Author: News Room

MOSCOW (Reuters) – Russia started fuel exports to Iran by rail this year for the first time after traditional buyers shunned trade with Moscow, according to three industry sources and exports data. Russia and Iran, both under Western sanctions, are forging closer ties in order to support their economies and to undermine Western sanctions which both Moscow and Tehran cast as unjustified. Western sanctions on Russian oil products over what Moscow calls its “special military operation” in Ukraine have reshaped global fuel markets with tankers taking longer routes and suppliers choosing exotic destinations and ways of transportation. Iran has been…

© Reuters. FILE PHOTO: Barclays’ CEO Jes Staley arrives at 10 Downing Street in London, Britain january 11, 2018. REUTERS/Peter Nicholls/File Photo By Jonathan Stempel NEW YORK (Reuters) -A U.S. judge rejected requests to sever JPMorgan Chase & Co (NYSE:)’s lawsuit accusing former executive Jes Staley of concealing what he knew about Jeffrey Epstein from two related lawsuits over its work for the late sex offender. Monday’s decision by U.S. District Judge Jed Rakoff in Manhattan is a defeat for Staley, who said the scheduled Oct. 23 trial for all three cases left him too little time to defend against…

A record share of consumers in March said credit standards were tighter than a year ago, according to a new look at consumer expectations that also showed people predicting their access to credit would only narrow in the year ahead. After Silicon Valley Bank and Signature Bank failed in early March, experts and policymakers predicted one outcome would be tighter credit access from banks that were feeling the jitters about their lending approaches. In an ongoing look at consumer perceptions, just over 58% of those polled said it was either “much harder” or “somewhat harder” to tap some form of…

Virgin Orbit Holdings Inc. VORB, -17.20% on Monday said that the Nasdaq planned to delist its shares after the developer of space-launch systems filed for Chapter 11 bankruptcy protection last week and said it was looking for a buyer. Trading will be suspended on April 13, although the company plans to appeal the decision. Shares fell nearly 16% after hours on Monday. Virgin Orbit has reportedly planned to halt operations and lay off around 85% of its staff, after it was unable to secure funding. Nasdaq also said Virgin Orbit is not compliant with listing guidelines because it has not…

The U.S. is facing a long, shallow recession instead of a “deep and long credit crunch contraction” after the Federal Reserve’s tightening of monetary policy over the past year, according to Mizuho Securities. “The Fed always tightens until something breaks!” said Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA, in a new note. “The key question markets have to answer right now is which type of credit dislocation the economy is dealing with following the regional bank debacle.”   A “systemic credit crunch” can sometimes emerge after the Fed tightens its policy to tame inflation, while other times “idiosyncratic issues…

As the Pentagon investigates a major leak of classified documents that recently turned up on social media sites, dozens of them remain viewable on Twitter. This type of sensitive government information can slip under the radar for weeks, analysts say, because some social networks lack policies against posting classified information. Here’s what else you need to know to Get Up to Speed and On with Your Day. (You can get “CNN’s 5 Things” delivered to your inbox daily. Sign up here.) A 25-year-old bank employee opened fire at his workplace in Louisville, Kentucky, Monday and livestreamed the attack that left…

BP has acquired a 40 per cent stake in the UK’s Viking CCS project from Harbour Energy as the government looks to accelerate plans to develop carbon capture and storage. The Viking project aims to meet up to a third of the UK’s annual target of capturing 30mn tonnes of carbon dioxide by 2030, by repurposing old depleted gasfields off the Humber region coast.There are also plans to ship in additional CO₂ emissions from other parts of the UK and abroad through the port of Immingham on England’s north-east coast. Harbour, which is the largest oil and gas producer in…

Co-produced with “Hidden Opportunities.” How much do we need to sustain a prosperous retirement? The final multiple calculation says 10-12 times your annual income at retirement age. For instance, If you plan to retire at 60 and your income at the time is $100,000 per year, you should have between $1 and $1.2 million set aside for retirement. This calculation aims to maintain a quality of life similar to the one you enjoy before retirement. It is essential to also keep in mind the realities like higher healthcare costs, unexpected expenses, and changing conditions of global financial markets. So you…

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The head of the most influential business lobby in the United Kingdom has been fired following a probe into complaints about his workplace conduct. Tony Danker is leaving the Confederation of British Industry with immediate effect, the group said in a statement Tuesday. Three other employees have been suspended “pending further investigation into a number of ongoing allegations.” “We apologize to the victims of this organizational failure, including those impacted by the revulsion we have all felt at hearing their stories,” the CBI said. “We wish to thank all those who have had the courage to speak out, through internal…