WASHINGTON (AP) — Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. The increase reported Thursday by the Labor Department reflected the 12 months ending in February and didn’t include the…
By Michael Holden and Praveen Menon (Reuters) – Britain froze the assets of Roman Abramovich, owner of Chelsea soccer club, on Thursday in an escalation of sanctions against associates of Vladimir Putin, while mining giant Rio Tinto joined the corporate exodus from Russia. Abramovich, who is also a major shareholder of London-listed steelmaker Evraz, and…
By Valerie Volcovici and Nichola Groom (Reuters) – The U.S. oil industry and President Joe Biden’s administration are clashing over who is to blame for tight energy supplies that have driven up U.S. pump prices to record highs. Big Oil blames the problem on Biden’s tighter regulations and push for renewable energy, which it says…
Western sanctions are dealing a severe blow to Russia’s economy. The ruble is plunging, foreign businesses are fleeing and sharply higher prices are in the offing. Familiar products may disappear from stores, and middle-class achievements like foreign vacations are in doubt. Beyond the short-term pain, Russia’s economy will likely see a deepening of the stagnation…
BERLIN (Reuters) -Germany’s BGA trade association said on Thursday a survey of its members showed most expected an economic slowdown as a result of the Ukraine conflict, but that business nonetheless backed the government’s sanctions against Russia. Supply chain bottlenecks, which the conflict has aggravated, mean that some economists’ forecasts from the beginning of the…
The European Central Bank said Thursday that it will make an early exit from its economic stimulus efforts as it combats record inflation that threatens to go ever higher as energy prices soar during Russia’s war in Ukraine. The move was a tough choice because the invasion also has exposed Europe to a potential hit…
By Tom Hals and Dietrich Knauth (Reuters) – Victims of America’s opioid addiction epidemic will confront in court on Thursday the Sackler family members who own OxyContin-maker Purdue Pharma, in an attempt to force them to face their role in a crisis that claimed 500,000 overdose deaths. The two-hour hearing conducted by Zoom stemmed from…
(Reuters) – Hotel chain Marriott International Inc said on Thursday it has decided to pause the opening of upcoming hotels and all future hotel development and investment in Russia, following Moscow’s invasion of Ukraine. The company will also close its corporate office in Russia, joining its peers Hilton Worldwide Holdings Inc and Hyatt Hotels corp…
LONDON (Reuters) – Shell faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously. The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 liquefied natural gas (LNG)…
BANGKOK (AP) — Shares fell Friday in Asia as uncertainty over the war in Ukraine and persistently high inflation keep their sway over markets. Hong Kong fell 3.6% and Tokyo was 2.4% lower. Investors are fretting over how the world economy may struggle with price pressures and slowing growth. A plan to revoke Russia’s most…
