Sunday, April 11, 2021

April 6, 2021  LONDON - Strong economic data from China and the United States helped to lift oil prices on Tuesday, recouping some of the previous session’s losses, as coronavirus-led volatility continues to dominate. Brent rose 80 cents, or 1.3%, to $62.95 a barrel by 1115 GMT. U.S. West Texas Intermediate (WTI) crude rose 82 cents, or 1.4%, to $59.47.

Both contracts fell by about $3 on Monday, pressured by increasing OPEC+ oil supply and rising COVID-19 infections in India and parts of Europe.

Coronavirus-related deaths worldwide crossed 3 million on Tuesday, as the latest global resurgence of COVID-19 infections challenges vaccination efforts across the globe.

“The current situation is fragile, therefore revisiting the recent highs (of oil prices) ... is not imminent,” said PVM analyst Tamas Varga.

“Until there are palpable signs of falling infection rates the oil market is likely to remain violent and hectic.”

Market sentiment was buoyed as March data showed U.S. services activity hit a record high. China’s service sector has also gathered steam with the sharpest increase in sales in three months.

In addition, England is set to ease more coronavirus restrictions on April 12, with the opening of businesses including all shops, gyms, hair salons and outdoor hospitality areas.

However, new restrictions in most of Europe and rising infections in India weighed on prices.

“This will likely raise concerns over demand, given that, at the moment, a large part of the constructive outlook for the oil market is based on the assumption that we see a strong demand recovery over the second half of this year,” ING analyst Warren Patterson said.

Those factors helped to offset worries about the agreement last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to bring back 350,000 barrels per day (BPD) of supply in May, another 350,000 BPD in June and a further 400,000 BPD or so in July.

The market’s attention is now on indirect talks between the United States and Iran in Vienna to revive the 2015 nuclear deal between Tehran and world powers, which could lead to Washington lifting sanctions on Iran’s energy sector.

Goldman Sachs said any potential recovery in Iranian oil exports would not be a shock to the market and full recovery would not occur until summer 2022.

Traders also breathed a sigh of relief after a tanker faced difficulties in the south of the Suez Canal but soon continued its journey.

The Suez Canal Authority (SCA) said the issue had lasted about 10 minutes and “was fixed”.

Oil prices spiked in late March after a giant container ship blocked the canal for days.

Meanwhile, escalating tensions between Saudi Arabia and India continued. Indian state refiners plan to buy 36% less oil from Saudi Arabia in May than normal, three sources said.

SXM Radio Online

Entertainment

April 10, 2021  BERLIN (AP) — The Australian photographer and actress June Newton — also known under her pseudonym Alice Springs — has died at 97, the Helmut Newton Foundation said Saturday in Berlin. Newton, who was also the wife of the late photographer Helmut Newton, died Friday in her home in Monte Carlo. The cause of death was not given. “We mourn the loss of an outstanding person and internationally recognized photographer,” the foundation wrote on its website. Newton, who was born June Browne in Melbourne, Australia in 1923, trained as an actor and often performed under her stage name June Brunell, the foundation said.

April 9, 2021  -Melissa McCarthy and her husband, filmmaker Ben Falcone, have managed to put out not one but two movies during this global pandemic. It prompts two questions: What did we do to deserve them? And how do we stop it? McCarthy enlists — and immediately wastes — the services of Oscar-winner Octavia Spencer for the superhero buddy comedy “Thunder Force,” a meandering nothing-burger of a film. It’s the fifth team-up between McCarthy and Falcone — they previously did “The Boss,” “Tammy,” “Life of the Party” and “Superintelligence.” It’s clear they’ve gotten progressively worse and McCarthy’s welcome manic, anarchic energy is no longer disarming.

April 10, 2021  LONDON (AP) — Britain’s Prince Charles offered a heartfelt tribute to his “dear Papa” on Saturday as Buckingham Palace offered the broad outlines of a royal funeral that will be attended by the family and broadcast to the world. As Queen Elizabeth II and other relatives mourned, Charles offered a personal video message saying the royal family was “deeply grateful” for the outpouring of support they’ve received following the death Friday of his 99-year-old father, Prince Philip. The heir to the throne said he was touched by the number of people around the world who have shared his family’s loss and sorrow.

April 9, 2021  -The St. George’s and Jamaica College Old Boys Associations of Florida will host their first-ever friendly sound clash on Saturday, April 10. The True Blue Sound Clash of 2021 is replacing the traditional True Blue weekend soccer event held every year. This year marks the 17th year for the South Florida event though it will be held in a different format. The True Blue Sound Clash will be hosted online by VP Records and broadcast on their Facebook page (facebook.com/vprecords/) & YouTube Channel (youtube.com/vprecords) starting at 7:00 p.m.

Business News

April 11, 2021  WASHINGTON (AP) — Two big South Korean electric vehicle battery makers have settled a long-running trade dispute that will allow one of them to move ahead with plans to make batteries in Georgia, a person briefed on the matter says. LG Energy Solution and SK Innovation reached the settlement, ending the need for President Joe Biden to intervene in the dispute, the person said Saturday. The person asked not to be identified because the companies have not yet announced the settlement. No details were available. The U.S. International Trade Commission decided in February that SK stole 22 trade secrets from LG Energy, and that SK should be barred from importing, making or selling batteries in the United States for 10 years.

April 10, 2021  BEIJING (AP) — Alibaba Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan ($2.8 billion) by Chinese regulators on Saturday for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries. Party leaders worry about the dominance of China’s biggest internet companies, which are expanding into finance, health services and other sensitive areas. The party says anti-monopoly enforcement, especially in tech, is a priority this year. Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering “free circulation” of goods, the State Administration for Market Regulation announced. It said the fine was equal to 4% of its total 2019 sales of 455.712 billion yuan ($69.5 billion).

April 11, 2021  MINNEAPOLIS (AP) — Former baseball star Alex Rodriguez and e-commerce mogul Marc Lore signed a letter of intent Saturday to buy the Timberwolves and keep the NBA team in Minnesota, owner Glen Taylor said. The agreement, which also includes the WNBA’s Minnesota Lynx, opens a 30-day window for negotiations to be finalized. If accountants and attorneys for both sides agree, the deal would then need to be approved by the league. The Athletic first reported the $1.5 billion sale.

Fashion News

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