Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Bank of England Governor Mark Carney says trade war has a confidence effect on business around the worldMarketsread more
(Compares with estimates; adds details on results, outlook)
July 30 (Reuters) - MEG Energy Corp reported a bigger-than-expected quarterly profit on Tuesday, as the Canadian oil sands producer benefited from a surge in production and higher prices.
Production of low-grade bitumen crude jumped 36.4% to 97,288 barrels per day (bpd) in the second quarter, while realized price for bitumen rose 31.5% to average C$62.23 per barrel.
That helped revenue surge 54.1% to C$1.06 billion ($806.1 million), beating analysts' estimates of C$854.8 million.
MEG, whose key operations are in the Athabasca oil sands region in Alberta, said year-ago production was hit by a large-scale turnaround activity.
The Calgary-based company maintained its plans to spend C$200 million in 2019 and confirmed that the discretionary budget of C$75 million will not be sanctioned due to Alberta's output curtailments and as the company prioritizes paying down debt.
The previous government of Alberta, Canada's major oil-producing province, imposed output curtailments in January in a rare step to drain a glut of oil in storage and lift prices.
MEG said its net loss narrowed to C$64 million ($48.7 million), or 21 Canadian cents per share, in the three months ended June 30, from C$179 million, or 61 Canadian cents per share, a year earlier.
On an adjusted basis, it earned 57 Canadian cents per share, topping estimates of 19 Canadian cents per share, according to IBES data from Refinitiv. ($1 = 1.3149 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Bernard Orr)