Business

Oil prices eased on Thursday in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand. The prospect that the OPEC+ producer group could curb oil supplies limited the decline in …

Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder …

Britain is suffering the worst inflation rate among the G7 countries with skyrocketing prices further tightening the squeeze on the British public.

Oil prices fell over 2% on Tuesday to their lowest since before Russia’s invasion of Ukraine, as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.

Inflation in the United Kingdom will soar to ‘astronomical’ levels over the next year, a leading British think tank has warned, saying such massive inflation will force the Bank of England to raise interest rates higher and for a longer period than previously expected. In a report on Wednesday, the …

Renowned US economist Nouriel Roubini has predicted a severe recession in the United States as the government tries to curb soaring inflation. Roubini told Bloomberg on Monday that a combination of soaring inflation coupled with stagnation would lead to an economic recession in the US and elsewhere. According to the government’s June …

US banking regulators have Bank of America fined $225 million over “botched” handling of jobless benefits during the coronavirus pandemic. The Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) said on Thursday the bank had a faulty fraud detection program that improperly froze …

China has increased its crude oil imports from Russia in recent months, importing more than any other country in the month of May since December last year by taking advantage of lower prices in the face of Western sanctions. Chinese customs data released on Monday indicated that its crude oil …

Thousands of South Korean truckers went on strike for a third day on Thursday to protest against the rising fuel prices, disrupting the country’s transportation system and production cycle. This may be the first serious challenge for the new South Korean president, Yoon Seok-youl, who has been in power for …

The administration of US President Joe Biden is considering lifting some tariffs on Chinese products in an effort to combat record-high inflation in the country. US Commerce Secretary Gina Raimondo said on Sunday that President Biden has asked his advisors to look into the possibility of removing or reducing some …

The United States has issued waivers to Spanish and Italian oil companies to receive Venezuelan crude in an attempt to reduce their heavy reliance on Russian energy. Media reports on Sunday said the US State Department issued waivers to Spain’s Repsol SA and Italy’s Eni SpA to begin taking Venezuelan …

Soaring inflation across the UK has caused “acute distress” to Britons, Finance Minister Rishi Sunak has said, stressing that the Bank of England must take “decisive action” to get prices back under control. Addressing the House of Commons on Thursday, Sunak was at pains to say that “the high inflation …

Ukrainian President Volodymyr Zelensky has called for “maximum” sanctions on Russia in a bid to prevent Moscow from continuing its offensive against his country while appealing for more weapons as the military operation heads to its four-month.

Russian President Vladimir Putin on Tuesday said the oil sector was undergoing a “tectonic change,” but claimed Europe would be committing “economic suicide” with its sanctions on Moscow over Ukraine. By seeking to phase out Russian energy supplies, Europe will only hurt itself, Putin said, urging state officials to use …

Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia. Brent crude futures were up $1.88, or 1.8%, at $109.33 a barrel at 1227 GMT, while …

It was not immediately clear based off Musk’s tweet if any official steps had been taken to halt the acquisition. There’s another twist in the Twitter deal.

Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the US Department of Labor reported Thursday.

Foreign energy companies subject to Moscow’s retaliatory sanctions will no longer be able to receive gas supplies from Russia, a top official has said.

The meltdown in TerraUSD, one of the world’s largest stablecoins, sent shockwaves through cryptocurrency markets on Thursday, pushing another stablecoin Tether below its dollar peg and sending bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off across higher risk assets, which has picked up steam this week …

Britain warned it might be forced to “act” in a row with the European Union over post-Brexit trade rules for Northern Ireland, raising the risk of commercial strife and deepening a standoff stirring U.S. concerns for peace in the province. Foreign Secretary Liz Truss said on Thursday Britain would have …