The UK government has relaxed strict sanctions on Russian crude oil, allowing for the import of jet fuel and diesel refined in third countries amid surging costs. A trade licence that came into effect on Wednesday permits the imports indefinitely and will be reviewed periodically. It comes at a time of growing concerns over the supply of certain fuels due to the de facto blockade of the strait of ...
The UK government has relaxed strict sanctions on Russian crude oil, allowing for the import of jet fuel and diesel refined in third countries amid surging costs. A trade licence that came into effect on Wednesday permits the imports indefinitely and will be reviewed periodically. It comes at a time of growing concerns over the supply of certain fuels due to the de facto blockade of the strait of Hormuz since the start of the US-Israeli war with Iran. For years the UK has led international efforts to put economic pressure on Russia over its war on Ukraine. On Tuesday it signed a G7 statement reaffirming its “unwavering commitment” to imposing “severe costs” on Russia. It had previously announced it would block Russian oil refined in other countries to “further restrict the flow of funds to the Kremlin”. This week the US treasury secretary, Scott Bessent, extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea, saying in a post on X that the extension would “provide additional flexibility, and we will work with these nations to provide specific licences as needed”. New figures show petrol prices have eclipsed the high set during the Iran oil crisis. Relaxing sanctions will allow imports of jet fuel from India, which was previously a key supplier to the UK and Europe. Russian crude is also refined in big quantities in Turkey. Emily Thornberry, the chair of the foreign affairs committee, said it was the wrong time to relax sanctions. She told BBC Radio 4’s Today programme: “I’ve heard from people in Ukraine overnight and I know that they are very disappointed and have been asking me why it is that Britain is doing this. “We’re talking about our allies in Ukraine who have been fighting a war bravely against Russia for years and years with our support and they have looked to Britain as one of their most important allies and they don’t understand, given that we promised that we would stop this loophole in October and we still haven...
While China’s oil and gas imports from Gulf nations plunged in April amid the Strait of Hormuz crisis during the US-Israeli war on Iran , shipments from Russia have provided Beijing with a partial buffer for its growing economy. Russia’s crude shipments to China rose 11.3 per cent year on year to nearly 9 million tonnes in April, according to Chinese customs data released on Wednesday. Advertiseme...
While China’s oil and gas imports from Gulf nations plunged in April amid the Strait of Hormuz crisis during the US-Israeli war on Iran , shipments from Russia have provided Beijing with a partial buffer for its growing economy. Russia’s crude shipments to China rose 11.3 per cent year on year to nearly 9 million tonnes in April, according to Chinese customs data released on Wednesday. Advertisement But market conditions have also shifted. Much of the discount on Russian oil and gas – long a source of cheap energy for Beijing – has shrunk following the prolonged closure of the Strait of Hormuz Month on month, the value of China’s crude imports from Russia rose 16.2 per cent in April in US dollar terms, despite a 10.8 per cent fall in quantity. Global demand for Russian barrels has surged after the United States introduced temporary sanctions waivers for oil already loaded onto tankers in a bid to stabilise global energy markets. On Monday, Washington announced another 30-day extension of the waiver. The additional demand has intensified competition for available Russian supply, with more buyers now chasing the same barrels. Advertisement “Russia’s oil is trading at prices similar to Brent, even with the discount,” said Chim Lee, senior analyst at the Economist Intelligence Unit.
Two years after severe turbulence left one passenger dead and dozens injured on a Singapore Airlines (SIA) flight, investigators have released their final report, addressing major questions about what caused the disaster. Flight SQ321, travelling from London to Singapore , was diverted to Bangkok so passengers and crew could receive medical treatment. In the immediate aftermath, multiple analysts ...
Two years after severe turbulence left one passenger dead and dozens injured on a Singapore Airlines (SIA) flight, investigators have released their final report, addressing major questions about what caused the disaster. Flight SQ321, travelling from London to Singapore , was diverted to Bangkok so passengers and crew could receive medical treatment. In the immediate aftermath, multiple analysts attributed the incident to clear-air turbulence – invisible pockets of air that can occur at high altitudes in clear skies, without warning and with no time for crew to alert passengers. Advertisement The Transport Safety Investigation Bureau (TSIB) report concluded otherwise. The turbulence was convectively induced, meaning it was associated with convective clouds and thunderstorms – generated by air movement into the storm, strong updrafts, downdrafts and outflow winds. This type of turbulence can exist outside cloud and can be encountered several thousand feet above it, and up to 32km (20 miles) laterally. TSIB noted it is common year-round in the tropics when thunderstorms develop. Advertisement Investigations found groups of clouds near the point where severe turbulence struck. One cloud’s top grew rapidly from about 27,500 feet at 7.40am UTC to about 40,000 feet within 10 minutes.
An escalating outbreak of a rare Ebola strain in the Democratic Republic of Congo has kicked off a race to find vaccines and treatments that can be quickly tested and rolled out to save lives and stem the crisis. More than 130 people have died so far during the outbreak, the World Health Organization said on Tuesday, as WHO Director General Tedros Adhanom Ghebreyesus stated he was “deeply concerne...
An escalating outbreak of a rare Ebola strain in the Democratic Republic of Congo has kicked off a race to find vaccines and treatments that can be quickly tested and rolled out to save lives and stem the crisis. More than 130 people have died so far during the outbreak, the World Health Organization said on Tuesday, as WHO Director General Tedros Adhanom Ghebreyesus stated he was “deeply concerned about the scale and speed of the epidemic ”. Tedros pointed to the emergence of cases in urban areas, the deaths of healthcare workers, and significant population movement as drivers of the spread. Advertisement It is the 17th Ebola outbreak in DR Congo, but just the third caused by the Bundibugyo strain, for which there are no approved vaccines or treatments. However scientists have developed numerous candidates for vaccines and treatments that have not yet been tested in humans. Advertisement The WHO has said it would examine the options, including a vaccine called Ervebo that targets the more common Zaire strain and has already been deployed in numerous countries.
When the market is climbing, it's easy to get excited about investing -- you might buy popular stocks of the moment and benefit from their momentum or look for undiscovered treasures that could be the next to soar. But when indexes slip, investors sometimes hesitate to invest, worrying that, after they buy a stock, it will decline further. But these times actually offer investors the best investin...
When the market is climbing, it's easy to get excited about investing -- you might buy popular stocks of the moment and benefit from their momentum or look for undiscovered treasures that could be the next to soar. But when indexes slip, investors sometimes hesitate to invest, worrying that, after they buy a stock, it will decline further. But these times actually offer investors the best investing opportunities. This is because you can get in on high-quality stocks at reasonable prices, and these players may deliver strong returns over the long run. Technology stocks are the perfect example of what to buy during such moments. Since they thrive in growth environments, even the strongest names often falter during periods of market uncertainty. Though the market isn't in a correction now, these events happen, so it's a wise idea to prepare for them. This means planning which stocks might make interesting buys the next time such a movement takes place. Let's check out the smartest tech stock to buy during every market correction. It's not what you'd expect. Continue reading
Inflation has been a beast in 2026. And it's not just higher gas prices that are hurting consumers. Everything from food to apparel seems to cost more this year. Many retirees on Social Security are no doubt struggling to keep up with rising expenses. Part of the problem is that Social Security benefits only got a modest 2.8% cost-of-living adjustment (COLA) in 2026. Inflation has been outpacing t...
Inflation has been a beast in 2026. And it's not just higher gas prices that are hurting consumers. Everything from food to apparel seems to cost more this year. Many retirees on Social Security are no doubt struggling to keep up with rising expenses. Part of the problem is that Social Security benefits only got a modest 2.8% cost-of-living adjustment (COLA) in 2026. Inflation has been outpacing that raise, causing retirees to fall behind. Many Social Security recipients are hoping for a larger COLA in 2027. And so far, the numbers seem to point to one. But a higher inflation reading in April does not guarantee a larger raise in the new year. It's too soon to predict next year's COLA It's easy to look at inflation data for clues about upcoming Social Security COLAs. In April, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.9% on an annual basis. That's the specific index Social Security COLAs are based on. But those COLAs are based on changes to the CPI-W during the third quarter of the year. So while April's data may provide a bit of insight, it can't by any means guarantee a larger 2027 COLA. After all, a lot could happen between now and the end of September. The conflict overseas could settle down, and gas prices could retreat. With that, the cost of goods could fall broadly. And to be clear, these would be good things. So it's premature to bank on any sort of specific Social Security COLA. Don't rely on a large 2027 COLA to improve your financial situation If you're hoping next year's Social Security raise will be a giant one, you may be holding out for something that doesn't happen. But even if 2027's COLA is generous, it's not necessarily going to improve your financial picture. Social Security COLAs are designed to help recipients keep up with inflation -- not beat it. Plus, a more generous raise will come at the cost of higher prices across a range of consumer categories. So what you gain in the form of boosted benefi...