Markets closed down (DOW off triple digits), crude down nearly 5% and the USD is melting upwards. Today, in afternoon trading, investors faced continued uncertainty in Europe and tumbling oil prices weighed on energy shares which may tumble into tomorrow's opening session.
NEW YORK (Reuters) - Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut.
WASHINGTON (Reuters) - New orders for U.S. factory goods fell in May on weak demand for transportation and defense capital goods, but growing order backlogs and lean inventories suggested the worst of the manufacturing downturn was probably over.
(Reuters) - U.S. cancer drug company Medivation Inc is discussing opening its books to Sanofi SA after the French pharmaceutical company sweetened its $9.3 billion acquisition offer, people familiar with the matter said on Tuesday.
(Reuters) - Hostess Brands LLC, the maker of Twinkies and Ding Dongs, said on Tuesday it will be bought in a $725 million deal by an affiliate of private equity company Gores Group, which will then take it public.
NEW YORK (Reuters) - The FBI in New York City has undisclosed probes into about 30 suspected insider trading schemes, the agency said, in a sign investigators remains focused on building cases despite a court ruling that could curtail such prosecutions.
STRASBOURG - McDonald's won a trademark dispute with a Singapore rival on Tuesday as Europe's second highest court backed its claim to have exclusive rights to the use of 'Mc' or 'Mac' in trademark names for foodstuffs and beverages.
SAN FRANCISCO (Reuters) - U.S. market reaction to Britain's vote to leave the European Union has played out "more or less" as expected, and the impact on the U.S. economy is much less than other that of other events in recent years, a top Federal Reserve official said on Tuesday.
Authored by Moises Naim and Francisco Toro, originally posted at The Washington Post,
Today, Venezuela is the sick man of Latin America, buckling under chronic shortages of everything from food and toilet paper to medicine and freedom. Riots and looting have become commonplace, as hungry people vent their despair while the revolutionary elite lives in luxury, pausing now and then to order recruits to fire more tear gas into crowds desperate for food.
Not long ago, the regime that Hugo Chávez founded was an object of fascination for progressives worldwide, attracting its share of another-world-is-possible solidarity activists. Today, as the country sinks deeper into the Western Hemisphere's most intractable political and economic crisis, the time has come to ask some hard questions about how this regime — so obviously thuggish in hindsight — could have conned so many international observers for so long.
Chávez was either admired as a progressive visionary who gave voice to the poor or dismissed as just another third-world buffoon. Reality was more complex than that: Chávez pioneered a new playbook for how to bask in global admiration even as he hollowed out democratic institutions on the sly.
Step one was his deft manipulation of elections. Chávez re ...
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