TOKYO—Global shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. European shares edged up in early trading, with France’s CAC 40 gaining 0.3 percent to 6,517.73. Germany’s DAX added 0.3 percent to 14,528.45, while trading was closed in Britain for a national holiday. Trading also…
Food Prices Dip in May, Cereal Output Set to Decline, UN Agency Says
ROME—World food prices dipped in May for a second consecutive month after hitting a record high in March, although the cost of cereals and meat both rose, the United Nations’ food agency said on Friday. The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 157.4 points…
Biden Administration Considering Proposal to Tax Oil, Gas Windfall Profits
June 2, 2022
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Biden administration energy policiesBusiness & Economycommoditieseconomic policieseconomygasoline taxMarketsPolicies & ImpactsPoliticsUS
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The Biden administration is considering a proposal to tax oil and gas windfall profits to provide a gas subsidy for American consumers struggling with high energy prices, said Bharat Ramamurti, deputy director of the National Economic Council at a panel sponsored by the Roosevelt Institute think tank on June 2. The news follows a similar move…
Oil Prices Rise as OPEC+ Meets to Discuss Production
June 2, 2022
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Business & Economycommoditieseconomic policieseconomyEuropeMarketsOPECRussian Oil Tradesanctions on RussiaUSWorld
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Brent crude oil prices rose as OPEC+ members met Thursday to discuss production policy for July amid a decline in Russian output. The oil market kept a close eye on the meeting, which includes the 13 Organization of the Petroleum Exporting Countries (OPEC) nations and 10 non-OPEC partners, including Russia. August futures of Brent crude, the…
OPEC+ Agrees to Boost Production to Offset Russian Output Losses
Oil-producing countries allied under the OPEC+ banner have agreed to pump more oil in July and August, accommodating months of requests by the United States and others to boost production to cool soaring crude prices that have fed into a cost-of-living crisis amid sky-high inflation. The OPEC+ cartel said in a June 2 statement that…
Wall Street Opens Lower as Microsoft Offsets Oil Relief
U.S. stock indexes opened lower on Thursday as shares of Microsoft fell after the company lowered its profit forecast, offsetting relief from a pullback in oil prices that eased worries about rising inflation. The Dow Jones Industrial Average fell 4.22 points, or 0.01 percent, at the open to 32,809.01. The S&P 500 opened lower by…
Global Shares Mixed Amid Rate Hike, COVID-19, Oil Price Worries
TOKYO—World shares were mixed Thursday, with European benchmarks opening higher after a broad decline in Asia. Oil prices fell by more than $2 a barrel ahead of a meeting of OPEC set for later in the day. Oil-producing nations are expected to decide on output targets in their first meeting since Europe set sanctions on…
Australia in Talks With US to Supply Infant Formula
Australia is in talks with the United States to supply baby food, an Australian government spokesperson said on Wednesday, after the apex U.S. health regulator relaxed its import policy to address a nationwide shortage. Makers of baby food globally are exploring opportunities of supplying to the United States after the easing of import norms. Two…
Americans Are Cutting Vacation Plans Short Due to Rising Gas Prices and Inflation: Survey
June 1, 2022
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Business & Economycommoditieseconomyhigh gas pricesMarketspersonal financesummer vacationU.S. InflationUS
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Americans want to go on vacation this summer despite concerns about rising gas prices and inflation, according to a May 25 survey by the American Hotel & Lodging Association (AHLA), but not without misgivings over costs. About 57 percent of survey respondents said they still have plans to take a summer vacation this year, an…
Gazprom Cuts Gas Supply to Orsted and Shell Energy
June 1, 2022
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Business & EconomycommoditiesCompanieseconomic policiesEuropeGasGazpromMarketsOrstedRussiaRussia-Ukraine WarshellWorld
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Russian gas producer Gazprom has cut off gas supplies to Denmark’s Orsted and to Shell Energy for its contract to supply gas to Germany, it said on Wednesday, citing the companies’ failure to make payments in rubles. Gazprom has already halted supplies to Dutch gas trader GasTerra, as well as to Bulgaria, Poland, and Finland…
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