Author: IA PressRoom

(Bloomberg) — Global oil demand growth will taper off over the next few years as high prices and Russia’s invasion of Ukraine speed up the transition away from fossil fuels, the International Energy Agency said.  Consumption in 2024 will grow at half the rate seen in the prior two years, and an ultimate limit for demand will arrive this decade as electric vehicles send the use of gasoline by cars into decline, the Paris-based IEA predicted in a medium-term outlook. With production capacity still growing, markets will remain “adequately supplied” through to 2028, it said.  “Growth in the world’s demand…

Sam Bankman-Fried. Source: a video screenshot, NBC News / YouTubeThe Supreme Court of the Bahamas has granted FTX founder Sam Bankman-Fried the ability to challenge new charges levied against him by US prosecutors. The charges, which include bank fraud and bribery in addition to the original charges of wire fraud and money laundering, were added after Bankman-Fried’s crypto exchange FTX collapsed last year. The reason given for why some charges could be dropped is that they could violate the terms of Bankman-Fried’s extradition since they were not included in the original indictment that served as the legal basis for his extradition to…

London +0.11% UK monthly GDP up 0.20% in April Germany +0.25% Germany May wholesale price index -1.1% vs -0.4% m/m prior France +0.40% The pan-European Stoxx 600 edged +0.33% higher, with sectors spread between gains and losses. Autos stocks moved higher, while travel dipped. Coming up in the session: Eyes set on US PPI number and FOMC statement In the bond market, the U.S. 10-year Treasury yield was down 4 basis points to 3.80%. Germany’s 10-year yield was down less than 1 basis point to 2.42%. U.K.’s 10-year yield was down less than 1 basis point to 4.43%. Currencies: (EUR:USD)…

We’re in for another hot yacht summer. Recent photos show Jeff Bezos hanging out with his fiancée Lauren Sanchez on a yacht in Portofino. Per media reports, the yacht in question is Bezos’ $500 million yacht, Koru, which set sail in February. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Hot yacht summer is in full swing in Portofino.A series of photos taken on June 12 show Jeff Bezos hanging out with his fiancée Lauren Sanchez on a yacht in the Italian Riviera. She’s seen reclining…

EXCLUSIVE: Sen. Joe Manchin, D-W.Va., is pushing back against the Biden administration’s regulations targeting popular home appliances including natural gas-powered furnaces and stoves.In an interview with Fox News Digital, Manchin criticized the Department of Energy (DOE) for its aggressive energy efficiency rulemakings, arguing the agency should allow the free market to improve product technology rather than force such changes through regulation. Manchin, who chairs the Senate Energy and Natural Resources Committee, expressed concern with rules aimed at electrifying gas appliances. “It absolutely shows you how disconnected the [DOE] is with the facts and reality of what’s happening to the grid system,”…

Shell will increase its dividend and cut future spending as part of new chief executive Wael Sawan’s efforts to “simplify” the energy major’s business and increase investor confidence.Europe’s largest energy company outlined plans to increase shareholder distributions to 30-40 per cent of cash flow from operations, up from a previous target of 20-30 per cent. That will start with a 15 per cent rise in its dividend per share from the second quarter and at least $5bn of share buybacks in the second half of the year, Shell said ahead of an investor day in New York.Capital spending in 2024…

© Reuters. FILE PHOTO: A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo SYDNEY (Reuters) – Australia’s central bank will pay out just over A$1 million in back pay after an internal review found on Wednesday the bank had systematically underpaid more than a thousand current and former employees. A review into the Reserve Bank of Australia’s (RBA) “more complex remuneration arrangements” identified 1,173 current and former staff owed roughly A$1.15 million ($777,975), according to a statement on Wednesday. Most of the money…

© Reuters. FILE PHOTO: European Commission Vice President Margrethe Vestager speaks during an interview with Reuters in Brussels, Belgium, March 28, 2022. REUTERS/Johanna Geron/File Photo BRUSSELS (Reuters) – EU antitrust chief Margrethe Vestager will hold a news conference on an antitrust case at 1045 GMT, the European Commission said on Wednesday without providing details. Vestager is expected to focus on alleged anti-competitive practices by Alphabet’s Google (NASDAQ:) in its digital advertising business, a person familiar with the matter has previously told Reuters.

© Reuters. Investing.com – The U.S. dollar edged lower in early European trade Wednesday, struggling for traction ahead of the conclusion of the latest Federal Reserve policy meeting. At 02:55 ET (06:55 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 102.898, near three-week lows. Fed decision looms large The dollar fell sharply on Tuesday and is struggling to find friends during the current session after soft U.S. inflation data largely cemented the view that the will decide to keep interest rates unchanged later in the day when it concludes its…

Toyota Motor’s shares JP:7203 rose to a 16-month high Wednesday after the company said it plans to roll out next-generation battery electric vehicles globally, with a full lineup to be launched in 2026. The shares were recently 4.6% higher at Y2,273 ($16.21) after earlier climbing as much as 5.2% to Y2,286, the highest intraday level since February 2022. The shares are on track for a fifth straight session of gains, having risen more than 12% over this period. The…