“‘Probably a 30% chance of recession as you look forward to the next 12 to 24 months.’” That was Goldman Sachs Group Inc. CEO David Solomon talking about the current state of the U.S economy during a couple of recent interviews. Solomon, who has been the chief executive officer at Goldman Sachs since 2018, made …
Washington will start to relax restrictions placed on U.S.-based oil company Chevron with regards to its crude business in sanctioned Venezuela. Chevron will soon be able to negotiate directly with the Venezuelan government and its state-run oil company, PDVSA, with the final details of the new arrangement expected to be complete as early as today. …
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The largest Italian oil and gas company Eni S.p.A. confirmed on Tuesday it has opened accounts in euros and rubles to fulfill payments for the supply of Russian gas. In a statement posted on its official website, the Italian energy giant said that this move followed “Gazprom Export’s unilateral request to amend existing contracts in …
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Federal Reserve Chair Jerome Powell, in his most hawkish remarks to date, said the US central bank will keep raising interest rates until there is “clear and convincing” evidence that inflation is in retreat. “What we need to see is inflation coming down in a clear and convincing way, and we’re going to keep pushing …
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Turkish President Recep Tayyip Erdogan said he won’t allow Sweden and Finland to join NATO because of their stances on Kurdish militants, throwing a wrench into plans to strengthen the western military alliance after Russia’s invasion of Ukraine. At a press conference in Ankara late Monday, Erdogan poured cold water on expectations that Turkish opposition …
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The European Union is gearing up to release emergency measures for a full-scale gas supply shock on Wednesday, with a leaked memo calling for a range of potential actions, from a controversial cap on gas prices to the creation of a new buyers’ “cartel”. “A different set of measures may become worth considering in the …
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Hungarian Foreign Minister Peter Szijjarto told reporters on Monday that although the country has previously supported the coal sanctions at the “explicit request of Poland” that did not mean that it would automatically support a complete energy ban on Russia. He reiterated that such sanctions are a red line for Hungary. The foreign minister stated …
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There’s “a very, very high risk factor” that the U.S. is headed for a recession, Goldman Sachs Group Inc. Senior Chairman Lloyd Blankfein warned Sunday. In an interview on CBS News’ “Face the Nation,” Blankfein said there is definitely a risk of recession, and that business and consumers should brace for one. ““If I were …
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China’s industrial production contracted in April, falling 2.9% year-over-year, according to a Monday report by the Chinese National Bureau of Statistics. Compared to the previous month, the added value of China’s industrial enterprises fell by 7%. Regarded by category, the added value of the mining industry in April increased 9.5% year-over-year, the manufacturing industry fell …
United States Oil and Gas Association President Tim Stewart explained on Saturday the country is facing the ‘most challenging energy crisis’ in 50 years under the Biden administration as “diesel and gasoline prices are at all-time highs and inventories at all-time lows.” In an interview with Fox News, Stewart explained the Biden administration is not …
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