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Telfs-Buchen, Austria (CNN) Ukrainian President Volodymyr Zelensky told G7 leaders during a virtual meeting Monday that he wants the war in Ukraine to end by the end of 2022, according to a source familiar with his remarks , as leaders worked to starve Russia of its oil revenues and mitigate the economic fallout of the conflict. The dual missions -- sustain support for Ukraine while easing economic pressures at home -- have defined this year's summit of leading democracies, held high in the Bavarian Alps. While largely united, the leaders are all facing their own political imperatives to see a momentum shift in the fighting and bring an end to the conflict quickly. To that end, leaders were nearing an agreement to try capping the price of Russian oil, depriving the country of revenues that have soared amid the global spike in energy prices. Details were still being ironed out, including whether the top buyers of Russian oil would agree to the limits, but US officials … [Read more...] about G7 leaders work to ‘starve’ Russia of oil money as Zelensky says he wants the war over by the end of the year

Share to Twitter Share to Linkedin Topline Leaders of Group of Seven nations on Monday announced a support package for Ukraine, further sanctions against Russia and are reportedly nearing an agreement to set a price cap on Russian oil, a contentious issue as they debate ways to stave Putin’s war chest while mitigating spiraling inflation, soaring energy prices and an impending global food crisis. Key Facts Leaders of the G-7 —a group of the world’s seven largest economies which includes the U.S., the U.K., Canada, France, Germany, Italy and Japan— announced a suite of new measures against Moscow, including imposing higher tariffs on Russian goods, restricting Russian gold exports and imposing new sanctions on officials and organizations supporting the war effort. The group also unveiled a new support package for Ukraine, including the provision of military hardware, using the higher tariffs on Russian goods to help Ukraine and “financial, … [Read more...] about G-7 Leaders Nearing Price Cap On Russian Oil Funding Putin’s War Chest

- A + A KUALA LUMPUR (June 27): Costlier crude oil along with a stronger US dollar will erode Spritzer's Bhd profit margin, the bottled water producer admitted. "Costlier oil will translate into costlier PET resin, which is the main raw material used in making the [plastic] bottles. "PET resin is normally quoted in US dollar so a stronger US dollar would mean we will have to pay more for our PET resin," a company representative said in a brief email reply to theedgemarkets.com recently, when asked about the impact of surging oil prices on its manufacturing costs. According to the US-based PET Resin Association, PET — which is short for polyethylene terephthalate, the chemical name for polyester — is a clear, strong, and lightweight plastic made from crude oil and ethane extracted from natural gas that is widely used for packaging food and beverages, especially convenience-sized soft drinks, juices and water. Following Russia's incursion into Ukraine, oil prices … [Read more...] about Spritzer admits costlier crude oil, stronger US dollar will erode its profit margin

- A + A SCHLOSS ELMAU, Germany (June 27): The Group of Seven (G7) rich democracies will commit on Tuesday (June 28) to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior US official said on Monday. The announcement came amid news that Russia looked set to plunge into its first sovereign default in decades and Ukrainian President Volodymyr Zelenskiy spoke to address G7 leaders meeting at an alpine resort in southern Germany. "The dual objectives of G7 leaders have been to take direct aim at [Russian President Vladimir] Putin's revenues, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world," the US official said on the sidelines of the annual G7 summit. The G7 nations, which account for nearly half the world's economic output, are determined to crank up the pressure on Russia without … [Read more...] about G7 to hike sanctions on Russia, nears oil price cap deal, says US official

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 cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn't worked . Russia's government is making just as much money from energy exports as it was before the invasion. Meanwhile, inflation is surging globally, adding to political pressure on heads of state such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron. That's forcing leaders from top economies who have gathered in Germany for a G7 meeting to consider a new route: slapping price caps on Russian crude . "The goal here is to starve Russia, … [Read more...] about Price cap on Russian oil could shake up the market

- A + A NEW YORK (June 28): U.S. stocks ended a volatile trading session slightly lower on Monday after posting sharp gains the week before, while oil prices and Treasury yields rose. Oil climbed following last week's rout, as the Group of Seven nations promised to tighten the squeeze on Russia's finances with new sanctions that include a plan to cap the price of Russian oil. Investors have been hoping oil's slide from three-month peaks hit earlier in June could ease overall inflation concerns and allow the U.S. Federal Reserve to tighten policy less aggressively than initially feared. Still, data on Monday showed new orders for U.S.-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter. Stocks moved between gains and losses during the session on Wall Street, with big growth shares leading the way down. "It's not shocking given we're in a bear market that last week was a … [Read more...] about U.S. stocks fall after recent big gains; oil, yields rise

"It will be early to assume that the full impact of headwinds (that confront the global and Indian economy currently) are priced in," says Dhananjay Sinha, Managing Director and Head Strategist and Economist - Equity Research at JM Financial Institutional Securities. Gauging the markets using this monitor, JM Financial sees that 30-35 percent of the characteristics of past capitulation are visible as of now, leaving further scope for adjustments. Hence they expect commodity prices to correct further and crude would be the last to collapse, giving rise to a scenario of market capitulation. Thus, the markets may still be afar from a deep value situation, Sinha shares in an interview with Moneycontrol . Excerpts from the interview: Do you think the market fully priced in all these risk factors? Do you see any other risk that the market hasn't factored in yet? While it is true that the market now knows the various risks that confront the global and Indian economy, it will … [Read more...] about Daily Voice | More correction likely as these four risk factors not priced in yet, says Dhananjay Sinha of JM Financial

- A + A MELBOURNE (June 28): Oil prices rose about 1% in early Asian trade on Tuesday after the United Arab Emirates' energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market. The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations. U.S. West Texas Intermediate (WTI) crude futures climbed $1.07, or 1%, to $110.64 a barrel at 0028 GMT, extending a 1.8% gain in the previous session. Brent crude futures jumped $1.08, or 0.9%, to $116.17 a barrel, adding to a 1.7% rise in the previous session. "A seam of tight supply news bolstered the market. Two major producers, Saudi Arabia and the UAE, are said to be at, or very close to, near‑term capacity limits," Commonwealth Bank commodities analyst Tobin Gorey said in a … [Read more...] about Oil climbs as major producer UAE says it has no spare capacity

- A + A BENGALURU (June 28): Gold prices were steady on Tuesday (June 28) as traders refused to commit in either direction in the absence of market-moving catalysts. Spot gold held its ground at US$1,824.51 (about RM8,027.84) per ounce as of 0246 GMT. US gold futures were flat at US$1,824.50. A move by Britain, the US, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global bullion market as Russian exports to the West have already dried up. On Monday, gold was bumped higher in Asian trading by the news before quickly losing momentum to end the session lower. "The 'Russian gold ban' was the catalyst that never was. Russian assets have been a no-go since Russia's invasion, so the G7's (Group of Seven) confirmation of a gold ban was a non-event. And that leaves gold where it began the week — in the middle of a choppy range," City Index senior market analyst Matt Simpson said. Benchmark US 10-year Treasury yields … [Read more...] about Gold prices steady as investors await fresh impetus

- A + A PUTRAJAYA (June 27): The government is willing to bear the projected huge subsidy totalling RM77.3 billion for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4%, says Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed. He said the government had a choice of removing subsidies and strengthening the country’s finances to a better level, but it chose to bear the subsidies instead for the welfare and well-being of the people. Mustapa said the announcement on June 24 by Prime Minister Datuk Seri Ismail Sabri Yaakob of no increase in the water and electricity tariffs, and the chicken price not being floated showed the government’s caring side and commitment to maintaining the subsidies. Referring to the projected consumer subsidy expenditure amounting to RM77.3 billion for 2022, he said RM51 billion of it made up the biggest component of fuel, cooking oil, electricity, water, chicken … [Read more...] about Govt continues giving subsidies to stabilise prices, avoid high inflation