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…
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…
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…
(Reuters) – Hotel chain Marriott International Inc said on Thursday it has decided to pause the opening of upcoming hotels and all future hotel development and investment in Russia, following Moscow’s invasion of Ukraine. The company will also close its corporate office in Russia, joining its peers Hilton Worldwide Holdings Inc and Hyatt Hotels corp…
LONDON (Reuters) – Shell faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously. The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 liquefied natural gas (LNG)…
(Reuters) – The Kremlin said on Thursday that Russia’s economy was experiencing a shock and that measures were being taken to soften the impact of what it described as an “absolutely unprecedented” economic war being waged against Moscow. The West has imposed sweeping sanctions against Russia over its invasion of Ukraine. “Our economy is experiencing…
By Gergely Szakacs BUDAPEST (Reuters) – Suzuki Motor Corp has suspended car exports to Russia and Ukraine from its Hungarian factory as of March due to the war, the Japanese company said on Wednesday, in one of the first signs of the conflict hitting the broader economy in the region. Central Europe is facing the…
A look at the day ahead in markets from Sujata Rao After the U.S. S&P 500 index saw its biggest one-day gain since June 2020 and oil slumped 13%, it promises to be another eventful day. World stocks have seized on a meeting later on Thursday between the foreign ministers of Ukraine and Russia and…
By Tim Hepher, Engen Tham and Carolyn Cohn PARIS/SHANGHAI/LONDON (Reuters) -Global leasing companies staring at an imminent sanctions deadline to repossess more than 400 jets worth almost $10 billion from Russian airlines have received mostly radio silence as experts warn of legal wrangling that could last a decade. Western bans imposed after Russia’s invasion of…
By Praveen Menon and Sam Nussey (Reuters) – Rio Tinto became the first major mining company to cut ties with Russian businesses and Japan’s Sony and Nintendo suspended deliveries of their gaming consoles, joining a global corporate exodus from Russia over its invasion of Ukraine. Japanese construction machinery supplier Hitachi said it would stop exports…
