Sour is the new sweet: OPEC's view of oil quality dilemma LONDON, May 28- The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as...
OPEC sees rivals boosting oil output despite weak prices *Low oil prices have yet to depress non- OPEC production. A draft report of OPEC's long-term strategy, seen by Reuters ahead of the cartel's policy meeting in Vienna next week, forecast crude supply from rival non- OPEC producers would grow at least until 2017.. "Since June 2014, oil prices have experienced a significant reduction, reaching levels even lower than the...
UPDATE 1-India tipped to overtake China in Modi's first year despite sluggish feel Celebrating his first year in office, Prime Minister Narendra Modi has basked in the success of transforming India into the fastest growing major economy. "The economy is not as strong as the GDP numbers might suggest," said Shilan Shah, India Economist at Capital Economics. If India was doing so well there might be far less need for the central bank to lower...
| By: Rajesh Kumar Singh
UPDATE 1-Plunge in Thai April factory output shows continuing economy woes BANGKOK, May 28- Thai factory output tumbled more than expected in April, the latest evidence that the country's key economic engines remain wobbly and the junta is struggling to move the economy forward. With exports and domestic demand still weak, Southeast Asia's second-largest economy has not regained traction one year after the army took power to end...
| By: Orathai Sriring and Kitiphong Thaichareon
Visa may reassess FIFA sponsorship CNBC's Wilfred Frost gives an update on the FIFA scandal, explaining that Visa may reassess its sponsorship deal with the global football association in the wake of corruption allegations.
Technology replaces schmoozing: the future of private banking ZURICH, May 28- No longer is schmoozing over long lunches and fine wines enough; Swiss private bankers are turning to video games and virtual reality to attract a new generation of sceptical clients and see off digital rivals. In a fifth floor office just off Zurich's main shopping street, researchers at UBS are testing dozens of technologies to see what could...
| By: Joshua Franklin
BOJ's profit at 13-year highs Profits at the Bank of Japan have soared to thirteen-year highs on higher income from the bonds it has been buying and gains on foreign currency assets, but the asset pile up could pose problems when the central bank eventually starts tapering.
| By: Mia Tahara-Stubbs
Massive coal breaker, Pennsylvania's last, is coming down MAHANOY CITY, Pa.- When coal was king, its castle was the breaker- an imposing fortress that crushed, washed and sized billions of tons of Pennsylvania anthracite for use in factories, foundries and homes up and down the East Coast. The old breaker is about 100 miles northwest of Philadelphia in a region that holds nearly all of the nation's anthracite, a pure grade of...
Source: The Associated Press
| By: MICHAEL RUBINKAM, Associated Press