US banks suffered nearly $19 billion in debt losses in the second quarter, the highest in more than three years , as lenders grapple with rising defaults by credit card and commercial real estate borrowers. Lenders reported write-offs (losses on loans deemed nonperforming) of $18.9 billion in the quarter, up nearly 17 percent from the…
Russia’s invasion of Ukraine prompted a shift in energy cooperation with African countries, once considered a priority for future upstream investment. Western sanctions have increased the importance of alternative energy partners and markets, including Africa, for Russia. Following the visits of several Russian delegations to African countries to discuss increased cooperation since the outbreak of…
The euro area’s abysmal performance, sinking into recession during the first quarter, occurs against a backdrop of seemingly favorable conditions. Plummeting energy and commodity prices should have provided a much-needed boost to the euro area’s GDP, bolstering its external sector through reduced imports. However, amidst this surge of irrational exuberance, the Citi global economic surprise…
US Propane Exports Hit Record High, Fueled by Growing Asian Demand and Competitive Prices In March 2023, the United States achieved a new milestone in the energy sector as propane exports hit an all-time high of 1.7 million barrels per day (b/d), marking the highest level since data collection began in 1973. Propane serves as…
According to a court document filed on Monday, the U.S. Virgin Islands issued a subpoena to Tesla CEO Elon Musk requesting records for the government’s lawsuit against JPMorgan Chase regarding sex trafficking by the bank’s late longtime client Jeffrey Epstein.
According to the Annual Energy Outlook 2023 (AEO2023), the United States is expected to witness a significant decline in coal fired generating capacity, dropping below half of 2022 levels by 2050. In one of the scenarios, known as the Reference case, there is an anticipation of a 52% reduction in coal-fired capacity to 97 gigawatts…
In response to concerning developments in US regional banks, gold and silver demonstrated strong performance throughout the week.
Stable OPEC+ Oil Exports in April Sustained by Saudi Arabia’s Increased Supply Amid Nigerian and Iraqi Disruptions
India has recently emerged as Europe’s top supplier of refined fuels while also buying record amounts of crude oil from Russia, according to data from analytics firm Kpler
When 26 African nations failed to support a UN resolution denouncing Russia’s activities in Ukraine, it caught several Western governments off guard.