Iran is accepting renminbi for some of the crude oil it supplies to China, industry executives in Beijing and Kuwait and Dubai-based bankers said, partly as a consequence of US sanctions aimed at limiting Tehran's nuclear programme.
For me, the issue of skyrocketing gasoline prices came into focus about four years ago, when the national average that Americans paid at the pump reached an all-time high of $4.11 a gallon. Today, the average -- up 30 cents in the last four weeks, and 13 cents in the last week alone -- is about $3.70.
Chinese media on Wednesday played up the positives in Xi Jinping's visit to Washington, avoiding mention of U.S. criticism of human rights but broaching issues of trade and U.S. discontent with the strength of the Chinese currency.
The United States has moved to freeze assets of Iran's government and financial institutions, saying they had engaged in "deceptive practices," President Barack Obama's administration announced Monday.
Australia will follow the European Union's lead in imposing sanctions on Iran's oil imports, Foreign Secretary Kevin Rudd said Tuesday in London, amid international concern over Tehran's nuclear ambitions.
Japan is prepared to gradually reduce the amount of oil it imports from Iran, Finance Minister Jun Azumi said Thursday, as the United States seeks to muster international support to put fresh pressure on Tehran over its nuclear program.
The U.S. Commerce Department said Wednesday that it would investigate allegations that Chinese solar cell manufacturers are illegally "dumping" their products on the American market at excessively cheap prices.
Turkish companies are reeling from a recent Syrian government decision to ban the import of products that have a customs tax of more than 5%. Meanwhile, the Turkish government is considering whether or not to slap punitive policies, such as possible economic sanctions, against its eastern neighbor and former close political ally.
Despite complaints from Europeans, Russia will keep intact its ban on vegetables from the European Union because of the outbreak of a rare strain of E. coli, Russian Prime Minister Vladimir Putin said Friday.
Infectious disease detectives worldwide rushed Thursday to find the cause of an outbreak of a rare strain of E. coli that has spread to 10 countries and is blamed for at least 16 deaths and hundreds of illnesses.
An outbreak of E. coli in Germany that has killed at least 16 people and left hundreds battling infection in 10 countries raises questions about what risks the infection continues to pose and what fallout it will cause.
If we have learned anything from the failed energy policies of every president since Richard Nixon, it is this: Reducing America's heavy oil import dependence is easier said than done. However, if America truly wants to return to its full potential economic growth rate, we must significantly reduce that oil import dependence.