White House launches last ditch effort to dissuade OPEC from cutting oil production to avoid a ‘total disaster’

Washington CNN — The Biden administration has launched a full-scale pressure campaign in a last-ditch effort to deter Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter. The push comes ahead of Wednesday’s crucial meeting of OPEC+, the international cartel of oil producers that is widely expected to … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — The British pound hit a record low against the dollar on Monday … Read more

Markets hate Liz Truss’ plan for the UK. Just look at these charts

London CNN Business — When the UK government, led by the new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British Pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also … Read more

US dollar hits new 20-year high as Russia calls up reservists

London CNN Business — The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and Wednesday means threatened to use “all … Read more

Chinese company profits are collapsing as zero-Covid takes its toll

Hong Kong CNN Business — China is suffering one of its worst earnings recessions on record as Beijing’s zero-Covid policy and a real estate crisis take their toll on the country’s listed companies. More than 4,800 Chinese companies listed in Shanghai, Shenzhen and Beijing have now released their earnings for the first half of the … Read more

Ukrainian grain deal ‘lays groundwork for permanent peace environment,’ says Turkey

CNN — Some 27 ships loaded with grain have left Ukraine’s Black Sea ports since August 1 under an export deal brokered by the United Nations and Turkey, which has laid “the groundwork for a permanent peace environment,” Turkey’s Defense Minister said in a speech on Saturday. “Since August 1, a total of 53 vessels … Read more

5 takeaways from Joe Biden’s first presidential trip to the Middle East

CNN — President Joe Biden on Saturday capped a four-day trip to Israel and Saudi Arabia, his first trip to the Middle East since taking office. The President started his trip by meeting with Israeli leaders to expand security ties with the nation and discuss countering efforts by Iran to destabilize the region. He next … Read more

5 things to know on July 3, 2022: Start your week smart: Ukraine, Sydney, Uvalde, White nationalists, Tesla

This Fourth of July weekend is shaping up to be quieter than most. Much of the US is likely to see the chance of rain through Monday, putting a damper on fireworks displays. It’ll be a different story in the West, where severe drought conditions have led many cities to cancel fireworks shows altogether due … Read more

Environmental groups sue Biden administration to halt its largest onshore drilling lease sale

CNN — As President Joe Biden’s administration prepares to hold its first onshore oil and gas drilling lease sales, environmental groups have filed a new lawsuit to attempt to stop the largest of these sales, in Wyoming. It’s the second lawsuit in a week to challenge the administration on its drilling plans. The suit comes … Read more

Premarket: Price cap on Russian oil could shake up the market

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. London CNN Business — Europe and the United States have barred the import of Russian oil to … Read more