By Florence Tan SINGAPORE (Reuters) -Oil prices extended their rally on Thursday, with Brent rising above $118 a barrel as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries, while U.S. crude stocks fell to multi-year lows. Brent crude futures rose as high as $118.22 a barrel, the highest…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s already dire economic crisis has deepened as oil prices hover near $110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy. The South Asian island nation already…
By Byron Kaye SYDNEY (Reuters) – Credit Suisse Group AG joined creditors of Greensill Capital by filing lawsuits in Australia seeking compensation from the country’s biggest insurer over the supply chain financier’s collapse, court filings showed. Local media put the total claims at A$300 million ($219 million). Insurance Australia Group Ltd (IAG) was previously named…
(Reuters) -Spotify said on Wednesday it has closed its office in Russia indefinitely in response to what the audio streaming platform described as Moscow’s “unprovoked attack on Ukraine.” Since July 2021, Russian legislation signed by President Vladimir Putin has obliged foreign social media companies with more than 500,000 daily users to open local offices or…
BEIJING (AP) — China’s ruling Communist Party is temporarily turning away from its longer-term ambitions to focus on pulling the economy out of a slump as the country heads into the annual meeting of its ceremonial legislature. The National People’s Congress, usually used to showcase big initiatives, is overshadowed this year by a “policy pivot”…
TOKYO (Reuters) -A Tokyo court on Thursday convicted former Nissan Motor executive Greg Kelly of helping Carlos Ghosn hide pay from financial regulators, but said he had not been responsible for the total $80 million the ex-Nissan chief allegedly failed to disclose. “The court finds the existence of unpaid remuneration” and the failure to disclose…
By Wayne Cole SYDNEY (Reuters) – Asian shares crept higher on Thursday after reassuring comments from the Federal Reserve helped Wall Street rally, though the war in Ukraine sent oil and resource prices spiralling ever higher in a grim omen for global inflation. Western nations tightened sanctions on Russia as Ukraine’s second biggest city, Kharkiv,…
By Florence Tan and Sonali Paul SINGAPORE (Reuters) – Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows. The Organization of the Petroleum Exporting Countries and…
TOKYO (AP) — A Tokyo court gave a suspended sentence to Greg Kelly, a former American executive at Nissan Motor charged with underreporting his boss Carlos Ghosn’s pay. The verdict announced Thursday of a 6-month sentence suspended for three years will allow Kelly to return to the U.S. even if prosecutors appeal. Kelly was arrested…
(Reuters) -Fitch on Wednesday downgraded Russia’s sovereign credit rating by six notches to “junk” status, saying Western sanctions over the invasion of Ukraine made it uncertain Russia could service its debt and would weaken its economy in “a huge shock” to its creditworthiness. Russia’s financial markets have been thrown into turmoil by its assault on…
