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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 […]
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 […]
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 […]
MOSCOW, Russia (AFP) — Russia is piling huge pressure on foreign companies fleeing the country following Moscow’s decision to send troops to Ukraine even as some tycoons warn that the seizure of assets would take the country “back to 1917”. On Thursday, Russian President Vladimir Putin approved a plan to nationalise foreign-owned companies, and on Friday parliament’s lower house was set to discuss the initiative. Russian prosecutors on Friday warned they would be closely […]
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 […]
NEW YORK, United States (AFP) — US stocks lost more ground on Tuesday after President Joe Biden imposed a ban on imports of Russian petroleum, and more major firms announced they were shutting operations in Russia. Britain also announced it was phasing out energy purchases from Russia after the invasion of Ukraine, while oil giants Shell and BP, both based in Britain, said they would stop buying Russian oil and natural gas immediately. The […]
(Eagle News) — On the day that gasoline stations implemented the biggest oil price hike so far this year, people are already feeling the crunch. On Tuesday morning, March 8, gasoline prices rose by as much as P3.60 per liter. Diesel, which is used by ordinary public utility jeepneys (PUJs), had the highest increase by as much as P5.85. The price of kerosene, used in ordinary cooking stoves and fuel for lighting, rose by […]
HONG KONG, China (AFP) — Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy. Trading floors were a sea of red, while experts warned of a period of stagflation with the spike in crude likely to light a fire under already high inflation. The commodity at one point rocketed […]
by Chris Stein Agence France-Presse WASHINGTON, D.C., United States (AFP) – Bill Suan bought his family’s cattle farm in the mountains of West Virginia a decade-and-a-half ago with little thought for the two gas wells drilled on the property — but then they started leaking oil onto his fields and sickening his cows. After taking the operator to court, Suan was successful in plugging one well, but the company has since disappeared, leaving him to […]
COLOMBO, Sri Lanka (AFP) – Sri Lanka’s public transport was crippled Wednesday as buses ran out of diesel, officials said as the country’s foreign exchange crisis worsened with no dollars to import fuel. The Private Bus Owners’ Association said they were able to operate only about a quarter of their fleet of 20,000 vehicles, while drivers reported queuing for seven hours to top up fuel. “I could not run the bus for two days because […]
WASHINGTON, D.C., United States (AFP) – The World Bank on Tuesday announced more than $1 billion in humanitarian aid for Afghanistan, stating the money will go to UN agencies and international NGOs while remaining “outside the control” of the country’s Taliban rulers. The reallocation from the Afghanistan Reconstruction Trust Fund (ARTF) follows the $280 million in ARTF funds disbursed last December, and is aimed at supporting the humanitarian response over the critical winter months. The […]
by Annie THOMAS and Lucien KAHOZI Agence France-Presse MANONO, DR Congo (AFP) – Near the rusting carcass of a smelter, barefoot men and women scratch at the ground in the quest for cassiterite — the tin oxide ore that generations ago gave the town of Manono a brief taste of the good life. The diggers carry the sandy earth to the Lukushi River where women wash the grit in metal bowls, hoping to find some […]
