Business

Germany moves to wean itself off Russian energy

  BERLIN, Germany (AFP) — Germany said Friday it was drastically slashing its energy purchases from Russia amid Moscow’s invasion of Ukraine, with oil imports to be halved by June and coal deliveries to end by the autumn. “In recent weeks, together with all relevant players, we have made intensive efforts to import less fossil energy from Russia and broaden out our supply base,” said Economy Minister Robert Habeck. “The first important milestones have been […]

Oil sees further gains on sanctions talk, while equities slip

Brent crude back to above $120 a barrel   HONG KONG, China (AFP) — Oil prices extended their gains Thursday on growing fears of further Russia sanctions that could hit already thin supplies, while most equity markets retreated owing to surging inflation and central bank plans to sharply hike interest rates. The recent rally across equities over the past week appears to have run its course for now as investors nervously track developments in the […]

Oil prices soar on Saudi, Russian supply fears

NEW YORK, United States (AFP) — Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian crude raised concerns about global supplies. Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom’s oil facilities pose a “direct threat” to global supplies, while Baltic states indicated they would favor an embargo of Russian crude in retaliation for its invasion of Ukraine. The comments propelled […]

Saudi Aramco says annual profit more than doubled in 2021

  by Haitham EL-TABEI Agence France Presse RIYADH, Saudi Arabia (AFP) — Energy giant Saudi Aramco said Sunday its 2021 net profit soared by more than 120 percent, due to higher crude prices, as global economic growth recovered from a pandemic induced downturn. The announcement came hours after Yemen’s Huthi rebels — against whom Saudi Arabia leads a military coalition — targeted several locations, including Aramco facilities, in cross-border armed drone attacks. Aramco, Saudi Arabia’s […]

Bank of Japan says no tightening as oil stirs inflation

TOKYO, Japan (AFP) — Japan’s central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors. The Bank of Japan has struggled to lift inflation for nearly a decade with the world’s third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth. “Unlike in […]

Oil surges back up on Russia tensions

  LONDON, United Kingdom (AFP) — Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders tracking interest rate decisions, the Ukraine conflict and China’s pledge to support volatile markets. The price of benchmark oil contract, Brent North Sea crude, jumped more than five percent to return above $100 per barrel after Russia rejected a ruling from the UN’s top court to suspend its Ukraine offensive. “Russia’s invasion is still […]

Ukraine launches website for cryptocurrency donations

  SAN FRANCISCO, United States (AFP) — The Ukrainian government on Monday launched a website in partnership with crypto-firms FTX and Everstake that will funnel donations to Ukraine’s central bank as it combats a devastating invasion by Russia. On the “Aid for Ukraine” website, users can currently offer donations in 10 cryptocurrencies, including Bitcoin, ether, tether and dogecoin. “Cryptocurrencies play a significant role in Ukraine’s defense,” Oleksandre Borniakov, Ukraine’s deputy minister of Digital Transformation, said […]

WTI crude dives below $100 on China demand concern

HONG KONG, China (AFP) — WTI crude dived more than five percent Tuesday to fall back below $100 a barrel as concerns about a possible slowdown in China’s economy lead investors to rethink their expectations for demand. The contract shed 5.7 percent to $97.13, while Brent was off six percent at $100.54. The steep losses come just over a week after they both soared to near 14-year highs as Vladimir Putin’s war in Ukraine fanned […]

Wall Street slumps as oil drops, Europe gains

  NEW YORK, United States (AFP) — US equities suffered in Monday’s trading despite hopes for progress in peace talks between Ukraine and Russia as well as a drop in oil prices fueled by new Covid-19 lockdowns in China. Europe shrugged off earlier losses in Asia after Moscow said it made headway Monday in peace talks with Kyiv ahead of the latest round of negotiations. But Wall Street was generally gloomy, with indices starting positively […]

Airlines want end to Covid restrictions for EU flights

  Airlines and airports called Friday for an end to pandemic measures for European domestic flights as most countries in the region begin to relax requirements to present proof of vaccination and wear masks. “Covid-19, and specifically the Omicron variant, is now pervasive throughout all of Europe, and population immunity is at such levels that the risk of hospitalisation or death has dramatically reduced, especially for vaccinated people,” said joint statement from ACI Europe and IATA. […]

Foreign direct investments in PHL reach all-time high of $10.5 billion in 2021

  (Eagle News) – Foreign direct investments in the Philippines reached an all-time high of $10.5 billion in 2021 despite the Covid-19 pandemic. The figure breached the previous high of US$10.3 billion in 2017. Malacanang announced this on Friday, March 11, presenting a report by the Bangko Sentral ng Pilipinas. “This growth reflects foreign investors’ confidence in our economy and certainly augurs well in our efforts for a strong economic rebound as we transition to […]

What would be the impact of a US ‘digital dollar’?

  by Juliette MICHEL Agence France Presse NEW YORK, United States (AFP) — US President Joe Biden has ordered the federal government to look into creating a digital dollar, a move with the potential to reshape how money is moved and used around the world. Before his order results in a virtual greenback, there will be numerous major impacts — and risks — to consider first. Here are some key questions: – What form would […]