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☆ The West is struggling to set an oil price cap that hurts Russia
▼ + stars: | 2022-11-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

Putin said Thursday that Western plans to introduce oil price caps would have “grave consequences” for energy markets. The oil price cap aims to amend that policy. Shipping services and insurance could be provided to tankers transporting Russian oil — so long as it’s purchased at or below the price cap established by Western nations. “But reality will be different.”Some analysts think the price cap will ultimately be less important than Europe’s oil embargo. “Due to the EU oil embargo and the planned price cap on oil from Russia, oil production there is likely to be significantly curtailed,” Commerzbank said in a note to clients.

New York CNN Buiness —With a crippling freight rail strike looming in two weeks, leaders of four railroad unions and management of the major US freight railroads are due back at the negotiating table Tuesday afternoon. It will be the first joint negotiating session for the four unions, whose rank-and-file members rejected the five-year labor agreements similar to deals accepted by the eight other rail unions in recent months. If any one of the unions goes on strike, it would be honored by all 12 unions, which would bring US freight rail service to a halt. Union members also would receive cash bonuses of $1,000 a year. All told, the backpay and bonuses would give union members an average payment of $11,000 per worker once the deal is ratified.

☆ US-China meeting in Bali lays groundwork for stronger economic ties
▼ + stars: | 2022-11-15 | by ( Laura He | ) edition.cnn.com time to read: +5 min

That helps explain why expectations for Monday’s meeting between President Joe Biden and Chinese leader Xi Jinping on the sidelines of the G20 summit were set so low. But to the surprise of many, the meeting featured televised images of smiling officials, handshakes, and a commitment to reopening lines of communication on urgent global issues. Analysts said the meeting could lay the groundwork for stronger ties between the world’s top economic powerhouses. Speaking after the three-hour meeting, Biden described it as an “open and candid” discussion, saying he planned to manage the China relationship “responsibly.”“We’re going to compete vigorously, but I’m not looking for conflict,” Biden told reporters. “The meeting met or exceeded the low expectations set by the Biden administration and was a mild positive for global stability,” he said.

☆ BP’s profit more than doubles as calls for windfall taxes grow louder
▼ + stars: | 2022-11-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

The UK-based energy company posted underlying profit of $8.15 billion in the July to September period, compared with $3.3 billion a year ago. BP (BP)’s earnings were boosted by “exceptional” results in its gas trading business, it said in a statement on Tuesday. Also last week, America’s largest oil company, ExxonMobil set a profit record for the second straight quarter, while Chevron (CVX) and French oil company Total (TOT)Energies posted similarly huge increases. The unprecedented set of earnings is fueling renewed calls in Britain and the United States for windfall taxes on energy companies to help households that are struggling to pay rising bills. EU governments, on the other hand, agreed a windfall tax in September that they hope will raise $140 billion.

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