War in Eastern Europe continues to impact global energy markets:
War in Eastern Europe continues to impact global energy markets:Oil futures settled 2% lower in volatile trading on Thursday, buoyed by hopes that Iranian oil could soon help replace disrupted supplies from Russia.
In late-morning trading today, WTI futures were up 4.0% at $111.70/bbl, Brent was up 3.6% at $114.40/bbl, and U.S. natural gas was 3.8% higher at $4.90/MMBtu.
Equinor and BP will partner to turn Brooklyn’s historic marine terminal into a regional hub for the staging and assembly of components for offshore wind farms on the East Coast.
At the United Nations, 175 countries signed a resolution committing to create a legally binding agreement by 2024 to address global plastics pollution.
Several of the world’s largest freight forwarders, including Switzerland’s Kuehne + Nagel and Germany’s DB Schenker, have suspended services to Russia by air, land and sea.
Airline fuel costs are rising sharply as flights between Europe and Asia are forced to add several hours to avoid Russian and Ukrainian airspace.
California’s Port of Hueneme — situated about 60 miles north of the Port of Los Angeles — saw 102,892 loaded container imports last year, a 108.8% increase from 2020.
Shoppers are turning to niche online marketplaces, including Etsy, to buy from smaller sellers amid supply chain challenges at large corporate retailers.
Old Dominion Freight Line saw a 38.3% annual rise in daily revenue last month on higher less-than-truckload shipments.
BNSF Railway’s operating profit rose 13.7% to $8.8 billion last year as revenue expanded 11.6% to $22.5 billion.
Taiwan Semiconductor Manufacturing Co. is boosting new capacity investment to $44 billion this year from $30 billion last year.
The economy created a better-than-expected 678,000 jobs last month as the unemployment rate fell to 3.8%.
U.S. worker productivity rebounded 6.6% year over year last quarter, curbing some growth in the cost of labor.
The chairman of the Federal Reserve told lawmakers Thursday that Russia’s invasion of Ukraine was likely to push up U.S. inflation.
The median U.S. home listing hit a record $392,000 in February, up 12.9% year over year and 26.6% compared to February 2020.
Despite higher gas prices and surging hotel room rates, roughly 40% of Americans have plans to travel this year over spring break, up from 29% who traveled last year.
Grocery retailer Kroger continued a streak of strong sales and profits last quarter as U.S. consumers continue eating more at home.
Best Buy’s quarterly earnings fell below market expectations as supply chain disruptions shrank inventories. The retailer expects revenue to dip further this year before rebounding almost 10% by 2024.
Shortages of Nike products damaged Foot Locker’s earnings last quarter, causing shares to drop as much as 30% late last week.
Amazon-backed electric-vehicle startup Rivian apologized and walked back a 20% price increase on existing pre-orders imposed earlier this week.
Google is developing radar technology that can sense a person’s movements and control their digital devices accordingly.
International Markets
More news related to the war in Europe:
The Chinese equivalent of the World Bank and International Monetary Fund has suspended all operations in Russia and Belarus, a rare example of a Beijing-based multilateral lender citing geopolitical factors in its decisions.
Russia’s credit ratings were downgraded deep into junk territory by Moody’s Investors Service and Fitch Ratings, raising doubts about whether Moscow will honor its debts.
IKEA closed all its Russian stores, halted production in the country and banned all exports and imports with Russia and Belarus.
Nike is temporarily closing all its Russian stores.
The EU is looking to remove Russia’s most-favored nation status at the World Trade Organization, potentially unleashing tariffs on $105 billion in Moscow exports to the bloc. Canada removed Russia as a favored trading partner.
Russia’s wealthiest businesspeople are warning of a prolonged economic crisis due to Western sanctions.
Calls are growing for Europe to remove Russian ally Belarus, a nation of almost 10 million people, from the SWIFT global payment system.
Average COVID-19 cases across the globe are down to about 1.5 million per day, a 27% decline from two weeks ago.
New Zealand’s worst-ever COVID-19 wave is raging, with a record 23,194 new cases reported Thursday in the island nation of just over 5 million.
Hong Kong reported a record 56,827 new COVID-19 cases Thursday, as public transit systems began cutting more services.
Nations reopening to tourism are frustrated by China’s effective lockdown of citizens to cross-border travel, which costs the industry nearly $280 billion annually.
South Korean consumer prices rose 3.7% in February, a near-decade high.
Kia announced new goals to have 14 fully electric models by 2027 and sales of 1.2 million electric vehicles per year by the end of the decade.
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