Powell says ‘inflation is much too high’ and the Fed will take ‘necessary steps’ to address
Federal Reserve Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes an otherwise strong recovery.
Financial News
Saudi Aramco’s full-year profit more than doubles on soaring oil prices
Saudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion.
Biden warns Xi of global backlash if China helps Russia’s attack on Ukraine
Biden and Chinese Pres. Xi Jinping agreed to work for peace in Ukraine. But China refused to say Russia was responsible for its brutal invasion of the country.
Xi and Biden’s two-hour call focused on the need for peace in Ukraine
The call was seen as a critical test of whether Biden can convince China to stay on the sidelines of the conflict in Ukraine.
Why Russian people need tech companies to stay, not withdraw: It’s terrifying ‘how dark that place could become’
Though some Ukrainian officials have called for tech platforms to cut ties with Russia, internet freedom advocates say that could have unintended consequences.
Federal Reserve approves first interest rate hike in more than three years, sees six more ahead
The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, and said it expects to keep raising through the end of the year.
Russia could be about to default on its debt: Here’s what you need to know
Russia could be about to default on its foreign currency debts for the first time in decades, likely beginning a drawn out wrangling process.
Putin’s invasion of Ukraine will knock 30 years of progress off the Russian economy
Russia’s 40-year effort to create a Western-style market economy is one more casualty of Putin’s invasion of Ukraine.
Western arms convoys to Ukraine are ‘legitimate targets,’ Russia warns, as global risks rise
Russia has warned the West against sending further weapons to Ukraine, saying such arms convoys could now be considered “legitimate targets” for Russian forces.
Warren Buffett is still buying Occidental Petroleum, adding shares worth $1.5 billion
Buffett spent more than $1.5 billion this week to add another 27.1 million shares to Berkshire Hathaway’s stake.