UPDATE 6-Oil falls below $63 as U.S. stocks rise, OPEC "floods market" *OPEC output rises to three-year high. LONDON, July 1- Oil fell to trade further below $63 a barrel on Wednesday after U.S. crude inventories unexpectedly rose, the latest sign of a supply glut that may increase if Iran reaches a nuclear deal with world powers. "The oil market is being literally flooded with OPEC crude oil at present," said Carsten Fritsch, analyst at...
| By: Alex Lawler
US manufacturing growth improves in June; hiring jumps WASHINGTON- U.S. manufacturing growth improved in June, helped by a jump in employment. The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its manufacturing index rose to 53.5 last month from 52.8 in May. "When it goes up like that, it's in anticipation of future orders," said Bradley Holcombe, chairman of I.S.M.' s...
Source: The Associated Press
| By: By JOSH BOAK, AP Economics Writer
Greece is not going to exit euro zone: Pro Ben Mandel, J.P. Morgan global strategist, discusses the latest market action including the U.S. economy and how international troubles will play out.
One-third of world's people still have no proper toilets NEW DELHI- Toilets are taken for granted in the industrialized West, but still are a luxury for a third of the world's people who have no access to them, according to a report by the World Health Organization and UNICEF. With those benchmarks expiring this year, the United Nations is leading efforts to come up with a new set of "sustainable development goals" that are...
Source: The Associated Press
| By: By KATY DAIGLE, Associated Press
Sao Paulo city council takes first step to ban Uber SAO PAULO, July 1- The city council of Sao Paulo, South America's largest metropolis, voted to ban the U.S-based Uber ride-sharing service late Tuesday, the latest setback for the company after several countries took similar steps in recent months. "Uber defends the right of users to choose the way in which they move about the city," the company said in a statement...
GLOBAL MARKETS-Europe rallies on revived Greek deal hopes *Markets rally as Greece cedes ground on creditor demands. *Unfazed after Greece misses IMF loan payment. Tsipras, who made his offer as Greece became the first advanced economy to default on the IMF overnight, said the country would want to delay some of the pension changes and cuts to military spending proposed by the creditors.
| By: Marc Jones
FOREX-Euro dips as officials strive to head off Greek exit LONDON, July 1- The euro dipped on Wednesday, buffetted by a flurry of reports on new concessions made by Greece to its European creditors and the chances those might lead to a deal that prevents it becoming the first country to crash out of the single currency. Greece's default overnight on its International Monetary Fund loans had weakened the single currency...
| By: Patrick Graham