trade and development

Taiwan and the US could begin talks on closer economic ties ‘in a few weeks’

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Singapore/Taiwan CNN Business — Taiwan and the United States could begin talks to deepen trade and economic ties “in a few weeks,” two senior Taiwanese government officials told CNN on Friday. The new discussions will “explore concrete ways to deepen the US-Taiwan trade and investment relationship,” the officials said, with the focus on institutionalizing cooperation … Read more

India bans wheat exports as heat wave hurts crop, domestic prices soar

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India banned wheat exports on Saturday — days after saying it was targeting record shipments this year — as a scorching heat wave curtailed output and domestic prices hit a record high. The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies “to meet … Read more

EU proposes ban on Russian oil imports, removes Sberbank from Swift

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London CNN Business — The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has reportedly … Read more

German inflation: Soaring costs and shortages push industry to the brink

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London/Berlin CNN Business — Siempelkamp Giesserei has seen its fair share of crises in its 99 years. But pandemic shutdowns, supply chain disruptions and soaring energy prices have thrown the Düsseldorf metals factory into uncharted territory. “There has never been anything like this before,” Georg Geier, the company’s managing director, told CNN Business. The major … Read more

Russian oil tankers are vanishing off the map

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New York CNN Business — Russia’s invasion of Ukraine made the country a pariah in the global energy market. Since the war started, a de facto embargo on Russian oil has emerged, with oil companies, trading houses, shippers and banks backing away, all at the same time. Now, however, there are signs that Russian energy … Read more

Oil price would hit $300 if West bans Russian imports, Moscow warns

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Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday. Oil prices spiked to their highest levels since 2008 on Monday after US Secretary of State … Read more

Gas prices in the US hit a record as Russia continues to invade Ukraine

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New York CNN Business — US drivers have never paid this much for gasoline. The price for a gallon of regular gas now stands at $4.17, according to AAA. That breaks the previous record of $4.11 a gallon that has stood since July 2008. As Russia continues its military offensive in Ukraine, gas prices are … Read more