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British pounds falls to lowest level since 1985

The British pound has never fallen below parity with the US dollar.

But the UK’s economic woes are edging the pound to a historic first.

Overnight, the British pound fell to its lowest level against the USD since 1985.

Source: Wall Street Journal 

Reuters: global oil companies are investing in offshore drilling, reversing spending decline

Reuters reported that global oil companies are reversing a long decline in spending by investing billions of dollars into offshore drilling.

“Surging oil prices are encouraging the investments, along with Europe’s mounting energy demand as the Ukraine-Russia war drags on.

“Offshore production sites are more expensive to build than onshore shale, the last decade’s investment darling. But once they are up and running, they can turn profits at lower prices than other forms of production, according to consultancy Rystad Energy.

“They are also designed to pump oil for decades, a counterintuitive move that could …

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