BIS warns of $80 trillion of hidden debt from currency swaps

LONDON, Dec 5 (Reuters) – The Bank for International Settlements (BIS) has warned that pension funds and other “non-bank” financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX exchanges. Dubbed the central bank of the world’s central banks, the BIS raised the concerns in its … Read more

BP is betting on hydrogen as the fuel of the future

BP sees rapid growth in low-carbon hydrogen Fuel to benefit from state subsidies CEO Looney announces hydrogen production goals BP plans major hydrogen project at Whiting, Indiana refinery LONDON, Dec 5 (Reuters) – BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as governments in major economies pile up cash … Read more

G-7 joins EU with price cap of $60 a barrel for Russian oil

WASHINGTON (AP) – Group of Seven nations and Australia joined the European Union on Friday in adopting a price cap of $60 a barrel for Russian oil, a key step as Western sanctions aim to tidy up the global oil market to prevent price spikes and deprive President Vladimir Putin of funding for his war … Read more

Europe agrees to cap the price of Russian oil at $60 a barrel

London CNN business — The European Union has reached a consensus on the price at which to limit Russian oil just days before its ban on most imports takes effect. The news of the deal, which needed Poland’s approval, was confirmed on Twitter by the president of the European Commission, Ursula von der Leyen, marking … Read more

The EU is getting close to capping Russian oil prices at $60 a barrel

BRUSSELS (AP) – The European Union was getting close to setting a price cap of $60 a barrel for Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia’s supplies flowing into global markets while limiting President Vladimir Putin’s ability to finance his war in Ukraine. EU nations tried … Read more

Russia’s oil sanctions are about to go into effect. And they could disrupt markets in a big way

European oil sanctions are expected to take effect on December 5. The idea is to reduce oil revenues for Russia due to its war in Ukraine. Andrej Rudakov | Bloomberg | Getty Images The impending sanctions on Russian oil will be “really disruptive” for energy markets if European nations fail to cap prices, analysts warn. … Read more

EU warns Musk to tighten controls on Twitter ahead of new rules

LONDON (AP) – A senior European Union official warned Elon Musk on Wednesday that Twitter must tighten measures to protect users from hate speech, misinformation and other harmful content to avoid violating new rules that threaten the tech giants with large fines or even a ban in the 27-nation bloc. Thierry Breton, Europe’s digital policy … Read more

China and India buy Russian crude at a 40% discount.

The European Union Friday once again failed to reach an agreement on a price ceiling for Russian oil, with the bloc’s easternmost members including Poland, Estonia, Latvia and Lithuania arguing that the proposed $60-$70 a barrel for Russian crude is too generous and well below upstairs the rates at which Russia currently sells crude oil. … Read more

Twitter accused of covering up the data breach

A Los Angeles-based cybersecurity expert has warned of a data breach on social media site Twitter that would affect “millions” in the US and EU. Chad Loder, who is the founder of cybersecurity awareness company Habitu8, addressed social media site on Nov. 23 to warn users of the alleged data breach that Loder said occurred … Read more

Dollar nears 3-month low, stocks rally after Fed tested the brakes

LONDON, Nov 24 (Reuters) – Stocks hit a two-month high and the dollar plunged to a three-month low on Thursday after Federal Reserve signals of fewer interest rate hikes from next month followed from Frankfurt’s message that the ECB will continue to plow. With Wall Street closed for Thanksgiving, it was up to Europe to … Read more