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8:19 AM

Oil slides after IMF says slowing global growth engines portend tougher 2023

Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity.

Brent crude futures dropped 98 cents, or 1.1%, to $84.93 a barrel by 0148 GMT while U.S. West Texas Intermediate crude was at $79.49 a barrel, down 77 cents, or 1.0%, after the U.S. dollar strengthened. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies.

IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China - the main engines of global growth - are all slowing down simultaneously, making 2023 tougher than 2022 for the global economy.

 

7:58 AM

US not discussing joint nuclear exercises with S Korea, says President Biden

The United States is not discussing joint nuclear exercises with South Korea, President Joe Biden said Monday.

No, Biden said when a reporter asked him if he was discussing joint nuclear exercises with South Korea right now.

Biden arrived at the White House from his New Year vacation Monday night.

With his negative response, Biden rejected a proposal in this regard by his South Korean counterpart, Yoon Suk Yeol.

"The nuclear weapons belong to the United States, but planning, information sharing, exercises and training should be jointly conducted by South Korea and the United States," Yoon told The Chosun Ilbo newspaper in an interview.

7:11 AM

India raises windfall tax on crude oil, diesel and aviation turbine fuel

India has raised windfall tax on petroleum, crude oil and aviation turbine fuel, according to a government order dated Jan. 2. It raised windfall tax on crude oil to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55), effective on Tuesday, the order said. The federal government also raised export tax on diesel to 7.5 rupees per litre from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per litre from 1.5 rupees, the document showed.

7:11 AM

Won't bother bereaved PM Modi with state's dues now: West Bengal CM Mamata

West Bengal Chief Minister Mamata Banerjee on Monday said she will not bother Prime Minister Narendra Modi over the state's financial dues in his moment of personal grief as he lost his mother last week. Banerjee on several occasions has written to Modi requesting him to clear the MGNREGA dues of the state government. "I have already written to Prime Minister Narendra Modi about this on previous occasions. It's time for his mourning; I won't say anything more now," Banerjee said. The Prime Minister's mother, Heeraben Modi, died at a hospital in Ahmedabad on Friday.