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August 18, 2022

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OPEC not to blame for soaring inflation, new chief says, citing underinvestment in oil and gas

CNBC
CNBC – For more and to sign up click here Haitham Al Ghais (pictured on the right) was appointed for a three-year term as OPEC’s Secretary-General on Jan. 3 earlier this year. Yasser Al-zayyat | Afp | Getty Images New OPEC Secretary-General Haitham Al Ghais said Wednesday that the influential......

Australia’s Graincorp hikes profit view again on soaring demand, favourable weather

Reuters
The logo for GrainCorp, Australia’s largest listed bulk grain handler, adorns a sign at the Burren Junction depot located in the New South Wales town of Burren Junction, located north-west of Sydney in Australia, March 15, 2017. REUTERS/David Gray Register now for FREE unlimited access to Reuters.com Register Expects FY22......

Rent prices are soaring in these 5 U.S. metros. Here’s what to know before moving to a cheaper area

CNBC Real Estate
Los Angeles Ron_Thomas | Getty Images As rising interest rates and surging property values prevent more families from buying a home, the demand for rentals has soared, with the highest rent prices in the sunniest states.   Rent prices for single family homes swelled during the first half of 2022, hitting......

How soaring inflation may deliver a higher tax bill — especially for retirees, homeowners and high earners

CNBC
CNBC – For more and to sign up click here Daniel Grill | Getty Images Why inflation could lead to surprise tax bills Each fall, the IRS makes inflation adjustments for the coming year on a range of tax provisions. The IRS boosted federal income tax brackets for 2022 and......

Australia’s Lynas fourth-quarter revenue jumps on soaring rare earths demand

Reuters
A small toy figure and mineral imitation are seen in front of the Lynas Rare Earths logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register July 18 (Reuters) – Australia’s Lynas Rare Earths Ltd (LYC.AX) on Monday posted a 58%......

With Prices Soaring, I.M.F. and Pakistan Reach Deal to Revive Loan Program

New York Times
New York Times – For more and to sign up click here ISLAMABAD, Pakistan — The International Monetary Fund said it had reached a staff-level agreement with the Pakistani government for the revival of a bailout program, providing a welcome reprieve to the country as it struggles with a cratering......

EU hikes inflation forecast to 8.3% for 2022 as Russia-Ukraine war drives soaring prices

CNBC
CNBC – For more and to sign up click here The European economy is not seen entering a recession this year, according to the European Commission, but some economists have a different opinion. Europa Press News | Europa Press | Getty Images Inflation will hit 7.6% in the euro zone......

Inflation is still soaring — but here’s why it’s less likely to hurt some retirees

CNBC
CNBC – For more and to sign up click here Inflation has continued to rise, but some retirees won’t feel the brunt of many soaring costs, experts say. Annual inflation jumped by 9.1% in June, growing at the fastest pace since late 1981, the U.S. Department of Labor reported on......

The soaring costs stretching holidaymakers budgets

BBC
https://www.bbc.co.uk/news/business-62121164?at_medium=RSS&at_campaign=KARANGA In spite of all the increases, Chris Webber, head of holidays at Ice Travel Group, says getting away remains a “priority expense” for many after the pandemic lockdowns. “[This] drive in demand is directly impacting the increasing prices, which we can see in everything from flight costs to car......

Soaring prices, plastic bottles to dampen Japan’s thirst for Beaujolais Nouveau

Reuters
TOKYO, July 8 (Reuters) – Japanese fans of Beaujolais Nouveau wine will likely be reining in their enthusiasm this year as importers hike prices, dramatically shrink their product offerings and even resort to plastic bottles in a bid to cope with surging costs. In the latest example of inflationary pressures......

Soaring demand for electricity and coal shows why we need nuclear energy

USA TODAY – For more and to sign up click here Robert Bryce, Opinion Contributor Last week, BP released its annual Statistical Review of World Energy and the report shows, yet again, that electricity is the world’s most important and fastest-growing form of energy. In 2021, global electricity generation grew......

New UK finance minister Zahawi inherits faltering economy, soaring inflation

Reuters
LONDON, July 5 (Reuters) – Britain’s new finance minister Nadhim Zahawi takes the reins of an economy struggling under the strain of nearly double-digit inflation and a slowdown that looks set to be more severe than in most of the world’s other big nations. Like his predecessor Rishi Sunak, Zahawi......

U.S. July Fourth cookouts feel the heat of soaring food prices

Reuters
CHICAGO, June 30 (Reuters) – Summer cookouts are getting more expensive ahead of the U.S. Independence Day holiday, forcing Americans to make tough decisions about how they celebrate. Prices for barbecue items such as hamburgers, hot dogs, potato salad, baked beans and lemonade climbed 17% compared with a year ago,......

Biden is expected to back federal gas tax holiday as he ramps up criticism of oil industry amid soaring prices | CNN Politics

CNN
USA TODAY – For more and to sign up click here CNN  —  President Joe Biden on Tuesday ratcheted up his public back-and-forth with the US oil and gas industry as he looks to spread around the blame for the nation’s soaring gas prices. After remarks on the authorization of......

Yellen and Fed acknowledge soaring inflation will last well beyond midterm elections

USA TODAY – For more and to sign up click here Zachary Halaschak Treasury Secretary Janet Yellen and top officials at the Federal Reserve are acknowledging that the country’s soaring inflation is unlikely to go away anytime soon. Yellen, who formerly led the central bank, said Sunday that “unacceptably high”......

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