BUDAPEST, Hungary (AP) — As the European Union tries to impose sanctions on Russian oil over the war in Ukraine, Hungary has emerged as one of the biggest obstacles to unanimous support needed from the bloc’s 27 member nations. The president of the EU’s executive commission, Ursula von der Leyen, last week proposed phasing out…
By Rowena Edwards LONDON (Reuters) – Oil prices fell in volatile trade on Tuesday as the market balanced impending European Union sanctions on Russian oil with demand concerns related to coronavirus lockdowns in China, a strong dollar and growing recession risks. Brent crude was down 69 cents, or 0.6%, at $105.25 a barrel at 1233…
Peloton’s uphill ride to get more sales is getting rougher as more people return to gyms and other pre-pandemic exercise routines and embrace cheaper options. The maker of high-end exercise bikes and treadmills, once highflying in the early days of the pandemic, on Tuesday reported mounting losses and slowing sale. It also offered a bleak…
HONG KONG (Reuters) – China Eastern Airlines Corp plans to raise up to 15 billion yuan ($2.23 billion) in a share sale to expand its fleet and to replenish working capital, the company said in a filing to the Shanghai stock exchange on Tuesday. The Chinese airline will use 10.5 billion yuan of the proceeds…
By Joice Alves LONDON (Reuters) – Commodity currencies Norwegian crown and the Australian dollar recovered some ground on Tuesday after hitting their lowest levels in nearly two years against the U.S. dollar, tracking a rebound in European and Chinese stock markets. But traders said sentiment remained fragile and was keeping the safe haven dollar near…
Pfizer is starting to put its COVID-19 cash influx to use by spending $11.6 billion to venture deeper into a new treatment area. The New York vaccine and cancer drug maker said Tuesday it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceutical it does not already own….
By Anna Ringstrom and Marie Mannes STOCKHOLM (Reuters) -Shares in Swedish Match soared on Tuesday after U.S. rival Philip Morris International Inc said it was in talks to buy the Stockholm-based tobacco products company, betting on a growing market for alternatives to cigarettes. The two companies issued separate statements after the Stockholm bourse closed on…
MILAN (Reuters) – The automotive industry faces a shortage of batteries and raw materials in the coming years as part of its transition towards electric mobility, the head of Stellantis Carlos Tavares said on Tuesday. Speaking at the FT Future of the Car 2022 conference, Tavares said he could anticipate the industry could suffer supply…
By Timothy Aeppel (Reuters) – U.S. manufacturers are finding that their main weapon to fight supply chain snarls is greater inefficiency. Industrial companies reporting earnings over the past few weeks have described steps they’ve taken – from acquiring trucks to move their own goods to building products that sit around on factory floors waiting for…
By Mei Mei Chu and A. Ananthalakshmi KUALA LUMPUR (Reuters) -Malaysia’s commodities ministry has proposed cutting an export tax on palm oil by as much as half to help fill a global edible oil shortage and grow the market share of the world’s second-largest palm oil producer. Plantation Industries and Commodities Minister Zuraida Kamaruddin said…
