BEIJING (Reuters) -China’s factory inflation in February eased to the slowest annual pace in eight months due to seasonal effects from the Lunar New Year holiday, but analysts expect it to rise in the coming months because of surging global commodity prices. The producer price index (PPI) increased 8.8% on year, the National Bureau of…
By Yuka Obayashi TOKYO (Reuters) – Oil prices rose on Wednesday as the U.S. ban on Russian oil imports and Britain’s plan to phase them out by year end raised concerns of tighter global supply. Brent crude futures were up $2.17, or 1.7%, at $130.15 a barrel at 0133 GMT, after jumping 3.9% the previous…
BEIJING (Reuters) – China’s producer prices in February rose at the slowest annual pace since June, official data showed on Wednesday, amid skyrocketing commodity prices, an uncertain global economy and resurgent domestic COVID-19 outbreaks. The producer price index (PPI) increased 8.8% on year, the National Bureau of Statistics (NBS) said in a statement on Wednesday,…
By Marianna Parraga and Matt Spetalnick HOUSTON/WASHINGTON (Reuters) -U.S. officials have demanded Venezuela supply at least a portion of oil exports to the United States as part of any agreement to ease oil trading sanctions on the OPEC member nation, two people close to the matter said. U.S. President Joe Biden on Tuesday banned U.S….
By John McCrank NEW YORK (Reuters) – Wild swings in the prices of oil, metals and other raw materials generated more margin calls at trading firms on Tuesday, heightening worries that the volatility in commodities could spill over into broader markets as the war in Ukraine escalates. Intercontinental Exchange Inc has seen margin calls at…
By Hilary Russ and Uday Sampath Kumar NEW YORK (Reuters) -McDonald’s, PepsiCo, Coca-Cola and Starbucks stopped sales of their best-known products in Russia on Tuesday, offering a united rebuke of the war on Ukraine by companies that define America for much of the world. Pepsi and McDonald’s were corporate pioneers whose work with the Soviet…
By Trevor Hunnicutt, Steve Holland and Andrea Shalal WASHINGTON (Reuters) -U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will drive up U.S. energy prices. “We’re banning all…
(Refiles to correct date to March 8) By Saqib Iqbal Ahmed and Ira Iosebashvili (Reuters) – Plummeting stocks, soaring commodity prices and tightening global financial conditions following Russia’s invasion of Ukraine are clouding the outlook for markets already unsettled by the prospect of a hawkish Federal Reserve. Dramatic moves are everywhere you look, from a…
(Reuters) – The California Air Resources Board said on Tuesday it plans to significantly increase electric vehicle requirements by 2030 as the state moves to phase out the sale of gasoline-powered light duty vehicles by 2035. In a draft document, the California regulator said previously it aimed to reach 61% zero emission electric vehicle (ZEV)…
By Valentina Za MILAN (Reuters) – Italy’s second-biggest bank UniCredit said a full write-off of its Russian business, including cross-border exposure, would cost around 7.4 billion euros ($8.1 billion), leaving its capital distribution plans hanging by a thread. UniCredit, which is one of Europe’s banks most exposed to Russia, said it would still be able…
