Sri Lanka will enable oil-producing countries' corporations to import and sell petroleum, the power and energy minister said on Tuesday, breaking a duopoly as the country works to address a petrol and diesel shortfall that is deepening an economic crisis.   The Cabinet decision occurred as...

A senior US official said on Monday that the Group of Seven rich democracies will commit to a new package of coordinated actions on Tuesday to put pressure on Russia over its war in Ukraine, as well as finalise plans for a price restriction on Russian oil.   The revelation occurred as the...

Revlon Inc is a risky bet even for a seasoned meme stock trader like Mike Minutelli.   The 30-year-old plumber from Oxford, North Carolina, made a 350% profit last week by selling half of the shares in the US cosmetics company he purchased after it filed for bankruptcy on June 16. He...

Toyota Motor Corp.'s CEO pressed the Japanese government to make it clear that it backed hybrid vehicles as much as battery electrics or risk losing support from the auto sector, a top politician told a governing party conference.   The lobbying by Toyota President Akio Toyoda and Chairman...

As the country's power crisis subsides, Australia's energy market operator says it will lift its suspension of the country's major wholesale electricity market. The limitations will be lifted temporarily on Thursday until a final decision is reached.   Following a price increase, it banned...

According to e-commerce platforms, high-end home appliances and camping gear were among the most popular purchases among Chinese shoppers during the "618" shopping holiday, demonstrating how China's COVID-19 regulations are driving lifestyle shifts.   The event was the first large shopping...

Loretta Mester, President of the Cleveland Federal Reserve Bank, stated that it will take two years for inflation to fall to the central bank's target of 2 per cent, adding that it will "move down" gradually from its current level.   A jump in inflation, which is at its highest level in 40...

Russian gas supplies to Europe dipped further on Thursday, raising concerns about winter storage replenishment and creating a diplomatic spat as Russian producer Gazprom accused Western sanctions for impeding maintenance work.   The decrease in supplies comes as the leaders of Germany,...

Many people were surprised by the Central African Republic's decision to make Bitcoin legal tender, but the government claims that it will ensure the country's financial independence, according to a report by the BBC.    The president appeared to be mimicking Elon Musk's mysterious...

A rift is forming in India's refining sector, with private refiners tapping cheap Russian crude to improve export profits while domestically focused state refiners are constrained by high oil costs and government-capped domestic fuel prices.   While many Western consumers are shunning...

On Wednesday, oil prices rose as European Union leaders agreed to a partial and phased ban on Russian oil, and China terminated its COVID-19 lockdown in Shanghai.   By 0817 GMT, Brent crude was up $1.71, or 1.5 per cent, to $117.31 per barrel. West Texas Intermediate (WTI) crude in the...