Articles written by David Mchugh

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A price cap on Russian oil aims to starve Putin of cash. But it's largely been untested. Until now

FRANKFURT, Germany (AP) — For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Most of Moscow's crude — its main moneymaker — cost less than that. But the cap was there in...

 

Russia's ruble has tumbled. What does it mean for the wartime economy?

Russia's ruble has fallen a long way in recent months, and the country's central bank has stepped in to try to halt the slide. Until now, the government stood aside as the declining ruble helped its budget. But a weaker currency also poses the...

 

Deutsche Bank shares drop amid global jitters over banks

FRANKFURT, Germany (AP) — Shares in Deutsche Bank fell sharply Friday, dragging down other major European banks and leading German Chancellor Olaf Scholz to express confidence in the country's largest lender after fears about the global financial s...

 

Bank fears spread to Europe, drag down shares of big lenders

GENEVA (AP) — Fears about the world banking system spread to Europe on Wednesday as shares in the globally connected Swiss bank Credit Suisse plunged and dragged down other major European lenders in the wake of bank failures in the United States. A...

 

G-7, Europe reach deal for price cap on Russian diesel

BRUSSELS (AP) — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes A...

 

Inflation hits record 10% in 19 EU countries using euro

FRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as h...

 

EXPLAINER: What's Russia's Nord Stream 2 pipeline to Europe?

FRANKFURT, Germany (AP) — U.S. President Joe Biden has threatened to block the Nord Stream 2 natural gas pipeline if Russia invades Ukraine. The undersea pipeline directly links Russian gas to Europe via Germany and is complete but not yet o...

 

EXPLAINER: What happens to Europe's energy if Russia acts?

FRANKFURT, Germany (AP) — Fears are rising about what would happen to Europe's energy supply if Russia were to invade Ukraine and then shut off natural gas exports in retaliation for U.S. and European sanctions. The tensions show the risk of Europe's...

 

Airlines cancel flights due to COVID staffing shortages

NEW YORK (AP) — Airlines canceled hundreds of flights as the omicron variant jumbled schedules and drew down staffing levels at some carriers during the busy holiday travel season. Delta Air Lines and United Airlines together canceled more than 6...

 

G-20 endorses global corporate minimum tax at Rome summit

ROME (AP) — Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some m...

 

Energy crunch hits global recovery as winter approaches

Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can't find fertilizer, made using natural gas. And fears are...

 

3 US-based economists win Nobel for research on wages, jobs

STOCKHOLM (AP) — A U.S.-based economist won the Nobel prize in economics Monday for pioneering research that transformed widely held ideas about the labor force, showing how an increase in the minimum wage doesn't hinder hiring and immigrants d...

 

OPEC and allies agree to gradually boost crude oil output

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the r...

 

Automakers embrace electric vehicles. But what about buyers?

DETROIT (AP) — The world's major automakers have made something abundantly clear: They believe electric vehicles will dominate their industry in the years ahead. Yet for that to happen, they'll need to sell the idea to people like Steve Bock. When Bo...

 

Europe's employment aid keeps jobs from vanishing -- for now

PARIS (AP) — Christian Etchebest's Parisian bistro is a shadow of its usual bustling self. Five lunch specials sit in neat paper bags on the bar awaiting takeout customers — a tiny fraction of his normal midday business before the coronavirus. A ske...

 

AP Explains: The oil market meltdown and its global impact

FRANKFURT, Germany (AP) — A clash of two oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the U...

 

No ice wine for you: Warm winter nixes special German wine

FRANKFURT, Germany (AP) — A warm winter means that, for apparently the first time in the history of German winemaking, the country's fabled vineyards will produce no ice wine — a pricey, golden nectar made from grapes that have been left to freeze on...

 

Volkswagen bets big on electric. Will consumers buy in?

FRANKFURT, Germany (AP) — Volkswagen is rolling out what it bills as the breakthrough electric car for the masses, the leading edge of a wave of new battery-powered vehicles about to hit the European auto market. The cars are the result of big i...

 

Best G-7 can do for global economy: just don't make it worse

BIARRITZ, France (AP) — The global economy craves a double shot of confidence right now but the best that leaders of the Group of Seven can offer is a less intoxicating cocktail: not making things worse. Sharp differences over U.S. President D...

 

As global economic picture dims, solutions seem out of reach

WASHINGTON (AP) — As global leaders gather on two continents to take account of a darkening economic outlook, this is the picture they face: Factories are slumping, many businesses are paralyzed, global growth is sputtering and the world's two m...

 

OPEC extends oil production cuts amid weaker demand outlook

VIENNA (AP) — OPEC is extending its deal to cut production for another nine months in bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for global demand. The decision among the members of the Organization of the P...

 

Oil prices climb in wake of Iranian oil sanctions decision

NEW YORK (AP) — Global oil prices are rising in the wake of President Donald Trump's decision to impose sanctions on nations that import Iranian oil and could eventually climb to levels that would impact American consumers. Analysts said Tuesday t...

 

Climate goals mean Europe will overtake US in electric cars

PARIS (AP) — European carmakers are rolling out electric vehicles like the ones on view this week at the Paris Motor Show to burnish their reputations as technology leaders and to compete with Tesla. But also because EU regulations don't leave t...

 

Gorbachev's interpreter: Best summit deals are written down

MOSCOW (AP) — One man who knows a great deal about Washington-Moscow summits is not ready to call the latest one in Helsinki a failure, despite its confused aftermath. From 1985 to 1991, across ten summits that brought the Cold War to an end and u...

 

Merkel's fate hangs on vote by potential coalition partner

FRANKFURT, Germany (AP) — German Chancellor Angela Merkel is awaiting the results of a vote by her potential coalition partner — the center-left Social Democrats — to learn if she will be able to form a new government. The Social Democrats start...

 

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