leon in June.

The government argues Judge Leon ignored “mainstream economics” in his decision because he refused to see a deal as having “an appreciable danger” of raising prices on consumers in the future.

The government said Judge Leon ignored economic theory by claiming Time Warner wouldn’t have increased bargaining power over pay-TV distributors by linking up with AT&T. This was one of the DOJ’s primary arguments during the initial case to the District Court — that AT&T could charge companies such as Comcast, Charter and Dish more money for Time Warner with the fallback of blacking out networks such as CNN, TNT and TBS and offering them on DirecTV, which AT&T owns. If pay-TV operators refused to pay more, customers could switch their service to DirecTV, setting up a “win-win” for AT&T.

AT&T successfully defended against this charge, arguing that the economics behind buying Time Warner only made sense if the company made programming available to as many people as possible.


Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: alex sherman, lucas jackson, stephanie keith
Keywords: news, cnbc, companies, gave, leon, merger, appealing, billion, warner, economics, atttime, explanation, 85, directv, judge, ignored, att, district, refused, paytv


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AT&T wins: Judge clears $85 billion bid for Time Warner with no conditions

He also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters. “We continue to believe that the pay-TV market will be less competitive and less innovative as a result of the proposed merger between AT&T and Time Warner. Comcast shares dipped 4 percent after the AT&T-Time Warner decision. There will be no divestment of any assets in the completion of the merger, Daniel Petrocelli, lead trial attorney for AT&T, told reporters after the decision. In


He also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters. “We continue to believe that the pay-TV market will be less competitive and less innovative as a result of the proposed merger between AT&T and Time Warner. Comcast shares dipped 4 percent after the AT&T-Time Warner decision. There will be no divestment of any assets in the completion of the merger, Daniel Petrocelli, lead trial attorney for AT&T, told reporters after the decision. In
AT&T wins: Judge clears $85 billion bid for Time Warner with no conditions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-12  Authors: sara salinas, patrick t fallon, bloomberg, getty images
Keywords: news, cnbc, companies, att, conditions, shares, 85, warner, billion, deal, consumers, judge, bid, clears, merger, told, leon, wins, trial, decision


AT&T wins: Judge clears $85 billion bid for Time Warner with no conditions

A federal judge said Tuesday that AT&T’s $85.4 billion purchase of Time Warner is legal, clearing the path for a deal that gives the pay-TV provider ownership of cable channels such as HBO and CNN as well as film studio Warner Bros.

U.S. District Court Judge Richard Leon did not impose conditions on the merger’s approval. He also urged the government not to seek a stay when issuing his decision in a closed-door room with reporters.

AT&T General Counsel David McAtee said the company was happy with the result.

“We are pleased that, after conducting a full and fair trial on the merits, the Court has categorically rejected the government’s lawsuit to block our merger with Time Warner,” McAtee said in a statement. “We look forward to closing the merger on or before June 20 so we can begin to give consumers video entertainment that is more affordable, mobile, and innovative.”

Shares of Time Warner jumped roughly 5 percent in extended trading. Shares of AT&T dropped as much as 2 percent.

Assistant Attorney General Makan Delrahim said the Justice Department was disappointed with the decision.

“We continue to believe that the pay-TV market will be less competitive and less innovative as a result of the proposed merger between AT&T and Time Warner. We will closely review the Court’s opinion and consider next steps in light of our commitment to preserving competition for the benefit of American consumers,” Delrahim said in a statement.

The outcome of the trial could spur a wave of deals in the telecom and media industries, as well as clear the way for future vertical mergers, where a company buys its supplier. Comcast has been eyeing a similar merger to combine production and distribution in a competing bid for Twenty-First Century Fox and was preparing to announce an offer as soon as Wednesday if Leon ruled in favor of AT&T in the trial, people familiar with the matter told CNBC.

Comcast shares dipped 4 percent after the AT&T-Time Warner decision. Shares of Fox rose 4 percent.

The decision comes after a six-week trial. The DOJ sued last year to block the merger, citing concerns that AT&T, owner of satellite television provider DirecTV, could charge rival distributors more for Time Warner content, resulting in higher prices for consumers.

AT&T countered that the logic doesn’t hold up since the point of owning content is to get widespread distribution, which brings in affiliate fees and advertising revenue.

AT&T, also the No. 2 wireless carrier in the U.S., announced in October 2016 that it was buying Time Warner to diversify its revenues and also become a media powerhouse that could attract consumers by bundling entertainment with mobile service. CEO Randall Stephenson has said the deal would help AT&T compete against tech giants like Amazon and Netflix, which are investing more in content.

There will be no divestment of any assets in the completion of the merger, Daniel Petrocelli, lead trial attorney for AT&T, told reporters after the decision.

In a nearly 200-page decision, Leon said that he ultimately concluded that the government failed to meet its burden to establish that the deal was likely to lessen competition substantially.

Read Leon’s full decision below:


Company: cnbc, Activity: cnbc, Date: 2018-06-12  Authors: sara salinas, patrick t fallon, bloomberg, getty images
Keywords: news, cnbc, companies, att, conditions, shares, 85, warner, billion, deal, consumers, judge, bid, clears, merger, told, leon, wins, trial, decision


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Pulitzer-winning author Philip Roth dies at 85

Author Philip Roth, who was both hailed and derided for laying bare the neuroses and obsessions that haunted the modern Jewish-American experience, died on Tuesday at the age of 85, his agent said. Roth died in New York City at 10:30 p.m. local time of congestive heart failure, his literary agent Andrew Wylie said. After more than 50 years as a writer, Roth decided that 2010’s “Nemesis,” the story of a polio epidemic in the Newark, New Jersey, neighborhood where he grew up, would be his last nov


Author Philip Roth, who was both hailed and derided for laying bare the neuroses and obsessions that haunted the modern Jewish-American experience, died on Tuesday at the age of 85, his agent said. Roth died in New York City at 10:30 p.m. local time of congestive heart failure, his literary agent Andrew Wylie said. After more than 50 years as a writer, Roth decided that 2010’s “Nemesis,” the story of a polio epidemic in the Newark, New Jersey, neighborhood where he grew up, would be his last nov
Pulitzer-winning author Philip Roth dies at 85 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-23  Authors: taylor hill wireimage
Keywords: news, cnbc, companies, pulitzerwinning, dies, zuckerman, published, roths, jewish, works, book, author, york, 85, writer, novels, roth, philip


Pulitzer-winning author Philip Roth dies at 85

Author Philip Roth, who was both hailed and derided for laying bare the neuroses and obsessions that haunted the modern Jewish-American experience, died on Tuesday at the age of 85, his agent said.

Roth died in New York City at 10:30 p.m. local time of congestive heart failure, his literary agent Andrew Wylie said.

Roth wrote more than 30 books, including the 1991 memoir “Patrimony,” which examined his complex relationship with his father and won the National Book Critics Circle Award.

In his later years, Roth turned to the existential and sexual crises of middle age, never abandoning his commitment to exploring shame, embarrassment and other guilty secrets of the self, although usually with a heavy dose of humor.

After more than 50 years as a writer, Roth decided that 2010’s “Nemesis,” the story of a polio epidemic in the Newark, New Jersey, neighborhood where he grew up, would be his last novel.

He then went back and reread all his works “to see whether I’d wasted my time,” he said in a 2014 interview published in the New York Times Book Review. For his conclusion, he quoted Joe Lewis, the heavyweight boxing champion of the 1930s and ’40s: “I did the best I could with what I had.”

In 2017 he published “Why Write?,” a collection of essays and non-fiction works written between 1960 and 2013. Roth’s best-known work was the 1969 novel “Portnoy’s Complaint,” a first-person narrative about Alexander Portnoy, a young middle-class Jewish New Yorker. The book featured several notorious masturbation scenes and a narrator who declared he wanted to “put the id back in yid.”

Roth’s first published book was the 1959 novella and short-story collection “Goodbye, Columbus,” which won the National Book Award. Several of his novels, including “Zuckerman Unbound,” “The Ghost Writer” and “The Anatomy Lesson” feature Nathan Zuckerman, a character who came to be seen as Roth’s fictional alter ego.

Roth liked to play with the distinctions between fact and fiction, often writing about neurotic novelists and even naming some characters “Philip.” Yet he was frequently annoyed and amused by readers’ desire to project the real Roth onto his characters.

Although his novels often explored the Jewish experience in America, Roth, who said he was an atheist, rejected being labeled a Jewish-American writer.

“It’s not a question that interests me. I know exactly what it means to be Jewish and it’s really not interesting,” he told the Guardian newspaper in 2005. “I’m an American.”

Some critics said Roth’s novels exposed him as a self-hating Jew who played on negative stereotypes or generally cast Jews in a bad light. He would recall the hostile reception at a

symposium at New York’s Yeshiva University in 1962 as the “most bruising public exchange of my life.”


Company: cnbc, Activity: cnbc, Date: 2018-05-23  Authors: taylor hill wireimage
Keywords: news, cnbc, companies, pulitzerwinning, dies, zuckerman, published, roths, jewish, works, book, author, york, 85, writer, novels, roth, philip


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Oil prices could rise to $85 a barrel by July, warns energy expert Dan Yergin

Oil prices may continue to rally past 3½-year highs and all the way to $85 a barrel as soon as July, according to Pulitzer Prize-winning author and closely followed energy analyst Dan Yergin. Brent crude, the international benchmark for oil prices, rose toward $80 a barrel on Tuesday after hitting its highest level since November 2014. “We could see oil prices in July when demand is high … several dollars higher than it is. Yergin said he is particularly concerned about Venezuela, where the fu


Oil prices may continue to rally past 3½-year highs and all the way to $85 a barrel as soon as July, according to Pulitzer Prize-winning author and closely followed energy analyst Dan Yergin. Brent crude, the international benchmark for oil prices, rose toward $80 a barrel on Tuesday after hitting its highest level since November 2014. “We could see oil prices in July when demand is high … several dollars higher than it is. Yergin said he is particularly concerned about Venezuela, where the fu
Oil prices could rise to $85 a barrel by July, warns energy expert Dan Yergin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-16  Authors: tom dichristopher, cameron costa
Keywords: news, cnbc, companies, demand, 85, barrels, day, warns, crude, rise, dan, barrel, output, energy, prices, oil, venezuela, yergin, expert


Oil prices could rise to $85 a barrel by July, warns energy expert Dan Yergin

Oil prices may continue to rally past 3½-year highs and all the way to $85 a barrel as soon as July, according to Pulitzer Prize-winning author and closely followed energy analyst Dan Yergin.

Prices in the oil market have been steadily rising since last year, fueled by strong demand and output caps imposed by major producers aimed at draining a global crude glut. More recently, oil futures have rallied faster than expected as geopolitical tensions rattle the market.

Brent crude, the international benchmark for oil prices, rose toward $80 a barrel on Tuesday after hitting its highest level since November 2014.

Yergin said the cost could continue to climb due to the combined impact of falling output in crisis-stricken Venezuela, renewed U.S. sanctions on Iranian crude exports, and wars in Yemen and Syria that involve major oil-producing nations.

“We could see oil prices in July when demand is high … several dollars higher than it is. We could see it as high as $85 at least for a short period of time,” Yergin, vice chairman of IHS Markit, told CNBC’s “Squawk Box” on Wednesday.

Yergin’s remarks add an influential voice to a chorus of analysts warning about prices spikes. Goldman Sachs last week said Brent crude could spike above its $82.50 summer forecast, while Bank of America Merrill Lynch warned Brent could hit $100 a barrel by next year.

Yergin said he is particularly concerned about Venezuela, where the fundamentals of the oil market and geopolitics are both at play. Venezuelan output has fallen from almost 2.5 million barrels a day a couple of years ago to roughly 1.4 million barrels a day today, and could drop to 800,000 barrels a day by next year, he said.

“The screws are really tightening on Venezuela,” said Yergin, who notes that ConocoPhillips is seeking to seize assets owned by state oil giant PDVSA and warns Sunday’s presidential election threatens to draw fresh U.S. sanctions.

To be sure, the higher prices are a “big stimulus” for U.S. drillers, who could start pumping more, and Saudi Arabia can tap its spare capacity to meet demand, said Yergin. However, drillers in western Texas are facing bottlenecks and it’s not yet clear whether the Saudis are willing to wind down their deal to limit production with their fellow OPEC members, Russia and other producers.

On Tuesday, Again Capital founder John Kilduff told CNBC he believes the Saudis could let U.S. crude prices, currently about $71 a barrel, run up to $80-$85 a barrel.


Company: cnbc, Activity: cnbc, Date: 2018-05-16  Authors: tom dichristopher, cameron costa
Keywords: news, cnbc, companies, demand, 85, barrels, day, warns, crude, rise, dan, barrel, output, energy, prices, oil, venezuela, yergin, expert


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More than $85 billion in value wiped from the popular ‘FANG’ tech stocks

So-called FANG stocks lost $86.6 billion in stock value Tuesday. FANG stocks are a basket of high-growth technology stocks — Facebook, Amazon, Netflix and Alphabet (formerly known as Google) that have led the bull run of the last 9 years. Facebook, Amazon, Netflix and Alphabet shares all fell during the market decline Tuesday, ranging from a 3.7 percent drop to a 4.8 percent drop. The total stock value lost from FANG stocks was $86.6 billion. Even after the sharp drops Tuesday, two FANG stocks a


So-called FANG stocks lost $86.6 billion in stock value Tuesday. FANG stocks are a basket of high-growth technology stocks — Facebook, Amazon, Netflix and Alphabet (formerly known as Google) that have led the bull run of the last 9 years. Facebook, Amazon, Netflix and Alphabet shares all fell during the market decline Tuesday, ranging from a 3.7 percent drop to a 4.8 percent drop. The total stock value lost from FANG stocks was $86.6 billion. Even after the sharp drops Tuesday, two FANG stocks a
More than $85 billion in value wiped from the popular ‘FANG’ tech stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-24  Authors: tae kim, getty images
Keywords: news, cnbc, companies, popular, stock, technology, value, netflix, lost, tech, fang, billion, alphabet, 85, stocks, amazon, wiped


More than $85 billion in value wiped from the popular 'FANG' tech stocks

Loup Ventures’ Munster: Why we’re seeing FANG sell-off 2 Hours Ago | 02:47

It was a rough day for growth technology investors. So-called FANG stocks lost $86.6 billion in stock value Tuesday.

FANG stocks are a basket of high-growth technology stocks — Facebook, Amazon, Netflix and Alphabet (formerly known as Google) that have led the bull run of the last 9 years.

Facebook, Amazon, Netflix and Alphabet shares all fell during the market decline Tuesday, ranging from a 3.7 percent drop to a 4.8 percent drop.

Alphabet was the biggest loser at about $36 billion in value lost as Wall Street analysts lowered profit margin projections for the company due to its cloud computing investment plans.

The total stock value lost from FANG stocks was $86.6 billion.

Even after the sharp drops Tuesday, two FANG stocks are up so far this year. Netflix is still up more than 55 percent year to date followed by Amazon’s nearly 25 percent year-to-date gain.


Company: cnbc, Activity: cnbc, Date: 2018-04-24  Authors: tae kim, getty images
Keywords: news, cnbc, companies, popular, stock, technology, value, netflix, lost, tech, fang, billion, alphabet, 85, stocks, amazon, wiped


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