BUSINESS
Oil sheds most invasion-driven gains on stock release, China virus, Fed rates
West Texas Intermediate traded below $97 a barrel, with prices almost 3% lower this week. The recent drop means the U.S. benchmark has now lost the bulk of the gains seen since Russia’s invasion of Ukraine began in late February.
WORLD
Europe’s hypocritical gas policy isn’t sustainable
For the 2022-23 winter, the European Union has set itself a target of filling its underground gas storage to 80 percent of capacity by October. That may be possible, but only at a huge political – and moral – cost: The EU will have to continue buying as much Russian gas as it does now, paying Vladimir Putin about $200 million per day, or about $36 billion for the next six months.
BUSINESS
Consumer stocks start to believe the US Fed is serious
The Federal Reserve is fighting the worst US inflation in 40 years, and its assault on rising consumer prices is probably going to get messy.
BUSINESS
Shell to write down as much as $5 billion on Russia withdrawal
The statement from the London-based giant shows that, despite a surge in oil and gas prices, Russia’s invasion of Ukraine has upended the supermajors’ plans and left them scrambling to adapt to historic shifts in energy markets.
BUSINESS
Nancy Pelosi to visit Taiwan in first such trip for 25 years, FNN Says
Nancy Pelosi will arrive in Taipei on Sunday following a visit to Japan, according to reports in both Taiwanese and Japanese media Thursday. It will be the first visit by a serving U.S. house speaker since Newt Gingrich traveled to Taiwan in 1997.
BUSINESS
JD’s Billionaire founder Richard Liu steps down as CEO of $92 billion empire
Xu Lei, who was recently promoted to president after more than a decade at the company, takes the helm of the e-commerce titan effective immediately. Liu’s lieutenant joins JD’s six-member board while Liu remains chairman, the company said in a filing Thursday. Its shares slid as much as 2.9% in early Hong Kong trading.
BUSINESS
Deutsche Bank predicts US recession in ‘23 as Fed boosts rates
They see the Fed raising rates by 50 basis points at each of its next three meetings on its way to a peak above 3.5% by the middle of next year. The Fed’s current target for the federal funds rate is 0.25% to 0.5%, after it lifted off levels near zero last month.
BUSINESS
Mocked as ‘Rubble’ by Joe Biden, Russia’s Ruble comes roaring back
International sanctions on Vladimir Putin’s regime sank it to a record low of 121.5 rubles per dollar, triggering memories of the battering it took during the 1998 Russian financial crisis.
BUSINESS
Canada to ban foreigners from buying homes as prices soar
The measures will be contained in Finance Minister Chrystia Freeland’s budget on Thursday, according to a person familiar with the matter, asking not to be named because the matter is private.
BUSINESS
Hypersonic-Missile delay puts US further behind Russia and China
The goal to declare an “early operational capability” for the Lockheed Martin Corp. missile by Sept. 30 has been moved back to sometime in the next fiscal year, according to an Air Force statement. The Pentagon has said the Air-Launched Rapid Response Weapon, or ARRW, is expected to be the “nation’s first operational hypsersonic weapon.”
BUSINESS
Suspected Chinese hackers collect intelligence from India’s grid
The hackers focused on at least seven “load dispatch” centers in northern India that are responsible for carrying out real-time operations for grid control and electricity dispersal in the areas they are located, near the disputed India-China border in Ladakh, the report said.
WORLD
India will have to face significant cost if aligned with Russia, US says
While the U.S., Europe, Australia and Japan have piled economic sanctions onto Russia in response to its war against Ukraine, India has declined and instead has sought to continue imports of Russian oil.
BUSINESS
Koo tests giving users power to self-verify to get one up on rival Twitter
A verified profile on social media such as Twitter and Instagram -- typically marked by a badge or tick next to the profile name -- gives the user credibility because it means the service has confirmed the authenticity of the person.
BUSINESS
Valor, Brevan Howard back Lightning Labs to ‘Bitcoinize the Dollar’
The protocol -- called Taro -- aims to enable high-volume transfers instantly for fiat currencies and other assets, Lightning Labs said in a statement
BUSINESS
US, UK and Australia plan to develop hypersonic weapons
Their plan is to “accelerate development of advanced hypersonic and counter-hypersonic capabilities,” according to a joint statement
BUSINESS
Elon Musk refiles Twitter disclosure to show he’s an active investor
Musk, a billionaire who is chief executive officer of Tesla Inc., filed a form 13D with the U.S. Securities and Exchange Commission on Tuesday, disclosing a stake of 9.1%. The new filing indicates that Musk plans to take an active role in shaping Twitter’s agenda. The form he used on Monday, a 13G, is reserved for investors who plan to be passive.
BUSINESS
Venture Capital Giant Sequoia Capital Names New Leader- Roelof Botha
Roelof Botha, 48, will become the senior steward of the firm. Botha’s “keen instinct for innovation has made its mark on our partnership and on our industry,” Sequoia’s current chief Doug Leone wrote in a Twitter message
BUSINESS
Fresh coal crisis looms as Coal India adds new curbs
Coal India Ltd. is restricting deliveries to industrial consumers to prioritize power plants, with fuel stockpiles already below target levels and the country heading into a traditional summer demand peak.
BUSINESS
Russia’s war draws governments into energy markets
Releasing millions of barrels of reserve oil and pushing energy companies to drill are only the beginning
BUSINESS
Elon Musk’s Twitter investment could be bad news for free speech
The Tesla founder’s decision suggests that he wants to bring the social media platform to heel.
BUSINESS
Sri Lanka default seen ‘inevitable’ as bond losses deepen
The nation’s $1 billion bond due in July was quoted at 59 cents on the dollar on Monday, down 7 cents and indicated at its lowest price since May 2020.
BUSINESS
Elon Musk brings money, and some Oomph, to US stock markets
By disclosing that he bought a chunk of Twitter Inc., Elon Musk triggered the biggest rally in the social media platform’s shares since its debut in 2013, with nearly every other growth stock tailing on those gains-- and to boot, the Nasdaq 100 and the S&P 500 and even the Russell 2000 too.
BUSINESS
Cathie Wood sees potential for Twitter shakeup after Elon Musk takes stake
Elon Musk is sending a “strong signal” to Twitter chief executive officer Parag Agrawal, Wood, the founder and chief executive officer of Ark Investment Management LLC, said in an interview on Bloomberg Radio.
BUSINESS
Russian superyachts worth over $2 billion are detained in Europe
From Hamburg in northern Germany to Majorca off the coast of Spain, at least 13 of the so-called floating palaces are now stuck at anchor, with just skeleton crews to keep them seaworthy.
