BUSINESS

Carmakers including Germany's Volkswagen, BMW and Porsche are struggling to obtain crucial wire harnesses as suppliers in western Ukraine have been shuttered by the Russian invasion, forcing them to curtail production.

A mediator in Purdue Pharma's bankruptcy case on Wednesday indicated an agreement was being drafted between the company's owners and U.S.

The European Union is excluding seven Russian banks from the SWIFT messaging system that underpins global payment transactions as the West ratchets up sanctions on Russia over its attack against Ukraine.

U.S. private employers hired more workers than expected in February and data for the prior month was revised sharply higher to show strong job gains instead of losses, aligning with other reports that have painted an upbeat picture of the labor market.

Russian state-controlled media outlets RT and Sputnik will be banned in the European Union with immediate effect for systematic disinformation over Russia's invasion of Ukraine, the 27-country bloc said on Wednesday in an unprecedented move.

At least five superyachts owned by Russian billionaires were anchored or cruising on Wednesday in Maldives, an Indian Ocean island nation that does not have an extradition treaty with the United States, ship tracking data showed.

European and British gas prices soared on Wednesday, with a benchmark Dutch gas price hitting a record high as countries said EU sanctions against Russia could target gas shipments, while some cargos of Russian liquefied gas changed course.

Elon Musk criticized Biden as the president failed once again to mention Tesla as he recognized Ford and GM in his State of the Union speech.

Amazon founder Jeff Bezos' 417-foot-long Y721 will be the biggest sailing yacht in the world when it launches, according to reports.

Citigroup Inc set new profitability targets on Wednesday at its first "investor day" in five years, aiming for a medium-term return on equity of 11% to 12%, an improvement from its recent performance.

Citigroup Inc is aiming for a medium-term return on equity of 11% to 12%, an improvement from its recent performance, in new profitability targets set on Wednesday at its first investor day in five years.

Citigroup Inc unveiled a raft of new targets as it laid out its strategy for the next three to five years on Wednesday, but analysts remained skeptical about whether it can successfully execute the plan.

Clothes retailer Abercrombie & Fitch Co missed estimates for holiday-quarter sales and profit on Wednesday due to sector-wide product shortages and COVID-19 curbs, sending shares down about 11%.

Clothes retailer Abercrombie & Fitch Co warned of weaker margins in 2022 after missing holiday-quarter sales and profit estimates due to product shortages and COVID-19 curbs, sending shares down more than 17% in early trading on Wednesday.

Russia's largest lender Sberbank quits Europe

U.S. stock indexes rallied more than 1% on Wednesday as Federal Reserve Chair Jerome Powell signaled the central bank would start raising rates this month, although at a steady pace in the wake of the ongoing Ukraine crisis.

U.S. stock index futures notched cautious gains on Wednesday, ahead of Federal Reserve Chair Jerome Powell's testimony for clues on interest rates as the Ukraine crisis exacerbates concerns about inflation and growth.

Ford Motor Co said on Wednesday it will boost spending on electric vehicles to $50 billion, up from the previous $30 billion, through 2026 and run its EV unit separately from its legacy combustion engine business, in a move aimed at catching industry leader Tesla Inc.

Netflix enters deal to acquire Finland's Next Games

British Airways owner IAG is examining all options to cope with a volatile business environment, but does not need a rights issue for now because it can see bookings recover, its boss said.

CesiumAstro Inc, a startup that builds hardware and software for aerospace communications, said on Wednesday it has raised $60 million in funding from investors including Airbus Ventures and Kleiner Perkins.

Sanctions imposed on Russia have significantly increased the chance of the country defaulting on its dollar- and other international market government debt, analysts at JPMorgan and elsewhere warned on Wednesday.

U.S. auto dealers, flush with cash, are buying each other at a record pace, but they are not closing stores in the process.

Publicly traded U.S. shale firms are not budging on production restraint vows as oil markets surge amid Russia's invasion of Ukraine, leaving smaller producers to lead output gains during the highest prices in seven years.

Iran deal can't be 'postponed any longer': Germany's Scholz

Shares in Russia's top aluminium producer plunge

Top oil producers hold course despite Ukraine war

OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher.

OPEC+ oil producers meeting on Wednesday will likely stick to modest output rises, officials said, as OPEC heavyweights Saudi Arabia and the United Arab Emirates (UAE) recommit to their deal with Russia despite widening sanctions on Moscow and oil prices at eight-year highs.