Russia will sell no oil to countries that support the G7 and European Union’s $60-per-barrel cap on Russia’s oil exports and “we will possibly think about a cut in production,” Russian president Vladimir Putin said in a public statement.
Tag: Economy
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TICK, TICK, TICK: THE DEBT BOMB’S TIMER IS COUNTING DOWN
Sixty-nine of the world’s poorest nations have $62 billion coming due this year in foreign debt payments, 35 percent more than during last year, the World Bank reported.
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SPOTLIGHT: BIGS GET BIGGER
As forecast, the Merger and Acquisition trend which we have been long reporting would peak when the Federal Reserve would aggressively raise interest rates and cut off the cheap money supply.
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SPOTLIGHT: CHINA STRUGGLES TO RIGHT ITS ECONOMY
China’s economic activity in construction, manufacturing, and services slowed more than expected in November, hobbled by continuing, widespread anti-COVID lockdowns, an unresolved financial crisis in the real estate sector, and fewer orders for the country’s factory output.
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EUROZONE INFLATION TICKS DOWN IN NOVEMBER
In November, inflation across the 19-country Eurozone fell for the first time in 17 months, dropping to 10 percent from a record 10.7 percent in October as prices for energy and services slowed their rate of increase.
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GASOLINE PRICES FALL AS DEMAND WEAKENS
On 2 December, the U.S. average price of a gallon of regular unleaded gasoline was $3.43, data service OPIS reported, almost a third less than highs of $5 or more reached in June.
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U.S. HEATING COSTS COULD SOAR THIS WINTER, EIA WARNS
Homes heating with natural gas this winter could see their energy bills leap up 25 percent compared to last year, while those using heating oil could experience a staggering 45-percent rise in costs, the U.S. Energy Information Administration (EIA) predicted.
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U.S. CONSUMERS: BUY MORE, SAVE LESS
U.S. consumers spent 0.8 percent more on goods and services in October than in September, the U.S. commerce department reported.
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ECONOMIC OUTPUT, JOB NUMBERS GROW MORE THAN EXPECTED
The U.S. GDP grew by 2.9 percent in this year’s third quarter, the U.S. commerce department reported, beating the 2.6 percent analysts had widely predicted.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses. This is week 20.
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