With gas prices soaring above $4 a gallon, electric vehicles are starting to look a lot more attractive to car buyers. But a combination of supply chain constraints, the global chip shortage, higher-than-average prices, and low inventory at dealerships will conspire to keep EVs out of reach for most people. Interest in switching from gas […]
SINGAPORE — Shares in Asia-Pacific slipped in Friday trade, tracking overnight losses on Wall Street as the Russia-Ukraine war continues to keep investors cautious. The Nikkei 225 in Japan fell 2.05%, shedding some of its nearly 4% gain on Thursday, with shares of conglomerate SoftBank Group dropping 6.21%. The Topix index slipped 1.67%. Hong Kong’s […]
Goldman Sachs says it is exiting Russia, becoming the first major global investment bank to do so after the country invaded its neighbor Ukraine last month. The bank said Thursday in an e-mailed statement that it is working to wind down operations in Russia. “Goldman Sachs is winding down its business in Russia in compliance […]
Hong Kong shares of dual-listed Chinese companies including Nio, JD.com and Alibaba plunged in Friday trade after fears of U.S.-delisting resurfaced. By Friday afternoon in the city, shares of tech behemoth Alibaba fell 6.56%. EV maker Nio, which debuted in Hong Kong a day earlier, saw its shares plunge 11.64%. Baidu declined 5.14% while NetEase slipped 6.94%. JD.com plummeted 15.67% after reporting a quarterly […]
Inflation grew worse in February amid the escalating crisis in Ukraine and price pressures that became more entrenched. The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor […]
With oil prices recently hitting the highest level since 2008, Secretary of Energy Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output. “We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the […]
In a complete oil industry turnaround, The UAE’s ambassador to Washington has said in a statement to the press that they “favour production increases and will be encouraging Opec to consider higher production levels.” Yousef al-Otaiba’s statement, carried by the FT, comes as both the UAE and Saudi Arabia—two of the very few, if not […]
Amazon announced its first stock split since the dot-com boom, telling investors on Wednesday that they’ll receive 20 shares for each share they currently own. The stock soared 6% in extended trading. The company also said the board authorized it to buy back up to $10 billion worth of shares. Stock splits are cosmetic and […]
The average price of diesel fuel in the United States reached $5 per gallon on Wednesday, according to gas price tracking service GasBuddy. Patrick De Haan, head of petroleum analysis at GasBuddy, said on Twitter that diesel prices have reached the “highest level ever recorded.” President Biden announced a ban on Russian oil, gas and […]
The European Union announced Tuesday it will reduce its purchases of Russian gas by two-thirds before the end of the year, in response to the country’s invasion of Ukraine. That marks a significant change because the EU is highly dependent on Russian energy imports. The EU imported 45% of its total gas imports from Russia […]
Consumer giants including McDonald’s, Coca-Cola and Starbucks have joined the list of firms halting business in Russia due to the invasion in Ukraine. McDonald’s said it was temporarily closing its roughly 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut. McDonald’s said there was “needless human suffering unfolding in Ukraine”, […]
As US gas prices hit record highs in the wake of Russia’s invasion of Ukraine, it seems like electric vehicles may not be a safe haven for those looking to save money. That’s because Russia plays an important part in the production of the nickel that ends up in batteries used by many electric vehicles […]
