Business News Stories
Russia's biggest oil company has slashed its production levels as sanctions bite, report says
Russian oil production dropped from February to mid-May, according to Bloomberg figures. picture alliance/Getty Images Russia's biggest oil company, Rosneft, has taken the brunt of the hit from a slowdown in production. Bloomberg analysis showed that Rosneft's output has fallen by around 560,000...
photo: AP / Mikhail Metzel
Brazil picks 2nd new Petrobras CEO in 2 months as Bolsonaro bids to influence fuel prices
SAO PAULO, May 23 (Reuters) - Senior Brazilian economy ministry official Caio Mario Paes de Andrade will be the next chief executive of state-run oil company Petrobras, the government said on Monday, replacing a predecessor who served less than two months in the job. Paes de Andrade will take over...
photo: AP / Petrobras, HO
Toyota to cut global production plan by 100,000 in June
The company did not change its estimate of producing about 9.7 million vehicles worldwide by March 2023. ......
photo: WN / Geeta
Climate action on CO2 emissions alone won’t prevent extreme warming - study
May 23 (Reuters) - To control climate change, the world must go beyond cutting carbon dioxide emissions and curb lesser-known pollutants such as nitrous oxide playing a key role in warming the planet, new research suggests. Decades of global climate discussions have focused on CO2 emissions, which...
photo: AP / Martin Meissner
Airbnb set to pull domestic business out of China: report
Airbnb is expected to close its business operations in China amid the country’s harsh COVID-19 policies and local competition, according to reports. All of mainland China’s homes and experiences on the platform would be removed by this summer, CNBC reported,...
photo: AP / Patrick Semansky, File
German business morale unexpectedly rises in May despite Ukraine war
Summary Companies Rise bucks expectations for a small fallIfo sees "no observable signs of a recession" BERLIN, May 23 (Reuters) - German business morale rose unexpectedly in May, as Europe's largest economy showed resilience in the face of high inflation,...
photo: AP / Thomas Kienzle, File
Euro rallies as growth hopes dent dollar demand
Summary Euro back above $1.06, yen also ralliesAussie adds 1%, but election reaction limitedPoor start to week for dollar follows last week's sell-off LONDON, May 23 (Reuters) - The euro rallied on Monday as investors sold the dollar on hopes that loosening lockdowns in China could help global...
photo: Creative Commons
US, China demand revival helps crude oil futures
An increase in demand for fuel from the US and China and a slightly weak dollar helps crude oil futures to trade marginally higher on Monday morning. At 10.03 am, July Brent oil futures were at $113.37, up 0.72 per cent, and July crude oil futures on WTI were at $110.91, up 0.57 per cent. June crude...
photo: AP /Mark Lennihan
Food and energy billionaires $453bn richer than two years ago, finds Oxfam
The fortunes of food and energy billionaires have grown by $453bn over the past two years owing to soaring energy and commodity prices during the pandemic and Vladimir Putin’s war in Ukraine, a report by Oxfam has revealed. As the world’s business and political elite meet for the World Economic...
photo: Pixabay / Julka Wild
Governments should subsidise food and energy - IMF boss
Governments need to subsidise the cost of food and energy for the poorest members of society, the head of the International Monetary Fund (IMF) has told the BBC. People around the world are struggling with the rising cost of living. Kristalina Georgieva said support needs to be provided "in a...
photo: AP / Jose Luis Magana

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