UAE says OPEC+ output cut was correct decision, no politics behind it
The United Arab Emirates believes that OPEC+ made the correct technical choice when it agreed to cut production and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday.
Analysis: Russian law on stock conversion baffles global banks, clients
Global investors and banks have been voicing confusion about their efforts to convert depositary receipts of Russian companies into ordinary shares in compliance with a new Russian law, according to advisors and client communications from the banks.
Samsung quarterly profit set to slump 25%, first decline in nearly three years
Samsung Electronics Co Ltd’s (005930.KS) third-quarter profit could tumble 25%, the first year-on-year decline in nearly three years, as an economic downturn saps demand for electronic devices and the chips that power them.
Ericsson says no hardware exported to Russia, only software support
Ericsson (ERICb.ST) said on Friday it is only providing software and technical support to Russian clients and has not sold any telecommunications equipment to mobile operators there since the Ukraine war started, after Swedish media reported the company had continued its exports.
Oil falls more than 1.5% on demand fears and strong dollar
Oil fell by more than 1.5% on Monday, pressured by expectations of weaker global demand and by U.S. dollar strength ahead of possible large increases to interest rates, though supply worries limited the decline.
Oil prices rise as supply uncertainty mounts
Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.
Morning Bid: The 75bp club
Most of world’s major central banks are now going up a gear with historically sweeping interest rate rises to cool their economies and drag down inflation – and there are some signs it’s already working.
Exclusive: Shell’s CEO van Beurden prepares to step down next year -sources
Shell (SHEL.L) has shortlisted four candidates to succeed Chief Executive Ben van Beurden who is preparing to step down next year after nearly a decade at the helm of the giant energy firm, two company sources told Reuters.
Oil rises on prospect of OPEC+ supply cut
Oil rose on Monday, extending last week’s gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a strong U.S. dollar and a dire outlook for U.S. growth.
Ukraine economy could grow by 15.5% in 2023 after deep fall – minister
Ukraine’s economy should stabilise over the coming year and expand by as much as 15.5% in 2023, depending on military developments in the war against Russia that began on Feb. 24, the country’s economy minister told Reuters in an interview.
