Brent oil slips below $50 on mounting glut, slack demand

By Simon Falush LONDON (Reuters) – Brent crude oil fell below $50 a barrel for the first time since May 2009 on Wednesday, hammered by a growing supply glut and weak global demand. The pace of global business growth eased to its weakest rate in over a year at the end of 2014, according to […]

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Oil glut spurs top traders to book supertankers for storage at sea

By Jonathan Saul, Claire Milhench and David Sheppard LONDON (Reuters) – Some of the world’s largest oil traders have this week hired supertankers to store crude at sea, marking a milestone in the build-up of the global glut. Trading firms including Vitol [VITOLV.UL], Trafigura [TRAFGF.UL] and energy major Shell (RDSa.L) have all booked crude tankers […]

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Bill Gross Says the Good Times Are Over

Bill Gross, the former manager of the world’s largest bond fund, said prices for many assets will fall this year as record-low interest rates fail to restore sufficient economic growth. With global expansion still sputtering after years of interest rates near zero, investors will gradually seek alternatives to risky assets, Gross wrote today in an […]

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Xiaomi revenue doubled to $12 billion in 2014: CEO microblog

SHANGHAI (Reuters) – Fast-growing Chinese tech firm Xiaomi Technology Ltd Co [XTC.UL] booked 74.3 billion yuan ($11.97 billion) in pre-tax sales last year, up 135 percent from 2013, the firm’s chief executive Lei Jun said on his official microblog account on Sunday. The figures helps shine light on the rapid growth of the privately-held tech […]

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U.S. oil prices slide 1% as supply glut persists

By Jessica Resnick-Ault New York (Reuters) – Brent crude (LCOc1) reversed early gains Friday to fall to a fresh post-2009 low below $56 (36 pounds) a barrel, as a glut of oil that has halved prices since June overshadowed investor positioning at the start of the year for a possible eventual recovery. Brent has slumped […]

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Wall Street poised to close 2014 with powerful advance

By Ryan Vlastelica NEW YORK (Reuters) – U.S. stocks were modestly higher on Wednesday, putting major indexes on track to end 2014 near record levels, though energy shares once again fell alongside crude oil prices. While the market’s seasonal trend of modest moves and low volume continued, there was heavier action in the energy space. […]

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For Obama, high ambitions, less power to achieve

It was supposed to be a joke. “Are you still president?” comedian Stephen Colbert asked Barack Obama earlier this month. But the question seemed to speak to growing weariness with the president and skepticism that anything will change in Washington during his final two years in office. Democrats already are checking out Obama’s potential successors. […]

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China’s trade growth seen falling short of target in 2014

SHANGHAI (Reuters) – China’s trade will grow 3.5 percent in 2014, implying the country will fall short of a current 7.5 percent official growth target, according to a report on the Ministry of Commerce’s website that was subsequently revised to remove the numbers. The initial version of the report published on the website on Saturday, […]

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U.S. retailers likely to just meet holiday sales forecasts: experts

By Nandita Bose CHICAGO (Reuters) – U.S. consumers have not turned out in force for the final shopping days before Christmas, suggesting that traditional retailers will just meet industry sales forecasts in a season marked by deep discounts and growing encroachment from online rivals led by Amazon.com Inc (AMZN.O). Super Saturday – the last pre-Christmas […]

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Holiday shopping solid despite gloomy forecasts

Turns out there’s going to be a Christmas this year after all. The newswires were burning up early on Monday after retail analytics firm ShopperTrak estimated total retail sales on Saturday would come in at about $10 billion. That’s almost $1 billion higher than Black Friday, which we declared dead as a concept in this […]

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