According to Bloomberg, which cites persons familiar with the issue, the United States and members of the International Energy Agency (IEA) plan to transfer 240 million barrels of oil from strategic reserves to the market. "In addition to the 180 million barrels of oil already announced by (US president) Joe Biden from strategic reserves, US allies at the International Energy Agency will release...

Losses of JP Morgan Chase, one of the world's largest investment banks, due to Russia's military operation in Ukraine could amount to about $1 billion, the bank's head Jamie Dimon said. "We're not concerned about direct engagement with Russia, although we could still lose about $1 billion," Mr. Dimon said in a letter to investors cited by Reuters. The bank predicts the confllict in Ukraine and...

Chinese online clothing retailer Shein is preparing for an investment round in which the company could be valued at $100 billion, Bloomberg reported citing knowledgeable sources. According to them, Shein is already in talks with potential investors and expects to attract about $1 billion. The agency's interlocutors noted that discussions will continue, so the planned amount of funds raised and...

Bloomberg reports that total profit of US corporations climbed by 35% in 2021, according to data from the US Department of Commerce. Companies' profitability (profit to sales ratio) has exceeded 13 percent for four consecutive quarters, the highest level since 1950. These findings are mostly linked to the economy's recovery following the pandemic and increased consumer demand. Corporate pay...

Swiss company Zurich Insurance dropped the "Z" logo due to possible "misinterpretation". According to the Telegraph newspaper, Zurich Insurance has declined to use its logo featuring a single letter "Z" in social media to avoid "misinterpretation" of the symbol. "In circumstances where the letter 'Z' is shown individually and could be misunderstood, we will temporarily discontinue using it in...

Reaching a new agreement on Iran's nuclear program is "a matter of days," said European Union High Representative for Foreign Affairs and Security Policy Josep Borrell. "We are very close, but there are unresolved issues. I don't know when or how, but it's a matter of days," Borrell said at the Doha Forum international conference in Qatar. Earlier, Enrique Mora, a senior European foreign policy...

India's state-owned Indian Oil Corporation (IOC) on Wednesday bought 3 million barrels of Russian Urals crude and 2 million barrels of West African crude in a tender with delivery in May. This was reported by Deccan Herald citing sources. According to the newspaper, the Urals oil was purchased from the Vitol trader at a discount. This is the second recent purchase of Urals oil by Indian Oil...

Airbus, the aircraft manufacturer, said it is sourcing titanium directly from Russia as well as other countries, Reuters reported. "This is done in accordance with all applicable sanctions and current export control regulations," Airbus told the agency. Earlier, the Wall Street Journal reported that Boeing said it was suspending titanium purchases from Russia. It was reported last week that...

International rating agency Moody's has upgraded the issuer rating of Japanese electronics manufacturer Sony to 'A3' from 'Baa1' with a stable outlook, the agency said in a statement. "The upgrade reflects Sony's success in transforming its portfolio with businesses that have established regular, expected earnings," Moody's vice president Roman Schorr said in the release. The upgrade also...