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  Bloomberg Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine. Aramco, which last week surpassed Apple to become world’s most valuable company, followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi …

  Bloomberg The soaring dollar is propelling the global economy deeper into a synchronised slowdown by driving up borrowing costs and stoking financial-market volatility — and there’s little respite on the horizon. A closely watched gauge of the greenback rises 7% since January to a two-year high as the Federal Reserve embarks on an aggressive series of interest-rate increases to …

  Bloomberg Oil climbed as a global squeeze on refined products continued to pull fuel prices higher with Russian diesel exports falling sharply. West Texas Intermediate rises 4.1% and eked out a weekly gain of 0.7% after a series of tumultuous trading sessions where lowered liquidity exacerbated price moves. Diesel exports from Russia dropped in April from their prewar level …

  Bloomberg Oil prices edged higher on Friday and headed for the first back-to-back weekly gain in two months on signs the market is tightening as the European Union moved towards banning Russian crude. West Texas Intermediate futures traded near $109 a barrel, and were on track to be up more than 3% this week. The EU intends to ban …

  Bloomberg Opec and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia. International consumers have called on Saudi Arabia and its partners to fill the gap left by a boycott of Russian crude and help ease the inflationary pain …

  Bloomberg Billionaire entrepreneur Elon Musk agreed to buy Twitter Inc for $44 billion, using one of the biggest leveraged buyout deals in history to take private a 16-year-old social networking platform that has become a hub of public discourse and a flashpoint in the debate over online free speech. Investors will receive $54.20 for each Twitter share they own, …

Bloomberg Billionaire Mukesh Ambani abandoned a plan to buy a teetering Indian retailer amid protracted legal challenges from Amazon.com Inc., potentially ending one episode of the broader clash between the two titans to control the country’s billion-people-plus market. In a filing, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s …

Bloomberg Oil edged higher after a tumultuous session where traders weighed concerns about tight global supply with Germany announcing a ban on Russian oil and a sharp drop in US crude inventories. West Texas Intermediate settled above $102 on Wednesday after swinging between gains and losses. German Foreign Minister Annalena Baerbock said that the country plans to stop importing oil …

  Abu Dhabi / WAM The Muslim Council of Elders, under the Chairmanship of the Grand Imam of Al-Azhar His Eminence Dr. Ahmed Al-Tayeb, strongly condemned the burning of the Holy Qur’an by far-right extremists in the Swedish city of Malm?, in what can only be described as a deliberate attempt to offend Muslims around the world. In a statement, …

Bloomberg Solar could generate half of the world’s electricity by 2050 and become the cheapest source of energy, Gao Jifan, the chief executive officer of Trina Solar Co., said at the Boao Forum for Asia. Global solar power capacity has the potential to grow to 14,000 gigawatts by the middle of the century from 800 gigawatts at the end of …