According to senior political and economic sources who work closely with the current Iranian government exclusively spoken to by OilPrice.com last week, the U.S. has agreed to a tentative removal of key sanctions in the oil, gas, petrochemicals and automotive sectors, plus some of those on Iran’s banking sector. However, Supreme Leader, Ali Khamenei, and […]
Australian and North American units of the world’s largest meat works were hit over the weekend by an organized cyber attack on its information systems, Brazil’s JBS said in a statement. The attack caused its Australian operations to shut down on Monday. The company said it was working to resolve the incident. “On Sunday, May […]
The price of Tesla vehicles is increasing due to supply chain pressures across the auto industry, particularly for raw materials, Elon Musk said on Monday in response to a tweet. “Prices increasing due to major supply chain price pressure industry-wide. Raw materials especially,” Musk said in a tweet. He was responding to an unverified Twitter […]
The U.S. economy is on track to grow at the fastest pace in nearly four decades this year thanks to unprecedented levels of government stimulus and increased vaccination rates, the Organization of Economic Cooperation and Development said Monday. The Paris-based organization forecast that U.S. gross domestic product – the broadest measure of goods and services […]
Economists and policy makers are debating whether stimulus spending and easy monetary policy are fueling inflation. Many businesses say there is another culprit that should share the blame: import tariffs. The Trump administration implemented tariffs on products including lumber, steel and semiconductors to shield American companies from a glut of cheap imported products from China […]
Asian shares were trying to extend their recent rally to a third week on Monday in the hope critical U.S. jobs figures show the expected revival in hiring in May and keep the global economic recovery on track. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%, having rallied 2.2% last week. Japan’s Nikkei […]
SINGAPORE — Shares in Asia-Pacific were mixed on Monday, as investors reacted to the release of China’s official manufacturing Purchasing Managers’ Index for May. Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.41% to 3,615.48 while the Shenzhen component advanced 0.966% to 14,996.38. Hong Kong’s Hang Seng index fell about 0.2%, as of its final hour of trading. China’s […]
Oil advanced in Asian trading with the market focused on an OPEC+ supply policy meeting early this week and any commentary around the prospect for returning Iranian supply. Futures in New York rose toward $67 a barrel after falling 0.8% on Friday. OPEC and its allies are expected to stick with a decision to boost […]
What’s happening Three of the world’s largest oil companies suffered defeats within a span of less than 24 hours that could force them to make radical changes to reduce their carbon emissions in a series of decisions that activists say could be a “game changer” in the fight against climate change. On Wednesday, a court in the […]
Ethereum has followed Bitcoin‘s trajectory and has registered a new 10% correction in the daily chart. The top cryptocurrencies have suffered for the past week. Fear and uncertainty seem to be driving market participants. At the time of writing, ETH trades at $2,270 with red across all charts. The cryptocurrency was rejected after it briefly […]
President Biden’s budget blueprint predicts modest economic growth during his presidency and beyond, despite the rosy rhetoric Biden has projected on how a federal spending spree is needed to spur on job creation. Tucked into Biden’s massive $6 trillion budget proposal he released Friday is a chart on White House assumptions on gross domestic product […]
Prices aren’t just ballooning at the gas pump and grocery store. Inflation is now hitting small restaurant owners and franchisees alike after more than a year of COVID-19, and it’s leading many to raise the prices of menu items. “Come the middle of the summer, the stormy water settled a bit, but that has kind […]
