TUESDAY, AUGUST 18, 2020 06 07 TUESDAY, AUGUST 18, 2020
TikTok Argentina officially presents debt signs music restructure offer distribution OPEC+ compliance with oil to SEC deal with Classified UnitedMasters Reuters | Washington output cuts in July at 97pc ikTok is partnering with TUS music distribution OPEC+ sources Argentina’s Economy Minster company UnitedMasters, a Martin Guzman said• they expect no deal that will allow creators AFP on the Chinese video shar- change in the current ing app to directly distrib- production agreement ecession-hit Argenti- ute their music to streaming Rna yesterday officially platforms like Spotify and In August, OPEC+ presented its offer to the Apple Music. US Securities and Exchange eased• its agreed The move comes days af- Commission (SEC) to re- ter President Donald Trump cuts to 7.7 m barrels structure a $66 billion debt ordered TikTok’s parent per day (bpd) under foreign legislation, ByteDance to divest the US the government said. ¤ operations of the video app Reuters | London/Moscow/ It follows the passing of within 90 days. a law on Sunday officially Dubai ByteDance is in talks to approving the deal reached ¡ sell the North America, two weeks ago with three Australia and New Zealand ompliance with OPEC+ major creditor groups fol- operations of TikTok to Mi- oil output cuts is seen lowing months of strained crosoft Corp. at around 97 per cent in negotiations and several C July, two OPEC+ sources told missed deadlines. Reuters on Monday, two days The deal reached on Au- A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture ahead of a meeting of key OPEC+ gust 4 is worth 54.8 cents on India’s power output producers to review adherence the dollar, a significant in- rises with their production pact as cluding Russia, a group known over 1 m bpd in July, according crease on Argentina’s orig- ¢ £ demand slowly recovers. as OPEC+. to a Reuters survey, as Saudi inal offer of 39 cents. Reuters | Chennai The figure has not yet been OPEC+ sources said they ex- Arabia and other Gulf members According to the docu- finalised by a technical panel of pect no change in the current ended their voluntary extra sup- ments presented to the SEC, ndia’s electricity gener- key OPEC and non-OPEC produc- production agreement and $44.7 ply curbs on top of the OPEC+ Argentina has “extended Brent crude LCOc1 was ¡ ation in the first 15 days ers, known as the JTC, which is would rather focus on adher- deal while other members made the invitation deadline” for I down 13 cents, or 0.3pc, of August rose for the first meeting later on Monday, the ence by countries such as Iraq, limited progress on compliance. the accession agreement to £ to $44.67 a barrel by 1048 time since early March. sources said. Nigeria and Kazakhstan who OPEC+ has been cutting out- August 28 from August 24. GMT, and West Texas Power generation rose 2.6 A ministerial OPEC+ monitor- have pledged to improve their Intermediate US crude put to tackle the fallout from “The Republic encourag- per cent in the first 15 days ing committee, known as the compliance. the COVID-19 pandemic which es all investors to consider was down 4 cents, or 0.1pc, of August compared with JMMC, is meeting on Wednes- In August, OPEC+ eased its to $41.97 a barrel has hit oil demand. the revised terms and con- the same period of last year, day to review the oil market and agreed cuts to 7.7 m barrels per Brent crude LCOc1 was down ditions of the Invitation and ¡ a Reuters analysis of dai- compliance with the global oil day (bpd) from 9.7 m bpd pre- 13 cents, or 0.3pc, to $44.67 a join the Republic to create ly load despatch data from supply reduction pact. viously. exander Novak said last week barrel by 1048 GMT, and West a sustainable path for the federal grid operator POSO- The JMMC advises the Or- “There is no change,” one of there have been no additional Texas Intermediate US crude recovery of the Argentine CO showed, compared with ganisation of the Petroleum Ex- the sources said. proposals to change the deal. was down 4 cents, or 0.1pc, to economy,” said the economy a 1.8pc fall in July. porting Countries and allies in- Russian Energy Minister Al- OPEC oil output has risen by $41.97 a barrel. ministry in a statement. ¡¡ ¢ Trump approves oil drilling in Alaska wildlife refuge Gold rises on soft dollar as Reuters | Washington “I’m not really driven by the political focus turns to Fed dynamics” of the Nov. 3 presidential elec- he Trump administration yesterday tion, he said. 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Gold last week registered its what’s already priced in”, gold please call : 17214 112, Contact : +973 Bahrain gas cylinder medium Reliance, led by Asia’s richest biggest decline since March as could rise again to $2,000, said + 973 39053324, 39890039 IN THE HEART OF MANAMA size, BD 30 CALL. 39366756 ndia’s Reliance Industries Ltd man, Mukesh Ambani, launched investors reassessed positions ActivTrades’ Carlo. 38444694 or Iis in talks to buy online furni- an online grocery service Jio- after bullion retreated from Unprecedented global stim- email : [email protected] email : ture retailer Urban Ladder and Mart in May, a move rivalling a record peak of $2,072.50 ulus measures in response [email protected] CALL: 37762255, 17472255 For warehouse, Coldstore, milk delivery firm Milkbasket Amazon.com Inc and Walmart scaled on Aug. 7. to the COVID-19 pandemic, K CITY BUSINESS CENTER CO Book store contact 38444692. to strengthen its e-commerce Inc’s Flipkart in India, a key “We’re seeing a consolida- which have fuelled fears of business, the Times of India growth market for e-commerce. tion phase after last week’s inflation and currency debase- newspaper reported yesterday. Ambani has raised more sell-off,” said ActivTrades ment, have helped gold prices The oil-to-telecoms conglom- than $20 billion in the past few chief analyst Carlo Alberto De to climb more than 28pc this erate’s talks with Urban Ladder months, including from Face- Casa, adding that “interest for year. FOR YOUR DT CLASSIFIED are at an advanced stage, the book and Alphabet’s Google, gold remains elevated”. While the outlook remains report said, citing four unnamed for Reliance’s digital arm, Jio The market is trying to find constructive for gold, there sources briefed on the matter. A Platforms. a new equilibrium, but signs are indications the recent cor- ADVERTISEMENT deal could be pegged at around The Times of India report of further dovish central bank rection could have room to $30 million, it said, citing one of said, citing a source, that Milk- policy and a move above $1,960 run in the short-term, said IG the sources. basket had held talks with Am- could provide space for further Markets analyst Kyle Rodda. Representatives at Reliance Mukesh Ambani, Chairman and Managing Director of Reliance Industries, azon and Alibaba-backed online rallies, he said. In other precious metals, and Urban Ladder did not im- attends the company’s annual general meeting in Mumbai, India grocery retailer BigBasket, but Coronavirus cases, mean- silver rose 2pc to $26.93 an PLEASE CALL : +973 33609509 mediately respond to requests the discussions did not result while, continued to surge glob- ounce, platinum gained 2.1pc email : [email protected] for comment. Milkbasket de- The news comes as the COV- dians indoors, spurring a wave in a deal due to a mismatch in ally, especially in the United to $955.54 and palladium was clined comment. ID-19 pandemic forces many In- of online shopping, including valuation expectations. States and India, casting a up 2.3pc at $2,157.68.