The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead 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
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
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
The International Energy Agency (IEA) cut its global oil demand growth forecasts for this year and next on Friday, citing fears of an economic downturn as the U.S.-China trade war casts a shadow over markets.
The energy agency now expects oil demand growth to reach 1.1 million barrels per day (b/d) in 2019 and 1.3 million b/d in 2020.
That constitutes a downward revision of 100,000 b/d for this year and 50,000 b/d for next year.
In its closely-watched monthly oil report, the IEA said there was "growing evidence of an economic slowdown" with many large economies reporting weak gross domestic product (GDP) growth in the first half of the year.
From January to May, oil demand rose by 520,000 b/d, marking the lowest rise in that period since the financial crisis in 2008.
"The situation is becoming even more uncertain," the IEA said, before describing global oil demand growth in the first half of the year as "very sluggish."
"Meanwhile, the prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth."
Looking ahead, the IEA said the outlook for oil demand growth is "fragile," with a greater likelihood of a downward revision than an upward one.
The Paris-based energy agency said its revisions to oil demand growth followed the International Monetary Fund's (IMF) recent downgrading of the economic outlook.
The Washington D.C.-based institute said last month that it expects the global economy to expand by 3.2% in 2019. The revised economic growth figure is 0.1 percentage point lower than the IMF had forecast in April and 0.3 percentage points below the fund's growth estimate at the start of the year.
The IMF also revised global economic growth down to 3.5% in 2020, down 0.1 percentage point from its previous projection.
The IEA's latest oil report comes shortly after a flare-up in trade tensions between the world's two largest economies.
Global financial markets have been rocked over the past week, after President Donald Trump vowed to impose 10% tariffs on $300 billion worth of Chinese imports starting in September.
The tariff threat prompted a fall in the Chinese yuan and sparked fears of a global currency war.
The raging trade dispute between Washington and Beijing also sent oil prices plunging earlier this week, with international benchmark Brent crude dropping to a seven-month low on Wednesday.
Brent traded at $57.48 Friday morning, up almost 0.2%, while U.S. West Texas Intermediate (WTI) stood at $52.64, around 0.1% higher.
Both contracts have fallen more than 20% from peaks reached in April, Reuters reported, putting them in bear territory.