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(Eagle News) — The government would again be able to distribute P500 monthly fuel subsidies after the Commission on Elections granted the Land Transportation Franchising and Regulatory Board’s (LTFRB) petition to exempt the fuel subsidy program from the cash disbursement ban. Comelec announced its decision on Wednesday, April 6, while saying that the resolution on this will be issued later this week – on Thursday or Friday. “We granted the petition of the LTFRB […]
LONDON, United Kingdom (AFP) — Stock markets climbed and oil prices steadied Monday on easing concerns over tight crude supplies and decades-high inflation, traders said. Turkey’s lira was stable against the dollar and euro after official data showed the country’s inflation had soared to a fresh record high. Elsewhere, trading was halted on Sri Lanka’s stock exchange seconds after opening Monday as the island nation’s president offered to share power with the opposition. Protests demanding […]
(Eagle News) – Because of retreating oil prices in the world market, Philippine oil companies are expected to also lower their oil prices next week. An oil price rollback looms with gasoline prices forecast to go down by P2.50 to P2.70 per liter, while diesel prices would decrease by around P2 per liter, based on industry estimates. Kerosene prices are also expected to go down. But the decrease in prices could be higher […]
by John BIERS Agence France Presse Citing the need to counteract the “Putin price hike” following Russia’s invasion of Ukraine, President Biden has announced a sweeping plan to make unprecedented use of US emergency oil stockpiles. Under Biden’s plan, the United States will release up to a million barrels a day every day for six months from its Strategic Petroleum Reserve (SPR). On Friday, the International Energy Agency announced that a group of 30 […]
NEW YORK, United States (AFP) — Wall Street stocks finished modestly higher Friday as solid US jobs data boosted expectations for more Federal Reserve interest rate hikes, while oil prices retreated after US allies agreed to tap their emergency stockpiles. The government jobs report for March showed US employers adding 431,000 positions and the unemployment rate falling to 3.6 percent, a hair above where it was before the pandemic. The data showed progress in […]
HONG KONG, China (AFP) — Equities fell Friday after their worst quarter since the early days of the pandemic as traders assess the impact of the war in Ukraine and the Federal Reserve’s plans to fight surging inflation by ramping up interest rates. Oil fell further following a plunge Thursday in response to news that the United States would release a million barrels a day from its reserves as it looks to rein in […]
HONG KONG, China (AFP) — Oil prices tumbled Thursday on reports that the United States is considering tapping its reserves to combat a supply crisis sparked by the Ukraine war. However, equities struggled to build on the week’s rally after Russia poured cold water on hopes that ceasefire talks were progressing, leaving the prospect of a protracted war in eastern Europe. The conflict has already sent shockwaves through the world economy, with growth forecasts […]
OTTAWA, Canada (AFP) – More electric vehicles and green energy were among the measures Prime Minister Justin Trudeau laid out Tuesday under a multibillion-dollar plan for how Canada will meet its carbon emissions target. In a speech in Vancouver announcing Can$9.1 billion (US$7.3 billion) in climate actions, the prime minister linked Europe’s desire to wean itself off Russian oil and gas after the invasion of Ukraine to a broader global push toward renewable energy. “The […]
COLOMBO, Sri Lanka (AFP) — Sri Lanka on Wednesday began imposing record nationwide 10-hour daily power cuts as it ran out of hydro-electricity on top of a severe shortage of fuel. The South Asian nation of 22 million people is in its worst economic crisis since independence in 1948, because of a severe shortage of foreign currency to pay for imports. The state electricity monopoly said it was imposing the 10-hour power cut, up from […]
DUBAI, United Arab Emirates (AFP) — The United Arab Emirates on Monday urged Western countries to be “reasonable” in their expectations, underlining its commitment to the global OPEC+ energy alliance. The grouping of the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, is an “alliance to stay”. “We always believe that whatever we do as countries, when it comes to production and this work, it […]
MOSCOW, Russia (AFP) –Russia reiterated Tuesday that it will only be accepting payment for gas deliveries to the EU in rubles after G7 ministers called this arrangement “unacceptable”. “Nobody will supply gas for free. This is just impossible. And it can only be paid for in rubles,” Kremlin spokesman Dmitry Peskov told reporters. “Companies must understand the completely changed environment that has arisen in the conditions of the economic war waged against Russia,” he […]
by Selim SAHEB ETTABA Agence France-Presse Bahaté, Ukraine (AFP) – In an endless field in southwest Ukraine, farmers began to plant sunflower seeds at the start of the sowing season, but a fuel shortage threatens production in the war-torn country, whose land feeds millions around the world. The world’s top producer of sunflower oil and a major exporter of wheat is a breadbasket of the world under threat from the Russian invasion. This means the […]
