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US gasoline prices fall below $4 for first time since March

It's not too late for a road trip: The U.S. average price of gasoline at the pump has finally fallen below $4.00 a gallon, providing a bit of relief for Americans struck by massive inflation at almost every turn.

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Mikati thanks Iraq for extending fuel supply treaty

Caretaker Prime Minister and PM-designate Najib Mikati on Thursday announced that the Iraqi government has agreed to a request from him for extending the supply of Lebanon with fuel for another year with the same terms and conditions.

The fuel will go to the cash-strapped national electricity company Electricite du Liban (EDL) to power some of its plants.

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Bank employees say won't declare strike but will seek security protection

The head of the Federation of Syndicates of Banks Employees in Lebanon, George al-Hajj, announced Thursday that the employees will not declare a strike in response to the hostage crisis at Federal Bank’s Hamra branch.

“All that we want is for this incident to end peacefully,” al-Hajj said.

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Scholz confident Germany can weather energy crisis in winter

German Chancellor Olaf Scholz pledged his government won't leave citizens freezing or unable to pay their energy bills but acknowledged Thursday that his country faces considerable challenges in the coming months.

Rising fuel costs sparked by Russia's war against Ukraine have put severe financial strain on many in Germany and beyond, raising concerns about a possible winter of discontent.

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Finance committee approves law amendments of $150M World Bank loan

The Finance and Budget Parliamentary Committee on Wednesday approved amendments to the law related to the $150 World Bank loan aimed at buying wheat, the National News Agency said.

The approval of two articles was however postponed until Thursday’s session, NNA added.

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US inflation slips from 40-year peak but remains high 8.5%

Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.

Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise more than two years.

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Russian oil shipments to central Europe expected to resume

Oil shipments from Russia through a critical pipeline to several European countries should resume soon after a problem over payments for the transit was resolved, Slovakia's economy minister said on Wednesday.

Russian state pipeline operator Transneft said Tuesday it halted shipments through the southern branch of the Druzhba oil pipeline, which flows through Ukraine to the Czech Republic, Slovakia and Hungary.

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Elon Musk sells $7B in Tesla shares ahead of Twitter fight

Elon Musk has sold nearly $7 billion worth of shares in Tesla as the billionaire gets his finances in order ahead of his court battle with Twitter.

Musk disclosed in series of regulatory filings that he unloaded about 8 million shares of his company Tesla Inc. in recent days.

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Russians buy last goods from H&M, IKEA as stores wind down

Russians are snapping up Western fashion and furniture this week as H&M and IKEA sell off the last of their inventory in Russia, moving forward with their exit from the country after it sent troops into Ukraine.

Sweden-based H&M and Netherlands-based IKEA had paused sales in Russia after the military operation began and are now looking to unload their stocks of clothing and furnishings as they wind down operations there, saying the future is unpredictable. IKEA's sales are online only, while the H&M store at the Moscow shopping mall Aviapark saw a steady stream of young shoppers Tuesday.

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New buyer sought for grain shipment after Lebanese buyer canceled order

A new buyer is being sought for the first grain shipment to leave Ukraine under a hard-won deal with Russia after the original Lebanese buyer cancelled its order, the Ukrainian embassy said.

The Sierra Leone-flagged vessel Razoni left the Ukrainian port of Odessa on August 1 carrying 26,000 tons of maize and had been expected to dock in the Lebanese port of Tripoli at the weekend.

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