LONDON (AP) — Energy giant Shell reported record first-quarter earnings after a surge in oil prices, fueling calls for the British government to impose a tax on energy companies’ windfall earnings to help consumers struggling with the soaring cost of living. London-based Shell said adjusted earnings — which exclude one-time items and fluctuations in the…
LONDON (AP) — OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. The cautious approach from the OPEC+ alliance — which includes non-member Russia —…
BEIJING (AP) — Asian stocks followed Wall Street lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth. Shanghai, Hong Kong, Seoul and Sydney declined. Tokyo edged higher as trading resumed after a holiday. Wall Street’s benchmark S&P 500 index plunged 3.6% on Thursday for its biggest one-day…
WASHINGTON (AP) — When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The fallout can be felt beyond America’s borders, hitting shopkeepers in Sri Lanka, farmers in Mozambique and families in…
NEW YORK (AP) — Stanford University will launch a new school focusing on climate change thanks to a $1.1 billion gift from billionaire venture capitalist John Doerr and his wife, Ann, the university announced Tuesday. The gift, one of the largest single donations to an American institute of higher education, will open the Stanford Doerr…
Airbus said Wednesday that its profit in the first three months of 2022 more than tripled to 1.22 billion euros ($1.28 billion), helped by an increase in aircraft deliveries as airlines recover from the worst of the pandemic. Airbus said it plans to speed up production of its A320 family of planes that compete with…
SACRAMENTO, Calif. (AP) — California, which has a economy larger than all but four countries and where much of the world’s technological innovation is born, on Wednesday became the first state to formally begin examining how to broadly adapt to cryptocurrency and related innovations. Following a path laid out by President Joe Biden in March,…
WASHINGTON (AP) — Record-low mortgages below 3% are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point hike in its benchmark short-term rate that the Federal Reserve announced Wednesday won’t, by itself, have much…
WASHINGTON (AP) — The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key short-term rate raised it to a…
Tupperware’s turnaround isn’t exactly going as planned, with inflation, COVID-19 and Russia’s invasion of Ukraine all weighing on the consumer products company. Sales dropped 16% in the first quarter, with Miguel Fernandez, President and CEO of Tupperware Brands, acknowledging that the company’s turnaround still needs a lot more work. “Sales were negatively impacted by the…
