Reuters Insider - Reuters Today: Oil remains in a bull-run, Uber buys Otto
19/08/2016 13:30
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Description: Oil prices have surged this week on expectations
of revived talks by key exporters to freeze output
levels. UK opposition leader Jeremy Corbyn has
refused to say he'd defend a NATO ally from
Russia.
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Short Link: http://reut.rs/2bC9wVy
Transcript (May be auto-generated)
Good morning and welcome to Reuters Today. I'm Angeline Ong. Oil remains in a
bull-run since early August. Brent futures are set for a seventh day of gains
after rising above $51 a barrel earlier. That's on revived hopes that talks by
leading producers could lead to output cuts, which would support prices.
Nigeria's oil minister said while a cut in OPEC production was unlikely, the
meeting of producers in Algeria next month could lead to supportive measures.
Let's take a look at the movers and shakers for you. Shares of Jensen Group
hitting its highest point in almost 16 years today. That's due to accelerating
order books, up more than a third from a year ago.
BP also in focus. Yesterday, a prominent Texas lawyer was acquitted of charges
he made up thousands of fake clients to sue BP for damages that the oil company
caused in the 2010 Gulf of Mexico spill. Meanwhile, shares in Carlsberg are down
1.5% after Credit Suisse downgraded the stock to "underperform" from "neutral"
citing regulatory headwinds and competition in Russia, amongst other factors.
Let's turn now to the markets to see how we stand in early trade. The STOXX 600
on track to post its biggest weekly loss since July.
That's weighing on the FTSEurofirst 300, which is currently down around
three-quarters of 1%. And in London, the FTSE 100 is down around a quarter of
1%. Some corporate news now and the British financial software company Sage
Group has been hit with yet another security breach. Earlier this week it
reported 280 of its customers' personal details could potentially have been
exposed and yesterday an employee was arrested on suspicion of conspiracy to
defraud. Now it's racing to shut down security lapses by more than 20 customers
after a U.S researcher uncovered stores of their corporate data exposed online.
Sage says the incidents are unrelated. Uber is continuing to build up its
portfolio - the company is set to buy Otto, a self-driving trucks startup. The
news follows a recent announcement by the Uber Group that it is teaming up with
Volvo to develop self-driving cars. The move, if realized, could help Uber cut
its biggest cost, paying drivers. By the end of the month a pilot program in
Pittsburgh will enable members of the public to use self-driving Uber cars for
the first time, that's according to sources.
And in politics, opposition Labour Leader Jeremy Corbyn has refused to say he'd
defend a NATO ally from Russia. The MP was questioned about the issue at a
leadership debate in Birmingham and was asked if he would support the military
alliance's key principle of "collective defense" where any attack on one member
country is considered an attack against all members. Corbyn declined to give any
assurances that he would. And that's it for now. I'm Angeline Ong and this is
Reuters