OPEC+ agrees deep oil production cuts, Biden calls it shortsighted

OPEC+ to cut output by 2 million bpd Real cuts estimated at 1 million bpd due to under-production Biden criticizes decision, calls it shortsighted Saudi says West’s criticism driven by wealth arrogance Saudi says cuts necessary due to rising interest rates VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ agreed steep oil production cuts on Wednesday, curbing … Read more

Exclusive: Banks divert gold supply from India to China, Turkey

MUMBAI, Oct 4 (Reuters) – Gold-supplying banks have cut back shipments to India ahead of major festivals in favor of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. That could create scarcity in the world’s second-biggest market for gold, and force Indian … Read more

UK to propose asylum ban on English Channel migrants

Conservative government wants to tighten immigration rules Pressure builds to deal with small boat crossings Charity Care4Calais calls government plans ‘barbaric’ BIRMINGHAM, England, Oct 4 (Reuters) – British interior minister Suella Braverman set out plans on Tuesday for new powers which would ban migrants who cross the English Channel from claiming asylum and said it … Read more

OPEC+ supply cuts loom over tight oil market

LONDON/GENEVA/VIENNA, Oct 4 (Reuters) – OPEC+ looks set to cut output when it meets on Wednesday, curbing supply in an oil market that energy company executives and analysts say is under strain from robust demand, lack of investment and production problems . The potential OPEC+ cut could spur a recovery in oil prices that have … Read more

US labor market starts to cool; job openings post biggest drop in nearly 2-1/2 years

Job openings fell 1.1 million to 10,053 million in August Healthcare, retail trade lead decline in vacancies Quits, layoffs, hiring increase moderately WASHINGTON, Oct 4 (Reuters) – US job openings fell by the most in nearly 2-1/2 years in August, suggesting that the labor market was starting to cool as the economy grapples with higher … Read more

Analysis: Tesla could face its toughest challenge yet as the economy cools

SAN FRANCISCO, Oct 4 (Reuters) – As recently as July, Tesla (TSLA.O) Chief Executive Elon Musk said the electric-car maker did not have a problem with customer demand, simply a problem making and shipping all the Model Ys and Model 3s consumers were ready to buy. That may no longer be true. Analysts see early … Read more

Tight global oil supply can’t be reversed easily, Shell, Aramco CEOs say

LONDON, Oct 4 (Reuters) – The oil market is not focusing on the fact that global spare capacity to raise oil production is very low, Saudi Aramco’s Chief Executive said on Tuesday, with Shell’s Chief Executive saying investments will not shift because prices are high . “(The market is) focusing on what will happen to … Read more

Grim winter looms as wartime Ukraine braces for infrastructure attacks

Elderly bracing for the worst winter in decades Fears that attacks could target infrastructure Families buy wood, mend windows, light stoves KHARKIV, Ukraine, Oct 4 (Reuters) – In an abandoned tower block damaged by Russian shelling in Ukraine’s second city, Olga Kobzar plans to tough out winter for as long as she can without electricity, … Read more

Analysis: UK bond market crash takes shine off Big Bang plans for London

LONDON, Oct 4 (Reuters) – Britain’s new Prime Minister Liz Truss promised to “unshackle” the City of London to fuel growth, but crashing the bond market over tax cuts will take the shine off her “Big Bang” plan for financial services. Markets took fright last month when UK finance minister Kwasi Kwarteng unveiled plans to … Read more

Sterling stands tall after UK policy U-turn; Aussie wobbles before RBA

TOKYO, Oct 4 (Reuters) – Sterling rose to a fresh post-budget high on Tuesday in Asia, weighing on the broader US dollar index, as the UK currency extended its recovery a day after the British government capitulated on tax cuts. The Aussie dollar retreated from near the top end of its recent range against the … Read more