Good morning! Here’s what you need to know in markets on Tuesday.
1. Oil prices edged up on Tuesday, holding near a four-year high reached the previous day as markets adjust to the prospect of tighter supply once the U.S. sanctions against Iran kick in next month.Brent crude oil futures were trading at $US85.10 per barrel at 7.50 a.m. BST (2.50 a.m. ET), up 0.15% from their last close.
2. With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.
3. Samsung Electronics is set to post a hefty jump in third-quarter profit to record levels after its chip unit put in a sterling performance on demand from data centres and improved production yields.The July-September quarter is, however, expected to mark a peak in earnings as a two-year super cycle of tight supply and soaring demand comes to an end, with prices of some types of chips already sliding sharply.
4. Thomson Reuters said on Monday it had completed the sale of a majority stake in its Financial & Risk (F&R) unit to private equity firm Blackstone Group.The news and information provider agreed in January to sell a 55-per cent stake in the business, which provides data and news primarily to financial customers, in a deal which values the total F&R business at about $US20 billion.
5. Boris Johnson, Britain’s former foreign minister, has told senior members of the governing Conservative Party he would delay Brexit by at least six months if he became prime minister, the Sun newspaper said on Monday.The Sun reported that Johnson had been privately setting out his leadership platform to some ministers in Prime Minister Theresa May’s government and said he wanted to use a pause to reset the stalled Brexit negotiations.
6. Facebook-owned Instagram on Monday announced that Adam Mosseri, the current vice president of product, will take over as the new head of the photo-sharing app.In a blog post, Instagram’s co-founders Kevin Systrom and Mike Krieger, who have announced their departure from the company, said Mosseri will oversee all functions of the business and will recruit a new executive team.
7. Three companies that provide cross-border payment services plan to use technology developed by startup Ripple that employs cryptocurrency XRP to speed transactions, the firms said on Monday.Ripple, a large holder and promoter of XRP, said its platform for cross border payments, called xRapid, is now commercially available and that it had signed up firms Cuallix, MercuryFX and Catalyst Corporate Federal Credit Union as clients.
8. British Prime Minister Theresa May’s plans to leave the European Union are damaging and inviable, Scotland’s First Minister Nicola Sturgeon will say on Tuesday. “The prime minister’s current position – that we must leave the single market regardless of the consequences – is an act of wilful economic vandalism,” Sturgeon will tell the Europa Institute in Edinburgh.
9. American business schools – including elite universities like Harvard and the University of Pennsylvania’s Wharton – reported a decline in applications this year, as young professionals are wary to leave their jobs for school.Applications for business school programs in the United States experienced a roughly 7% decline compared to 2017, according to findings released by the Graduate Management Admission Council on Monday.
10. Almost a million public sector jobs, including half a million jobs in the NHS, could be slashed as part of a plan being pushed by the prime minister’s former policy chief.The Conservative MP and former health minister, George Freeman, told Business Insider that he would like to see hundreds of thousands of jobs in the NHS and wider public sector “automated” through greater use of technology.
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