Accenture Buys Arca; Terms Not Disclosed – Quick Facts

The power of forests, part three

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South African Stocks Steady as Naspers Gains Offset Weak Banks

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South Africa’s main stock benchmark was little changed in early trading as weakness in banks was offset by gains for index giant Naspers Ltd.

The FTSE/JSE Africa All Shares Index was up 0.1% at 10:11 a.m. in Johannesburg, but has fallen 0.7% in the past seven days, heading for its first weekly loss of November.

  • Index for bank stocks retreats for a second day, down 1% as the rand weakens
    • Capitec Bank Holdings Ltd. -1.7%, Standard Bank Group Ltd. -1.4%, FirstRand Ltd. -0.9%, Nedbank Group Ltd. -0.8%
    • BHP -0.5%, Anglo American -0.3%

    Turkey to Repatriate Overseas Energy Firms Amid Sanction Threats

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    Turkey will move some state-owned energy companies established in overseas jurisdictions home to shield the industry from the threat of sanctions.

    Parliament approved legislation allowing the changes late on Thursday.

    The new rules are aimed at protecting companies active in oil and gas exploration, as well as mining, from potential punitive actions, Energy Ministry official Suleyman Onel told lawmakers, citing past U.S. sanctions targeting members of the government.

    Some European Union countries have threatened to force the bloc to adopt similar actions against Turkey over its search for hydrocarbons in contested eastern Mediterranean waters.

    Petrol price up 17 paise, diesel 22 paise after two-month hiatus

    This is the first revision in petrol prices since September 22.

    Petrol price on Friday was hiked by 17 paise per litre and diesel by 22 paise, as firming international oil prices broke a nearly two-month-long hiatus in price revision.

    Petrol price in Delhi was hiked to ₹ 81.23 per litre from ₹ 81.06, according to a price notification from oil marketing companies.

    Diesel rates went up from ₹ 70.46 to ₹ 70.68 per litre.

    This is the first revision in petrol prices since September 22. Diesel rates hadn’t changed since October 2.

    Public sector oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – revise rates of petrol and diesel daily based on benchmark international oil price and foreign exchange rate.

    They have, however, restored to calibrating the rates since the pandemic broke out with a view to avoiding volatility in retail prices.

    The 58-day hiatus in petrol price revision and 48-day status quo on diesel rates was preceded by no change in rates between June 30 and August 15 and a 52-day status quo between March 17 and June 6.

    In Mumbai, the petrol price on Friday was raised to ₹ 87.92 per litre from ₹ 87.74, while diesel rates went up from ₹ 76.86 to ₹ 77.11.

    Petrol now costs ₹ 84.31 in Chennai and ₹ 82.79 in Kolkata. Diesel costs ₹ 76.17 per litre in Chennai and ₹ 74.24 in Kolkata.

    Oil Prices On Track For Third Weekly Gain

    Oil prices rose on Friday and were on track for a third straight weekly gain despite demand concerns stemming from surging coronavirus cases in the U.S. and Europe and renewed lockdowns in several countries.

    U.S. coronavirus infections topped 170,000 for the second time, deaths crossed 250,000 and hospitalizations set a new record for the ninth day in a row, heightening concerns about Thanksgiving.

    Benchmark Brent crude rose half a percent to $44.40 per barrel, while U.S. West Texas Intermediate (WTI) January crude futures were up 0.2 percent at 441.97.

    Both benchmarks were up over 3 percent so far this week on the likelihood of an effective Covid-19 vaccine and hopes that OPEC and its allies would keep production under check.

    Investors remain hopeful that OPEC+ producers will freeze their output at current levels for at least another three months when they meet to discuss their output policy at a meeting on Nov. 30 and Dec. 1.

    Oil prices were also getting some support from signs of movement on a stimulus deal in Washington after U.S. Senate Majority Leader Mitch McConnell agreed to resume negotiations with Democrats over a potential new Covid-19 relief bill.

    Eric Trump’s Warning About Rudy Giuliani Taking Down ‘Dirtbags’ Backfires

    Eric Trump faced ridicule on Twitter after he warned of “dirtbags” being taken down.

    President Donald Trump’s second-eldest son tweeted Thursday that Rudy Giuliani ― his father’s personal attorney who the same day delivered a conspiracy theory-laden press conference in his latest desperate bid to overturn Trump’s election defeat ― “took down the New York mob.”

    “Hell take down these dirtbags as well…” Eric Trump added.

    Twitter users saw the post as a self-own.

    They warned Eric Trump to be careful what he wishes for, reminded him how spelling and punctuation matters and mocked Guiliani over that controversial scene in the “Borat” movie.

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    Accenture Buys Arca; Terms Not Disclosed – Quick Facts

    Accenture (ACN) announced acquisition of Arca, a Spanish engineering services company with a focus on network operations and business services. Terms of the transaction were not disclosed. Arca was founded in 1998 and has 14 offices across Spain.

    Arca’ 640 employees will join Accenture in Spain. Accenture expects this acquisition to reinforce its role as a key partner for the engineering, design, deployment and operation of network services.

    Domingo Mirn, who leads Accenture’s business in Iberia, said, “By harnessing Arca’s expertise, this acquisition will strengthen our ability to help clients accelerate their 5G Cloud network transformation from design through to deployment and operation”