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Vienna, Austria (AFP) by Kiyoko Metzler, with Emeline Burckel in London Major oil-producing countries led by Saudi Arabia and Russia agreed Sunday to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh, and their 10 allies headed by Moscow, decided to stick to their […]
Washington, United States (AFP) US President Joe Biden signed into law Friday a rare intervention by Congress forcing freight rail unions to accept a salary deal, avoiding a possibly devastating strike — but putting the pro-union Democrat in an awkward political position. Biden signed the law in a brief White House ceremony only a week before unions who had rejected the deal were expected to have gone on strike, threatening crucial supply chains across the […]
London, United Kingdom (AFP) Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a Russian oil price cap and an embargo on Russian crude shipments. At their last ministerial session in October the 13-nation Organization of the Petroleum Exporting Countries headed by Riyadh and its 10 allies led by Moscow, collectively known as OPEC+, agreed to reduce […]
Brussels, Belgium (AFP) by AFP correspondents, with Dave Clark in Brussels The G7 and EU on Friday agreed a $60-per-barrel price cap on Russian oil in an attempt to deny the Kremlin of war resources, as President Vladimir Putin said more strikes on Ukrainian infrastructure were “inevitable”. The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an EU embargo […]
London, United Kingdom (AFP) HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday. The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia. HSBC added in a statement that it would use the funds to invest in its core business and return cash to investors. “We decided […]
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r — BlockFi (@BlockFi) November 28, 2022 New York, United States (AFP) BlockFi, a lender in the troubled cryptocurrency universe, announced Monday it had filed for bankruptcy protection in the latest ripple effect from the FTX collapse. The Chapter 11 filing in a US Bankruptcy Court in New Jersey will allow BlockFi and eight affiliates to “stabilize its business and provide the company […]
Hong Kong, China (AFP) A major Hong Kong-based cryptocurrency exchange has scrubbed some of its social media presence two weeks after it halted withdrawals, fuelling fears the firm may collapse as the sector reels from the implosion of giant FTX. Atom Asset Exchange (AAX) prevented customer withdrawals on November 15, saying its capital position was under “acute pressure” after some investors asked for their money back. This came after the stunning fall of industry leader […]
NEW YORK, United States (AFP) — Global stocks fell Monday as protests across China in opposition to the government’s hardline zero-Covid policy fueled uncertainty about the world’s number-two economy. Hundreds of people took to the streets in China at the weekend, in a wave of demonstrations not seen since pro-democracy rallies in 1989 were crushed. China-linked stocks took the brunt of selling in Asia, with Hong Kong’s Hang Seng Index closing down more than one […]
Hong Kong, China (AFP) Stocks and oil prices sank Monday on concerns about protests across China calling for political freedoms and an end to the government’s hardline zero-Covid policy, fuelling uncertainty in the world’s number-two economy. Hundreds of people took to the streets at the weekend in the country’s biggest demonstrations since pro-democracy rallies in 1989 were crushed. A deadly fire in the Xinjiang region on Thursday served as the catalyst for the public anger, […]
Beijing, China | AFP | Embattled property giant China Evergrande has sold land earlier earmarked for its headquarters in the southern tech hub Shenzhen for $1 billion, according to an official document, as it fights for survival. The real estate behemoth has been involved in restructuring negotiations after racking up $300 billion in liabilities following Beijing’s crackdown on excessive debt and rampant speculation in the property sector. The 10,377-square-metre (111,700-square-foot) land in Nanshan district was sold […]
San Francisco, United States (AFP) by Julie JAMMOT New Twitter owner Elon Musk on Wednesday polled users on whether the site should offer a general amnesty to suspended accounts, using the same method he used to handle the case of Donald Trump. The move comes as Musk has faced pushback that his criteria for content moderation is subject to his personal whim, with reinstatements decided for certain accounts and not others. “Should Twitter offer a […]
San Francisco, United States | AFP | After turning Twitter upside down, Elon Musk on Tuesday tried to clarify his plans for content moderation, a key issue for the future of the influential platform after the departure of advertisers and top executives. Musk on Friday said he had reinstated certain banned accounts on his site, but added that no decision had been made on welcoming back former US president Donald Trump. Twitter watchers have […]
