Saudi Arabia's oil price war with Russia to escalate as supplies max out
Saudi Arabia has announced that it will supply world markets with 12.3 million barrels of oil for every day next month, which is 2.5 million barrels per day above its previous target, and beyond the 12 million barrels per day that Saudi state-owned oil company Aramco says it can produce at peak capacity. Experts say this means Saudi Arabia will be relying on stock reserves to maintain the high supply.
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Elon Musk Gains $8 Billion to Become World’s Fourth-Richest Person
Elon Musk’s financial upswing shows no signs of slowing. The rise vaulted the Tesla co-founder past French luxury tycoon Bernard Arnault, the wealthiest non-American on the Bloomberg Billionaires Index. Musk’s fortune has grown by $57.2 billion this year, the second-biggest increase on the index after Amazon.com Inc. founder Jeff Bezos’s.
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US posted the worst-ever GDP plunge
US posted the worst-ever GDP plunge
US GDP dropped 32.9% in the second quarter, the worst ever posted in the Q2. Economists surveyed by Dow Jones had been looking for a drop of 34.7% but still, it was the worst drop ever, with the closest previously coming in mid-1921. The report comes amid a recession that began in February and pulled first-quarter growth down 5%. On a quarterly basis, the Q2 decline was 1.8%
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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Chinese markets in red after the rise in US-China tensions
Chinese stocks mostly deepened losses by the close as U.S.-China tensions worsened on Friday. In mainland China, the Shanghai composite pared some losses but still ended the day 3.86% lower at 3,196.77, while the Shenzhen composite tumbled 5% to close at 2,138.36. The Shenzhen component dived 5.31% to close at 12,935.70. The Chinese yuan, a barometer of Sino-U.S. tensions, looks set for its worst week in two months
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