LONDON (Reuters) – European banks counted the rising cost of war in Ukraine on Thursday as France’s Societe Generale, Credit Agricole and Italy’s UniCredit upped provisions for the conflict without shattering investors’ confidence in their prospects. The Italian lender, one of Europe’s banks most exposed to Russia where it runs AO UniCredit Bank, surprised the…
ANKARA, Turkey (AP) — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year…
LONDON (AP) — The Bank of England raised its key interest rate to the highest level in 13 years on Thursday as policymakers around the world combat inflation fueled by high energy prices, Russia’s war in Ukraine and lingering concerns about COVID-19. The central bank hiked rates for the fourth time since December as U.K….
LONDON (AP) — Energy giant Shell reported record first-quarter earnings after a surge in oil prices, fueling calls for the British government to impose a tax on energy companies’ windfall earnings to help consumers struggling with the soaring cost of living. London-based Shell said adjusted earnings — which exclude one-time items and fluctuations in the…
(Reuters) – U.S. oil producer Conocophillips reported a higher first-quarter profit on Thursday, helped by a surge in crude prices following heavy sanctions on Russia after it invaded Ukraine. The company said it also increased its targeted 2022 returns to shareholders by an additional 25%, to a new total of $10 billion. Crude prices rallied…
(Reuters) – Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison to fund his $44 billion takeover of social-media platform Twitter Inc, according to a filing on Thursday. Musk revealed in a filing he had received equity commitment letters from investors including Sequoia Capital,…
By Bozorgmehr Sharafedin , LONDON (Reuters) -Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand. Brent crude was up 36 cents, or 0.3%, at $110.50 a barrel by 1007…
By Josh Ye HONG KONG (Reuters) – The president of Chinese ride-hailing giant Didi Chuxing and her father, the founder of Lenovo, have ended their public presence on China’s main social media site, the latest Chinese tech leaders to retreat from the spotlight. Didi’s Jean Liu and her father, Liu Chuanzhi, both switched on a…
LONDON (AP) — OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. The cautious approach from the OPEC+ alliance — which includes non-member Russia —…
By William Schomberg LONDON (Reuters) – The Bank of England looks poised to raise interest rates on Thursday for the fourth time since December, the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap in inflation. But the BoE must tread carefully to…
