Posts From King World News

US charges 9 in hacking/insider trading case

US officials charged nine people in an international hacking and insider trading conspiracy that yielded more than $30 million in illegal trading on stocks based on non-public information, officials announced Tuesday. The scheme was engineered by a team of hackers and securities traders from Ukraine and the US states of Georgia, Pennsylvania and New York, according to an indictment released by the US Attorney’s office in New Jersey. Defendants then

Oil prices fall on China demand, OPEC supply outlook

Oil fell on Tuesday on concerns of weaker demand from China after the world’s top energy consumer devalued its currency and as OPEC signalled supplies from rivals were proving more resilient than expected to low prices. China’s central bank made a “one-off depreciation” of nearly 2 percent in the yuan after a run of poor economic data, guiding the currency to its lowest point in almost three years. A slowdown

U.S. small business confidence bounces back in July

U.S. small business confidence rebounded in July from a 15-month low as owners anticipated solid sales and inventory growth, providing another boost to the economic outlook for the third quarter. Tuesday its Small Business Optimism Index increased 1.3 points to 95.4. About 1,495 businesses took part in the survey.

Tata Steel says import pressures may increase after yuan devaluation

Tata Steel Ltd said on Tuesday import pressures on the Indian and European steel industries could intensify following the devaluation of the yuan, as a flood of cheap imports from China continues to impact profitability. Tata Steel, which said net profit in the June quarter more than doubled on the back of a one-time gain, has been hit by a combination of a slowdown in China and a devaluation of