Business Task Force

OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and U.S. sanctions on Iran and Venezuela, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) this month, the survey showed, down 750,000 bpd from August’s revised figure and the lowest monthly total since 2011. The Sept. 14 attacks on two Saudi oil plants shut down 5.7 million bpd of production and sent crude prices up 20% to $72 a barrel on Sept. 16. The price has since fallen to $61, near levels before the Saudi attack, pressured by a rapid production restart and concern about slowing demand. “Traders are clearly not particularly concerned about risk premiums in oil,” said Craig Erlam, analyst at online broker OANDA. “The focus again seems to be shifting back to the demand dynamics and the risk of further downgrades.” OP...

Bitcoin to hit $250,000 by 2022? Investor Tim Draper thinks that is a conservative prediction. "$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin." The venture capitalist said he may have underestimated bitcoin when he previously predicted it will reach $250,000 – a figure he first forecast when bitcoin was worth around $5,000 in 2018. A remarkable resurgence in 2019 means bitcoin is currently trading at just above $10,000, though it remains a long way off its record high from December 2017 of nearly $20,000. Speaking to cryptocurrency news show Blocktv, Draper said his previous price predictions had come true and that his latest one may even fall short of bitcoin’s eventual value. “As it becomes easier for people to use... they’re going to make the decision that they like bitcoin better than any fiat because they know that their fiat will depreciate in...

Hungary’s Finance Minister Mihaly Varga mantains his optimism: "Risks to global economic growth are unlikely to trigger an outright recession", he said on Saturday, adding that the best way to tackle a slowdown was to maintain fiscal discipline and market stability. “Whenever there is a slowdown and we cannot speak of an acceleration of growth cycles, positions of balance always come to the fore,” Varga told a meeting of Hungarian economists. “We must avoid fiscal profligacy and maintain fiscal discipline and rigour ,” Varga said. On Thursday, central bank Governor Gyorgy Matolcsy said risks to global growth, such as Brexit, the U.S.-China trade war and a slowdown in the euro zone, mean Hungary should consider a new programme to bolster economic growth. Varga said, however, that the government’s commitment to cut the budget deficit to 1% of gross domestic product and set aside fiscal buffers worth the same amount next year was the best approach to curb risks to growt...