Business


Rugged backdrop of Jackson Hole suits Yellen's tough talk

Imre Speizer, Westpac markets strategist, said Tropical Storm Harvey, which has caused catastrophic flooding in Texas, was likely to further weigh on the US dollar because it was "a major negative weather event" and "obviously bad for the economy".


Amazon expected to slash prices at Whole Foods starting Monday

Amazon expected to slash prices at Whole Foods starting Monday

Amazon did not say what the price cuts will be. In addition to the lower-priced grocery items Amazon noted in its announcement last week , workers said this weekend that Whole Foods' private label products - like those labeled with "365 Everyday Value" - will also be discounted.


RBI to introduce brand new Rs 1000 note

RBI to introduce brand new Rs 1000 note

The RBI presses have stopped printing of Rs 2000 note six months back but it will continue to exist. "The printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 notes which will have enhanced security features", the person said.


Gasoline futures shoot up on Harvey refinery closures

Gasoline futures shoot up on Harvey refinery closures

Prices were up as much as 6.4% on Sunday night, and are trading around 5.8% up as of 6:25 p.m. ET. Harvey's path cuts right through the heart of the USA oil infrastructure, with the Texas coast being home to almost 30% of the country's refining capacity .


Tropical Storm Harvey's Impact On Gas Prices

Tropical Storm Harvey's Impact On Gas Prices

That will soon change. Tanker trucks enter a refinery ahead of Hurricane Harvey in Texas City, on August 25. "The danger zone is if refineries are shut more than two weeks". Prices around the state went up a modest 6ยข a gallon over the past week according to Triple-A MI, but more increases are on the way. "The U.S. summer driving season will come to an end in September, bringing demand for gasoline lower", said Nitesh Shah, director and commodities strategist at ETF Securities.


Samsung Heir, Lee Jae-yong arrested on bribery chargers

Samsung Heir, Lee Jae-yong arrested on bribery chargers

Samsung's lawyers said Friday that they would appeal against the verdict. Lee was detained in February on charges he bribed then-president Park Geun-hye to help secure control of the conglomerate that owns Samsung Electronics , the world's leading smartphone and chip maker.