Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week

Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier. He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.” Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union. Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences o


Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier. He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.” Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union. Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences o
Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
Keywords: news, cnbc, companies, sterling, negotiator, week, johnson, barnier, agreement, work, difficult, deal, possible, hard, brexit, luxembourg, jumps, minister


Sterling jumps after EU negotiator Barnier says Brexit deal is still possible this week

Sterling rose sharply against the dollar Tuesday after optimistic comments on Brexit from EU negotiator Michel Barnier.

“Our team(s) are working hard, and work has just started now today, this work has been intense over the weekend and yesterday, because even if the agreement will be difficult, more and more difficult, to be frank, it is still possible this week,” Barnier told reporters in Luxembourg on Tuesday morning.

He added that “any agreement must work for everyone,” saying it is “high time to turn good intentions into a legal text.”

Traders have been on edge as the Brexit deadline of Oct. 31 approaches and there’s still no clear agreement for how the U.K. will leave the European Union.

U.K. Prime Minister Boris Johnson made fresh proposals earlier this month to overcome differences over the controversial Irish backstop — an insurance policy that is meant to protect the EU’s single market (an economic area with the same rules and standards) without imposing a hard border between the Republic of Ireland and Northern Ireland.

Last week, the U.K. and the EU seemingly drew closer when it came to their long-standing differences over the issue when Johnson agreed that there could not be a customs border on the island of Ireland.

Stef Block, the Dutch foreign affairs minister, said at his arrival in Luxembourg Tuesday that the U.K. has taken some steps, “but not enough to guarantee the integrity of the (EU) common market.”

“We still have time to avoid a no deal and we should use this time,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: silvia amaro
Keywords: news, cnbc, companies, sterling, negotiator, week, johnson, barnier, agreement, work, difficult, deal, possible, hard, brexit, luxembourg, jumps, minister


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Germany bans arms exports to Turkey after military offensive against Kurds in Syria

Turkish President Recep Tayyip Erdogan and German Chancellor Angela Merkel exchange a handshake at the presidential palace during the first visit since July’s failed coup in Ankara, Turkey, February 2, 2017. REUTERS/Umit BektasGermany has banned arms exports to Turkey over its assault against Kurdish YPG militia in Syria, a foreign ministry spokeswoman said on Saturday. The United States and European Union have already warned Turkey of possible sanctions over the offensive. “Against the backdrop


Turkish President Recep Tayyip Erdogan and German Chancellor Angela Merkel exchange a handshake at the presidential palace during the first visit since July’s failed coup in Ankara, Turkey, February 2, 2017. REUTERS/Umit BektasGermany has banned arms exports to Turkey over its assault against Kurdish YPG militia in Syria, a foreign ministry spokeswoman said on Saturday. The United States and European Union have already warned Turkey of possible sanctions over the offensive. “Against the backdrop
Germany bans arms exports to Turkey after military offensive against Kurds in Syria Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12
Keywords: news, cnbc, companies, bans, foreign, kurds, kurdish, syria, military, germany, arms, turkey, ypg, withdrew, president, minister, exports, turkish, offensive


Germany bans arms exports to Turkey after military offensive against Kurds in Syria

Turkish President Recep Tayyip Erdogan and German Chancellor Angela Merkel exchange a handshake at the presidential palace during the first visit since July’s failed coup in Ankara, Turkey, February 2, 2017. REUTERS/Umit Bektas

Germany has banned arms exports to Turkey over its assault against Kurdish YPG militia in Syria, a foreign ministry spokeswoman said on Saturday.

Turkey launched the military operation on Wednesday after U.S. President Donald Trump withdrew some U.S. troops who had been backing Kurdish forces in the fight against Islamic State.

The United States and European Union have already warned Turkey of possible sanctions over the offensive.

“Against the backdrop of the Turkish military offensive… , the Federal Government will not issue any new permits for all military equipment that could be used by Turkey in Syria”, Foreign Minister Heiko Maas said, according to the spokeswoman.

The comment confirmed a report in weekly Bild Am Sonntag.

Turkey’s foreign minister Mevlüt Cavusoglu said that his country was undeterred by bans or embargoes.


Company: cnbc, Activity: cnbc, Date: 2019-10-12
Keywords: news, cnbc, companies, bans, foreign, kurds, kurdish, syria, military, germany, arms, turkey, ypg, withdrew, president, minister, exports, turkish, offensive


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Ethiopian Prime Minister Abiy Ahmed wins 2019 Nobel Peace Prize

Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018. Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year. This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for t


Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018. Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year. This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for t
Ethiopian Prime Minister Abiy Ahmed wins 2019 Nobel Peace Prize Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: vicky mckeever
Keywords: news, cnbc, companies, prize, ethiopian, abiy, ahmed, peace, wins, prime, 2019, minister, 2018, win, nobel, efforts


Ethiopian Prime Minister Abiy Ahmed wins 2019 Nobel Peace Prize

Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018.

Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea.

He was awarded the prize Friday for his “efforts to achieve peace and international cooperation and for his decisive initiative to resolve the border conflict with neighboring Eritrea.” Ahmed worked with Eritrea’s President Isaias Afwerki on the peace agreement, to end the two-decade long conflict.

“An important premise for the breakthrough was Abiy Ahmed’s unconditional willingness to accept the arbitration ruling of an international boundary commission in 2002,” the Nobel Institute said in statement.

During Ahmed’s first 100 days as prime minister he has also lifted “the country’s state of emergency, granting amnesty to thousands of political prisoners, discontinuing media censorship, legalizing outlawed opposition groups, dismissing military and civilian leaders who were suspected of corruption, and significantly increasing the influence of women in Ethiopian political and community life.”

A statement from the office of the Prime Minister Ahmed said since coming to power in 2018 he had made “peace, forgiveness and reconciliation key components of his administration.”

“This victory and recognition is a collective win for all Ethiopians, and a call to strengthen our resolve in making Ethiopia – the New Horizon of Hope – a prosperous nation for all,” the statement added.

Swedish climate activist Greta Thunberg had been the favorite to win. Abiy Ahmed, elected leader in 2018, was the bookmakers’ second favorite to win. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year.

This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for this year’s peace prize, the fourth highest on record. The record was 376 candidates in 2016. However, the list of nominees is only revealed 50 years after the prize is awarded.

Congolese doctor Denis Mukwege and human rights activist Nadia Murad were joint winners in 2018 for their efforts to end the use of sexual violence as a weapon of war.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: vicky mckeever
Keywords: news, cnbc, companies, prize, ethiopian, abiy, ahmed, peace, wins, prime, 2019, minister, 2018, win, nobel, efforts


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Frustration grows among EU finance ministers over Brexit deadlock

Germany’s finance minister has said the EU and U.K. have a “common responsibility” to negotiate a settlement to govern Britain’s departure from Europe, but insisted any solution to end the Brexit impasse in the coming days must meet the EU’s long-standing list of criteria. Instead, he said he hoped for a deal that would “follow the lines” of an earlier agreement finalized under former British prime minister Theresa May. The pound had fallen precipitously Tuesday after alleged details of that pho


Germany’s finance minister has said the EU and U.K. have a “common responsibility” to negotiate a settlement to govern Britain’s departure from Europe, but insisted any solution to end the Brexit impasse in the coming days must meet the EU’s long-standing list of criteria. Instead, he said he hoped for a deal that would “follow the lines” of an earlier agreement finalized under former British prime minister Theresa May. The pound had fallen precipitously Tuesday after alleged details of that pho
Frustration grows among EU finance ministers over Brexit deadlock Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: willem marx
Keywords: news, cnbc, companies, ireland, phone, frustration, meet, grows, brexit, ministers, johnsons, finance, irish, prime, northern, deadlock, minister


Frustration grows among EU finance ministers over Brexit deadlock

Germany’s finance minister has said the EU and U.K. have a “common responsibility” to negotiate a settlement to govern Britain’s departure from Europe, but insisted any solution to end the Brexit impasse in the coming days must meet the EU’s long-standing list of criteria.

Olaf Scholz said that the current U.K. leader Boris Johnson’s recent proposals to break the Brexit deadlock would not be acceptable if they have “an effect on the single market, on the customs union,” or if the Good Friday agreement that resolved decades of violence in Northern Ireland might be “endangered.” Instead, he said he hoped for a deal that would “follow the lines” of an earlier agreement finalized under former British prime minister Theresa May.

The German finance chief spoke to CNBC as he arrived in Luxembourg to meet his European counterparts, with less than a month until the current Brexit deadline of October 31st, and the possibility of a disorderly departure still a looming threat to several EU nations that have close trading relationships with the U.K.

Earlier this week, a U.K. official in Johnson’s office had leaked to select U.K. media outlets the details of a phone call with Scholz’s boss, Chancellor Angela Merkel, which indicated that the German leader was deeply dissatisfied with Johnson’s desire to keep Northern Ireland out of the European orbit in future. The pound had fallen precipitously Tuesday after alleged details of that phone called were published.

Johnson will meet with his Irish counterpart, Leo Varadkar, in Dublin Thursday. The British and Irish prime ministers remain wide apart on the potential for technological solutions that the U.K. side says will obviate the need for physical customs checks and border infrastructure on the dividing line between the Irish republic and the separate nation of Northern Ireland, part of the United Kingdom.


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: willem marx
Keywords: news, cnbc, companies, ireland, phone, frustration, meet, grows, brexit, ministers, johnsons, finance, irish, prime, northern, deadlock, minister


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Portugal’s ruling Socialists win election but fall short of outright majority

CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election. Portugal’s ruling Socialists won Sunday’s parliamentary election but fell short of an outright majority, meaning Prime Minister Antonio Costa will need to negotiate a new deal with one or both of his far-left allies in the previous legislature. A few weeks ago, opinion polls showed that Costa, with ratings boosted by a strong ec


CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election. Portugal’s ruling Socialists won Sunday’s parliamentary election but fell short of an outright majority, meaning Prime Minister Antonio Costa will need to negotiate a new deal with one or both of his far-left allies in the previous legislature. A few weeks ago, opinion polls showed that Costa, with ratings boosted by a strong ec
Portugal’s ruling Socialists win election but fall short of outright majority Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, left, majority, costa, outright, ruling, socialists, reach, win, seats, prime, minister, supporters, election, short, portugals, fall


Portugal's ruling Socialists win election but fall short of outright majority

CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election.

Portugal’s ruling Socialists won Sunday’s parliamentary election but fell short of an outright majority, meaning Prime Minister Antonio Costa will need to negotiate a new deal with one or both of his far-left allies in the previous legislature.

A few weeks ago, opinion polls showed that Costa, with ratings boosted by a strong economy, was within reach of a full majority. But the gap narrowed, leaving his Socialist party (PS) stronger than in the 2015 election but still needing allies.

“It’s clear from this election that the PS is reinforced and the allied parties consolidated their positions,” Costa, smiling broadly, told supporters chanting: “Victory! Victory”.

“Since we don’t have a majority alone, we have to find solutions that guarantee stability for the next four years,” he said.

Costa said voters liked the 2015 deal that saw the Left Bloc and the Communists unexpectedly back his Socialists to sideline the right, and that he wanted it to continue, adding that he also meant to negotiate with the upstart People-Animals-Nature (PAN) party.

With most of the votes counted, the Socialists led with 106 seats. That put them in first place, but with only four seats still not accounted for, they cannot reach the full majority of 116 seats in the 230-seat assembly.

The Socialists substantially increased their score from their 86 lawmakers in 2015.

Costa’s minority government has received praise from Brussels and at home for combining fiscal discipline with measures to promote growth after recession and the austerity of Portugal’s 2010-14 debt crisis.

He told supporters he would continue to cut the budget deficit and the debt.

But that could be complicated by his potential allies’ demands.

“These negotiations could be more complex than four years ago when the pact on the left was cemented by their common goal to unseat the right,” said political scientist Antonio Costa Pinto.

“Now the left as a whole has been reinforced. … Obviously they will test the budgetary limits and the economic projections for the next few years,” Costa Pinto said, expecting the negotiations to take a few weeks, now with more participants.

President Marcelo Rebelo de Souza is likely to demand assurances from the parties that the solution would be a lasting one.

Negotiations are in any case not expected to be as messy or as long as in neighbouring Spain, which still has no government more than five months after elections and is heading for a repeat vote in November.

In 2015, it took less than two months for Costa to reach a deal with leftist allies and be sworn in as prime minister.


Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, left, majority, costa, outright, ruling, socialists, reach, win, seats, prime, minister, supporters, election, short, portugals, fall


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Brexit deadline could be extended again, says UK lawmaker

With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker. The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement. He said even though “the


With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker. The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement. He said even though “the
Brexit deadline could be extended again, says UK lawmaker Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee, holly ellyatt
Keywords: news, cnbc, companies, johnson, lawmaker, extended, extension, oct, election, deadline, brexit, johnsons, prime, deal, minister


Brexit deadline could be extended again, says UK lawmaker

EU flags flutter on the day of Britain’s newly elected prime minister Boris Johnson’s debut in the House of Commons, outside the Houses of Parliament in London on July 25, 2019.

With the European Union appearing lukewarm toward U.K. Prime Minister Boris Johnson’s latest Brexit proposal, the deadline for Britain to leave the bloc could once again be pushed back, according to a British lawmaker.

The U.K. currently has until Oct. 31 to leave the EU. Britain’s departure has been pushed back multiple times from the original March 29 deadline, after British members of parliament thrice rejected former Prime Minister Theresa May’s withdrawal agreement.

If the EU doesn’t agree to Johnson’s proposal, it would have to once again delay the U.K.’s departure to avoid a no-deal Brexit, said Jitesh Gadhia, a member of the House of Lords, the upper chamber of the British parliament.

“If you think about it from the EU perspective and if you look at their choices: Do you seal a deal with Prime Minister Johnson now or do you actually roll the dice on an extension and election hoping that you might have a more favorable counterparty?” Gadhia told CNBC’s Tanvir Gill on Friday at the World Economic Forum in New Delhi, India.

He said even though “the omens aren’t great” on getting the EU to agree to Johnson’s deal, the bloc still appeared to be open to further negotiations.

Within the U.K., a majority of lawmakers want a deal and they have blocked Johnson from taking Britain out of the EU without a deal on Oct. 31. If no deal is in place by Oct. 19, Johnson is bound by law to ask the EU for a delayed departure date.

Another extension would pave the way to a general election in the U.K., according to James Smith, developed markets economist at Dutch bank ING.

“Once an Article 50 extension is secured, the countdown to a general election – perhaps as little as five weeks later – will almost certainly begin,” Smith wrote in a Wednesday note.

— CNBC’s Holly Ellyatt contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee, holly ellyatt
Keywords: news, cnbc, companies, johnson, lawmaker, extended, extension, oct, election, deadline, brexit, johnsons, prime, deal, minister


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Russia can help India to be less dependent on oil, says Indian energy minister

India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030. “Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradh


India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030. “Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradh
Russia can help India to be less dependent on oil, says Indian energy minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee
Keywords: news, cnbc, companies, world, energy, natural, gas, help, india, novatek, dependent, russian, wants, trade, oil, indian, minister, russia


Russia can help India to be less dependent on oil, says Indian energy minister

India, the world’s third-largest oil consumer and importer, wants to reduce its reliance on oil — and working with Russia could help it achieve that, said Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.

The South Asian country imports around 80% of its oil needs, but Prime Minister Narendra Modi has said he wants to bring that down to 67% by 2022. At the same time, the Indian government plans to raise the share of natural gas in the country’s energy mix from 6% to 15% by 2030.

“Today, India is sourcing its energy requirement from a different part (of the) world, Russia is one among the important destinations for us,” Pradhan told CNBC’s Tanvir Gill at the World Economic Forum in New Delhi, India.

Following a meeting between Modi and Russian President Vladimir Putin last month, the two countries announced several energy-related deals. According to Reuters, they include:

India’s Petronet LNG agreeing to buy liquefied natural gas from Russia’s Novatek and invest in the Russian company’s future projects.

India’s H-Energy looking to buy LNG from Novatek on a long-term basis.

Coal India signing a deal to mine coking coal in Russia.

Those deals and investments would help India and Russia to reach their goal of hitting $30 billion in annual trade by 2025. Bilateral trade between the two countries currently stands at around $11 billion.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: yen nee lee
Keywords: news, cnbc, companies, world, energy, natural, gas, help, india, novatek, dependent, russian, wants, trade, oil, indian, minister, russia


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The ‘omens aren’t great’: UK lawmaker on latest Brexit proposal

The ‘omens aren’t great’: UK lawmaker on latest Brexit proposal7 Hours AgoBrexit’s deadline may be pushed back again, says Jitesh Gadhia, a member of Britain’s House of Lords. The EU either has to accept U.K. Prime Minister Boris Johnson’s current deal or “roll the dice on an extension and election,” he says.


The ‘omens aren’t great’: UK lawmaker on latest Brexit proposal7 Hours AgoBrexit’s deadline may be pushed back again, says Jitesh Gadhia, a member of Britain’s House of Lords. The EU either has to accept U.K. Prime Minister Boris Johnson’s current deal or “roll the dice on an extension and election,” he says.
The ‘omens aren’t great’: UK lawmaker on latest Brexit proposal Cached Page below :
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The 'omens aren't great': UK lawmaker on latest Brexit proposal

The ‘omens aren’t great’: UK lawmaker on latest Brexit proposal

7 Hours Ago

Brexit’s deadline may be pushed back again, says Jitesh Gadhia, a member of Britain’s House of Lords. The EU either has to accept U.K. Prime Minister Boris Johnson’s current deal or “roll the dice on an extension and election,” he says.


Company: cnbc, Activity: cnbc, Date: 2019-10-04
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There are ‘black swans’ all around us, Russia’s Energy Minister Novak warns

Oil markets are surrounded by “black swans” – unforeseen events – and “they can seriously impact the market situation,” Russia’s Energy Minister Alexander Novak said Wednesday. “The situation is quite difficult,” Novak said at a Russia Energy Week event in Moscow when assessing the outlook for oil markets. “We actually feel that all around us we’re seeing those black swans flying around, we cannot always predict them and they can seriously impact the market situation,” Novak said on a panel that


Oil markets are surrounded by “black swans” – unforeseen events – and “they can seriously impact the market situation,” Russia’s Energy Minister Alexander Novak said Wednesday. “The situation is quite difficult,” Novak said at a Russia Energy Week event in Moscow when assessing the outlook for oil markets. “We actually feel that all around us we’re seeing those black swans flying around, we cannot always predict them and they can seriously impact the market situation,” Novak said on a panel that
There are ‘black swans’ all around us, Russia’s Energy Minister Novak warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: holly ellyatt
Keywords: news, cnbc, companies, black, summer, swans, fluctuations, situation, demand, outlook, russias, novak, market, oil, energy, period, warns, minister, winter


There are 'black swans' all around us, Russia's Energy Minister Novak warns

Oil markets are surrounded by “black swans” – unforeseen events – and “they can seriously impact the market situation,” Russia’s Energy Minister Alexander Novak said Wednesday.

“The situation is quite difficult,” Novak said at a Russia Energy Week event in Moscow when assessing the outlook for oil markets.

“Despite the fact that we see more or less stable fluctuations around the price of oil, around $50-$60 per barrel, and we’ve seen some more fluctuations due to the attack on the Aramco facilities that was a short period of fluctuations – so we see some kind of stability. But, nonetheless, we do not see the stability per se on the market,” he said.

“We actually feel that all around us we’re seeing those black swans flying around, we cannot always predict them and they can seriously impact the market situation,” Novak said on a panel that also included his Saudi Arabian counterpart, Prince Abdulaziz bin Salman.

A black swan event is often described as an unforeseen event that may have damaging consequences.

Novak gave an example of demand growth over the summer not being as expected, making the demand outlook for the winter harder to predict.

“What I mean is that normally in the summer we see oil demand grow by around 2 million barrels a day, and normally at this period of time we should feel the pressure on the price grows, (and) we should see the output growing in order to cover the demand. Well, this year for the first time ever we have not seen that,” he said.

“At the same time, we see the risk of the winter period when the demand is dropping as compared to the summer period, so how the market will behave in the winter season now is difficult to predict. So there is a lot of uncertainty that is impacting the market.”

Oil prices slipped in the previous session following weak U.S. manufacturing activity data that put downward pressure on crude’s demand outlook. On Wednesday, Brent crude futures is currently trading 0.17% lower at $58.69 a barrel, while is up 0.21% at $53.73 a barrel.


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: holly ellyatt
Keywords: news, cnbc, companies, black, summer, swans, fluctuations, situation, demand, outlook, russias, novak, market, oil, energy, period, warns, minister, winter


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Boris Johnson promises no checks ‘at or near’ Irish border as new Brexit offer is delivered

LONDON — U.K. Prime Minister Boris Johnson promised his Conservative Party on Wednesday to deliver a Brexit that would “avoid checks at or near the border in Northern Ireland.” In his first party conference as U.K. prime minister, Johnson told delegates that a fresh text outlining how Britain and Northern Ireland can leave the European Union is being presented to officials in Brussels later Wednesday. The Conservative leader used his speech in Manchester to emphasize his opinion that the British


LONDON — U.K. Prime Minister Boris Johnson promised his Conservative Party on Wednesday to deliver a Brexit that would “avoid checks at or near the border in Northern Ireland.” In his first party conference as U.K. prime minister, Johnson told delegates that a fresh text outlining how Britain and Northern Ireland can leave the European Union is being presented to officials in Brussels later Wednesday. The Conservative leader used his speech in Manchester to emphasize his opinion that the British
Boris Johnson promises no checks ‘at or near’ Irish border as new Brexit offer is delivered Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: david reid
Keywords: news, cnbc, companies, conservative, johnson, minister, near, party, promises, northern, prime, boris, checks, leave, delivered, brexit, border, britain, irish, offer


Boris Johnson promises no checks 'at or near' Irish border as new Brexit offer is delivered

LONDON — U.K. Prime Minister Boris Johnson promised his Conservative Party on Wednesday to deliver a Brexit that would “avoid checks at or near the border in Northern Ireland.”

In his first party conference as U.K. prime minister, Johnson told delegates that a fresh text outlining how Britain and Northern Ireland can leave the European Union is being presented to officials in Brussels later Wednesday.

The Conservative leader used his speech in Manchester to emphasize his opinion that the British people have had enough of discussing Brexit and just want it done.

“Voters are desperate for us to focus on their other priorities — what people want, what leavers want, what remainers want, what the whole world wants — is to move on,” he said. “That is why we are coming out of the EU on October 31. Let’s get Brexit done — we can, we must, and we will.”

Johnson added that if the U.K. fails to get a Brexit deal because of what is “essentially a technical discussion,” then there is no doubt that Britain will leave without one.


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: david reid
Keywords: news, cnbc, companies, conservative, johnson, minister, near, party, promises, northern, prime, boris, checks, leave, delivered, brexit, border, britain, irish, offer


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