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Economic Times
7 hours ago
- Business
- Economic Times
OPEC+ agrees July oil output hike of 411,000 bpd, sources say
Representative image Synopsis OPEC+ nations have decided to increase oil production by 411,000 barrels per day for July, mirroring the increases seen in May and June. This decision comes as the group aims to regain market share and address instances of overproduction by certain members. While some members are increasing supply, adjustments are being made to compensate for past overproduction. OPEC+ agreed to hike July oil output by 411,000 barrels per day (bpd) on Saturday, the same as in May and June, several sources said, as the group of oil-producing countries looks to grab back market share and punish over-producing members. ADVERTISEMENT All sources declined to be identified by name due to the sensitivity of the matter. Eight OPEC+ members of the group are unwinding 2.2 million bpd in voluntary curbs they imposed on top of earlier cuts. OPEC+ includes OPEC members and allies such as Russia. They began their current round of output increases in the eight are raising supply, some of them are being asked to temper those increases to compensate for overproducing in past had said on Thursday that it would not cut production, prompting speculation that OPEC+ might go for a July increase larger than 411,000 bpd. ADVERTISEMENT Oil prices fell to a four-year low in April, slipping below $60 per barrel after OPEC+ said it was tripling its output hike in May and as U.S. President Donald Trump's tariffs raised concerns about global economic weakness. Prices closed just below $63 on oil demand is expected to grow by an average of 775,000 bpd in 2025, according to a Reuters poll of analysts published on Friday, while the International Energy Agency in its latest outlook saw an increase of 740,000 bpd. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
Economic Times
13 hours ago
- Business
- Economic Times
YVR flight delays cause travel chaos as Air Canada, WestJet offer free rebooking
Inbound flights to YVR experienced an average delay of 1 hour and 23 minutes, with 67 delays and 10 cancellations reported for arrivals, and 24 delays and 9 cancellations for departures. In response, Air Canada permitted passengers traveling to or from YVR on May 30 to change bookings without penalty, subject to availability. (File Photo) Synopsis Vancouver Airport faced major flight disruptions on May 30, 2025, due to unexpected equipment issues during runway maintenance. Air Canada and WestJet offered free flight changes to affected passengers. Nav Canada implemented traffic management to handle delays, averaging over an hour for inbound flights. While Air Canada's waiver was for May 30, WestJet extended it to May 31. Flight disruptions at Vancouver International Airport (YVR) on Friday, May 30, 2025, led Air Canada and WestJet to offer free flight changes to affected passengers. ADVERTISEMENT An unexpected equipment issue caused the delays during overnight paving work on the airport's north runway. This prevented the runway from reopening in the morning, resulting in significant flight delays and cancellations. To manage the situation, Nav Canada implemented a temporary Traffic Management Initiative (TMI) to maintain safe and efficient air traffic flow. According to FlightAware, inbound flights to YVR flight delays averaged about 1 hour and 23 minutes. YVR's arrivals page reported 67 delays and 10 cancellations, while the departures page listed 24 delays and nine cancellations. In response, Air Canada allowed passengers traveling to or from YVR on May 30 to change their bookings without penalty, subject to availability. The airline advised customers to check their flight status online or call 1-888-422-7533 before heading to the airport. This waiver applied only to Friday's travel, but Air Canada indicated it might update its policy if disruptions continued. WestJet also offered free flight changes for travelers affected by YVR flight delays or cancellations at YVR on May 30-31. The airline apologized for the inconvenience and emphasized the need for shared accountability among Canada's air travel partners. ADVERTISEMENT Other Canadian carriers, such as Porter and Flair Airlines, did not provide similar waivers. Flair Airlines acknowledged the delays and advised passengers to check their flight status regularly and adjust their airport arrival times are encouraged to monitor their flight information and contact their airlines for the latest updates. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
Time of India
a day ago
- Business
- Time of India
Sebi Market Ban: Sebi Extends Ban on LS Industries Amid Fraud Allegations, ET LegalWorld
Sebi on Friday said LS Industries, its promoter, and four others will remain barred from the securities markets till the outcome of a probe following allegations of fraudulent activities and stock price manipulation. Profound Finance (promoter of LS Industries), Jahangir Panikkaveettil Perumbarambathu, a Dubai-based NRI public shareholder of LS Industries, Suresh Goyal, Alka Sahni, Shashi Kant Sahni HUF have also been prohibited from the markets. "...hereby confirm the directions issued vide the interim order dated February 11, 2025," Sebi's whole-time member Ashwani Bhatia said in the confirmatory order. Advt Advt The markets watchdog also said the timeline to complete the investigation in this matter is extended to November 15 and the entities are directed to cooperate with Sebi's probe in the right February this year, Sebi had passed an interim order and restrained LS Industries, Profound Finance and four others from the securities markets following allegations of fraudulent activities and stock price had also directed Perumbarambathu to impound unlawful gains of Rs 1.14 crore from the sale of shares as part of a prima facie fraudulent matter pertains to LS Industries and its key associates were involved in artificially inflating the company's share price despite negligible revenue and financial the interim order, Sebi noted that LS Industries reported negligible revenue in the last three financial years (FY22-FY24) and first three quarters of FY25, which indicated that the company was not doing any business during this poor financials, the share price of LSIL rose by over 10 times from Rs 22.50 to a high of Rs 267.50 between July 23, 2024 and September 27, 2024, with the company reaching a peak market capitalisation of about Rs 22,700 sudden price movement in the scrip without any meaningful change in fundamentals, the dubious transfer of shares to Perumbarambathu, and the suspicious trading patterns of certain entities came under the prima facie appeared that the entities were part of a manipulative scheme designed to defraud investors and allegedly violated the provisions of PFUTP ( Prohibition of Fraudulent and Unfair Trade Practices ) rules. Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App
Time of India
2 days ago
- Business
- Time of India
Weekly Jobless Claims Surge Amid US Labor Market Uncertainty, HR News, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App WASHINGTON: The number of Americans filing new applications for unemployment benefits increased more than expected last week, while the jobless rate appeared to have picked up in May as labor market conditions continue to claims for state unemployment benefits rose 14,000 to a seasonally adjusted 240,000 for the week ended May 24, the Labor Department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest hoarding by employers following difficulties finding labor during and after the COVID-19 pandemic is underpinning the jobs market. Nonetheless there has been an uptick in layoffs because of economic uncertainty as President Donald Trump pursues an aggressive trade policy, which economists say is making it challenging for businesses to plan ahead.A U.S. trade court on Wednesday blocked most of Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority. Economists said the ruling, while it offered some relief, had added another layer of uncertainty over the economy.A report from the Bank of America Institute noted a sharp rise in higher-income households receiving unemployment benefits between February and April compared to the same period last year. Its analysis of Bank of America deposit accounts also showed notable rises among lower-income as well as middle-income households in April from the same period a year expect claims in June to break above their 205,000-243,000 range for this year, mostly driven by difficulties adjusting the data for seasonal fluctuations, following a similar pattern in recent years. That would not suggest a material shift in labor market conditionsMinutes of the Federal Reserve's May 6-7 policy meeting published on Wednesday showed while policymakers continued to view labor market conditions as broadly in balance, they "assessed that there was a risk that the labor market would weaken in coming months."They noted that there was "considerable uncertainty" over the job market's outlook, adding "outcomes would depend importantly on the evolution of trade policy as well as other government policies."The U.S. central bank has kept its benchmark overnight interest rate in the 4.25%-4.50% range since December as officials struggle to estimate the impact of Trump's tariffs, which have raised the prospect of higher inflation and slower economic growth this number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 1.919 million during the week ending May 17, the claims report showed. The elevated so-called continuing claims reflect companies' hesitance to increase headcount because of the economic claims covered the period during which the government surveyed households for May's unemployment rate. The jobless rate was at 4.2% in people who have lost their jobs are experiencing long spells of unemployment. The median duration of unemployment jumped to 10.4 weeks in April from 9.8 weeks in March.(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
Yahoo
3 days ago
- Business
- Yahoo
BNP Paribas Exane Upgrades Block (XYZ) Stock to Outperform
On May 27, BNP Paribas Exane upped Block, Inc. (NYSE:XYZ)'s stock to 'Outperform' from 'Neutral' with a price objective of $72, as reported by The Fly. As per the analyst, Block, Inc. (NYSE:XYZ)'s guidance for a mid-teens growth acceleration in gross profit for Q4 2025 is achievable, with challenges including competitive pressures in bitcoin and the cash business starting to fade. Furthermore, the acceleration expected in H2 2025 is projected to align with regular business operations. The introduction of the Borrow product and the Proto launch have been tagged as potential growth catalysts. The company expects Block topline growth to accelerate from a low point in H1 2025 to the mid-teens in Q4 2025. Block, Inc. (NYSE:XYZ) believes that improvements in Cash App gross profit are expected to be the primary driver of the overall acceleration in Block topline. However, there are expectations to see faster growth in Square and the first gross profit contributions from Proto, as the company delivers its first chips and systems in H2 2025. Block, Inc. (NYSE:XYZ) expects the enhancements to Cash App Borrow to fuel gross profit growth with the help of increased originations and improved unit economics. While we acknowledge the potential of XYZ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XYZ and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
