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August's angst augurs agita

A quick update from the Catskills.

Anyone reading this blog for the last month, should not be surprised by stock sell off this week.

Global economic growth is cratering as we enter the currency wars of devaluing their currencies in the hopes of spurring growth through cheaper money. 105 more words

Economy

Brazil's state-run oil giant Petrobras net profit falls nearly 90 pct in Q2

AFP

Aerial view of the Petrobras Research Centre in Rio de Janeiro. AFP Photo

RIO DE JANEIRO (AFP) – Brazil’s state-run oil giantPetrobras, rocked by a massive graft scandal, said Thursday that second quarter net income fell nearly 90 percent from a year ago, in part due to plummeting crude prices.The company attributed the sharp drop in net income — a figure that was far lower than analysts had expected — to an increase in tax expenses. 186 more words

Here’s Why Oil Giant Shell Is Slashing Thousands of Jobs

There was no sugar coating on Shell’s earnings report Thursday: “Today’s oil price downturn could last for several years,” the company said.

In reporting a 25% decline in net income in the second quarter, … 154 more words

Here’s why oil giant Shell is slashing thousands of jobs

There was no sugar coating on Shell’s earnings report Thursday: “Today’s oil price downturn could last for several years,” the company said.

In reporting a 25% decline in net income in the second quarter, … 152 more words

Finance

Iran deal exacerbates Norway’s oil risks as supply set to swell

By MIKAEL HOLTER

OSLO, Norway (Bloomberg) — Norway’s oil industry, already struggling after crude prices collapsed last year, is being dealt another blow as an Iranian nuclear deal promises to boost global supply. 463 more words

Norway’s prime minister relieved as nation avoids crisis of sub-$45 crude

Norwegian Prime Minister Erna Solberg is breathing easier now that western Europe’s biggest crude producer looks poised to avoid the peril of oil prices sinking below $45 per barrel. 354 more words

Oil slump casts shadow beyond energy sector: Bank of Canada

OTTAWA – The sting of lower oil prices has dampened the confidence of companies when it comes to future sales growth, investment and hiring, the Bank of Canada’s latest business outlook has found. 531 more words

Money