OPEC+ will keep politics out of its decision-making, according to Saudi Arabia’s oil minister, in favour of the “common good” of stabilizing energy prices. Following Russia’s invasion of Ukraine, governments and international organisations around the world imposed punitive sanctions and severed economic ties with the country, but OPEC — the intergovernmental organisation of 13 oil…
Sony plans to introduce a new video game subscription service this summer in order to boost sales of its PlayStation consoles and compete with Microsoft’s comparable offering. The business said on Tuesday that it will combine its existing PlayStation Plus and PlayStation Now subscription services into a single PlayStation Plus subscription service. The new PlayStation…
Barclays stock dropped as much as 6% in early Tuesday trade after one of the lender’s biggest investors sold a $1.2 billion piece of stock at a discount overnight. On Monday evening, Goldman Sachs arranged the sale of 599 million shares by an undisclosed investor. According to Refinitiv Eikon data, the shares are roughly comparable…
American electric car maker Tesla Inc said on Monday that it will seek approval from its shareholders to expand its share count in order to permit it to conduct a stock split in the form of a dividend. This pushed its stocks by 5 per cent. The board of directors has authorised the proposal, and…
Renault CEO Luca de Meo cautioned on Thursday that the automaker’s withdrawal from Russia presents a “very problematic scenario” for the firm, threatening profitability and sales as the company strives to expedite a multi-year recovery project. In an internal video for staff, de Meo stated that Renault will prioritise employee safety as it considers options…
Russia’s war in Ukraine may cause neon production, a vital gas in sophisticated semiconductor manufacturing, to plummet to alarmingly low levels at a time when the world is already facing a chip scarcity. Neon is necessary for lasers used in lithography, a chip manufacturing technique in which machines cut patterns onto tiny wafers of silicon…
According to a high-ranking politician, Russia is considering accepting Bitcoin as payment for its oil and gas exports. According to Pavel Zavalny, “friendly” countries may be permitted to pay in cryptocurrency or local currency. Earlier this week, Russian President Vladimir Putin stated that he would like “unfriendly” countries to purchase Russian gas in roubles. The…
Following Russia’s invasion of Ukraine, a jump in prices of sunflower oil has created an opportunity for growers of one of Spain’s most well-known products – olive oil. Even though Spanish stores limited sunflower oil purchases to a few bottles per person, stocks were quickly depleted, pushing businesses to stock up on the local alternative. “I…
Kohl’s revealed on Monday that it has received a number of preliminary offers from parties interested in buying the department store chain. In a news release, Kohl’s stated that the ideas are nonbinding and do not include any guarantees of funding. Goldman Sachs bankers have been appointed by the company’s board of directors to coordinate…
As China battles its greatest Covid-19 epidemic since the pandemic began, consumption is expected to be the hardest hurt, while producers find methods to keep producing. Mainland China reported a drop in new confirmed cases for the second day in a row on Wednesday. According to National Health Commission data, the 1,226 new locally transmitted…
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