State treasurers spoke out against the imposition of environmental, social and governance (ESG) scoring on public money in a June 8 press conference, with one official comparing it to the social justice-driven push for universal homeownership that helped trigger the Great Recession. “I would be very concerned about investing in green energy right now,” said…
Fearing Looming Bubble, State Treasurers Square Up Against ESG’s ‘Invisible Fist’
June 8, 2022
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Indonesia to Cut Maximum Palm Oil Export Tax and Levy to a Combined $488 per Tonne—Trade Minister
June 8, 2022
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JAKARTA— Indonesia Trade Minister Muhammad Lutfi said on Tuesday the government would bring down its combined maximum crude palm oil export and levy rate to $488 per tonne from $575 per tonne to encourage shipments. Indonesia, the world’s biggest palm oil producer, has allowed palm oil exports to resume after a three-week ban, but progress…
Indonesia to Cut Maximum Combined Palm Oil Export Tax and Levy: Trade Minister
June 8, 2022
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Asia & PacificBusiness & Marketscommoditieseconomic policieseconomyexportIndonesiaMarketsOilpalmtaxWorld
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JAKARTA—Indonesia will slash its combined maximum crude palm oil export and levy rate to $488 per metric ton from $575 to encourage shipments, Trade Minister Muhammad Lutfi said on June 7. Indonesia, the world’s biggest palm oil producer, has allowed palm oil exports to resume after a three-week ban, although progress has been slow due…
Banks Help Lead Stocks Lower in Early Going on Wall Street
NEW YORK—Banks and technology companies are leading stocks lower in morning trading on Wall Street early Wednesday, but major indexes are still holding on to gains for the week. The S&P 500 slipped 0.5 percent in the early going and the Dow Jones Industrial Average gave back 0.6 percent. Wells Fargo fell 1.5 percent in…
Oil Prices Advance Despite US Inventory Rise
LONDON—Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent crude futures were up $1.01, or 0.8 percent, at $121.58 a barrel at 0927 GMT. U.S. West Texas Intermediate crude was at $120.62 a barrel,…
World Shares Mixed After Wobbly Rally on Wall Street
BANGKOK—European markets opened mostly lower Wednesday after a day of gains in Asia as investors awaited greater clarity on where interest rates, inflation, and economies are heading. Germany’s DAX slipped 0.3 percent to 14,517.96 while the CAC 40 in Paris shed 0.2 percent to 6,489.76. Britain’s FTSE 100 was little changed at 7,602.22. The futures…
US Crude Output Still Below Pre-Crisis Levels; Slowing Production Could Weigh on Growth
Over the last month, West Texas Intermediate (WTI) crude oil prices have surged nearly 20 percent to around $120 per barrel. Despite soaring energy prices, U.S. output is still below pre-pandemic levels, with analysts pointing to Washington and cash discipline as the causes. WTI and Brent, the international benchmark for oil prices, have rallied in…
Gas Prices Hit All-Time Record as a Dozen States Reach $5 per Gallon
The nationwide price of gas on Tuesday soared to a tenth daily consecutive record high of $4.91 per gallon on average as AAA data suggests that 13 states have hit $5 per gallon or more. According to data posted by the automotive group AAA, the average price has risen to $4.919 per gallon of regular gasoline as…
US Trade Deficit Narrows Sharply as Exports Hit Record High
WASHINGTON—The U.S. trade deficit narrowed by the most in 10 years in April as exports jumped to a record high, suggesting that trade could contribute to economic growth this quarter. The Commerce Department said on Tuesday that the trade deficit dropped 19.1 percent, the largest decline since December 2012, to $87.1 billion. Exports of goods…
Oil Prices Stable as Market Juggles Risk Sentiment With Tight Supplies
LONDON—Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID-19 curbs. Brent crude futures were down 38 cents, or 0.3 percent, at $119.13 barrel at 0926 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 25 cents, or…
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