New Jersey Democrats Approve Bill to Punish Towns Fighting Affordable Housing By Withholding State Grants and Financial Aid
NJ lawmakers give housing-compliant towns first shot at state grants Trenton, NJ – New Jersey’s Democrat lawmakers are making their point clear to municipalities across the state: build high density affordable housing,…
OPEC has no control over events roiling global oil markets -Sec Gen
By Marianna Parraga HOUSTON -OPEC has no control over the events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for…
KFC parent Yum pausing development in Russia, a key market
By Hilary Russ NEW YORK -Yum Brands Inc, parent company of fried chicken chain KFC, said it was pausing investment in Russia, a key market that helped the brand achieve record development…
McDonald’s, Starbucks, Coke and Pepsi all halt sales in Russia
By Hilary Russ and Uday Sampath Kumar NEW YORK -McDonald’s, PepsiCo, Coca-Cola and Starbucks stopped sales of their best-known products in Russia on Tuesday, offering a united rebuke of the war on…
Factbox-Apple upgrades iPhone SE and iPad Air, launches Mac Studio
– Apple Inc on Tuesday launched a low cost 5G iPhone SE, the cheapest of its kind, that would directly compete with rivals in the mid-range smartphone market and give the world’s…
U.S. ride-hail drivers at career crossroads over record gas cost
By Nivedita Balu and Tina Bellon – Uber drivers are protesting on social media over record U.S. gasoline prices eating into their earnings just as the ride-hailing firm raised its profitability outlook,…
More than 140 U.S. lawmakers urge speedy action on chips funding
By David Shepardson WASHINGTON – A bipartisan group of more than 140 U.S. lawmakers on Tuesday urged leaders in Congress to approve $52 billion in government subsidies for semiconductor chips production and…
Europe’s six-month diesel spread hits a record high above $500/T
LONDON – The European benchmark price for a tonne of diesel now surged to a record $509.75 more than for diesel in six month’s time on Tuesday as fears of disruptions to…
Japan’s ANA lines up low-cost carrier in bet on post-COVID tourism boom
TOKYO -Japanese airline ANA Holdings Inc plans to launch a new international low-cost carrier in late 2023 or early 2024, joining its rival Japan Airlines Co in a bet on a revival…
U.S. warns financial institutions to be on watch for Russian sanctions evasion
WASHINGTON – The United States on Monday warned financial institutions to watch out for potential Russian sanctions evasion attempts following rafts of sanctions imposed by Washington on Russia over its invasion of…
Co-founders of Mikhail Fridman’s LetterOne quit board
LONDON – The three LetterOne shareholders not hit by Western sanctions have quit as directors and will no longer earn any income from the London-based investment group they co-founded with oligarch Mikhail…
Explainer-Russia could work around SWIFT ban but with high costs
By Tom Bergin – Western sanctions banning several Russian banks from the SWIFT international payments network with the potential threat of more to come if there is no end to the Ukraine…
How U.S. law enforcement could take control of Russian oligarchs’ assets
By Luc Cohen NEW YORK – The U.S. Justice Department last week launched a task force aimed at choking off assets that Russian oligarchs own in the United States, part of Washington’s…
Russia revives COVID support programme to help firms hit by Ukraine sanctions
LONDON – Russia is resuming a support programme for critically important firms, hoping to protect companies from the effects of international sanctions by reviving measures first introduced in 2020 to shield them…
Russian-Ukraine fears send CDS debt insurance costs soaring
LONDON – The cost of insuring against a Russian government debt default soared by almost 50% on Monday and premiums on other emerging market countries, junk bonds and swathes of Europe’s banks…
Russian and Ukrainian weapons compete at Saudi defence show
RIYADH – As the tragic reality of war unfolds in eastern Europe, visitors to a defence show in Saudi Arabia were met with the surreal sight of seeing the latest Ukrainian and…
Yield curve recession signal intensifies as war fuels ‘stagflation’ fears
By Davide Barbuscia NEW YORK -Recession concerns are showing up more prominently in the U.S. Treasury yield curve, as soaring commodity prices in the wake of Russia’s invasion of Ukraine fuel worries…
Moody’s cuts Russia rating to Ca on rise in default risk
LONDON -Moody’s cut Russia’s credit rating to Ca on Sunday, the second-lowest rung of its ratings ladder, citing central bank capital controls that are likely to restrict payments on the country’s foreign…
Visa, Mastercard suspend operations in Russia over Ukraine invasion
By John McCrank -U.S. payments firms Visa Inc and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients…
Russian banks rush to switch to Chinese card system
– Several Russian banks said on Sunday they would soon start issuing cards using the Chinese UnionPay card operator’s system coupled with Russia’s own Mir network, after Visa and MasterCard said they…
S.Korea will implement export controls against Belarus over support to Russia
By Josh Smith SEOUL – South Korea will implement export controls against Belarus for “effectively supporting the Russian invasion of Ukraine”, Seoul’s foreign ministry said on Sunday. The ministry did not detail…
Vanguard will not restrict its active managers’ decisions on Russia
By Ross Kerber -Top mutual fund manager Vanguard Group said on Friday it will adhere to international sanctions being imposed on Russia in the wake of Moscow’s invasion of Ukraine, but will…
Europe at war: Six charts to know in financial markets
LONDON – Russia’s escalating war in Ukraine has sent commodity and energy prices soaring, boosted safe havens and hammered Europe’s common currency and its stock markets. Below are six charts showing the…
Zara owner Inditex closes Russian stores and online platform
MADRID -Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday. The Zara owner is following some…
PayPal shuts down its services in Russia citing Ukraine aggression
By Paresh Dave – Payments company PayPal Holdings Inc shut down its services early on Saturday in Russia, citing “the current circumstances,” joining many financial and tech companies in suspending operations there…
Honduran minister says new mining restrictions not retroactive
By Gustavo Palencia TEGUCIGALPA – The Honduran government’s recent push to sharply restrict mining will not apply to existing projects, the country’s environment and mining minister said on Friday, days after the…
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