Sun Chemical has acquired the assets and business of Transitions Digital Graphics, LLC. Based in Santa Barbara, Calif., Transitions Digital Graphics is a leader in the development of changeable advertising signage and displays which utilize invisible ink. “Transitions Digital Graphics is a technology company with a compelling advertising display solution that brings an interactive visual experience for consumers,” said Mehran Yazdani, President of Sun Chemical Advanced Materials. “This acquisition will strengthen our strategic initiative in electronic packaging by providing exciting new solutions in point of sale advertising. It also supports our strategy of continued expansion into sustainable high growth, high value markets.” Click Read More below for additional information.
American Dollar to Canadian Dollar = 0.805443; American Dollar to Chinese Yuan = 0.154360; American Dollar to Euro = 1.182332; American Dollar to Japanese Yen = 0.008972; American Dollar to Mexican Peso = 0.050121.
Crude in New York fell 0.4 percent as traders cashed in after yesterday’s 3.1 percent surge. The oil market is nearing the end of the “lower for longer” era with a shortage likely in 2019, trading house Trafigura said Tuesday. Turkey can “close the valves” on oil shipments from Kurdistan, Turkish President Recep Tayyip Erdogan said after the Iraqi region held a vote on independence. Oil has gained more than 10 percent this month on forecasts for rising crude demand and as members of the Organization of Petroleum Exporting Countries maintain production cuts to drain a global glut. The market rebalancing has helped flip the futures curve into backwardation, a structure where immediate deliveries of oil are more expensive than longer-dated ones, signaling strong demand. Brent prices jumped to a two-year high on Monday before retreating Tuesday. “It’s pure profit taking,” Torbjorn Kjus, oil market analyst at DNB Bank ASA said by phone. “It’s very natural. The most natural thing would be if we lose some more during the day, but so far it’s holding up almost unexpectedly well after that very large rally yesterday.” Click Read More below for more of the story.
Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.