Updated

Oil settles up more than 1% on China demand outlook, second weekly gain

By Laila Kearney NEW YORK (Reuters) -Oil settled up about $1 a barrel on Friday and notched a second straight weekly gain as China’s economic prospects brightened, boosting expectations for fuel demand in the world’s second-biggest economy. China’s lifting of COVID-19 restrictions should bring global demand to a record high this year, the International Energy …

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Yellen says Russian oil price cap could save African countries $6 billion annually

By Andrea Shalal DAKAR (Reuters) -Russia’s war in Ukraine is hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent’s economy, U.S. Treasury Secretary Janet Yellen said in Senegal’s capital Dakar on Friday. Yellen said ending the war would be the best thing to help the global economy, but …

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U.S. hits debt ceiling as partisan standoff sparks economic worries

By David Morgan and David Lawder WASHINGTON (Reuters) – The U.S. government hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats on lifting the ceiling, which could lead to a fiscal crisis in a few months. Treasury Secretary Janet Yellen informed congressional …

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Deputy U.N. chief pushes women’s rights during visit to Taliban heartland

KABUL (Reuters) – U.N. Deputy Secretary-General Amina Mohammed expressed alarm to Taliban officials in Kandahar over violations of women’s rights in Afghanistan, the United Nations said on Friday after she made a rare visit to the Taliban’s southern heartland. Mohammed finished a four-day visit to Afghanistan on Friday, also meeting Taliban officials in the capital …

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Biden has ‘no regrets’ about timing of classified documents disclosure

By Jeff Mason APTOS, Calif. (Reuters) -U.S. President Joe Biden said on Thursday he has “no regrets” about not publicly disclosing before the midterm elections the discovery of classified documents at his former office and believed the matter will be resolved. Attorney General Merrick Garland last week named a special counsel to investigate the matter …

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India’s Reliance Industries misses profit view on windfall tax

By Sethuraman N R BENGALURU (Reuters) -Reliance Industries Ltd on Friday reported a bigger-than-expected drop in quarterly profit as India’s biggest company by market valuation took a hit from the government’s windfall tax on fuel exports. The taxes were levied on exports of gasoline, diesel and aviation fuels midway last year, halting the momentum in …

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Uyghur rights group fails in legal challenge against UK government

By Sam Tobin LONDON (Reuters) -A Uyghur rights group’s legal challenge against the British government for not investigating the import of cotton produced in the Chinese region of Xinjiang was dismissed by a London court on Friday. The World Uyghur Congress (WUC), an international organisation of exiled Uyghur groups, had taken legal action at London’s …

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