is the first time the oil industry has been criticised for taking advantage of the global supply shortage to fatten profits, back injune president biden singled out the oil giant exxon saying it had made more money than god this year. it is not the first time. swetha ramachandran is investment manager at gam investments here in london. give us your reaction to these comments from the secretary general. there is a lot of anger pointed to the oil companies but the same problem as it is with inflation, the issue of oil prices today is that they are a function of supply more than demand, given that 50% of the world s oil is controlled by 0pec which has agreed to 0mega controlled by 0pec which has agreed to omega .1 daily increase with the new arrangement and the disruption from the russian invasion of the ukraine. from the russian invasion of the ukraine. also the devil in the ukraine. also the devil in the detail the ukraine. also the devil in the detail it s the ukraine. also the
meantime, swetha, give us your opinion on russia who defaulted on debt late sunday. it was expected to happen, the russian authorities say the whole thing is a fast, the money is there, it is just because of sanctions. fast. it isjust because of sanctions. fast. it s the first default sanctions. fast. it s the first default on sanctions. fast. it s the first default on foreign - first default on foreign currency debt by russia in over 100 years and as they point out, the question isn t so much unlike other defaults, this one is not about the inability to pay financially, it is the inability to rout the money through international financial systems which have completely severed their connections to the russian financial system. it s largely symbolic because russian bonds themselves have been trading at distressed levels since march when it emerged that russia was going to be sort of divorced from the global financial system so in terms of the global debt markets, i don t ex
remedy authority said could not find anyjustification to support continuing these tariffs. this has been a popular measure to gain support among steel producing regions of the uk, even though the contribution of the steel industry overall to the economy has been steadily declining the last 30 plus years. implications of extension of the tarriffs continuing could well be a trade war on the part of partners that may feel entitled to impose import tariffs on british export of their own. tariffs on british export of their own- tariffs on british export of their own. ~ ., , , their own. what could we be in breach of their own. what could we be in breach of international - their own. what could we be in breach of international trade i breach of international trade law, which means we have the wto looking into this?- wto looking into this? yes, i thinkthat wto looking into this? yes, i think that one wto looking into this? yes, i think that one year wto looking into this? yes, i thi
import tariffs on steel. prime minister borisjohnson has signalled tariffs on steel imports that were due to expire this week could be retained. when asked whether this could lead to a possible breach of international law, johnson said it was a tough choice he was prepared to make. the possible extension would benefit british steel producers, which are already under pressure from rising energy prices. swetha ramachandran is investment manager at gam investments. good morning, sweeter, lucky to see you. let s talk about this situation, the steel tarriffs were supposed to expire and it looks like they will be extended swetha. what are the implications? extended swetha. what are the implications? the implications? sure, and as a reminder. the implications? sure, and as a reminder, britain the implications? sure, and as a reminder, britain used - the implications? sure, and as a reminder, britain used to - the implications? sure, and as a reminder, britain used to be| a reminder,