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Saudi Arabia To Cut Oil Prices As Demand Fears Grow – OilPrice.com

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Saudi Arabia To Cut Oil Prices As Demand Fears Grow | OilPrice.com

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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    Saudi Arabia has cut its official selling prices for crude oil in the latest sign that demand recovery is stumbling, Bloomberg reports, adding that this is the first time Riyadh has cut its oil prices to a discount against the benchmark since June.

    Prices were lowered both for Asian and U.S. buyers this time, after Aramco kept its prices higher for U.S. refiners for six months in a row. For Asian buyers, this was the second consecutive month of price cuts, which suggests that the appetite for Saudi oil is dwindling after Chinese refiners spent the better part of the year stocking up on cheap crude amid the price crash and the pandemic.

    In China, a key market, Saudi Arabia has been losing market share to its geopolitical partner, the United States, over the last few months. China has imported record volumes of crude oil in recent months, taking advantage of the lowest crude prices in two decades in April to stock up on dirt-cheap oil. 

    In their bargain-hunting for low-priced oil, Chinese state oil giants and independent refiners alike snapped up cheap U.S. cargoes in April, which were loaded in May, started to arrive in China in June, and set records in July. 

    Meanwhile, Saudi oil exports to the U.S. hit the lowest in more than three decades by August this year, down to an average daily of 177,000 bpd from some 1.3 million bpd in April. This month, Saudi oil imports into the U.S. are seen lower still, at some 264,000 bpd, which would be the lowest since 1985.

    Just a month ago, Aramco’s chief executive said he was optimistic about the recovery of oil demand in Asia, seeing it almost back to pre-crisis levels. This followed earlier comments by Amin Nasser in June that the worst of the crisis was over, and the second half of the year would be much more robust in terms of oil demand than the first.

    Based on the latest price adjustments, for shipments in October, this may not turn out to be the case.

    By Irina Slav for Oilprice.com

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      Canadian security firm Garda goes hostile in $5.2B bid for British company G4S – CBC.ca

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      Garda World Security Corp. is making a hostile play for G4S after the British security company spurned its $5.2 billion US offer two weeks ago.

      The Montreal-based company appealed directly to G4S shareholders by criticizing the firm’s directors and accusing them of acting in a “cavalier manner” by rejecting several approaches in recent months.

      GardaWorld founder, president and CEO Stephane Cretier says that G4S faces profound difficulties and needs an owner and operator that understands the industry and has a well-defined plan.

      The reputation of the GS4 has been damaged in recent years, especially for the lack of agents during the 2012 London Olympics to assure security.

      Through its subsidiary Fleming Capital Securities, GardaWorld offered 190 pence for each share of the British company. On the London Stock Exchange, G4S shares gained 5.9 per cent at 200.30 pence in Wednesday trading.

      GardaWorld unveiled the terms of its proposal on Sept. 14 in an attempt to force the hand of the British company, which has described the move as “highly opportunistic.”

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      Everything you need to know about the Canada Recovery Benefit, the new program replacing CERB – National Post

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      Article content continued

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      How do I know if I qualify for EI?

      For the next year, accessing EI benefits is much easier. To qualify for EI, you must have been employed for at least 120 insurable hours in the past 52 weeks. If you received CERB, that 52-week deadline can be extended.

      These changes will also establish a minimum weekly benefit rate of $500 for EI recipients, at the same level as CRB.

      How much are the CRB payments and how often will I get them?

      You will receive $500 per week for up to 26 weeks.

      What other benefits are there?

      The Canada Recovery Sickness Benefit (CRSB) provides $500 per week for up to two weeks for workers who are sick, or who must self-isolate for reasons related to COVID-19. People who receive paid sick leave from their employer are not eligible.

      The Canada Recovery Caregiving Benefit (CRCB) provides $500 per week for up to 26 weeks per household for eligible Canadians unable to work because they must care for a child or family member.

      You cannot claim CRCB or CRSB while on EI or CRB.

      Is CRB taxable?

      All benefits received under the three Canada Recovery Benefit programs are considered taxable income.

      Where do I apply for CRB

      Just like CERB, you will be able to apply for CRB through the Canada Revenue Agency (CRA) portal.

      For more information, see the government’s website.

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      Canada's GDP grew 3 per cent in July – Yahoo Canada Finance

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      EDMONTON, ALBERTA - AUGUST 28: Construction continues on the LRT - Light Rail Transit through the city centre as photographed on August 28, 2020 in Edmonton, Alberta, Canada. (Photo by Bruce Bennett/Getty Images)
      EDMONTON, ALBERTA – AUGUST 28: Construction continues on the LRT – Light Rail Transit through the city centre as photographed on August 28, 2020 in Edmonton, Alberta, Canada. (Photo by Bruce Bennett/Getty Images)

      Canadian GDP expanded by 3 per cent in July, as the economic recovery from the effects of COVID-19 continues.

      <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Statistics Canada says it was the third straight month-over-month increase, but the economy remains 6 per cent below its pre-pandemic level.” data-reactid=”24″>Statistics Canada says it was the third straight month-over-month increase, but the economy remains 6 per cent below its pre-pandemic level.

      <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Growth is also slowing, considering June’s increase was 6.5 per cent.” data-reactid=”25″>Growth is also slowing, considering June’s increase was 6.5 per cent.

      All 20 industrial sectors were higher.

      Some industries faired better than before the pandemic. Agriculture, utilities, finance and insurance, and real estate rental and leasing sectors surpassed February’s levels.

      The manufacturing sector grew 5.7 per cent as factories continued to ramp up production. Accommodation and food services jumped 20.1 per cent, the third straight double digit advance.

      “But those figures come off a very low base and are still facing the deepest slump versus year-ago levels. With the resurgence in virus cases, the struggles in those sectors could actually deepen further in the near-term,” said Benjamin Reitzes, director, Canadian rates & macro strategist at BMO.

      In another sign of slowing growth going forward, Statistics Canada estimates GDP grew by 1 per cent in August.

      “Together, the data are consistent with our call for a roughly 46 per cent annualized gain in Q3 GDP, but the slowing in August, coupled with the surge in the virus in recent weeks, suggest a much smaller gain is in store for Q4,” said Avery Shenfeld, chief economist at CIBC World Markets.

      For comparison, annualized GDP fell 38.7 per cent in the second quarter — the worst since Statistics Canada started tracking it in 1961.

      <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter&nbsp;@jessysbains.” data-reactid=”33″>Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

      <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Download the Yahoo Finance app, available for&nbsp;Apple&nbsp;and&nbsp;Android.” data-reactid=”34″>Download the Yahoo Finance app, available for Apple and Android.

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