Economy
OPEC+ cartel's grip on oil market loosening: IEA
Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. "The continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices," the International Energy Agency said in its monthly report on the oil market.
Policies to support energy transition losers may fall short
US efforts to transition to cleaner energy carry risks of mass layoffs in mature industries, say experts, who warn that policies to cushion the blow may not live up to hype. Of particular concern is a potential mass-layoff event such as the shuttering of an ICE assembly plant or an oil refinery.
Asian stocks track record day on Wall St, dollar extends losses
Asian markets rallied Thursday and the dollar extended losses after the Federal Reserve indicated it will begin cutting interest rates next year. Oil prices extended a rally that came after data showed US stockpiles fell from the previous week.
'Weak tea': Climate scientists push back against COP28 cheer
A UN climate deal that approved a call to transition away from fossil fuels has been hailed as a major milestone and a cause for at least cautious optimism. "The agreement to 'transition away from fossil fuels' was weak tea at best," he told AFP. "It's like promising your doctor that you will 'transition away from donuts' after being diagnosed with diabetes.
Brazil cuts interest rate another half-point
Brazil's central bank cut its key interest rate by half a point for the fourth straight time Wednesday, continuing the easing President Luiz Inacio Lula da Silva hopes will spur Latin America's biggest economy.
'We have to endure' - Argentines stoic as prices skyrocket
Maria Mamani carries a fistful of new price stickers around a supermarket after Argentina's government slashed the value of the peso in half as part of "shock" therapy to the ailing economy. His government on Tuesday unveiled a raft of measures to revive an economy that spokesman Manual Adorni said was "in intensive therapy on the point of death."
BP sacks former CEO for 'serious misconduct'
BP on Wednesday denied its former chief executive of more than £32-million ($40-million) payout because of his failure to disclose past personal relationships with colleagues. A year earlier, Brian Krzanich stepped down as chief executive of US computer chip giant Intel over a "past consensual relationship" with an employee in violation of the company's non-fraternisation policy. phz/srg/cw
Pfizer shares tumble on disappointing 2024 profit outlook
Pfizer issued a disappointing 2024 forecast Wednesday, denting shares as the company navigates a profound plunge in sales tied to the Covid-19 pandemic. The company, which reported more than $100 billion in revenue in 2022 due to the lift from Covid-19 vaccine and therapeutic sales, sees 2024 revenues of between $58.5 billion and $61.5 billion, according to its presentation.
Tesla files recall on 2 million vehicles to fix autopilot software
Electric car maker Tesla has initiated a recall of over two million vehicles in the United States due to a risk linked to its autopilot software, the US traffic safety regulator said Wednesday. - Recall to add driver alerts - The recall covers 2.03 million Tesla vehicles and includes the Models S, X, Y and 3.
Economy
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