ECONOMY

The 27 European Union countries disagreed on Wednesday over a proposal by the bloc's executive to cap future gas prices at 275 euros per megawatt-hour (MWh), a plan that has swiftly drawn criticism from both backers and opponents.

Until now, there were no clear regulations, and disputes on tax residency were decided by the text of income tax treaties.

Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

StanChart, which operates in 59 countries, is seeing its European and U.S. clients move more business to low-cost Asia.

Oil prices hovered near two-month lows on Monday as supply fears receded while concerns over China's fuel demand and rising interest rates weighed on prices.

Japan's core consumer inflation accelerated to a 40-year high in October as a weak yen pushed up the cost of imported commodities, which were already surging due to global supply constraints.

Oil prices rose on Friday as the dollar slipped but were headed for hefty weekly losses on expectations there will be no let-up in sharp U.S.

Israel's economic growth slowed in the third quarter as consumer spending weakened, though it still appears likely that high inflation will prompt another hefty Bank of Israel rate hike next week.

Japan's imports in October surged by more than half from a year earlier, dwarfing growth in exports and enlarging a trade deficit that has weighed heavily on the yen.

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer.

Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world's top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply.

The U.S. dollar climbed versus the yen and stayed firm against other major peers on Tuesday as more Federal Reserve officials made the case for even tighter U.S. monetary policy.

Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer.

The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months.

The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap.

Oil prices fell for a fourth day on Thursday on concerns that new COVID curbs in China, the world's biggest crude importer, will impact fuel demand.

European Union laws curbing state aid to banks capped the Italian taxpayers' contribution at 1.6 billion euros, reflecting Rome's 64% stake in MPS.

The latest moves have brought total rate hikes in 2022 from G10 central banks to 2,050 bps.

Aramco's net income rose to $42.4 billion for the three months to Sept. 30 from $30.4 billion a year earlier, it said in a regulatory filing.

Wheat markets have been very sensitive to developments in Moscow's eight-month-old invasion of Ukraine, as both countries are among the world's largest wheat exporters.

Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.

France, Spain and Finland said their rules are already structured to automatically take account of market tensions. Germany and Austria said they do not set such rules.

Although markets have started to price out some rate hikes, policymakers warned that another increase in December was certain and the deposit rate could then continue to rise.

The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies.

ECB again eyes jumbo rate hike to 'tame inflation beast'

Goldman Sachs has launched a joint venture in China with local logistics company Sunjade in a bid to boost investment in Chinese logistics.

The world's poorest countries face $35 billion in debt-service payments to official and private-sector creditors in 2022.

Europe has desperately searched for quick alternatives to Russian gas, but it seems Europe would need large amounts of LNG for decades.

Although higher than in August, China's September crude imports of 9.79 million barrels per day were 2% below a year earlier.