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  Bloomberg Oil held its earlier gains as the European Union (EU) was said to plan a phaseout of Russian coal imports but steer clear of sanctioning the country’s oil and gas for now. West Texas Intermediate was up 1.2% after earlier advancing as much as 2.2%. EU nations are deeply split over the next steps to take against Russia, …

Bloomberg The World Bank has lowered its growth forecasts for East Asia and the Pacific to 5% from 5.4% forecast in October, and warned growth could slow to 4% if conditions weaken further. The latest outlook reflects a hit to the region from Russia’s invasion of Ukraine, rising interest rates in the US and slowing growth in China. Ongoing supply …

  Bloomberg India’s biggest mortgage lender agreed to buy one of the country’s most valuable banks to create an almost $190-billion behemoth to ride a boom in home loans and consumer spending in the world’s fastest-growing major economy. Housing Development Finance Corp., which issues mortgages to more than half the home buyers in a country of 1.4 billion people, will …

  Bloomberg At least a hundred companies worldwide have delayed or pulled financing deals worth more than $45 billion since Russia’s invasion of Ukraine. These include initial public offerings, bonds or loans and acquisitions. US equity market deals were the worst hit by global volatility in the first quarter as a crop of firms postponed listings, while Japanese and European …

Bloomberg Oil headed for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of the US strategic reserves to tame rampant prices. West Texas Intermediate futures swung between gains and losses Friday, and were down about 13% this week, the most since April 2020. The US plans to release 1 million barrels a …

  Bloomberg Oil retreated as China’s worsening virus resurgence raised concerns about demand in the world’s biggest crude importer. West Texas Intermediate futures fall as much as 6.2% after authorities in Shanghai said they will lock down half of the city in turns for mass Covid-19 testing. Global growth risks from inflation and tightening monetary policy also hit market sentiments, …

Abu Dhabi / WAM Noting that climate disruption, biodiversity loss and pollution threaten lives, jobs and health the world over, the UN chief said on Saturday that it was essential “to make peace with nature.” “Without nature’s help, we cannot thrive or even survive on this planet Earth,” Secretary-General António Guterres underscored in his message for Earth Hour, commemorated annually …

  Brussels / WAM In 2021, the value of trade (imports plus exports) of agricultural goods between the EU and the rest of the world hit €347.0 billion ($381.16 billion), €20.7 billion more than in 2020. The EU exported €196.9 billion worth of agricultural products and imported €150.0 billion, generating a surplus of €46.9 billion, data by Eurostat showed. Between …

  Riyadh / WAM Arab coalition has intercepted terrorist Houthi militia’s latest attacks targeting Saudi civilian objects and economic installations. Brigadier General Turki Al-Malki, the Official Spokesperson of the Coalition to Restore Legitimacy in Yemen, has said that the Houthi militia has escalated its hostile, cross-border attacks towards the Kingdom last night and earlier this morning, targeting civilian objects and …

Bloomberg The world’s three biggest oilfield service providers are halting future work in Russia in response to President Vladimir Putin’s invasion of Ukraine, announcing their decisions separately and within 24 hours of each other. Baker Hughes Co said it’s suspending new investments in Russia operations but continuing with existing work there, according to a statement. That followed a similar statement …