By Scott DiSavino NEW YORK (Reuters) -Oil prices jumped about 3% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China’s oil demand will increase and on growing supply concerns in several countries. Brent futures rose $3.59, or 3.0%, to $124.16 a barrel by…
By Ron Bousso, Sabrina Valle and Marwa Rashad HOUSTON (Reuters) – Italian producer Eni has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world’s largest liquefied natural gas (LNG) project, people with knowledge of the matter said on Wednesday. Exxon Mobil Corp, TotalEnergies…
By Foo Yun Chee BRUSSELS (Reuters) – EU industry chief Thierry Breton on Wednesday told Hungary to suspend discriminatory fuel pricing against vehicles with foreign licence plates or risk being taken to court, according to a European Commission letter seen by Reuters. The move marks yet another area of discord between the European Commission and…
Philanthropists could help ease the damage from climate change by donating more money to address global warming and the communities most at risk from it, according to a report that the research organization Candid released Wednesday. “There can be huge climate value-for-money in supporting communities to address the inequalities that are causing their climate vulnerability,”…
BRUSSELS (AP) — The European Parliament on Wednesday threw its weight behind a proposed ban on selling new cars with combustion engines in 2035, seeking to step up the fight against climate change through the faster development of electric vehicles. The European Union assembly voted in Strasbourg, France, to require automakers to cut carbon-dioxide emissions…
By Lucia Mutikani WASHINGTON (Reuters) -U.S. wholesale inventories increased slightly more than initially thought in April, suggesting that inventory investment could provide a lift to economic growth this quarter. The rise in stocks reported by the Commerce Department on Wednesday, however, came as sales growth moderated. Inventories are being closely watched amid rising fears of…
By Yoruk Bahceli (Reuters) -Money markets ramped up their bets on European Central Bank (ECB) interest rate rises on Wednesday to price in more than 75 basis points (bps) of hikes by September. With the bank largely expected to start rises in July and move in 25-bp increments, the pricing implies traders now expect its…
BERLIN (AP) — The German government wants to temporarily keep additional coal-fired power plants on stand-by for almost two years to stave off a possible electricity shortage in case natural gas supplies from Russia are suddenly reduced, officials said Wednesday. Germany is trying to wean itself off Russian gas due to the war in Ukraine,…
By Danilo Masoni MILAN (Reuters) -Shares in Credit Suisse turned sharply higher in afternoon trade on Wednesday with traders citing an Inside Paradeplatz report saying that U.S-based State Street is planning a takeover bid for the troubled Swiss lender. Credit Suisse shares earlier lost almost 8% getting closer to their lowest in over 20 years…
WASHINGTON (AP) — Stagflation. It was the dreaded “S word” of the 1970s. For Americans of a certain age, it conjures memories of painfully long lines at gas stations, shuttered factories and President Gerald Ford’s much-ridiculed “Whip Inflation Now” buttons. Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market…
