Saudi Arabia has signaled its support for Russia as a continued member of the OPEC+ oil cartel, which comes amid ongoing Western pressure to sanction and isolate Moscow over the Ukraine invasion. Prince Abdulaziz bin Salman, the energy minister of Saudi Arabia, told the Financial Times in an interview published on May 22 that he sees…
Saudi Arabia Signals Backing for Russia in OPEC+
May 23, 2022
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Business & EconomycommoditieseconomyEuropeinflationInternationalMarketsOPECRussiaRussia-Ukraine WarSaudi ArabiaWorld
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Oil Firms on Tight Supply as US Driving Season Looms
LONDON—Oil prices gained on Monday with U.S. fuel demand, tight supply, and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown that fuelled worries about a sharp slowdown in growth. Brent crude futures rose $1.12 or 1 percent to $113.67 a barrel at 0912 GMT, while U.S….
World Shares Mixed as Wall Street Hovers Near Bear Market
World shares were mixed in cautious trading Monday after Wall Street dipped once again to the edge of a bear market. Benchmarks rose in Frankfurt, London, and Tokyo and fell in Paris and Hong Kong. U.S. futures and oil prices rose. Investors were awaiting minutes from the latest policy setting meeting of the Federal Reserve…
BMW Exploring Energy Investments to Reduce Dependence on Natural Gas
BERLIN—BMW is exploring new investments in solar, geothermal, and hydrogen energy to lower its dependence on natural gas, the carmaker’s production chief told Reuters on Monday, warning an embargo on Russian gas would bring the industry to a standstill. The carmaker, which relied on natural gas for 54 percent of its energy consumption in 2021,…
Gas Prices Jump 33 Cents in Past 2 Weeks, Some Analysts See $6 per Gallon by August
The average price of regular-grade gasoline spiked 33 cents over the past two weeks to $4.71 per gallon, according to the Lundberg Survey, which comes as some analysts predict prices will climb above $6 a gallon by the end of the summer. Industry analyst Trilby Lundberg of the Lundberg Survey said on May 22 that…
White House Economic Adviser Plays Down Recession, Says Economy in ‘Period of Transition’
May 23, 2022
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Brian DeeseBusiness & Economyeconomic policieseconomyExecutive BranchinflationPolicies & ImpactsPoliticsrecessionUSUS News
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President Joe Biden’s top economic adviser played down the risk of recession in a recent interview, suggesting Americans be confident during what he called a “period of transition” of COVID-19 recovery. It comes amid growing warnings from banks and economists that the U.S. economy could be heading into recession in the next 12 to 24…
White House Economic Adviser Plays Down Recession, Claiming a ‘Period of Transition’
May 23, 2022
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Brian DeeseBusiness & Economyeconomic policieseconomyExecutive BranchinflationPolicies & ImpactsPoliticsrecessionUSUS News
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President Joe Biden’s top economic adviser played down the risk of recession in a recent interview, suggesting Americans be confident during what he called a “period of transition” of COVID-19 recovery. It comes amid growing warnings from banks and economists that the U.S. economy could be heading into recession in the next 12 to 24…
Biden Announces 13-Nation Indo-Pacific Economic Framework, a New Collective for Asia-Pacific Relations
May 23, 2022
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Asia & PacificAsia-Pacific Economic CooperationBusiness & EconomyChinaeconomyfumio kishidaIndo-Pacific Economic Framework IPEFPoliticsUSUS NewsUS-China relationsWorld
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President Joe Biden in Tokyo is launching a new Indo-Pacific Economic Framework (IPEF) with 12 other countries in the region, who together are signing up as the first members of the economic partnership focusing on the Asia-Pacific. “This framework is a commitment to working with our close friends and partners in the region on challenges…
No Timeline for End of Baby Formula Shortage, White House Press Secretary Says
May 23, 2022
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Abbott NutritionBusiness & Economyeconomic policieseconomyExecutive BranchKarine Jean-PierrePoliticsRichard BurrRonna McDanielUSUS News
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White House press secretary Karine Jean-Pierre said on May 22 that there’s no definitive timeline as to when parents in the United States “will be able to readily” obtain baby formula. “The president understands the struggle of moms and dads and parents and caregivers, and making sure that … a child has … a healthy…
White House Press Secretary Says There’s No Timeline for When Baby Formula Shortage Ends
May 23, 2022
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Abbott NutritionBusiness & Economyeconomic policieseconomyExecutive BranchKarine Jean-PierrePoliticsRichard BurrRonna McDanielUSUS News
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White House press secretary Karine Jean-Pierre on May 22 said she didn’t have a timeline for when parents in the United States “will be able to readily” obtain baby formula. “The president understands the struggle of moms and dads and parents and caregivers and making sure that … a child has … a healthy way…
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