LONDON—Oil prices steadied on Friday but were on track for a second week of losses as the market awaited further signs of fuel demand recovery in China and the impact of an EU embargo and price cap on Russian oil products. Brent crude futures fell 18 cents, or 0.2 percent, to $81.99 a barrel by…
Oil Steadies as Market Eyes China Recovery and EU Embargo
February 3, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Global Shares Trade Mixed Ahead of US Jobs Report
February 3, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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TOKYO—Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7 percent in early trading to 7,116.31, while Germany’s DAX dipped 0.9 percent to 15,362.64. Britain’s FTSE 100 added 0.2 percent to 7,832.20. U.S. shares were set to drift lower with…
My Big Coin Cryptocurrency Firm Founder Gets 8 Years in Prison for Fraud
BOSTON—The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths. Federal prosecutors had urged U.S. District Judge Denise Casper in Boston to impose a…
Ford Posts Lower Profit, Issues Downbeat Outlook; Shares Drop
DETROIT—Ford Motor Co. on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week’s robust report from rival General Motors Co. Ford blamed chip shortages and other supply chain issues and production “instabilities” that raised costs, along with…
Wall Street Piles More Onto Big Start to Year as Tech Surges
NEW YORK—Wall Street’s bang to start the year got even bigger Thursday, as tech stocks and a surge for Facebook’s parent company led the market higher. The S&P 500 rallied 1.5 percent a day after hitting its best level since August. The Nasdaq composite soared 3.3 percent, while the Dow Jones Industrial Average lagged because…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 2)
February 2, 2023
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Benchmark U.S. crude oil for March delivery fell 53 cents to $75.88 a barrel Thursday. Brent crude for April delivery fell 67 cents to $82.17 a barrel. Wholesale gasoline for March delivery was unchanged at $2.45 a gallon. March heating oil fell 5 cents $2.90 a gallon. March natural gas fell 1 cent to $2.46…
European Central Bank Raises Rates by a Half Percent, Vows Another Large Increase in March
February 2, 2023
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Business & Marketseconomic policieseconomyenergyEuropeEuropean Central Bankinflationinterest ratesMarketsrecessionRussia-Ukraine WarUKWorld
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The European Central Bank raised interest rates for the fifth consecutive time at its first meeting this year. The hawkish move in Europe is in contrast to the U.S. Federal Reserve, which slowed down its benchmark policy rate increase on Feb. 1, with a quarter-point hike. Central bank policymakers in Frankfurt vowed to continuing hiking policy…
Judge Bars Sam Bankman-Fried From Contacting FTX Employees
February 2, 2023
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Business & MarketsCompaniescryptocurrencyFTXJudiciaryMarketsMedia & Big TechSam Bankman-FriedUSUS News
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A New York judge on Feb. 1 granted a request from the Department of Justice to block Sam Bankman-Fried from attempting to contact both current and former employees of the failed cryptocurrency exchange FTX. U.S. District Court Judge Lewis Kaplan also ruled that the block applies to current and former employees of FTX’s sister hedge fund,…
Deutsche Bank CEO Won’t Rule Out Job Cuts
FRANKFURT—Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows. Sewing, who heads Germany’s top lender that reaches from New York to Sydney, said the bank was looking to reduce…
Shell 2022 Profit More Than Doubles to Record $40 Billion
LONDON—Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices allowed it to hand shareholders unprecedented returns. The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week…
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