By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed about 3% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, offsetting worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel….
BERLIN (Reuters) -German Chancellor Olaf Scholz said on Wednesday the failed mutiny in Russia last weekend had weakened President Vladimir Putin but the implications for his invasion of Ukraine remained unclear. Speaking in a wide-ranging, hour-long interview with ARD broadcaster, Scholz echoed U.S. President Joe Biden in saying the insurrection by Wagner mercenaries was part…
By Balazs Koranyi SINTRA, Portugal (Reuters) – Euro zone inflation is so persistent that interest rate hikes beyond July may still be needed, Slovenian policymaker Bostjan Vasle said, joining a growing camp of policymakers making the case for even tighter policy. The ECB has raised rates by 4 percentage points in the past year, the…
(Reuters) – OPEC has withheld media access to reporters from Reuters, Bloomberg and the Wall Street Journal to cover a meeting of oil industry CEOs with energy ministers from OPEC and its allies, reporters and several people familiar with the matter said on Wednesday. The three media organizations are among the world’s leading suppliers of…
By Savyata Mishra (Reuters) -General Mills on Wednesday forecast full-year profit largely below analysts’ estimates as price hikes to counter inflation dent demand for its ready-to-eat cereals and meal kits. Shares of the Cheerios cereal maker fell as much as 5.7% to a more than four-month low after General Mills also missed net sales estimate…
(Reuters) – Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases, CNBC reported on Wednesday, citing people familiar with the matter. An auction was originally scheduled for 10 a.m. on Wednesday, the report said, adding that now only bids for the chain’s intellectual property, including its…
By David Carnevali NEW YORK (Reuters) – U.S. military chip maker Mercury Systems Inc is locked in an unusual dispute with its former chief executive who is demanding a payout, most recently valued at $33 million, because the company tried to sell itself, regulatory filings show. Mark Aslett, who had served as Mercury’s CEO since…
By Chuck Mikolajczak NEW YORK (Reuters) – The dollar index rose on Wednesday following comments from a host of global central bank leaders, including Federal Reserve Chair Jerome Powell, who did not rule out the possibility of another rate hike by the Fed at its next meeting in July. Powell, speaking at a European Central…
By Max Hunder KRAMATORSK, Ukraine (Reuters) -Two 14-year-old twin sisters were among at least 11 people killed in a Russian missile strike on a crowded restaurant in Ukraine’s eastern city of Kramatorsk, officials said on Wednesday. Emergency services said the bodies of 11 people had been recovered from the rubble by early Wednesday evening, nearly…
By Andrew Goudsward (Reuters) – Bankrupt cryptocurrency exchange FTX sued one of its former top lawyers, accusing him of aiding fraud by company founder Sam Bankman-Fried and silencing whistleblowers who reported wrongdoing at the company. The complaint, filed on Tuesday in U.S. Bankruptcy Court in Delaware, describes Daniel Friedberg, a former chief compliance officer at…
