Tag Archives: Business

The benchmark oil price settled largely unchanged on Monday, holding above the $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled …

India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth. The withdrawal of 2,000-rupee ($24.5) notes – which the finance ministry’s top official, T.V Somanathan, said …

US President Joe Biden and congressional Republicans enter a critical week for debt-ceiling talks hoping they can find common ground on spending levels and energy regulations to avert a devastating default. Though the two sides did not appear close to an agreement, the White House has not ruled out the …

US President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S. debt ceiling and avoid a crippling default before the end of May. The Democratic president is calling on lawmakers to …

Spanish Prime Minister Pedro Sanchez on Saturday announced the government would invest 1.3 billion euros ($1.43 billion) in vocational training. The measure will be approved at next week’s cabinet meeting and will create 45,000 bilingual vocational training places, 824 new training centers, and more than 1,500 classrooms for applied technology …

Janet Yellen warned that a default would result in job losses while driving household payments on higher interest rates. US Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government’s debt ceiling – and the resulting default – would trigger an “economic catastrophe” that would …

Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. Brent crude rose 1.06, or 1.3%, to $82.72 a barrel by 12:17 p.m. EDT (1717 GMT). U.S. West Texas Intermediate crude rose 95 cents, …

The United Nations made a renewed appeal for international aid for Afghanistan, warning that a cut in funding in response to the Taliban government banning women from education and jobs would perpetuate extreme poverty that lasts for decades. Afghanistan remains cut off from the global financial system since the militant …

Iraqi Prime Minister Muhammad S. al-Sudani announced that there are strategic projects to be launched with Turkey and that Saudi Arabia can invest up to $100 billion in Iraq. In a recent television interview with Al-Jazeera Channel, he highlighted that Iraq has the highest population growth rate in the region …

Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the lawsuit by …

China and Brazil have reached a deal to trade in their own currencies, ditching the US dollar as an intermediary, the Brazilian government said, Beijing’s latest salvo against the almighty greenback. The deal will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin …

Regulators shut down Signature Bank after its shares plunged in the wake of Silicon Valley Bank’s failure New York-based Signature Bank was shut down by US regulators on Sunday, becoming the third failure in the country’s banking industry in less than a week. According to a joint statement from the …

European bank shares tumbled on Friday in the wake of a dramatic sell-off in U.S. lenders as concern spread that the sector will be vulnerable to the rising cost of money. Europe’s STOXX banking index fell more than 4%, set for its biggest one-day slide since early June, with declines …

The Iraqi Ministry of Transport announced that the construction works in the five berths of Al-Faw Grand Port reached 41 percent, noting that it is intending to purchase advanced ships from international providers. The Iraqi Ministry of Transport mentioned in a statement that the technical department prepared a complete plan, …

Since the Bank of England’s announcement a few weeks ago that it would be developing a digital currency quickly nicknamed “Britcoin,” central bank digital currencies, or Govcoins, as they are sometimes known, have been all the rage. Supposedly, the British government will take on responsibility for the maintenance of a …

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week, three OPEC+ delegates told Reuters on Monday. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due …

The number of insolvencies has reportedly risen for the first time in three years Japan recorded its first increase in the number of company bankruptcies in three years in 2022, according to a new survey by Teikoku Databank. The report showed that a total of 6,376 companies declared bankruptcy in …

Leading indices have sold off on high inflation, geopolitical tensions, and tightening monetary policy Major European stock indices struggled in 2022, with most showing their worst performance since before the Covid-19 pandemic, CNBC reported on Friday. The pan-European Stoxx 600 index began the last trading day of the year down …

Rolls-Royce Holdings PLC has hailed a test run of the world’s first hydrogen-powered jet engine as a “new aviation milestone”, suggesting a large step has been made towards the decarbonization of the aviation industry. In partnership with EasyJet PLC, Rolls-Royce ran a converted regional aircraft engine fuelled by green hydrogen, …

Sterling gained in volatile trading on Thursday, as the U.S. dollar fell against some currencies, with investors taking comfort from the Bank of England’s purchase of long-dated bonds to stabilize the market. The pound rose 1.4% to $1.1034. After hitting a fresh 37-year low of $1.0327 three days ago, sterling …