Russian assets of French car maker Renault have become state property
Renault will sell its majority stake in the carmaker Avtovaz to a Russian science institute.
The French carmaker says the deal includes a six-year option to buy back the stake.
Renault says its holding of nearly 68 per cent in the company would be sold to a Russian Institute.
More than 400 companies have withdrawn from Russia since it invaded Ukraine, leaving behind assets worth billions of dollars.
It’s believed the closing of these transactions are not subject to any conditions.
Its 100 per cent shares in “Renault Russia” will go to the city of Moscow.
OPEC+ agreed to its deepest cuts to oil production since 2020
OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting
OPEC has agreed to the biggest cuts in oil output since the height of the global health crisis.
Ministers from the group of oil-producing nations, and allies including Russia, met in Vienna on Wednesday.
That marked their first in-person get-together since lockdowns made them impossible.
They agreed to slash production by 2 million barrels per day. This move could spur a recovery in oil prices.
They’ve fallen from $120 per barrel three months ago, to about $90 now.
But the decision is unlikely to go down well in Washington.
Asked if he was disappointed in U.S. ally Saudi Arabia agreeing to the cuts, Blinken said Washington has a “multiplicity of interests with regard to Saudi Arabia.”
“We are working every single day to make sure to the best of our ability that, again, energy supply from wherever is actually meeting demand in order to ensure that energy is on the market and the prices are kept low,” Blinken said.
It wanted OPEC to pump more oil, to help reduce prices ahead of U.S. midterm elections.
The Biden administration also wants to limit revenues for Russia, as part of moves to punish it for the conflict in Ukraine.
However, Saudi Arabia has refused to condemn Moscow, which is part of the broader OPEC+ grouping.
Market watchers at JPMorgan expect Washington to react with countermeasures by releasing more oil stocks.
The UAE energy minister said Wednesday’s decision was technical, not political.
The Saudis and other OPEC members say it’s aimed at calming market volatility, not targeting any particular price for oil.
Rolls Royce CEO slams aviation for failing on climate targets
Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce
Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.
Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.
Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.
Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.
Amazon halts hiring on all corporate roles
E-commerce giant is the latest of many to close all corporate job openings due to economic concern
Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.
The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.
This means more that ten thousand openings will be closed as of Monday evening.
The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.
However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.
He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”
The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.
Princess Catherine visits the Royal Surrey County Hospital
Vladimir Putin announces changes to his mobilisation orders
Liz Truss pledges to get her country through the stormy days ahead
Crypto.com accidentally transfers $10.5m to woman instead of $100
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