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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 This material may not be published, broadcast, rewritten or redistributed.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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Bread prices in Argentina rise as corn and wheat scarcity kicks in

BUENOS AIRES, Oct. 29 (UPI) — Argentina’s wheat and corn distribution chaos, caused by erratic supplies and now widespread scarcity, has finally reached bakeries that are charging exorbitant prices for bread despite government warnings of a crackdown. Corn and wheat shortages began several months ago and weren’t relieved despite what critics called the government’s stopgap measures. The timing of the grain shortage and its direct impact on bakeries couldn’t be worse, critics said as media furor over bread prices and and shortages captured headlines days before Argentina’s mid-term elections. Gaps in supplies of corn were also reported across the country, Argentine media reported. Traders said wholesale prices for both corn and wheat were double those on Chicago markets as profiteering set in. Bakeries said they couldn’t avoid price hikes, forced as they were to pay ever higher rates for flour. Weather vagaries would likely impact on the new wheat […]

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Canada defends appeal to Asian energy investors

OTTAWA, Oct. 29 (UPI) — Asian investors remain keen on playing a role in the Canadian energy sector despite concerns over federal investment rules, Canada’s resource minister said. Canadian Natural Resources Minister Joe Oliver spoke to The Globe and Mail newspaper about his recent investment discussions with Asian investors. “I certainly got no sense from anybody that they are turned off the prospect of investing in the Canadian industry,” he said in an interview published Monday. The Canadian government in December passed a rule prohibiting state-owned companies from taking on a majority stake in companies working on oil sands developments in Canada. Major Asian companies, like China National Offshore Oil Corp., are state-owned. Oliver said he noted a slowdown in Asian investments in Canada but attributed it to a sluggish economy and to the lack of export infrastructure along his country’s western coast. The Canadian government is supporting pipeline […]

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U.S. factories hit by shutdown, China production rises

NEW YORK/LONDON (Reuters) – Factories in China boosted production this month, but U.S. manufacturing output fell for the first time in four years while the euro zone economy lost momentum, surveys on Thursday showed. The data suggested the world economy is still facing speed bumps as China tries to rebound from a slowdown and as growth in advanced economies remains fragile. One such hurdle was a partial U.S. government shutdown that lasted for the first 16 days of October. This likely disrupted factory output in the world’s largest economy and will probably end up slowing overall U.S. growth in the fourth quarter. According to financial data firm Markit, U.S. factory output contracted in October for the first time since late 2009 and the overall pace of growth was the slowest in a year. Markit chief economist Chris Williamson said the survey "suggests that the disruptions and uncertainty caused by […]

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China central bank fuels fears of inflation clampdown

BEIJING/SHANGHAI (Reuters) – China’s central bank added fuel to fears on Thursday it was clamping down on inflation risks as it allowed cash to drain from the financial system for a second straight week, sparking a jump in short-term rates. The move by the People’s Bank of China (PBOC) happened as Beijing stepped up its efforts to counter surging property prices in the capital in an attempt to calm rising discontent over the city’s record-high home prices. China also widened the funding options for local governments and property companies by giving them access to the interbank bond market to finance affordable housing, a priority of Chinese leaders, sources told IFR, a Thomson Reuters publication. Housing data this week has raised fresh concerns about property bubbles in some major cities, which could add to consumer inflation – already at a seven-month high – and add to criticism that home prices […]

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China's manufacturing hits 7-month high: HSBC

  • Manufacturing activities in China increased to a seven-month high in October: HSBC.   • The HSBC Flash Manufacturing PMI for October rose to 50.9.   • The October figure further confirmed a gradual recovery in the world’s second-largest economy.   BEIJING, Oct. 24 (Xinhua) — Manufacturing activities in China increased to a seven-month high in October, according to HSBC’S preliminary purchasing managers’ index (PMI) on Thursday. The HSBC Flash Manufacturing PMI for October rose to 50.9. The reading compared with a final recording of 50.2 for September, HSBC said in a report. The 50.9 figure is the highest since April. The October figure, the earliest reading of China’s monthly economic performance, further confirmed a gradual recovery in the world’s second-largest economy. Qu Hongbin, chief China economist with HSBC, said the country’s growth recovery was becoming consolidated into the fourth quarter. The momentum is likely to continue in the coming […]

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China’s manufacturing hits 7-month high: HSBC

  • Manufacturing activities in China increased to a seven-month high in October: HSBC.   • The HSBC Flash Manufacturing PMI for October rose to 50.9.   • The October figure further confirmed a gradual recovery in the world’s second-largest economy.   BEIJING, Oct. 24 (Xinhua) — Manufacturing activities in China increased to a seven-month high in October, according to HSBC’S preliminary purchasing managers’ index (PMI) on Thursday. The HSBC Flash Manufacturing PMI for October rose to 50.9. The reading compared with a final recording of 50.2 for September, HSBC said in a report. The 50.9 figure is the highest since April. The October figure, the earliest reading of China’s monthly economic performance, further confirmed a gradual recovery in the world’s second-largest economy. Qu Hongbin, chief China economist with HSBC, said the country’s growth recovery was becoming consolidated into the fourth quarter. The momentum is likely to continue in the coming […]

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World Economy a ‘Major Worry’ for OPEC Oil Producers, Badri Says

OPEC sees a possible drop in energy demand caused by a weaker world economy as its “main area of concern” for the next several months, the group’s secretary-general said. “As we approach the end of 2013 and into next year, we need to remain vigilant,” Abdalla El-Badri said at a conference today in Muscat, Oman. “The economy remains the major worry, particularly in the short and medium term.” While the Organization of Petroleum Exporting Countries expects global economic growth to accelerate to 3.5 percent in 2014 from 2.9 percent this year, Europe faces a “major challenge” in its labor market, and growth in China and India has slowed, he said. A possible easing of U.S. monetary stimulus threatens investment in developing countries , El-Badri said. OPEC, supplier of about 40 percent of world oil, plans to meet on Dec. 4 to review output levels and policy. The International Energy […]

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Venezuela denies devaluation coming

CARACAS (Reuters) – President Nicolas Maduro’s government denied on Friday forecasts of an imminent devaluation due to anxiety in Venezuela over shortages of dollars and the soaring black market rate for the greenback in the South American OPEC nation. "A devaluation is not being planned here," said Rafael Ramirez, whom Maduro recently named vice-president in charge of economic policy as well as being oil minister. "This is not a problem of lack of foreign currency," he added, saying Venezuela had ample reserves – about $30.5 billion – combined in the Central Bank, its special development fund Fonden and from Chinese loans. Many private economists have been predicting a devaluation of the bolivar after local elections in December, probably in early 2014. Ramirez said such talk was unjustified scaremongering from business groups and anti-government media. "They want to create panic," he said, casting the devaluation talk as part of a […]

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The numbers don’t add up to U.S. energy independence  

Oil pumpjacks (by Richard Masoner at Flickr http://www.flickr.com/photos/bike/3153652073/ Page added on October 20, 2013 Energy independence sounds good, and that’s why politicians and oil company executives love to say the words. It’s so easy to say, but oh so hard to actually accomplish, which is why the United States has been a consistent importer of oil since the late 1940s . Recent overblown statements about U.S. energy independence from the oil industry, its paid consultants and the fake think-tank academics it funds simply aren’t supported by the numbers. I have discussed this issue in two previous pieces, “The Oil Industry’s Deceitful Promise of American Energy Independence” and “Oil and gas industry uses deceptive energy independence message to push U.S. exports” . Recently, friend and colleague Jeffrey Brown–who is best known for his Export Land Model which foretold of shrinking global oil exports–did some fairly simple math to show how […]

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China’s third-quarter GDP growth fastest this year, but outlook murky

BEIJING (Reuters) – China’s economy grew at its quickest pace this year between July and September, underpinned by investment, although analysts question if the vigor would continue in coming months. The world’s second-largest economy grew 7.8 percent in the third quarter from a year earlier, in line with expectations, data from the National Bureau of Statistics showed on Friday. So far this year, investment has accounted for more than half of the expansion, showing the challenges faced by Beijing in trying to restructure the economy towards consumption, which policymakers expect to provide more sustainable growth in the years ahead. After slipping in eight of the last 10 quarters, analysts said growth may fall once again in the current October-to-December period. Exports are expected to soften and authorities may also rein-in credit expansion after inflation pushed to a seven-month high. "The growth peak was behind us in the third quarter," […]

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China's third-quarter GDP growth fastest this year, but outlook murky

BEIJING (Reuters) – China’s economy grew at its quickest pace this year between July and September, underpinned by investment, although analysts question if the vigor would continue in coming months. The world’s second-largest economy grew 7.8 percent in the third quarter from a year earlier, in line with expectations, data from the National Bureau of Statistics showed on Friday. So far this year, investment has accounted for more than half of the expansion, showing the challenges faced by Beijing in trying to restructure the economy towards consumption, which policymakers expect to provide more sustainable growth in the years ahead. After slipping in eight of the last 10 quarters, analysts said growth may fall once again in the current October-to-December period. Exports are expected to soften and authorities may also rein-in credit expansion after inflation pushed to a seven-month high. "The growth peak was behind us in the third quarter," […]

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