Business

VIENNA — The Organization of the Petroleum Exporting Countries (OPEC) oil cartel and its allies are expected on Thursday to extend their supply cuts to avoid a sharp drop in prices in a global market awash in crude. However, dissension that caused a delay in the meeting originally scheduled for …

Norway’s sovereign wealth fund, the world’s largest, has sold all of its shares in Israel’s Bezeq, which provides telecommunications services to Israeli settlements in the occupied West Bank.  Companies active in occupied Palestinian territories were under review. Norway’s sovereign wealth fund, the world’s largest, has sold all of its shares …

Photo Credit: New York Times WASHINGTON, D.C. — The World Bank on Tuesday said developing countries spent a record $1.4 trillion to service their foreign debts in 2023 as interest costs climbed to a 20-year high, squeezing budgets for necessities including health care, education and the environment. The bank’s latest …

European Central Bank policymaker and Governor of the Austrian National Bank Robert Holzmann addresses the media in Vienna, Austria, March 23, 2023. REUTERS/Leonhard Foeger/File Photo  VIENNA — It is “conceivable” that the European Central Bank (ECB) will cut interest rates by 25 basis points (bps) at its next rate-setting meeting …

Photo Credit: AP WASHINGTON, D.C. — An ongoing contraction in US manufacturing activity continued for an eighth consecutive month in November, but at a slower rate than before, according to survey data published on Monday. The Institute for Supply Management’s (ISM) manufacturing index rose to 48.4 percent last month, up …

Photo Credit: Euronews MOST of the world’s airlines are not doing enough to switch to sustainable jet fuel, according to a study by Brussels-based advocacy group Transport and Environment, which also found too little investment by oil producers in the transition. The comments come as the airline sector calls for …

APPLE has been accused in a new lawsuit of illegally monitoring its workers’ personal devices and iCloud accounts while also barring them from discussing their pay and working conditions. The complaint filed in California state court on Sunday by Amar Bhakta, who works in digital advertising for Apple, claims the …

Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo  THE US launched on Monday its third crackdown in three years on China’s semiconductor industry, curbing exports to 140 companies, including chip equipment maker …

MILAN/DETROIT — Stellantis CEO Carlos Tavares resigned abruptly on Sunday (Monday in Manila), two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40 percent of its value this year. The company said it would seek to find a replacement CEO …

BERLIN/HANOVER — Workers at nine Volkswagen car and component plants across Germany started strikes lasting several hours on Monday, bringing assembly lines to a halt as labor and management clash over the future of the carmaker’s German operations. Thousands gathered at the Volkswagen headquarters in Wolfsburg. Demonstrations also took place …