Steeper cuts in OPEC oil production are likely this month as producers increasingly implement a recent landmark deal aimed at stabilising oil prices, the IEA said Thursday.
"Initial indications are that a steeper (month-on-month) decline may be on the way in January," said the International Energy Agency, which analyses energy markets for major oil consuming nations.Full Story
US bank Goldman Sachs will move 1,000 staff from London to Frankfurt as part of a post-Brexit reorganisation that will reduce its City headcount by half, German business daily Handelsblatt reported Thursday.Full Story
The dollar rallied against high-yielding currencies and cemented gains versus its major peers Thursday as dealers took a speech by Federal Reserve boss Janet Yellen as a hint that US rates will rise further this year.Full Story
Turkish President Recep Tayyip Erdogan is closer to getting a power boost after parliament's first approval of a bill to change the constitution, but the flagging economy could present an unexpected roadblock.Full Story
OPEC oil production fell in December but remains well above levels envisaged under a recent deal due to take effect from January, the cartel's new monthly report showed Wednesday.Full Story
Detroit, the once-thriving capital of the U.S. automobile industry, has seen most of its jobs move overseas, leaving the remaining workers at the "Big Three" auto plants wondering about the future.
As the jobs have vanished so has the security and benefits they once offered that helped make the American middle class the engine of the world economy.Full Story
Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse.
The Securities and Futures Commission (SFC) on Monday filed documents to the High Court alleging "market misconduct" in connection with China Forestry Holdings's IPO, worth $217 million, and the firm's financial statements for 2009 to the first half of 2010.Full Story
The dollar recovered against its major peers Wednesday after taking a battering the previous day but equity traders were on edge owing to uncertainty about the prospects of a Donald Trump presidency.Full Story
British business leaders welcomed Theresa May on her Brexit clarity Tuesday but insisted the UK prime minister must deliver on her pledge to secure access to the EU single market.Full Story