Holcomb, Chambers to visit Slovakia, Israel on economic mission
The trip also will include a humanitarian component tied to Russia’s invasion of Ukraine.
International Business
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Cummins halting all business operations in Russia
Cummins has operated in Russia for decades and has 700 employees in that country, but on Friday the company said it was halting all operations in Russia “indefinitely” because of Russia’s invasion of Ukraine.
Eli Lilly cuts exports of ‘non-essential’ drugs to Russia
Additionally, the pharmaceutical giant said in a statement that it had “suspended all investments, promotional activities, and new clinical trials in Russia.”
Oil retreats to about $102 per barrel with focus on Ukraine-Russia talks
A further round of talks between Russian and Ukrainian officials on Monday will focus on discussing a potential ceasefire with an immediate withdrawal of troops and security guarantees, Ukraine negotiator Mykhailo Podolyak said.
Biden to call for end of normal trade relations between U.S., Russia
Russia is not one of the United States’ top trading partners, but the goods and services exported by both countries are still substantial.
McDonald’s, Starbucks, Coke, Pepsi join exodus out of Russia
The global brands all announced Tuesday they were temporarily suspending their business in Russia in response to the country’s invasion of Ukraine.
OPEC sticks to plan of gradual output hikes as crude soars
The leaders of OPEC and its oil-producing allies plan to gradually increase oil production while Russia’s invasion of Ukraine rattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.
Economic dangers from Russia’s invasion ripple across globe
Moscow’s war on Ukraine and the ferocious financial backlash it’s unleashed are not only inflicting an economic catastrophe on President Vladimir Putin’s Russia. The repercussions are also menacing the global economy.
Nations agree to release 60M barrels of oil amid Russian invasion
All 31 member countries of the International Energy Agency have agreed to release oil from their strategic reserves—half of that from the United States—“to send a strong message to oil markets” that there will be “no shortfall in supplies.”
Indiana House unanimously supports sanctions against Russia
An amendment approved to Senate Bill 388, which deals with foreign gifts and ownership of agricultural land, would block Russian-controlled businesses from acquiring property in Indiana for one year.
U.S. accuses China of backing away from free-trade commitments
In its annual report on Chinese compliance with WTO rules, the Office of the U.S. Trade Representative said Wednesday that China isn’t keeping the promises it made to open its markets to foreign competition.
Key U.S.-Canada bridge reopens after police clear protesters
The crossing normally carries 25% of all trade between the two countries, and the blockade on the Canadian side had disrupted business in both countries, with automakers forced to shut down several assembly plants.
COVID-19 truck blockade in Canada leads to auto plant shutdowns
The blocked bridge carries 25% of all trade between the two countries, and Canadian authorities expressed increasing worry about the economic effects.
U.S., Japan reach deal to make most steel imports tax-free
U.S. Trade Representative Katherine Tai said the agreement with Japan, along with a separate deal last year on steel with the European Union, will put them in a better place to compete against China, the world’s second largest economy.
China’s pandemic Olympics begin, with lockdown and boycotts
For Beijing, these Olympics are a confirmation of its status as world player and power. But for many outside China, particularly in the West, they have become a confirmation of the country’s increasingly authoritarian turn.
U.S. trade deficit narrows in October as exports rebound
The October deficit was the smallest monthly deficit since a $66.2 billion imbalance in April.
Qatar delegation visits Indiana to foster future business partnerships
Members from the Qatari commercial attache’s office met with Gov. Eric Holcomb, Secretary of Commerce Brad Chambers and more than 30 Indiana-based companies on Tuesday.
U.S. intel warns that China could dominate advanced technologies
U.S. officials say China’s ambitions in artificial intelligence and a range of advanced technologies could eventually give Beijing a decisive military edge and possible dominance over health care and other essential sectors in America.
U.S. regulators endorse efforts to address climate risks
The Financial Stability Oversight Council, which is headed by Treasury Secretary Janet Yellen and includes Federal Reserve Chairman Jerome Powell, acknowledged in a report that climate change is a serious economic threat.
Customs dispute jeopardizes U.S. fish stick, filet supply
The dispute at the U.S.-Canada border is threatening America’s supply of Alaska pollock, a key fish used for popular products such as fish sticks. Most fast-food fish sandwiches, including the McDonald’s Filet-O-Fish, are made from pollock.