Frontline Plc, the shipping giant controlled by billionaire John Fredriksen, gave up plans to buy Euronav NV and create the world’s largest publicly listed oil-tanker company after opposition from one of Belgium’s oldest shipping families.
The insurance industry is struggling to adapt to a new normal in which losses fueled by climate change are now regularly exceeding $100 billion a year.
European Central Bank Executive Board member Isabel Schnabel said borrowing costs must be lifted much further, with inflation only just having dipped back into single digits.
A spectacular turnaround in Dubai’s property market last year saw the Middle East’s financial hub break a decade-long record for total home sales and lifted rents to unprecedented levels.
After years of drought, California is in a long flood fight as waves of storms roll in off the Pacific, killing at least 14 people, closing highways up and down the state and sending residents fleeing for their lives.
Russia will monitor international prices of its crude and use the results of those observations to limit any possible price discounts that are emerging, the country’s energy ministry said.
The London Metal Exchange should tighten its rules and enforcement processes to prevent risks of market distortions, according to an independent review of the events surrounding March’s nickel crisis.
Investors in the $35 billion catastrophe bond market are demanding the highest premiums in years to cover issuers against disasters, as weather events become more extreme while interest rates rise.
The question that obsessed financial markets last year was when and where US inflation would peak. The 2023 version will likely be how far, and how fast, it comes down.
Pfizer Inc. is working with a partner in China to make the Covid-19 drug Paxlovid available there starting in the first half of the year, Chief Executive Officer Albert Bourla said in a presentation.
