The US will be joining its G7 peers in placing a price cap on crude coming out of Russia in a bid to both limit the Kremlin’s ability to fund its war, while cooling inflation and oil prices. The price cap has been set to take effect 5 December, the same time Europe’s six-sanction package goes live. While the US is trying to get more countries to join the oil price cap coalition, the measure will also give countries that aren’t in the coalition, like India and Indonesia, more negotiating power when it comes to paying for Russian oil.
ECB Announces Biggest Rate Hike in EU History
The European Central Bank has agreed to increase three of its key interest rates by 0.75%, or 75 basis points, in its coming interest rate decision. This is the largest one-time raise ever implemented by the ECB, and will raise the lending rate for banks to 1.25% after a 0.50% raise in July that ended years of negative interest rates in the eurozone. ECB president Christine Lagarde has said that the bank will continue raising rates to slow demand and battle rampant inflation – which reached 9.1% in August. The euro, which has been dropping against the dollar for weeks, found some relief after the ECB signalled that it will be closing the monetary policy gap with the Fed.
Roblox Jumps Into Online Advertising
Gaming and entertainment giant Roblox has announced its plans to debut advertising next year, making this the company’s first major step towards diversifying its revenue stream beyond its current transactions-based economy. Currently, Roblox’s business model includes the sale of in-game currency that can be used to purchase additional features, and licensing its merchandise. Advertising, however, is another major step for the brand to leverage its 52 million players. Online ads have already been tested with some companies including Warner Bros. and Vans to positive reception.