IBT Staff Reporter

Saudi Arabia and other OPEC states may boost oil production to offset a drop in Russian output, a move that could ease sky-high oil prices and surging inflation and may also pave the way for an ice-breaking visit to Riyadh by U.S.

Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S.

Shanghai residents' relief over the easing of a two-month COVID-19 lockdown is giving way to frustration as they face hours waiting in line for virus tests and must show negative results to be permitted to enter public spaces.

Glencore is likely to reject a $3.60 per share Chinese offer for its minority stake in coal producer Yancoal Australia Ltd as too low, two sources with knowledge of the matter said.

Italy's 'Motor Valley' proves fertile ground for supercars

Bearish bets on Asian currencies reduced on signs that China's economic pain may abate with easing of COVID-19 curbs, but analysts were still wary of future lockdowns and the direction of U.S.

Ukrainian musicians channel patriotism, anger into war anthems

Gunman kills four at Tulsa hospital in US mass shooting: police

South Korean ruling party wins landslide in local elections

Banks in China are urging regulators to relax rigid documentation rules as companies there have not been able to fulfill them due to COVID-19 lockdowns, forcing the lenders to halt services such as loan disbursements, sources said.

Indonesia's inflation rate accelerated slightly in May due to rising food prices and airfares, official data showed on Thursday, roughly in line with market expectations and within the central bank's target range.

Russian forces were attempting to extend and consolidate their hold on Ukraine's industrial city of Sievierodonetsk on Thursday, edging closer to claiming a big prize in their offensive in the eastern Donbas region.

Russian forces were attempting to extend and consolidate their hold on Ukraine's industrial city of Sievierodonetsk on Thursday, edging closer to claiming a big prize in their offensive in the eastern Donbas region.

Russian forces tightened their grip on an industrial Ukrainian city as they battle for control of the eastern Donbas region and targeted rail links used to ferry in weapons from Kyiv's Western allies as the war approaches its 100th day on Friday.

Russia tightened its grip on a key target in a battle for control of Ukraine's eastern Donbas region while President Volodymir Zelenskiy pleaded for more Western arms to help Ukraine reach a battlefield "inflection point" and prevail in the war.

Russia tightened its grip on a key target in a battle for control of Ukraine's eastern Donbas region while President Volodymir Zelenskiy pleaded for more Western arms to help Ukraine reach an "inflection point" and prevail in the war.

In Iraq, centuries-old black community still on the margins

Fashion giant Zara's owner Inditex is expected to report bumper first-quarter earnings next week, benefiting from raising prices more than rivals without damaging its sales, analysts said.

Australia is poised for a third year of near-record wheat production in 2022 as good weather boosts planting across its grain belt, easing concerns over tight global inventories.

Stern South African childhood fuelled Musk's ambition, says father

The Biden administration is in talks with Spain and Canada about taking more Western Hemisphere refugees for resettlement, people familiar with the matter said on Wednesday, signaling possible commitments that could be announced at next week's Summit of the Americas.

The 'predatory' global economy of looted antiquities

South Korean President Yoon Suk-yeol's ruling party emerged victorious in local elections, vote counts showed on Thursday, giving a boost to him and his plan to steer the economy into recovery after the COVID-19 pandemic.

OPEC debates oil output boost amid Russian isolation

Korea Shipbuilding & Offshore Engineering (KSOE) has mostly filled its order book for the next 2-1/2 years as the pandemic drove demand for container ships, leaving little room to meet the needs of the liquefied natural gas (LNG) sector, a senior company executive said.

World shares were largely steady on Thursday after recent weakness as bets Saudi Arabia may boost crude production cooled down oil prices, helping balance concerns over surging inflation and monetary policy tightening.

Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.

Pacific island leaders agree China's plan for a sweeping trade and security pact needs to be discussed at a regional meeting before any decisions are made, Samoa's leader said on Thursday.

Russia is heavily reliant on imports of everything from manufacturing equipment to consumer goods, and economists believe the worst effects of the sanctions are still to come.