Business News

Oil Lower for Longer?

Happy Leap Day! The People's Bank of China further cut the reserve requirement or the amount of cash the country's banks have to hold, in an attempt to calm investor jitters over the world's second largest economy. (CNBC)

Kraft Heinz, the maker of Oscar Mayer hot dogs, Jell-O and Heinz ketchup, reported quarterly earnings topping estimates. Profits were $285 million for the quarter compared with a loss of $17 million last year.
Sales fell 5% to $7.1 billion, impacted by the strong U.S. dollar. Kraft Foods and H.J. Heinz merged in 2015 to create Kraft Heinz. Warren Buffett is the company's largest shareholder. (Reuters)

Careful if you are filing your taxes via the internet. An audit by Internet security nonprofit the Online Trust Alliance found that 46% of tax software websites in an IRS Free File program failed cybersecurity protocols. (CNBC)

S&P 500 is down 5 and the NASDAQ is down 13.  MSCI International Index is down 0.28%.

Oil is up 11 cents at $32.89 a barrel. An indication oil will stay lower for longer. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for $40 a barrel in deciding whether to crank up output. (Reuters)

Gold is up $8 at $1229 a Troy ounce. Gold, has rallied about 15% this year. It is set to mark its best monthly performance in four years in February, driven by the safe-haven trade. (Reuters)

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