Effects rates despite a higher profit this year. And the end of an era. South africas president jacob soozuma will be reportedly led o resign today u. S. Crude output could overtake that of russia and saudi arabia, thats according to the latest iea Oil Market Report which also predicts nonopec Oil Production will grow faster than demands. Neil atkinson from the iea joins us from paris. Sir, thank you very much for joining the show our colleague spoke to the head of the opec earlier. He said he had reassurances from russia to keep production cuts in place is it fair to say Going Forward the u. S. Will be the largest swing producer in the foreseeable future when it comes to Oil Production . Well, i think most people assume that the opec output cuts, which have been in place since the beginning of 2017 will stay in place for the rest of this year. What were watching at the moment is because the United States is essentially a free market for oil, its production rises and falls in line with
Manus welcome to i am manus cranny. Welcome to the pulse. I am manus cranny. The story of day from the asia. The president of toshiba along with two other executives, their resignation and their formal News Conference and this was a 1. 2 billion scandal restating their earnings over the past six years, unrealistic led to what is a systemic flawed accounting process, challenging the culture within japan. Probably one of the single most important issues that will be addressed here which is so much power for people as of the top and no way for anybody to really challenge the toshiba accounting methods. Everything from Nuclear Reactors and ships. A is now falling on hisao tanaka the president. If we have any headlines, we will bring them to you. Our top story and that is commodities. Bloomberg commodities index dropped to a 13 year low yesterday. Right . Ryan you have to go back to 2002 to see Commodity Prices where they are now. A fiveyear low. 2012 when we had the darkest days of the eur
We got three reporters covering it all there. Phil lebeau on the cars and the crash tests. Housing, diana olick and the economy, steve leisman. But we do start with phil and these new crash tests on the ford f150. Give us more details, phil. Mandy this is a mixed review from the Insurance Institute for highway safety. Look at the crash test video. The good news for ford and for f150 owners they tested two versions of the truck, the super crew version which is the most popular version, all good ratings across the board. Extended cab, four good ratings but one acceptable citing injuries to the driver. Ford says it is making changes in the extended cab for 2016 to ensure that it passes all of the safety tests. But heres the negative news in this review by the iihs. It has to do with the cost of repairing the aluminum panels on the f150. They say those repair costs could be 26 more than the old repairs against a steel panel version. They say that repairing aluminum is timelier or takes mor
It is a bit lower from where we inrted in the early going the morning. However, the s p is rebounding from some session lows and we saw the Chinese Market moves down again. Nymex crude down 2. 5 . Irang coming out they aret to say ripping of production as fast as they can. To 1090 perdown ounce. Pimm lets see we can take a look at the fixed income markets and bonds and see what traders are doing their. Re. A little bit of writing, 287 for 2. 8730 year long two for the 30 year. Here is currencies . No. We will just say that the dollar is stronger against most bond by the way, just because we saw those equity indexes, use of the s p and the the nasdaq higher, mainly because of that Lexicon Pharmaceuticals announcement. Go to the top stories at this hour. President obama is said to bring his case against Global Warming to the American People. The plan is sure to generate a lot of backlash to the president previewed his plan by posting a video on twitter, and proposal calls for reducing em
August but straight to macys earnings out right now. Julie hyman has the latest. Are they in fashion . Julie stion mark get it . Julie i do get it but not so much. Low estimates at the extreme for cents, a drop in earnings yearoveryear and looks like sales are down by 1. 5 . Most of the analysts i had seen were looking for flat slightly down, so this could be a bigger drop then had been estimated. It also looks like if you look at the company on the sales basis, just a net sales basis, those numbers down 2. 6 at 6. 1 billion. That, too, is worse than estimated and the company decides weaker than expected Sales Performance in the first half. There have been activist involvement for macys coming from starboard capital, pushing the capital to spinoffs of real estate holdings, a similar thing to what we saw happen at sears. Acs has not done that but they are announcing today the sale of one of its properties in downtown brooklyn to tishman. This is something analysts have talked about, it