Category: Economy

  • US considers selling Northeast gasoline reserve in 2024 in draft bill

    US considers selling Northeast gasoline reserve in 2024 in draft bill

    By Laura Sanicola (Reuters) – The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024, according to the draft text of a funding bill released on Sunday. The reserve, first established in 2014 after Superstorm Sandy left motorists in the northeastern United States without fuel, is located in New…

  • Energy trader Gunvor to pay $662 million to end US, Swiss bribery cases

    By Jonathan Stempel, Luc Cohen, Chris Prentice and Julia Payne NEW YORK (Reuters) -Gunvor, one of the world’s largest oil traders, agreed on Friday to pay about $662 million to resolve U.S. and Swiss investigations into a scheme to pay bribes to Ecuadorean officials to win business. Gunvor pleaded guilty to conspiring to violate a…

  • Europe’s STOXX 600 hits record high in strong start to March

    Europe’s STOXX 600 hits record high in strong start to March

    By Ankika Biswas and Khushi Singh (Reuters) -Europe’s benchmark index hit a new record high on Friday propelled by rate-sensitive stocks, with investors continuing to cheer upbeat corporate earnings while looking past data that showed core prices remained stubbornly high. The pan-European STOXX 600 closed 0.6% up at an all-time high, logging its sixth straight…

  • GDP bedamned – stocks seem to have life of their own: McGeever

    GDP bedamned – stocks seem to have life of their own: McGeever

    By Jamie McGeever ORLANDO, Florida (Reuters) -“The stock market is not the economy.”     This truism has rarely been more relevant, as the extraordinary boom in a handful of mega tech stocks revs Wall Street up to new all-time highs even as many sectors lag behind and economic growth seems set to decelerate. But at…

  • Parallel universes? ‘Magnificent 7’ prone to China risks :Mike Dolan

    Parallel universes? ‘Magnificent 7’ prone to China risks :Mike Dolan

    (Repeats to additional subscribers, no changes to text) By Mike Dolan LONDON (Reuters) -The jarring contrast of China’s market bust and soaring U.S. stocks may cloud the vulnerability of the latter to events in Beijing, and some fear Wall Street’s narrow focus heightens that risk. A relentless plunge of Chinese equities over the past year…

  • ‘Silver is the new gold’ as Egyptians try to protect savings

    ‘Silver is the new gold’ as Egyptians try to protect savings

    By Sarah El Safty and Farah Saafan CAIRO (Reuters) – Egyptian women traditionally receive a gold jewellery set, or “shabka”, on their engagement. But as surging prices and a weakening currency have driven up demand for the precious metal, some are getting silver instead. The trend is a measure of an economic crisis in which…

  • Suez Canal diversions pile pressure on Egypt’s distressed economy

    Suez Canal diversions pile pressure on Egypt’s distressed economy

    By Patrick Werr CAIRO (Reuters) – A sharp downturn in revenue after sea attacks by Yemen’s Houthis diverted away shipping away from the Suez Canal has struck a painful new blow to Egypt’s already deteriorating economy, adding urgency to the need for reforms and help from abroad. Nearly all Egypt’s main sources of foreign currency…

  • Higher penalties coming for export control violations -US Commerce official

    Higher penalties coming for export control violations -US Commerce official

    By Karen Freifeld (Reuters) -The U.S. government will crack down on companies that violate export rules, with stiffer penalties to deter future violations involving countries like China, Russia and Iran, a Department of Commerce official said late on Tuesday. “There are going to have to be some penalties that get everyone’s attention,” Matthew Axelrod, assistant…

  • US Treasury’s Yellen pledges support for Egypt amid IMF loan talks

    US Treasury’s Yellen pledges support for Egypt amid IMF loan talks

    By Andrea Shalal and David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen pledged U.S. support for Egypt’s economy and reforms after meeting with the North African nation’s authorities on Tuesday in Washington amid talks over expanding Egypt’s $3 billion International Monetary Fund loan program. The Egyptian officials, including the country’s finance minister and central…

  • Global manufacturers struggle to regain momentum: Kemp

    Global manufacturers struggle to regain momentum: Kemp

    By John Kemp LONDON (Reuters) -U.S. manufacturers are still struggling to emerge from the prolonged slump that began in the middle of 2022 as the pandemic-driven surge in merchandise buying subsided and consumers reverted to spending on services. Merchandise inventories have begun to normalise but companies making expensive business equipment and consumer durables are being…