Energy stocks were slammed Wednesday as U.S. oil prices plunged to their lowest levels since December 2021. The extent of the decline in West Texas Intermediate crude — down 5.5% to under $67 per barrel — seems overdone in an energy market that remains structurally undersupplied. However, we’re not ready to step in right here
Month: March 2023
SINGAPORE — Compared to startups, Southeast Asia’s venture capital firms could see a bigger impact from the collapse of Silicon Valley Bank because finding a replacement for the U.S.-based bank in the region will be challenging. “I think from a VC firm’s perspective, you will see a bigger impact here,” said David Gowdey, managing partner
Labour has said it will oppose plans to abolish the lifetime pensions allowance, calling it a “tax cut for the rich”. Shadow chancellor Rachel Reeves said the party will force a vote on the policy next week, predicting it could “unravel as quickly as it began”. Ms Reeves compared it to Liz Truss’s doomed attempt
The US says the drone which crashed into the Black Sea after encountering two Russian fighter jets will not provide intelligence of any value should Moscow attempt to recover its wreckage. Russian officials have said they will seek to find whatever is left of the MQ-9 Reaper, which was downed on Tuesday. Sergei Naryshkin, head
A new spacesuit designed for astronauts hoping to land on the moon has been demonstrated in Texas. NASA awarded Axiom Space, a company based in Houston, a $228.5m contract to provide the outfits for the first moon landing in more than 50 years. The space agency is targeting late 2025 at the earliest to land
Teenage workers on Jeremy Clarkson’s farm are allegedly having to “wear body cameras” after locals directed “abuse” at them. It comes as the television presenter battles to get his expansion plans for Diddly Squat Farm approved after they were turned down last May by the council. West Oxfordshire District Council (WODC) and some villagers are
The chancellor stuck to his path. No big bangs, this was a budget all about trying to prepare the groundwork for possible tax cuts in the autumn statement and the pre-election showstopper next year. Jeremy Hunt’s message was that after the mess of the past six months, the Conservative Party was back to sound management
Touring, a type of riding that involves long distance trips, has long been the achilles heel of electric motorcycles. While e-motos have developed to the point where they can beat combustion engine motorcycles in nearly every other metric, quick recharging required for long distance riding has yet to reach parity with a gas station fill-up.
Russia announced that it would cut oil production by 500,000 barrels per day in March after the West slapped price caps on Russian oil and oil products. Picture Alliance | Picture Alliance | Getty Images The International Energy Agency on Wednesday said Russia’s oil export revenues fell sharply in February, prompted by bans and price
7:00 AM ET Tim KavanaghESPN.com Close Tim Kavanagh is a senior NHL editor for ESPN. He’s a native of upstate New York. We are officially less than one month away from the end of the regular season. The Boston Bruins have clinched a playoff spot (and are well on their way to the Presidents’ Trophy),
A Silicon Valley Bank worker talks with people lining up outside of the bank office on March 13, 2023 in Santa Clara, California. Justin Sullivan | Getty Images After turning on CNBC last Thursday to see SVB’s stock price getting hammered and news of venture firms urging startups to hit the exits, EarthOptics CEO Lars
Just six months ago, the economy was on the brink, with markets concerned that the UK would not be able to pay back its spiralling obligations. Debt costs were rising. Yet fast forward to today, and Jeremy Hunt delivered another heavy spending budget – dolling out £21bn a year, funded by yet more borrowing,
7:00 AM ET In the Boston Red Sox‘s clubhouse at JetBlue Park in Fort Myers, Florida, the gravitational pull emanates from the corner locker. While most players get one locker to store their equipment, this one is super-sized, with an extra cabinet and a bench. The space, next to the door nearest the field, is
The FTSE 100 and other major European stock markets have taken a beating as concern over the health of US banks crosses the Atlantic. London’s blue chip index lost £75bn in combined market value by the close after suffering its deepest fall, on a points basis, since the early days of the COVID crisis. Sentiment
Jeremy Hunt said the British economy is “proving the doubters wrong” and will avoid recession, as he delivered his first full budget speech to Parliament. The chancellor said the government’s plan for the economy was “working” as he announced what he called a “budget for growth”. He said forecasts from the Office for Budget Responsibility
Gary Lineker has hit back at a Tory MP who made “dangerously provocative” claims that the BBC presenter had called northern voters “racist bigots”. The Match Of The Day host used Twitter to respond to the “outrageous” comments made by the MP for Stoke-on-Trent North, Jonathan Gullis. Other Twitter users called Mr Gullis’s false claims
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