Several oil producers join Saudi Arabia in cutting production – Business News
More join Saudi oil cut
The Canadian Press – Apr 2, 2023 / 1:12 p.m | Stories: 419210
Photo: The Canadian Press
UPDATE 1:13pm
Several major oil producing countries have joined Saudi Arabia in announcing surprise production cuts that could send world oil prices higher.
Saudi Arabia said Sunday it was cutting production by 500,000 barrels per day from May until the end of the year. That represents less than 5% of its average production in 2020.
The United Arab Emirates, Oman, Iraq, Kuwait, Algeria and Kazakhstan all announced similar but smaller reductions, for a total of 1.15 million barrels…
Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts
Hong Kong/Atlanta/London
CNN
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Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year.
The oil prices sunk as low as $73 and $67 a barrel respectively in the week following the collapse of Silicon Valley Bank in the United States on March 10, as the turmoil spread to the wider banking sector, raising fears of a global recession.
With oil prices now rising, inflation could…
McDonald’s reportedly temporarily shuts its US corporate offices ahead of layoffs
McDonald’s Corp is temporarily closing its US offices this week as it prepares to inform corporate employees about its layoffs as part of a broader company restructuring, the Wall Street Journal reported Sunday.
In an internal email last week to US employees and some international staff, McDonald’s asked them to work from home from Monday through Wednesday so it can deliver staffing decisions virtually, the report said. It is unclear how many employees will be laid off.
“During the week of April 3, we will communicate key decisions related to roles and staffing levels across the organization,” the Chicago-based company…
Fed raises key rate by quarter-point despite bank turmoil – Business News
Photo: The Canadian Press
File – Federal Reserve chair Jerome Powell speaks during a news conference, Wednesday, Feb. 1, 2023, at the Federal Reserve Board in Washington. With inflation still high and anxieties gripping the banking industry, the Federal Reserve and its chair, Jerome Powell, will face a complicated task at their latest policy meeting Wednesday and in the months to follow: How to tame inflation by continuing to raise interest rates while also helping to restore faith in the financial system – all without triggering a severe recession. (AP Photo/Jacquelyn Martin, Files)
The Federal Reserve extended its year-long fight…
Budget 2023 to detail crackdown on consumer ‘junk fees’ – Business News
Crackdown on ‘junk fees’
The Canadian Press – March 23, 2023 / 6:36 am | Stories: 417520
Photo: The Canadian Press
A federal source saying the coming budget will detail how the Liberals plan to go after hidden or unexpected consumer fees, following the United States announcing its own crackdown on these charges.
Often referred to as “junk fees,” they can include those tacked on to the initial price of a product or service that hides, and inflates, the total cost.
The government official, who was granted anonymity to discuss matters not yet public in next week’s budget, says the…
Police: Crypto firm founder Do Kwon arrested in Montenegro – Business News
Crypto founders arrested
The Associated Press – March 23, 2023 / 9:05 am | Stories: 417550
Photo: Terraform Labs
Police in Montenegro have arrested Terraform Labs founder Do Kwon, who is wanted in South Korea in connection with a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world, the European country’s interior minister said Thursday.
“Montenegrin police arrested an individual who is believed to be one of the most wanted fugitives, South Korean citizen Do Kwon,” Interior Minister Filip Adzic said on Twitter.
Montenegrin authorities were awaiting official confirmation of the identity of a man…
Trump arrested? Putin jailed? Fake AI images spread online – Business News
Arijeta Lajka And Philip Marcelo, The Associated Press – March 23, 2023 / 11:52 am | Stories: 417588
Photo: The Canadian Press
Images created by Eliot Higgins with the use of artificial intelligence show a fictitious skirmish with Donald Trump and New York City police officers posted on Higgins’ Twitter account, as photographed on an iPhone in Arlington, Va., Thursday, Mar. 23, 2023. The highly detailed, sensational images, which are not real, were produced using a sophisticated and widely accessible image generator. (AP Photo/J. David Ake)
Former President Donald Trump getting gang-tackled by riot-gear-clad New York City police officers. Russian…
Enbridge ‘disappointed’ as environmental review for Line 5 tunnel extended – Business News
Enbridge ‘disappointed’
The Canadian Press – March 23, 2023 / 1:22 pm | Stories: 417614
Photo: The Canadian Press
This photo taken in October 2016 shows an aboveground section of Enbridge’s Line 5 at the Mackinaw City, Mich., pump station. THE CANADIAN PRESS/AP – John Flesher
The timeline of a US review of a proposed Great Lakes tunnel that’s a critical part of Enbridge Inc.’s Line 5 pipeline replacement project has been pushed back by more than a year.
The US Army Corps of Engineers said Thursday it now expects to complete its draft environmental impact statement for Enbridge’s Line…
