By Rowena Edwards and Julia Payne LONDON (Reuters) – Oil majors BP and Shell have held back from offering spot diesel cargoes in the market for the past two weeks, two traders with direct knowledge of the matter said on Thursday, fearing looming shortages in Germany. The move reflects broader supply fears rippling across Europe….
Russia’s invasion of Ukraine has dominated headlines. Rightfully so as this marks the largest military battle on European soil since 1945. Markets are on high alert as analysts and economists project the impact of the invasion on the global economy. One important story that has slipped under the radar is the results of China’s Two…
WASHINGTON (AP) — Slightly more Americans applied for unemployment benefits last week, but layoffs have settled to the low, pre-pandemic levels seen before the coronavirus recession in 2020. Jobless claims rose by 11,000 to 227,000 for the week ending March 5, the Labor Department reported Thursday. The previous week’s number was 216,000. First-time applications for…
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…
