China flexes oil refining muscle, upping pain for Asian rivals

China flexes oil refining muscle, upping pain for Asian rivals
SINGAPORE/BEIJING (Reuters) – China is set to further expand its massive oil refining capacity this year, offering support to global oil prices, and U.S. producers in particular, but its plans spell more gloom for Asia’s hard-hit refining industry. FILE PHOTO: China National Petroleum Corporation (CNPC)’s Dalian Petrochemical Corp refinery is seen in Dalian, Liaoning province, China January 22, 2019. REUTERS/Stringer... Read More

U.S. business investment weak; consumer confidence at five-month high

U.S. business investment weak; consumer confidence at five-month high
WASHINGTON (Reuters) – New orders for key U.S.-made capital goods dropped by the most in eight months in December and shipments were weak, suggesting business investment contracted further in the fourth quarter and remained a drag on economic growth. FILE PHOTO: The view from one of the ship-to-shore cranes at Wando Welch Terminal operated by the South Carolina Ports Authority... Read More

U.S. core capital goods orders record largest drop in eight months

U.S. core capital goods orders record largest drop in eight months
WASHINGTON (Reuters) – New orders for key U.S.-made capital goods dropped by the most in eight months in December and shipments were weak, suggesting business investment contracted further in the fourth quarter and was a drag on economic growth. FILE PHOTO: The view from one of the ship-to-shore cranes at Wando Welch Terminal operated by the South Carolina Ports Authority... Read More

At Exxon, CEO’s promised turnaround sapped by chemicals, refining

At Exxon, CEO’s promised turnaround sapped by chemicals, refining
HOUSTON (Reuters) – At Exxon Mobil Corp, CEO Darren Woods’ plan to revive earnings at the largest U.S. oil and gas company is being sidetracked by the two businesses he knows best: chemicals and refining. FILE PHOTO: Darren Woods, chairman & CEO of Exxon Mobil Corporation, attends a news conference at the New York Stock Exchange (NYSE) in New York,... Read More

Crowded Lagos to ban motorbikes from most of Nigerian metropolis

Crowded Lagos to ban motorbikes from most of Nigerian metropolis
LAGOS (Reuters) – Nigeria’s business capital of Lagos will ban commercial motorcycles from operating in large parts of the city, the state government announced on Monday, a move that could change the commute for thousands and threaten ride-hailing startups. FILE PHOTO: Several bikes are seen parked within the premises of Gokada bike company in Lagos, Nigeria May 3, 2019. Picture... Read More

Former Boeing CEO Muilenburg resigns from Caterpillar board

Former Boeing CEO Muilenburg resigns from Caterpillar board
FILE PHOTO: Boeing Chief Executive Dennis Muilenburg testifies before the House Transportation and Infrastructure Committee during a hearing on the grounded 737 MAX in the wake of deadly crashes, on Capitol Hill in Washington, U.S., October 30, 2019. REUTERS/Sarah Silbiger (Reuters) – Caterpillar Inc (CAT.N) said on Monday former Boeing Co (BA.N) Chief Executive Officer Dennis Muilenburg had resigned from... Read More

Business survey suggests U.S. labor market may have peaked

Business survey suggests U.S. labor market may have peaked
WASHINGTON (Reuters) – There is an even balance in the share of U.S. businesses reporting decreases and increases in employment for the first time in a decade, a survey showed on Monday, the latest suggestion that the labor market has likely peaked and job growth could slow this year. FILE PHOTO: People attend TechFair LA, a technology job fair, in... Read More

Euro near seven-week low after ECB; virus fears support yen

Euro near seven-week low after ECB; virus fears support yen
TOKYO (Reuters) – The euro hovered near a seven-week low against the dollar on Friday after the European Central Bank was seen as more dovish than expected, while anxiety over China’s coronavirus outbreak propped up the safe-haven yen. FILE PHOTO: Euro currency bills are pictured at the Croatian National Bank in Zagreb, Croatia, May 21, 2019. REUTERS/Antonio Bronic The euro... Read More