Economy

Oil pares losses after Saudi oilmin says OPEC+ has options including cuts

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian Register now for FREE unlimited access to Reuters.com Register OPEC+ has options to meet challenges, including cuts -Saudi oilmin US Fed to raise rates by 50 bps in Sept …

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Why wages are the hottest inflation signal to watch for Fed, markets

A sign advertising jobs stands near the SMART Alabama, LLC auto parts plant and Hyundai Motor Co. subsidiary, in Luverne, Alabama, July 14, 2022. Joshua Schneyer | Reuters The latest consumer and producer price data presented key evidence that inflation is easing, but the one key inflation read for the Federal Reserve that has not …

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Small businesses, freelancers fear IRS agents will target them first: Hurts ‘the smallest among us’

Tax Executive Committee chair Jan Lewis discusses how the middle class and small businesses could be impacted by new IRS funding on ‘Cavuto: Coast to Coast.’ After the Congressional Budget Office reported that 78 to 90% of revenue from new audits under the Inflation Reduction Act will come from families making less than $200,000 per …

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Offshore firm links BBC chair to sanction-hit Russian ‘Nickel King’ | Richard Sharp

The BBC’s chair used an offshore Cayman Islands company to invest in a crypto business founded by a now sanction-hit Russian oligarch. Richard Sharp was an early investor in Atomyze, a Swiss blockchain business established by the oligarch Vladimir Potanin. Also known as the “Nickel King”, Potanin has played ice hockey with Vladimir Putin and …

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Five Chinese state-owned companies to delist from NYSE amid US tensions

SHANGHAI/HONG KONG, Aug 12 (Reuters) – Five Chinese state-owned companies, including oil giant Sinopec (600028.SS) and China Life Insurance (601628.SS), said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States. The companies, which also include Aluminum Corporation of China (Chalco) (601600.SS), PetroChina (601857.SS) and …

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Supply shortages could mean delays in power restoration after storms

Utility companies are the latest industry to face supply shortages. Florida’s Emergency Management Director is warning new supply chain issues could lead to delays in power restoration after a major storm. The warning comes as the coast prepares for the peak of an above average hurricane season. Basic essentials to restore power, including transformers, are …

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Lucid (LCID) crashes as it slashes 2022 production guidance and burns through $800M

Electric automaker Lucid Group’s stock (LCID) is crashing this morning after the company slashed its 2022 production guidance and confirmed that it burned through another $800 million during the last quarter. Yesterday, Lucid reported its Q2 2022 earnings and confirmed small progress in delivering its Air electric sedan. In Q2, the automaker delivered 679 vehicles …

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Russia faces ‘economic oblivion’ despite short-term resilience

Russian President Vladimir Putin attends a meeting with parliamentary leaders in Moscow, Russia July 7, 2022. Alexey Nikolskyi | Sputnik | Reuters Russia is facing “economic oblivion” in the long-term because of international sanctions and the flight of businesses, several economists have said. The International Monetary Fund last week upgraded Russia’s gross domestic product estimate …

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