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Iran’s inflation hits 36.2 pct in 12 months

TEHRAN, Nov. 2 (Xinhua) — Iran’s inflation for 12 months ending on Oct. 22 hit 36.2 percent, 11.4 percentage points up from its corresponding figure last year, Tehran Times daily reported Saturday, quoting the Statistics Center of Iran. On Oct. 27, Iran’s Finance and Economic Affairs Minister Ali Tayebnia said the government planned to reduce the nation’s inflation rate by 6-7 percent by the end of the current Iranian year (March 20, 2014). Through curbing the runaway liquidity growth, the inflation rate is expected to be brought down, Tayebnia was quoted as saying. Adopting proper and efficient monetary and fiscal policies will help curb the inflation rate as well, he added. Also, Valiollah Seif, Governor of the Central Bank of Iran has pledged to control liquidity and bring down inflation, as President Hassan Rouhani has agreed to separate monetary and fiscal policies, giving the bank more independence, according to […]

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Iran criticizes Iraq for increasing crude exports

AP Photo TEHRAN, Iran (AP) — Iran’s Oil Minister says Iraq has increased its crude oil exports to compensate for a fall in Iranian exports as a result of sanctions over Tehran’s suspected nuclear program, calling the policy “not friendly at all.” Bijan Namdar Zanganeh is quoted by the semiofficial Mehr news agency Saturday as saying that Iraq’s oil policies are to Iran’s detriment. Iran’s oil exports are believed to have fallen from about 2.5 million to over 1.2 million barrels a day as a result of a Western oil embargo against Iran over Tehran’s uranium enrichment program. The U.S. and its allies fear that Iran may ultimately be able to develop a nuclear weapon, a charge Iran denies. Iran generally enjoys good relations with Iraq’s Shiite-led government. © 2013 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more […]

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Shell Third-Quarter Profit Falls 31%

LONDON— Royal Dutch Shell RDSB.LN +0.60% Royal Dutch Shell PLC B U.K.: London GBp 2172.50 +13.00 +0.60% Nov. 1, 2013 8:39 am Volume : 816,123 P/E Ratio 9.02 Market Cap GBp141.05 Billion Dividend Yield 5.28% Rev. per Employee GBp3,340,510 10/31/13 Refining Hurts Big Oil, But Ex… 10/31/13 Two Alberta Oil-Sands Projects… 10/31/13 Heard on the Street: Shell’s L… More quote details and news » RDSB.LN in Your Value Your Change Short position PLC Thursday reported a 31% decline in third-quarter profit, largely because of weak refining margins and increased exploration-and-production expenses. Shell posted profits on a “current cost of supplies” basis—a figure that factors out the impact of inventories, making it equivalent to the net profit reported by U.S. oil companies—of $4.25 billion, down from $6.15 billion in the same period last year. Shell reported revenue of $116.51 billion, up from $112.12 billion a year earlier. “We are facing […]

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Exxon Mobil Profit Down 18% on Refining Weakness

Exxon Mobil Corp. XOM +0.91% Exxon Mobil Corp. U.S.: NYSE $ 89.62 +0.81 +0.91% Oct. 31, 2013 4:00 pm Volume (Delayed 15m) : 18.96M AFTER HOURS $ 89.86 +0.24 +0.27% Oct. 31, 2013 7:59 pm Volume (Delayed 15m): 222,037 P/E Ratio 11.70 Market Cap $390.91 Billion Dividend Yield 2.81% Rev. per Employee $5,208,800 10/31/13 Refining Hurts Big Oil, But Ex… 10/31/13 No Pipeline? Exxon Thinks Abou… 10/31/13 Exxon Mobil Profit Down 18% on… More quote details and news » XOM in Your Value Your Change Short position on Thursday said its third-quarter earnings fell 18%, as profits at its downstream segment plunged on significantly weaker refining margins, masking growth at its exploration and production business. Exxon Mobil reported net income of $7.87 billion, or $1.79 a share, down from $9.57 billion, or $2.09 a share, a year earlier. Revenue fell 2.4% to $112.37 billion. Analysts polled by Thomson Reuters […]

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Marathon Petroleum's Profit Falls Amid Higher Costs

Marathon Petroleum Corp. MPC -1.17% Marathon Petroleum Corp. U.S.: NYSE $ 71.66 -0.85 -1.17% Oct. 31, 2013 4:01 pm Volume (Delayed 15m) : 4.80M AFTER HOURS $ 71.80 +0.14 +0.20% Oct. 31, 2013 7:29 pm Volume (Delayed 15m): 34,639 P/E Ratio 10.49 Market Cap $22.70 Billion Dividend Yield 2.34% Rev. per Employee $3,317,680 10/31/13 Marathon Petroleum’s Profit Fa… 10/10/13 Jury Sides With BP in 2010 Tex… 09/27/13 Breaking Up Is the Thing to Do… More quote details and news » MPC in Your Value Your Change Short position said its third-quarter profit fell 86% as the refining-and-pipeline company recorded higher costs that masked a rise in revenue. Refiners had been taking advantage of cheap, domestically produced oil, which has helped margins. But oil prices rose earlier this year as data showed a bigger-than-expected drop in U.S. crude-oil supplies. Marathon Petroleum, which was spun off from Marathon Oil Corp. MRO […]

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Marathon Petroleum’s Profit Falls Amid Higher Costs

Marathon Petroleum Corp. MPC -1.17% Marathon Petroleum Corp. U.S.: NYSE $ 71.66 -0.85 -1.17% Oct. 31, 2013 4:01 pm Volume (Delayed 15m) : 4.80M AFTER HOURS $ 71.80 +0.14 +0.20% Oct. 31, 2013 7:29 pm Volume (Delayed 15m): 34,639 P/E Ratio 10.49 Market Cap $22.70 Billion Dividend Yield 2.34% Rev. per Employee $3,317,680 10/31/13 Marathon Petroleum’s Profit Fa… 10/10/13 Jury Sides With BP in 2010 Tex… 09/27/13 Breaking Up Is the Thing to Do… More quote details and news » MPC in Your Value Your Change Short position said its third-quarter profit fell 86% as the refining-and-pipeline company recorded higher costs that masked a rise in revenue. Refiners had been taking advantage of cheap, domestically produced oil, which has helped margins. But oil prices rose earlier this year as data showed a bigger-than-expected drop in U.S. crude-oil supplies. Marathon Petroleum, which was spun off from Marathon Oil Corp. MRO […]

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China factory activity picks up in October, recovery seen gradual

BEIJING (Reuters) – China’s giant manufacturing sector strengthened further in October, two surveys showed on Friday, though mixed signals in important areas including export orders suggest any recovery in the world’s second-largest economy will be gradual. The overall message of stabilization is good news for the government as it readies a series of economic reforms at the Communist Party’s third plenary meeting from November 9-12. China’s official Purchasing Managers’ Index (PMI) reached an 18-month high of 51.4 in October, beating a forecast of 51.2 in a Reuters poll [ID:nL3N0IJ3MW]. A separate HSBC/Markit final PMI rose to a seven-month high of 50.9. Both surveys were above the 50 line separating growth from contraction, but gave differing readings on new orders and new export orders — falling in the official PMI and rising in the HSBC/Markit PMI. "The PMI data for October shows a continued increase, indicating a preliminary stabilization in […]

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China manufacturing data surges to strongest in 18 months

A worker assembles car doors for the Geely Automobile Holdings Ltd. Emgrand EC7 sedan on the production line at the company’s factory in Cixi, Zhejiang Province, China China’s manufacturing sector accelerated in October to its strongest reading in 18 months, suggesting continued expansion in the world’s most important manufacturing sector. The improved headline official purchasing manager’s index is likely to boost market sentiment towards China and China-dependent assets such as the Australian dollar, but sub-indices for new orders and new export orders dipped last month, raising concerns that momentum might not be sustained for the rest of the fourth quarter. The official PMI came in at 51.4 in October, compared with 51.1 in September, according to the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 indicates contraction. The closely watched index has been positive for more […]

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ONGC Risks First Loss on Oil as Discounts Climb: Corporate India

Oil & Natural Gas Corp. (ONGC) , India’s most-profitable company, is at risk of incurring a loss at its crude oil business for the first time as subsidy payments and production expenses rise. The cost of producing crude oil has increased 5 percent, while buyers are paying 4 percent less for the product, squeezing margins, according to Chairman Sudhir Vasudeva. ONGC may give 137 billion rupees ($2.2 billion) as discounts on its crude oil sales to government-run refiners including Indian Oil Corp. (IOCL) for the three months through Sept. 30, Vasudeva said. That’s 11 percent higher than a year earlier. “The narrowing margins at some point is going to affect our growth, our capex, and our business,” Vasudeva, 59, said by phone from New Delhi . “It’s difficult to sustain, difficult to plan for the future.” Pretax margins at ONGC, which is responsible for bolstering India’s energy supplies, have […]

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Green Car Congress: PwC’s Autofacts forecasts global light vehicle assembly to reach 81.8M units in 2013, up 3.3% from 2012

« Navistar completes heavy-duty product transition to SCR for emissions compliance | Main Print this post PwC’s Autofacts forecasts global light vehicle assembly to reach 81.8M units in 2013, up 3.3% from 2012 Global light vehicle assembly will reach 81.8 million units in 2013, representing a 3.3% year-over-year gain, according to Autofacts, PwC’s automotive analyst group. While there has been speculation around the long-awaited recovery of the European Union (EU), 2013 is poised to mark a turning point, setting the stage for recovery in 2014. This will bring the region in sync with the recent recoveries in North America and Eastern Europe and the continued growth in developing Asia-Pacific and South America, according to the consultancy. “ Consumer demands and regulatory requirements are motivating the global automotive industry to push ahead with technological breakthroughs on a larger scale ,” said Rick Hanna, PwC’s global automotive leader. “ Innovation ranging […]

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