Saudi Arabia says the oil facility hit by drones and missiles will be fully functional again in 12 days
- Saudi Arabia says its flagship oil facility, ravaged by drone and missile strikes on Saturday, will return to full production capacity by the end of September, in just 12 days time.
- The prince, addressing reporters at a press conference in the city of Jeddah, said that full, untapped functionality — 9.8 million barrels-per-day — will be achieved by the end of September.
- While the Aramco facility could be firing on all cylinders by the end of September, Saudi Arabia's total oil production capacity — 12 million barrels a day — will not return until November, the prince said.
- Saudi Arabia on Monday said Iranian weapons were used in the strikes on its major oil facility, Reuters reported, but the kingdom has so far stopped short of directly accusing Iran of perpetrating the attack.
The risk of a global pandemic is growing -- and the world isn't ready, experts say
- These epidemics and pandemics devastated many of their host countries -- the West Africa Ebola outbreak resulted in a loss of $53 billion in economic and social cost.
- While disease, epidemics, and pandemics have always existed, greater population density and the ability to travel anywhere in the world within 36 hours means disease can spread rapidly through a country and then go worldwide.
- Global warming means mosquito-borne diseases like Zika and dengue could spread to Europe, the United States, and Canada -- placing a billion more people at risk, a study found earlier this year.
- The WHO called for world leaders to take seven concrete actions to lessen the risk, including monitoring progress during international summits, creating multi-year disaster plans, strengthening United Nations coordination, and building preparation systems across all sectors.
A look at the global fintech landscape and how countries are embracing digital disruption in financial services
- This is a preview of the Global Fintech Landscape report from Business Insider Intelligence, Business Insider's premium research service.
- Now, after years of proliferation, countries around the world are starting to see their fintech industries mature.
- The spread of fintech can be largely seen in the emergence of fintech hubs — cities where startups, talent, and funding congregate — which are proliferating globally in tandem with ongoing disruption in financial services.
- In The Global Fintech Landscape, Business Insider Intelligence compiles various fintech snapshots, which together show the global proliferation of fintech, and illustrate where fintech is starting to mature and where it is just breaking onto the scene.
- Each snapshot provides an overview of the fintech industry in a particular country, and details what is contributing to or hindering its further development.
JPMorgan unveils 6 trades that should rake in profits regardless of whether the stock market tanks or rebounds in the near future
- The stock market's future hinges a great deal on what happens during the trade negotiations between the US and China in October.
- That's according to Marko Kolanovic, JPMorgan's global head of macro quant and derivative strategy, who is getting ready for multiple outcomes.
- In the interim, he is leaning towards the likelihood that the global economy will not sink into a recession should the trade war escalate.
- Their optimism for productive trade negotiations has helped the S&P; 500 rebound from its swoon in August to within 1% of its all-time high.
- The market's recovery was particularly beneficial for stocks that were considered undervalued and had missed out on gains on the way up.
- The six recommendations below are designed to capture the upside of a rebound in the months ahead while safeguarding against losses if the trade war suddenly escalates again.
Here are 12 of the most important executives leading Google Cloud as it takes on Amazon Web Services and Microsoft Azure
- Robert Enslin joined Google Cloud in April to head up global customer operations, which includes sales and working with customers and partners.
- He had also served as vice president of worldwide specialist sales, where he led enterprise sales strategy for Microsoft's cloud services, as well as general manager of global accounts, where he was responsible for Microsoft's top 100 enterprise customers.
- Before that, she was CEO of an early-stage connected devices company called Yardarm Technologies, and spent nearly 10 years at Microsoft in various leadership roles, such as vice president of enterprise sales and partners, and corporate vice president of the customer service and support division.
- And before that, he spent 12 years at SAP, where he had served as executive vice president and head of business development and global ecosystem.
Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend – CCN.com
- Possibly anticipating the Fed’s move to potentially sustain the benchmark interest rate in place for the foreseeable future, President Trump said that the central bank has put the U.S. in a disadvantageous position by not offering enough stimulus, which could lessen the effect of the trade progress on the stock market.
- If the Federal Reserve does not move towards decreasing the interest rate or offering more stimuli in the near term, the stock market could continue to demonstrate weakness as global economic growth slows.
- Marko Kolanovic, global head of macro quantitative and derivatives strategy at JPMorgan, said that while it is too early to determine the medium term effect of the rise in oil prices on the stock market, if barrels surpass the $80 threshold, the stock market is likely to fall harder from current levels.
A $194 billion quant fund says everyone is misunderstanding the yield curve as a recession signal. Here's how its experts say it can be used more effectively.
- At present time, investors are riddled with anxiety as they grapple with multiple inversions of different sections of the yield curve.
- But AQR Capital Management, a quant investing firm with over $194 billion in assets managed, thinks investors can benefit from viewing the yield curve in a different light.
- AQR finds that, after an inversion, there is a positive relationship between yield-curve slope and GDP growth in the year that follows.
- The light-blue line — representing market timing — goes long in six markets (Australia, Canada, Germany, Japan, the UK, and the US) when the global average yield curve is steeper than its historical average and short when it's flatter.
- The dark-blue line — representing the cross-sectional strategy — goes long the three countries with the steepest curves and short the three with the flattest curves (with weight inversely proportional to rank).
New models show that the earth is warming faster than first thought
- But now it seems the situation is much more serious than previously understood, with new climate models predicting average temperatures could rise by as much as seven degrees by 2100.
- According to the new models -- which are set to replace those used in current UN projections -- increased levels of CO2 in the atmosphere will warm the earth's surface more easily than previous calculations had suggested, leading to higher "equilibrium climate sensitivity." This means that the planet has a greater likelihood of reaching higher levels of global warming, even with deeper emissions cuts.
- The new models will underpin the IPCC's next major report in 2021, which is likely to paint a very bleak picture for the future of the climate.
- The planet has not yet reached one degree of warming, and yet the world is already facing increasingly deadly heatwaves, droughts, floods and cyclones exacerbated by rising sea levels.
Saudi shock presents fresh unknown before Fed rate meeting
- Powell backed a rate increase last December and had initially indicated he planned to continue tightening this year in the face of a thriving labor market and strong consumer demand.
- But that plan reversed as Trump's trade wars took a toll on the global economy, and Powell has signaled he's open to continuing to support the economy.
- Now the multiple drone attack on Saudi Arabia, which has significantly cut its crude output and rattled oil markets, could also complicate matters for the Fed. In recent months, Powell has said the US economy continues to remain in a "favorable" place, with moderate growth expected along with a strong labor market and inflation inching closer to the Fed's 2% target, the level it considers healthy for the US economy.
Oil prices are pulling back a little but investors remain wary
- Hong Kong (CNN Business) - Oil prices pulled back slightly during Asian trading hours Tuesday as investors continue to watch for fallout from the weekend's devastating attack on Saudi Arabia's crude production.
- China's Shanghai Composite Index fell 1% after the Chinese central bank kept a key loan rate unchanged, contrary to market expectations that it would be cut.
- The market thought the People's Bank of China might cut the medium-term lending facility rate as a way to lower financing costs and support the economy.
- Markets are pricing in a 66% probability that the Fed will cut rates by a quarter percentage point, according to CME's FedWatch tool.
- China's Commerce Ministry said the country will send a negotiation team — which includes Liao Min, the vice minister of the Finance Ministry — to the United States on Wednesday.