Saudi minister warns sanctions, underinvestment may cause energy shortages
DUBAI, Feb 5 (Reuters) – Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies.The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they […]
In State of the Union speech, Biden challenges Republicans on debt and economy
WASHINGTON, Feb 7 (Reuters) – President Joe Biden challenged Republicans to lift the U.S. debt ceiling and support tax policies that were friendlier to middle class Americans on Tuesday in a State of the Union speech that served as a blueprint for his 2024 re-election campaign.Assailing oil companies for making high profits and corporate America […]
Morning Bid: Powell confesses ‘This time it’s different’
A look at the day ahead in U.S. and global markets from Mike Dolan.Jerome Powell calmed the horses, a bit.In attempting to parse last week’s blockbuster January jobs report, the Federal Reserve Chair on Tuesday reprised his take from last Wednesday’s policy meeting – essentially that another couple of Fed rate hikes were probably needed […]
China says it will set up yuan clearing arrangements in Brazil
BEIJING, Feb 7 (Reuters) – China’s central bank has signed a memorandum of understanding on setting up yuan clearing arrangements in Brazil, it said on Tuesday, in a move to help boost the currency’s global clout.The establishment of such arrangements for the renminbi (RMB), or the yuan, would be beneficial to cross-border transactions, and further […]
Fed’s Powell says no rate cuts this year, and markets hear it differently
Feb 2 (Reuters) – Federal Reserve Chair Jerome Powell had a clear message on Wednesday: as “gratifying” as it is that inflation has begun to slow, the central bank is nowhere near to reversing course or declaring victory.”It’s going to take some time” for disinflation to spread through the economy, Powell said in a news […]
Global factory activity contracted again in January, highlighting fragile recovery
U.S. manufacturing sinks further in Jan, but few layoffs – ISMEuro zone factories have passed their trough in activity – PMIChina’s Jan factory activity shrinks – Caixin PMI surveyWASHINGTON/LONDON, Feb 1 (Reuters) – Manufacturing activity across the United States, Europe and Asia contracted again last month, underscoring the fragility of the global economic recovery, although […]
Lebanon to devalue currency by 90% on Feb. 1, central bank chief says
BEIRUT, Jan 31 (Reuters) – Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years.The shift from the old rate of 1,507 to 15,000 is still […]
Veterans of 2011 U.S. debt-ceiling fight see tougher battle ahead
WASHINGTON, Jan 31 (Reuters) – A Democratic president. A new Republican majority in the U.S. House of Representatives pushing for sharp spending cuts. A rapidly growing pile of debt – and a showdown that threatens to throw the global economy into turmoil.Sound familiar?Those elements driving the debate over raising the federal government’s $31.4 trillion debt […]
Russia seeks ‘new level’ of China ties
MOSCOW, Jan 30 (Reuters) – Russia said on Monday that it wanted to take ties with China to a “new level” and was looking forward to face-to-face talks with Beijing’s leadership as a Russian newspaper reported that China’s top diplomat would visit Moscow in February.”We are convinced that the potential for Russian-Chinese bilateral cooperation is […]
Biden says no F-16s for Ukraine as Russia claims gains
Russian administrator claims foothold in VuhledarKyiv says Russian gains come at huge costThink-tank says delay in Western arms halted Ukraine’s advanceKYIV, Ukraine/WASHINGTON Jan 30 (Reuters) – The United States will not provide the F-16 fighter jets that Ukraine has sought in its fight against Russia, President Joe Biden said on Monday, as Russian forces claimed […]