Business
Latest stories
Saudi Arabia Keeps Lid on Oil Output as U.S. Gas Prices Rise

Saudi Arabia is signaling it isn't willing to pump more oil and won't push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels.

This has Washington concerned as gasoline prices rise and tensions with Russia over Ukraine fuel market uncertainty.

W140 Full Story
Group Alleges U.S. Firm's Tanker Illicitly Traded Iran Oil

A tanker owned by a Los Angeles-based private equity firm likely took part in the illicit trade of Iranian crude oil at sea despite American sanctions targeting the Islamic Republic amid the collapse of its nuclear deal with world powers, an advocacy group alleges. The firm said Thursday it is cooperating with U.S. government investigators.

The group United Against Nuclear Iran raised its allegations in a letter dated Tuesday to Oaktree Capital Management, which holds assets worth over $160 billion. Satellite images and maritime tracking data analyzed by The Associated Press correspond to the group's identification of the vessels allegedly involved and showed them side-by-side off the coast of Singapore on Saturday.

W140 Full Story
EU Parliament Eyes Approval of 1.2 Billion Euro Aid for Ukraine

The European Parliament on Tuesday agreed to an urgent vote on a 1.2-billion-euro ($1.4-billion) EU aid package for Ukraine, as fears of a potential Russian invasion threaten its economy. 

W140 Full Story
European Stocks Rebound, Oil Slides on Easing Ukraine Fears

European stock markets rebounded and oil prices tumbled Tuesday on hopes that Ukraine and Russia would avoid a full-blown conflict.

W140 Full Story
World Bank Economist Warns of Dangers of Ignoring Growing Debt

Delays in dealing with the growing debt burden in poor countries seems unlikely to be resolved by the G20, a top World Bank official warned.

W140 Full Story
Week-Long Fuel Scarcity Hits Oil-Rich Nigeria

A week-long petrol scarcity is fraying nerves in oil-producing Nigeria as gas stations run out of stock, causing long queues of motorists in major cities.

W140 Full Story
Turkish Company Barred from Haifa Port Tender over 'Hizbullah Ties'

The Israel Government Companies Authority decided this week to disqualify a Turkish company from taking part in a tender for the privatization of Haifa Port, an Israeli media report said.

W140 Full Story
Key U.S.-Canada Bridge Reopens as Ottawa Protest Persists

The busiest U.S.-Canada border crossing was open Monday after protesters demonstrating against COVID-19 measures blocked it for nearly a week, but a larger protest in the capital, Ottawa, persisted as city residents seethed over authorities' inability to reclaim the streets.

Demonstrations against COVID-19 restrictions and other issues have blocked several crossings along the U.S.-Canada border and hurt the economies of both nations. They also inspired similar convoys in France, New Zealand and the Netherlands. The U.S. Department of Homeland Security warned that truck convoys may be in the works in the United States.

W140 Full Story
Saudi Transfers Oil Giant Aramco Shares to Sovereign Fund

Saudi Arabia has moved four percent of Aramco shares worth 80 billion dollars in the world's biggest oil exporter to the kingdom's sovereign wealth fund, authorities said Sunday.

W140 Full Story
Lebanon's Crash Snuffs Out Beirut's Fabled Hamra Street

From his small music shop on Beirut's Hamra Street, Michel Eid witnessed the rise and fall of Lebanon through the changing fortunes of this famed boulevard for more than 60 years.

Hamra Street represented everything that was glamorous about Beirut in the 1960s and 1970s, with Lebanon's top movie houses and theaters, cafes frequented by intellectuals and artists, and ritzy shops. It saw a revival the past decade, with international chain stores and vibrant bars and restaurants.

W140 Full Story