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Indeed, the drop Thursday morning was sharper than the multi-day stock slide in March following revelations of data misappropriation by Cambridge and others. Facebook's grim forecast predicts that margins will be much lower for the next few years due to " more choices around data privacy" as well as currency market predictions and the GDPR, according to a statement made by Facebook CFO David Wehener during the earnings call.
  • Oil prices rise; still set for third weekly drop on oversupply

    Oil prices rise; still set for third weekly drop on oversupply

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    Figures showing refineries processing plenty of crude and stockpiles dropping at the Cushing, Oklahoma, delivery hub also supported the market, said John Kilduff , founding partner at energy hedge fund Again Capital . "We don't have any problem selling our oil [to China]". U.S. crude oil inventories increased in the week ending July 13, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
  • China's trade surplus widens in June as imports drop

    China's trade surplus widens in June as imports drop

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    Analysts expect to see the impact of the tariffs in the coming months, warning of a less favorable trade balance for China. The businesses that declared a "US tax" said they were revenge moves against America after President Trump imposed new tariffs on imported Chinese goods.
  • A new round of proposed Trump tariffs would hit US consumers

    A new round of proposed Trump tariffs would hit US consumers

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    When asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but said: "We will take firm and forceful measures". The foreign ministry described Washington's threats as "typical bullying" and said China needed to counter-attack to protect its interests.
  • US ambassador Woody not sure about Trump and Boris meet

    US ambassador Woody not sure about Trump and Boris meet

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    It was "a positive thing for the UK" if Mr Trump had a good relationship with Mr Johnson, whose successor Jeremy Hunt was looking forward to building equally good relations with his U.S. In spite of the dollar's recovery on the back of the pound, the Chinese yuan maintained its gains after it rebounded as investors bought riskier assets following favorable U.S.jobs data last week and evidence that global trade tension has not yet slowed economic momentum.
  • Elon Musk Offers To Help Thai Officials Rescue Trapped Soccer Team

    Elon Musk Offers To Help Thai Officials Rescue Trapped Soccer Team

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    Bloomberg notes that Musk's tunneling startup, Boring Co ., could possibly make its massive drills available to help in the rescue effort, but it could potentially be too risky. Teams of Thai and global divers have since supplied them with food, oxygen and medical attention, but there are mounting concerns about the oxygen level in the chamber, which officials said had fallen to 15%.
  • Saudis tell OPEC June output jumped to 10.5 MMbopd

    Saudis tell OPEC June output jumped to 10.5 MMbopd

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    Trump has criticized the " OPEC Monopoly" in recent days for not doing enough to reduce oil and gas prices. On Wednesday, the United States president again accused the OPEC of driving fuel prices higher and urged USA allies such as Saudi Arabia to pump more.
  • Saudi Arabia slashes oil prices after Trump slams the 'OPEC monopoly'

    Saudi Arabia slashes oil prices after Trump slams the 'OPEC monopoly'

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    The White House later walked back the president's comments, saying the king said his country can raise oil production if needed. Saudi Arabia, which pumped 10.03 million barrels daily in May, could tap some of its two million barrels a day of unused production capacity to stabilize markets.
  • Mazda Condemns Trump’s Proposed 25 Percent Import Car Tariff

    Mazda Condemns Trump’s Proposed 25 Percent Import Car Tariff

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    General Motors Co. delivered a harsh warning to the Trump administration , saying that a 25 percent tariff would likely lead them to reduce USA operations and cut jobs. The largest US automaker added that tariffs risk leading to fewer American jobs, not more, and lower wages. "We urge the U.S.to work with its trading partners to support policies that remove rather than create new barriers to trade", the company said.
  • Kicked Out Of Toys R Us On Its Last Day?

    Kicked Out Of Toys R Us On Its Last Day?

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    All 735 Toys R Us stores in America are set to close by the end of June leaving 33,000 workers without a job or severance pay. The company is continuing to operate stores in Europe and Australia, as well as 255 licensed stores and joint venture partnerships in Asia, which were not part of the bankruptcy filing.
  • Anti-Regime Protesters in Iranian Capital Chant, 'Death to Palestine!'

    Anti-Regime Protesters in Iranian Capital Chant, 'Death to Palestine!'

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    A day before, merchants at the Aladdin and Charsou mobile phone shopping centers in central Tehran protested against the rapid depreciation of the rial by closing down their shops. "Shopkeepers in Great Bazaar of Tehran, the heart of Iran's economy, have gone on strike, closing their shops in protest at the ongoing economic crisis", Reza Khaasteh tweeted from Tehran.