Tech News

OPEC set to stick or cut more amid plan to cap Russian oil price

Major oil producers are expected to stick to their current output strategy or even slash production further when they meet on Sunday in the face of falling prices, a potential Russian oil price cap and an embargo on Russian crude shipments.. Amid fears of economic slowdown, Sunday's the cartel's meeting via videoconference convenes ahead of the EU enforcing an embargo on Russian crude shipments from Monday.

Switzerland fines engineering giant $4.3 mn over S.Africa bribery

Swedish-Swiss engineering giant ABB has been fined four million Swiss francs ($4.3 million) over bribery linked to the construction of a huge power plant in South Africa, Switzerland announced on Friday.. As a result, it said ABB had been slapped with a fine of four million Swiss francs and ordered the group to pay 50,000 Swiss francs for the cost of proceedings.

China further relaxes Covid rules after protests

Cities across China further unwound Covid restrictions Friday, loosening testing and quarantine rules in the wake of nationwide protests calling for an end to lockdowns and greater political freedoms.. In the wake of the unrest across China, a number of cities have begun loosening Covid restrictions, such as moving away from daily mass testing requirements, a tedious mainstay of life under Beijing's stringent zero-Covid policy.

Fed rate hopes weigh on dollar, stocks fall ahead of US jobs data

The dollar struggled to recover on Friday from its recent sell-off as traders grew confident the Federal Reserve will slow its pace of interest rate hikes, while an equities rally sputtered ahead of key US jobs data.. So traders are jockeying for position ahead of the moderately high-risk event."

US Congress approves bill to avert major freight rail strike

The US Congress passed legislation Thursday to avert a freight rail strike that could have been devastating for the economy, intervening to break an impasse between workers and management as the holiday season approaches.. The National Retail Federation said it was "grateful for the swift action in Congress this week" to implement the tentative agreement, and that a nationwide rail strike would have had "devastating" economic consequences. cjc-bys/mdl

US Congress approves bill to avert major freight rail strike

The US Congress passed legislation Thursday to avert a freight rail strike that could have been devastating for the economy, intervening to break an impasse between workers and management as the holiday season approaches.. I'm going to continue to fight for paid leave for not only rail workers, but for all American workers," Biden said Thursday. cjc-bys/dw

All churned up: Austrian oat milk ad draws farmers' ire

Austrian farmers were left fuming after an advert for winter tourism featured oat -- instead of cow's -- milk, in what industry representatives sourly slammed as an "affront to Tyrolean farmers".. "It can't be that a promotional video for Tyrol features 'oat milk' and not the very own, genuine Tyrolean milk," Josef Hechenberger, president of the Tyrolean Chamber of Agriculture said in a statement.

Key US inflation index ticks down in October: official data

A closely-watched measure of US inflation edged down in October, government data showed Thursday, with costs of goods easing while spending remained resilient.. "Household spending has remained resilient in the face of a 40-year high in inflation and rising borrowing costs.

Brexit ramps up UK food bills by £6 bn: study

Britain's exit from the European Union added almost £6 billion to consumers' food bills, hitting the poor the hardest and further stoking red-hot inflation, a study said Thursday.. The hike disproportionately hit the poor because those on low incomes spend a greater share of their pay on food than richer people.