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Sunday, October 18, 2026
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Bank of Canada Sees Sharply Higher Inflation Outlook as Oil Surges, Macklem SaysThe Bank of Canada expects to raise its quarterly inflation forecast significantly due to persistently high crude oil and petroleum product prices. Governor Tiff Macklem warned that monetary policy may need adjustment to ensure inflation returns to the 2% target amidst geopolitical tensions.
Bank of Canada Governor Tiff Macklem indicated that rising oil prices are supporting economic growth while driving up inflation expectations. Policymakers warn of potential interest rate hikes if energy costs remain elevated.
India's Maharashtra FDA named executives from Reliance and Blinkit in a probe over expired food allegedly re-entering the supply chain. Permits were suspended after authorities found unlicensed yards diverting rejected stock to consumers.
Vitol Group oil trader Yaoyao Liu departs after 14 years and billions in profits, following recent losses tied to the Iran conflict. He stepped back from daily trading in mid-year to focus on family.
Greenpeace activists temporarily halted operations at Woodside's $12.5 billion Scarborough gas project by occupying a floating production unit off Western Australia. Woodside stated it is managing the situation safely following the unlawful access incident linked to environmental protests.
Honeywell will supply technology for GPIC's 1.7 million metric tons per year p-xylene and benzene project at its Sitra complex in Bahrain. Project schedule and investment details remain undisclosed.
The U.S. Department of Energy is funding the restart of three decommissioned nuclear plants to meet data center electricity demand. Tech giants like Google and Microsoft have secured contracts for carbon-free power as the administration pushes nuclear deployment for AI.
Rising fuel costs drive US inflation and boost ExxonMobil refining profits. EU plans import quotas on chemicals and pharmaceuticals, while El Niño threatens global crop and energy markets.
Iraq has requested IMF financial support due to lost oil export revenue caused by Strait of Hormuz tensions, following a 13% currency devaluation.
President Trump waived tariffs and sanctions on Russian energy exports under the Graham Act to lower domestic diesel prices ahead of midterm elections. This move suspends punitive measures against Moscow despite potential congressional backlash.
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