So far, Russia's oil exports have not slowed down a bit from the war in Ukraine and international sanctions. In fact, Russia exported more oil in April than it did before the war. And high oil prices mean Moscow is raking in money. That's one reason Europe is considering a Russian oil ban: Current sanctions are not hurting Moscow enough. Europe gets more of its oil from Russia than anywhere else. It would have to make up for those banned barrels somewhere else, and that won't be easy. And it's likely to push oil prices everywhere up even further.
As U.S. farmers head to the fields to plant this year’s crops, prices for grains like corn and soybeans are near record highs. As VOA’s Kane Farabaugh reports, those high prices come with increased costs for both farmers and consumers.
Elon Musk said on Friday his $44-billion deal for Twitter Inc was temporarily on hold, citing pending details on spam and fake accounts. "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," Musk said in a tweet. Shares of the social media company fell 20% in premarket trading. Twitter did not immediately respond to a request for comment. The company had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter. It also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter. Musk, the world's richest man and the chief executive of Tesla Inc, had said that one of his priorities would be to remove "spam bots" from the platform.
A global shortage of microchips is only a part of the difficulty roiling the global automotive industry. As more drivers return to work as pandemic restrictions ease — increasing demand for new vehicles — inventory is scarce. VOA's Kane Farabaugh has more from Chicago.
The International Monetary Fund has slashed its forecast for global economic growth to 3.6% this year, saying Russia's war in Ukraine threatens a fragile recovery from disruptions caused by the pandemic. White House Bureau Chief Patsy Widakuswara has this report.
Many businesses rely on fast shipments by sea and land to get the components they need to make and distribute their products. But backups at U.S. ports and slowdowns in other modes of shipping have upended the system. VOA’s Mike O'Sullivan tells how one California toy company is coping.
The Biden administration appears set to discuss the international economic impact of the Russian invasion of Ukraine and, potentially, Ukraine's reconstruction as part of the November G-20 summit agenda. White House Bureau Chief Patsy Widakuswara has this story.
Backups at U.S. West Coast ports and supply chain problems in rail and trucking have hurt American exports and limited the choices of international consumers. For one farm commodity, California almonds, the slowdowns have affected American farmers and consumers around the world. Mike O'Sullivan reports from California's Central Valley. Camera: Roy Kim, Timothy Hong, Mike O'Sullivan Produced by: Mike O'Sullivan
The war in Ukraine and sanctions on Russia are causing even more stress in an already strained global supply chain brought on by the pandemic. To see what this means to consumers and their wallets around the world, VOA’s Elizabeth Lee went to the Rocky Point Farm in Frederick, Maryland. Camera: Mike Burke , Produced by: Mike Burke
The ten countries in the Association of Southeast Asian Nations now comprise China’s largest trading partner, having surpassed the European Union in 2020. That high level of trade between ASEAN and Beijing is about to expand even more, as Ahadian Utama reports from Jakarta, Indonesia.