Oil prices end 3-day rally on demand concerns

Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.

Crude oil futures touched 13-year highs on Monday as the US and UK signalled a willingness to include the previously untouched Russian energy sector in sanctions. Meanwhile, more US firms and Chinese social media giant TikTok are suspending Russian operations, and new UK laws to sanction Russian oligarchs could mean big changes for London's luxury real estate market.

French car giant Renault announced Wednesday it was immediately suspending operations at its Moscow factory after Kyiv called for a boycott of the company for remaining in Russia.

The price of oil tumbled in early trading on Thursday, after reports that the United States was preparing to release more oil from its strategic reserves in a bid to bring down the cost for consumers. President Joe Biden is due to make an announcement later this Thursday. It would be the second time this month that the US has released oil from its stockpile. Also today, we look at how French consumers are preparing for a potential shortage of sunflower oil due to the war in Ukraine.

The coronavirus pandemic forced many companies to halt business travel almost overnight. The economic consequences for airlines and hotels have been dramatic, leaving many to wonder if corporate travel will bounce back.

The former US president has been fined $10,000 per day until he complies with a New York court order to turn over documents as part of an investigation into his business practices.

More European businesses in China are looking to shift their investments due to the country's strict coronavirus lockdowns, according to the European Chamber of Commerce.

Several cities in the country were thrown into darkness on Sunday, June 12 2022, following the collapse of the national grid for the sixth time in 2022. Here is how multiple national grid collapse is paralysing business activities in Nigeria.⁣

German businesses have been losing confidence in the current economic climate as growth prospects worsen. The ifo Institute that published the survey pointed to high energy prices.

Ports in Africa lose vast sums of money because of corrupt port officials, inefficiencies, and poor infrastructure, among others. Corruption has affected economic growth and slowed the clearance and forwarding of goods.

Trump Organization's tax evasion trial has kicked off. The number one task in the proceeding is picking a neutral jury.