Colombia oil, tourism industries warn tax reform may have negative impact
BOGOTA (Reuters) - Representatives of Colombia's oil, mining and tourism industries told opposition...
BOGOTA (Reuters) - Representatives of Colombia's oil, mining and tourism industries told opposition lawmakers on Monday a $5.7 billion tax reform proposed by the government of leftist President Gustavo Petro could put their sectors at risk.
Petro, who took office early this month, has said he is willing to negotiate on the reform, which seeks to raise 25 trillion pesos in 2023 to fund anti-poverty programs.
The bill would levy a 10% tax on income earned when coal and oil are exported for prices exceeding a certain threshold, though a proposal to include gold exports has been withdrawn.
The threshold for oil would be $48 per barrel, while coal exports would see the duty levied when prices exceed $87 per tonne.
Hedge-Fund Titan Dalio Isn't Alone in Thinking Civil War Is Coming
In February, Ray Dalio, founder of Bridgewater Associates, the world’s biggest hedge fund manager, ...
In February, Ray Dalio, founder of Bridgewater Associates, the world’s biggest hedge fund manager, said that civil war is coming.
“The U.S. appears to be on a classic path toward some form of civil war,” he wrote in a LinkedIn posting. “What is obvious from looking at many cycles of rises and declines of different historical cases is that the combination of:
1) financial problems due to not having enough money that lead to large deficits, high taxes, a lot of money printing, and high inflation, and
2) large wealth and values gaps in which people are more willing to fight for what they want than to compromise leads to some sort of fighting for control, rather than compromising according to the rules,” Dalio said.
That’s a “civil war, though these fights can be more or less violent,” he said.
Oil Inventories in Surprise 593,000 Barrel Rise Last Week: API
U.S. crude stockpiles unexpectedly climbed last week, the API reported Tuesday, but...
U.S. crude stockpiles unexpectedly climbed last week, the API reported Tuesday, but larger declines in product supplies including gasoline pointed to underlying strength in energy demand despite signs of slowing global growth.
U.S. crude inventories rose by 593,000 barrels for the week ended Aug. 26. That compared with a draw of 5.6 million barrels reported by the API in the previous week. Economists were expecting a decline of about 633,000 barrels.
The API data also showed that gasoline inventories fell by 3.4 million barrels last week, and distillate stocks decreased by 1.7 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.5 million barrels last week.
Last Soviet leader Mikhail Gorbachev, who ended the Cold War, dies aged 91
(Reuters) -Mikhail Gorbachev, who ended the Cold War without bloodshed but failed to prevent the collapse...
(Reuters) -Mikhail Gorbachev, who ended the Cold War without bloodshed but failed to prevent the collapse of the Soviet Union, died on Tuesday at the age of 91, hospital officials in Moscow said.
"Mikhail Gorbachev passed away tonight after a serious and protracted disease," Russia's Central Clinical Hospital said in a statement.
Every S&P 500 sector closed in the red with losses ranging from 0.4% (financials)...
Every S&P 500 sector closed in the red with losses ranging from 0.4% (financials) to 3.4% (energy).
The energy sector was in last place, by a wide margin, while energy complex futures sold off.WTI crude oil futures fell 5.5% to $91.60/bbl. Natural gas futures fell 2.6% to $9.06/mmbtu. Unleaded gasoline futures fell 7.0% to $2.53/gal. This comes after Bloomberg reported that the EU is set to meet its gas storage filling goal two months ahead of target. Also, European Commission President von der Leyen said that emergency intervention is being planned to rein in energy prices.
