'US is leader of world terrorism': Iran President Hassan Rouhani

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Washington, Jun 27: Facebook has said that it will flag all "newsworthy" posts from politicians that break its rules, including those from President Donald Trump.

Separately, Facebook's stock dropped more than 8 per cent, erasing roughly USD 50 billion from its market valuation, after the European company behind brands such as Ben & Jerry's and Dove announced it would boycott Facebook ads through the end of the year over the amount of hate speech and divisive rhetoric on its platform.

Later in the day, Coca-Cola also announced it joined the boycott for at least 30 days.

CEO Mark Zuckerberg had previously refused to take action against Trump posts suggesting that mail-in ballots will lead to voter fraud, saying that people deserved to hear unfiltered statements from political leaders.

Twitter, by contrast, slapped a "get the facts" label on them.

Until Friday, Trump's posts with identical wording to those labelled on Twitter remained untouched on Facebook, sparking criticism from Trump's opponents as well as current and former Facebook employees.

Now, Facebook is all but certain to face off with the president the next time he posts something the company deems to be violating its rules.

"The policies we're implementing today are designed to address the reality of the challenges our country is facing and how they're showing up across our community," Zuckerberg wrote on his Facebook page announcing the changes.

Zuckerberg said the social network is taking additional steps to counter election-related misinformation.

In particular, the social network will begin adding new labels to all posts about voting that will direct users to authoritative information from state and local election officials.

Facebook is also banning false claims intended to discourage voting, such as stories about federal agents checking legal status at polling places.

The company also said it is increasing its enforcement capacity to remove false claims about local polling conditions in the 72 hours before the US election.

Ethan Zuckerman, director of the Massachusetts Institute of Technology's Center for Civic Media, said the changes are a "reminder of how powerful Facebook may be in terms of spreading disinformation during the upcoming election".

He said the voting labels will depend on how good Facebook's artificial intelligence is at identifying posts to label.

"If every post that mentions voting links, people will start ignoring those links. If they're targeted to posts that say things like 'Police will be checking warrants and unpaid traffic tickets at polls' a classic voter suppression disinfo tactic and clearly mark posts as disinfo, they might be useful," he said.

But Zuckerman noted that Facebook "has a history of trying hard not to alienate right-leaning users, and given how tightly President Trump has aligned himself with voter-suppressing misinfo, it seems likely that Facebook will err on the side of non-intrusive and ignorable labels, which would minimize impact of the campaign."

Earlier in the day, shares of Facebook and Twitter dropped sharply after consumer-product maker Unilever announced a new ad boycott on Facebook, Twitter and Instagram through at least the end of the year.

The European company said it took the move to protest the amount of hate speech online.

Unilever said the polarised atmosphere in the United States ahead of November's presidential election placed responsibility on brands to act.

In addition to the decline in Facebook shares, Twitter ended the day more than 7 per cent lower.

Unilever, which is based in the Netherlands and Britain, joins a raft of other advertisers pulling back from online platforms.

Facebook in particular has been the target of an escalating movement to withhold advertising dollars to pressure it to do more to prevent racist and violent content from being shared on its platform.

"We have decided that starting now through at least the end of the year, we will not run brand advertising in social media newsfeed platforms Facebook, Instagram and Twitter in the U.S.," Unilever said.

"Continuing to advertise on these platforms at this time would not add value to people and society."

Facebook did not immediately respond to a request for comment. On Thursday, Verizon joined others in the Facebook boycott.

Unilever "has enough influence to persuade other brand advertisers to follow its lead," said eMarketer analyst Nicole Perrin.

She noted that Unilever pulled back spending "for longer, on more platforms (including Twitter) and for more expansive reasons" in particular, by citing problems with "divisiveness" as well as hate speech.

Sarah Personette, vice president of global client solutions at Twitter, said the company's "mission is to serve the public conversation and ensure Twitter is a place where people can make human connections, seek and receive authentic and credible information, and express themselves freely and safely."

She added that Twitter is "respectful of our partners' decisions and will continue to work and communicate closely with them during this time."

Jul 3: China under President Xi Jinping has stepped up its "aggressive" foreign policy toward India and "resisted" efforts to clarify the Line of Actual Control that prevented a lasting peace from being realised, according to a report released by a US Congress appointed commission.

The armies of India and China have been locked in a bitter standoff at multiple locations in eastern Ladakh for the last seven weeks, and the tension escalated after 20 Indian soldiers were killed in a violent clash in the Galwan Valley on June 15.

“Under General Secretary of the Chinese Communist Party (CCP) Xi Jinping, Beijing has stepped up its aggressive foreign policy toward New Delhi. Since 2013, China has engaged in five major altercations with India along the Line of Actual Control (LAC),” said a brief issued by US-China Economic and Security Review Commission.

"Beijing and New Delhi have signed a series of agreements and committed to confidence-building measures to stabilise their border, but China has resisted efforts to clarify the LAC, preventing a lasting peace from being realised,” said the report and was prepared at the request of the Commission to support its deliberations.

Authored by Will Green, a Policy Analyst on the Security and Foreign Affairs Team at the Commission, the report says that the Chinese government is particularly fearful of India’s growing relationship with the United States and its allies and partners.

“The latest border clash is part of a broader pattern in which Beijing seeks to warn New Delhi against aligning with Washington,” it said.

After Xi assumed power in 2012, there was a significant increase in clashes, despite the fact that he met Prime Minister Narendra Modi several times and Beijing and New Delhi have agreed to a series of confidence-building mechanisms designed to mitigate tensions.

Prior to 2013, the last major border clash was in 1987. The 1950s and 1960s were a particularly tense period, culminating in 1962 with a war that left thousands of soldiers dead on both sides, according to the records of China's People's Liberation Army, the report said.

“The 2020 skirmish is in line with Beijing’s increasingly assertive foreign policy. The clash came as Beijing was aggressively pressing its other expansive sovereignty claims in the Indo-Pacific region, such as over Taiwan and in the South and East China seas,” it said.

China is engaged in hotly contested territorial disputes in both the South China Sea and the East China Sea. Beijing has built up and militarised many of the islands and reefs it controls in the region. Both areas are stated to be rich in minerals, oil and other natural resources and are vital to global trade.

China claims almost all of the South China Sea. Vietnam, the Philippines, Malaysia, Brunei and Taiwan have counter claims over the area.

Several weeks before the clash in the Galwan Valley, Chinese Defence Minister Wei Fenghe called on Beijing to “use fighting to promote stability” as the country’s external security environment worsened, a potential indication of China’s intent to proactively initiate military tensions with its neighbours to project an image of strength, the report said.