By Alexandra Valencia QUITO (Reuters) – Ecuador’s capacity to meet its external debt obligations has not been affected by a Luxembourg court’s decision to freeze the country’s assets amid a dispute with oil company Perenco, the economy ministry said on Tuesday. Ecuador has “promptly complied” with interest and amortization payments on bonds for $185.7 million,…
Several countries in Europe dependent on Russian energy suffered another blow with confirmation Tuesday that oil shipments have stopped through a critical pipeline. Russian state pipeline operator Transneft said it halted shipments through the southern branch of the Druzhba oil pipeline, which flows through Ukraine to the Czech Republic, Slovakia and Hungary. Transneft cited complications…
OMAHA, Neb. (AP) — Warren Buffett’s company has bought up more than $11 billion worth of Occidental Petroleum stock this year, giving Berkshire Hathaway control of more than 20% of the oil producer. Occidental’s stock rose more than 3.5% on Tuesday to $62.18 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares…
By David Shepardson and Jeff Mason WASHINGTON (Reuters) -President Joe Biden on Tuesday signed a landmark bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the United States more competitive with China’s science and technology efforts. “The future is going to be made in America,”…
By Manya Saini (Reuters) – Several high-flying startups are being brought down to earth, as a recent carnage in global equity markets and lackluster demand for new listings force companies to raise funds at a substantial discount to their sky-high valuations. Easy money from venture capital dealmaking is fast evaporating in an inflation-induced high interest-rate…
DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s…
By Karen Freifeld WASHINGTON (Reuters) -The U.S. Commerce Department on Tuesday accused Far East Cable, China’s largest wire and cable manufacturer, of violating U.S. export controls related to shipments of telecommunications equipment to Iran. Far East Cable entered into an agreement in 2013 to buy equipment from Chinese telecommunications equipment maker ZTE Corp. and then…
FLINT, Mich. (AP) — Isaiah Oliver carefully parks his car in the crumbling parking lot of North Flint’s Greater Holy Temple Church. The lot at the church was meant for parishioners coming to worship, not 18-wheelers carrying pallets of bottled water. But as the city grapples with its water crisis, the church has been one…
(Reuters) – Ralph Lauren Corp and Michael Kors-owner Capri Holdings beat quarterly revenue estimates on Tuesday, underscoring the unwavering demand for luxury goods from high-income consumers amid decades-high inflation, sending their shares up 2%. Rising prices have had little impact on middle- and high-income households who have been happily spending on designer labels, having built…
By Alex Lawler LONDON (Reuters) – Oil rose over $1 a barrel on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August, reviving concern about tight supply. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via…
