Free Republic

FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears. The decision Monday by energy ministers means the cut for October rolls back the mostly symbolic increase of the same amount in September. The move follows a statement last month from Saudi Arabia’s energy minister that the group could reduce output at any time. Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower...

ROME (AP) — Leaders of the world’s biggest economies on Saturday endorsed a global minimum tax on corporations as part of an agreement on new international tax rules, a step toward building more fairness amid skyrocketing revenues of some multinational businesses. The move by the Group of 20 summit in Rome was hailed by U.S. Treasury Secretary Janet L. Yellen as benefiting American businesses and workers. G-20 finance ministers in July had already agreed on a 15% minimum tax. Its formal endorsement at the summit Saturday in Rome of the world’s economic powerhouses was widely expected. Yellen predicted in a...