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BofA commodity arm fined by DOJ for trading practices

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FILE PHOTO: A Bank Of America logo is pictured in the Manhattan borough of New York August 21, 2014. REUTERS/Carlo Allegri (Reuters) – Bank of America Corp’s commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday. Read More

MSCI upgrades Kuwait equities to its main emerging markets index

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(Reuters) – MSCI Inc upgraded Kuwaiti equities to its main emerging markets index on Tuesday, which could trigger $2.8 billion of inflows from passive funds. MSCI, the world’s largest index provider, whose emerging-market group of indexes has about $1.8 trillion of assets tied to it, also said it will consult on the potential reclassification of Read More

Iran mocks Trump: White House ‘afflicted by mental retardation’

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By Tom Gillespie, news reporter Iran’s president has mocked Donald Trump by claiming the White House is “afflicted by mental retardation”. Hassan Rouhani made the remarks after the Trump administration imposed sanctions on Supreme Leader Ayatollah Ali Khamenei and his associates. Mr Rouhani described the move as “outrageous and idiotic”. Iran’s president, speaking in a Read More

Crude oil inputs to Mexico’s petroleum refineries continued to decline in 2018

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June 25, 2019 Source: U.S. Energy Information Administration, based on data published by Petróleos Mexicanos Crude oil inputs to Mexico’s petroleum refineries declined for the fifth consecutive year in 2018, falling to nearly 600,000 barrels per day (b/d), a 50% drop from 2013 levels. This decline in crude oil processing has coincided with a decrease Read More

Lawyers for Huawei CFO urge Canada to withdraw extradition proceedings

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(Reuters) – Lawyers for Huawei’s chief financial officer urged Canada’s justice minister on Monday to withdraw extradition proceedings against Meng Wanzhou, who has been detained in Vancouver since December on U.S. fraud charges. FILE PHOTO: Huawei’s Financial Chief Meng Wanzhou leaves her family home in Vancouver, British Columbia, Canada, May 8, 2019. REUTERS/Lindsey Wasson/File Photo Read More

Refinery Margin Tracker: Atlantic Coast margin rally aided by Philadelphia refinery fire

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New York — US Atlantic Coast refinery margins moved up sharply on Friday after an early morning fire cut rates at the region’s largest refinery, with expectations higher margins will continue into the current week, an analysis from S&P Global Platts showed on Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your Read More

Soon-to-be sanctioned Iran FM says Trump is ‘100% RIGHT’ on less US presence in Persian Gulf

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Iranian Foreign Minister Javad Zarif has said Donald Trump is “100% right” in that the US military has no business in the Perisan Gulf, after Trump questioned whether they needed to maintain such a strong presence in the region. Tweeting in rare agreement after Trump announced a new round of sanctions against Tehran, Zarif said Read More

Philadelphia refinery fire extinguished; alkylation unit destroyed: sources

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New York — The fire in the alkylation unit at Philadelphia Energy Solutions’ refinery was extinguished Sunday, according to company spokeswoman Cherice Corley. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We can confirm that the fire in the alkylation unit has been extinguished,” Corley said in an email. Read More

Iran aims to direct more oil, condensate to domestic market: NIORDC

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Tehran — Iran plans to raise its current oil refining capacity by 250,000 b/d before next March, against the backdrop of strict sanctions on its crude exports from the US, the National Iranian Oil Refining and Distribution Company said Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We Read More

Eldorado Resorts takes on bigger rivals with $8.5 billion Caesars buy

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(Reuters) – U.S. casino operator Eldorado Resorts Inc has agreed to buy rival Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on larger companies such as Las Vegas Sands and Wynn Resorts. FILE PHOTO: The 550 foot-tall (167.6 m) High Roller observation wheel, the Read More