News

South Korea said it was willing to support U-S. led plans to impose a price cap on Russia oil, agreeing with Washington's initiatives to limit revenue to Moscow while mitigating global inflation.

Oil gained 2.5% after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production.

The head of Libya's National Oil Corp (NOC) rejected the prime minister's authority to sack him, raising the prospect of an open struggle for control of the state energy producer.

The United States and Mexico announced a resolution to a dispute at a Panasonic auto parts plant in Mexico on Thursday, with workers receiving an above-inflation pay rise after the firm rejected an agreement with a union that lacked lawful bargaining authority.

Technology group Bosch expects supply bottlenecks for some types of chips to last into 2023 even as inflation reduces demand for certain consumer goods, the company said on Wednesday as it announced a 3 billion euro investment in chip production.

Mahindra is the latest Indian automaker to tap global green funds by hiving off its clean mobility business into a separate unit, taking a page from its rival Tata Motors' playbook

Tesla Inc boss Elon Musk said late on Sunday on Twitter that he and Google co-founder Sergey Brin remain friends and denied a report that he had been involved in an affair with Brin's wife Nicole Shanahan.

South Korea said it aimed at local sourcing for half of its materials, components and equipment in semiconductor manufacturing by 2030, up from 30% currently.