US consumer spending fell in May as Americans struggled with historically high inflation levels. Personal incomes increased by 0.5%, but decreased when adjusted for inflation and taxes. The savings rate inched up to 5.4%, but is significantly lower than its pandemic-era peak of over 30%. Last month, US consumer spending fell more than anticipated as … Read more
LONDON: Royal Dutch Shell said on Friday that it will win a boost from soaring gas prices in the fourth quarter despite supply problems, but cautioned that Omicron weighs on oil demand. Shell expects “significantly higher” gas revenues in the three months to December thanks to the “high liquid natural gas spot price environment” as it … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
