The United Kingdom has resorted to restarting a coal-fired power plant to meet demand for air conditioning after the nation was hit by a major heatwave. Temperatures in Britain hit 86 degrees Fahrenheit two weekends ago for the first time this year, pushing up demand for power as households and businesses faced unusually brutal heat….
UK Returns to Coal Power After Solar Panels Fail in Hot Weather
June 21, 2023
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China Retreats From Southeast Asia
June 21, 2023
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Commentary In yet another sign of China’s economic and financial troubles, Beijing has dramatically diminished its financial presence in Southeast Asia. Once preeminent, China finds itself today eclipsed by others. If Xi Jinping and his colleagues in Beijing still dream of global dominance, it must look further away than ever as China retreats from its…
Texas Requires State Charging Stations to Include Tesla’s Plug in Another Victory for Musk
June 21, 2023
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Tesla won a contract with the state of Texas among a series of victories that will likely pave the way in making the electric vehicle (EV) maker’s charging technology the dominant standard for powering electric vehicles in the United States. Texas announced on June 20 that it would require EV charging companies to include both…
The ‘Great Resignation’ Continues as Workers Look to Change Jobs: Survey
The “Great Resignation” looks to continue as a quarter of workers expect to change jobs in the next 12 months, up from 19 percent last year, according to a new global survey by PwC. The Great Resignation is a term coined in 2021 to describe the record number of people changing jobs or leaving the…
Recent Bank Failures Show More Oversight of Midsize Lenders Needed, Fed’s Powell Says
The collapse of Silicon Valley Bank and Signature Bank in March shows that more oversight of midsize lenders is needed, Federal Reserve Chair Jerome Powell told lawmakers in his semi-annual testimony. While banking stress occurred in the fallout of the SVB and Signature failures, the Fed Chair reiterated that “the U.S. banking system is sound…
Housing Starts See Biggest Monthly Gain Since 1990, but Trend Unsustainable
June 21, 2023
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New U.S. housing starts registered the biggest monthly increase in more than 30 years in May, but some experts raised doubts about whether the trend is sustainable. “Privately owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent above the revised April estimate of 1,340,000,” according to…
More Interest-Rate Hikes Are to Come as Inflation Pressure Still ‘Runs High’: Fed Chair Powell
June 21, 2023
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Federal Reserve chairman Jerome Powell on Wednesday affirmed that more interest-rate hikes are on the way as inflation in the United States is still too high above the central bank’s target of 2 percent. “Nearly all” participants in the policy-making Federal Open Market Committee (FOMC) “expect that it will be appropriate to raise interest rates…
ANALYSIS: US Economy Flirting With Stagflation as Prices Remain High While Economy Slows Down
June 21, 2023
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As the American economy continues to struggle with high inflation and weak economic growth, concerns about the country slipping into a stagflation are popping up. Stagflation is an economic cycle marked by slow GDP growth, high inflation, and high unemployment rate. Policymakers usually find it difficult to handle such a situation because any attempt to…
LIVE 10 AM ET: Federal Reserve Chair Powell Testifies to House Financial Committee on Semi-Annual Monetary Policy Report
June 21, 2023
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U.S. Federal Reserve System Chairman Jerome Powell testifies to the House Financial Committee on the semi-annual monetary policy report at 10:00 a.m. ET on June 21. …
LIVE NOW: Federal Reserve Chair Powell Testifies to House Financial Committee on Semi-Annual Monetary Policy Report
June 21, 2023
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U.S. Federal Reserve System Chairman Jerome Powell testifies to the House Financial Committee on the semi-annual monetary policy report at 10:00 a.m. ET on June 21. …
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