Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Commodities

31 Jan 2022

Oil Set to Witness Best Month since Supply Woes of Feb 2021 with an above 1% Hike

The Index Today

Oil surged by over 1% on Monday, closely approaching the seven-year highs from its previous session. This development benefits further from the continued geopolitical tensions in the Middle East and Eastern Europe which could spur its biggest monthly gain since February, 2021.

Brent crude soared by 1.2% at $91.10 per barrel at 0325 GMT. The U.S. West Texas Intermediate (WTI) inched up by 1.2% to $87.89 a barrel. The benchmarks are poised to hit 17% gains this month after attaining their highest ranks since October 2014 at $91.70 and $88.84, respectively.

According to Toshitaka Tazawa, a Fujitomi Securities Co Ltd. analyst, "Underlying anxiety about global supply shortages, coupled with ongoing geopolitical risks, have caused the market to start the week on a strong note." He also added, "With an expectation that OPEC+ will keep the existing policy of gradual increase of production, oil prices will likely stay on a bullish sentiment this week."

The OPEC+ is set to adhere to its original plan of proposed production hikes to reach its output goals for March, while attempting to keep up with global demand.

Clay pottery with table linens