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Russia’s invasion of Ukraine and the resulting international backlash has plunged energy markets into chaos, threatening dire economic consequences that rival those of the 1970s oil shocks.

Kyiv - Russia said its forces had stopped firing near two besieged Ukrainian cities on Saturday to allow safe passage to civilians fleeing fighting, but city officials said Moscow was not fully observing the partial ceasefire. The Russian defence ministry said its units had opened humanitarian corridors near the cities of Mariupol and Volnovakha which were encircled by its troops, Russia''s RIA news agency reported. In Mariupol, citizens would be allowed to leave during a five-hour window, it quoted the city''s officials as saying, as Russia''s invasion of Ukraine entered into its 10th day. The southeastern port city has come under heavy bombardment, a sign of its strategic value to Moscow due to its position between Russian-backed separatist territory in east Ukraine and the Crimean peninsula, which Moscow seized from Ukraine in 2014. "This night the shelling was harder and closer," a staff member from Doctors without Borders/Medecins sans Frontieres (MSF) said, according to the aid agency, adding there was still no power, water, heating or mobile phone links and food was scarce.

Volunteers hold a basket with hand-made cocktail Molotov’s during a self-defence civilian course on the outskirts of Lviv, western Ukraine, on March 4, 2022. (Photo by Daniel LEAL / AFP) Here are the latest developments in Russia’s war in Ukraine: Ceasefire in two cities Russia’s defence ministry announces a ceasefire to allow civilians in the besieged port city of Mariupol and the town of Volnovakha to evacuate. Mariupol’s mayor Vadim Boychenko says evacuations will begin at 0900 GMT. The strategic city of 450,000 people on the Azov Sea, which has suffered intense shelling, has been without electricity, food, water and heating for days in the depth of winter. Nuclear plant fire A fire at Europe’s biggest nuclear power station at Zaporizhzhia is put out, with Ukraine accusing Russia of “nuclear terror” in shelling the plant. Russian troops later take over the site of the reactors, which generate a fifth of Ukraine’s electricity, after firefighters say they were prevented from reaching the blaze for hours.

Declining oil intensity in GDP, rising domestic investors share are among the other reasons, says foreign advisory firm

JAKARTA, Mar 5, 2022 - (ACN Newswire) - President Joko Widodo (Jokowi) has given a period of one to two years for state-owned enterprises (SOEs) to make fundamental changes to increase their competitiveness. SOEs Minister Erick Thohir (ANTARA/HO-Kementerian BUMN/pri) On October 14, 2021, Jokowi stated that he was pleased to witness the clustering of container terminal operator and port development firm Pelindo into one holding, which was PT Pelabuhan Indonesia, to cuts logistics costs and helps improve connectivity throughout Indonesia. According to Jokowi, the clustering forms into one great power, as it builds networking with partnerships abroad. "Through partnering with overseas companies who have networks, the (SOEs'') link to all countries can become a huge power," the president remarked. Through clustering, SOE companies have shown above-standard or even excellent work performance that has contributed significantly to the state budget. According to data from the National Development Planning Board (Bappenas) in 2019, the estimated total budget for infrastructure development in the period of 2020-2024 was US$447 million or Rp6,445 trillion, and 21 percent of them came from or supported by SOEs.

It is hailed as one of the greatest action movies ever, but making Mad Max: Fury Road was far from easy. Charlize Theron, Tom Hardy, director George Miller and a huge cast of creatives recall what went down in the Namib desert Plenty of movies claim to be mad and filled with fury, taking it to the max. Very few make good on that promise. Like everyone else at the time, my gob got smacked and stayed smacked by George Miller’s deranged post-apocalyptic convoy-chase action spectacular Mad Max: Fury Road. It was so over the top that the top was a distant memory, far beneath my feet. This was a 2015 revival of Miller’s 70s/80s punk-western franchise Mad Max , taking it to a new level of strangeness and delirium. Tom Hardy plays Max Rockatansky, survivor of a global catastrophe that has made oil and water rare commodities: he does battle with a hateful warlord called Immortan Joe (Hugh Keays-Byrne) and makes common cause with a one-armed warrior bearing the gloriously Latinate name of Imperator Furiosa – an amazing performance from Charlize Theron.

Namibia''s president discusses the recent discovery of an estimated one billion barrels of oil off his country''s coast.

WASHINGTON, March 5 ― The Biden administration is weighing cutting US imports of Russian oil and ways to minimise the impact on global supplies and consumers, the White House said yesterday, as lawmakers fast-track a bill that would ban Russian…

Shares of oil and gas companies (XLE) soared 9.3% this week, marking the sector''s biggest weekly gain since October 2018, as crude oil prices rocketed past $115/bbl for the highest…

The National Leader of the All Progressives Congress (APC) and the presidential aspirant, Bola Tinubu, has revealed that he had helped Governor Kayode Fayemi and the former governors; Rauf Aregbesola and Olusegun Mimiko to become governors of their state. The former Lagos State governor also revealed that he had helped President Muhammadu Buhari to become one of Nigeria. Tinubu said this on Friday during paid a visit to the traditional rulers in the three senatorial districts of Ondo State, seeking their support for his 2023 presidential aspiration. Speaking at the palace of the Deji of Akure, the former governor of Lagos State said he had helped many people in the country to achieve their political goals. Among the beneficiaries of his political benevolence, Tinubu mentioned a former governor of Osun and Ondo States, Ogbeni Rauf Aregbesola, Dr Olusegun Mimiko respectively. He also mentioned Ekiti State Governor, Dr Kayode Fayemi, and the President Muhammadu Buhari among others. Tinubu said, “I helped Mimiko get his mandate through court after two years that he was elected.

Even before the invasion of Ukraine, the oil market was tight, as slashed shale production ran up against a rebound in demand.

Airfares to international destinations have soared along with the rise in oil prices following the Russia-Ukraine crisis, but on the domestic routes, the recent hike in airfares can be attributed to an increase in bookings, said travel industry officials on Friday. In January, during the third Covid wave, domestic airfares crashed with a drop in demand.

Lawmakers are calling for a ban on Russian oil to the United States.

NEW YORK – Global stock markets fell across the board Friday and energy prices soared after Russia attacked a major Ukrainian nuclear power plant, the largest in Europe, exacerbated worries about the hit to the continent and its economy. Europe’s main stock markets closed sharply lower, with Paris down five percent and Frankfurt losing 4.4 […] The post Stocks sink, gas and oil prices soar over Ukraine fears appeared first on Inquirer Business .