LUXEMBOURG—European Union countries failed to agree on a bloc-wide response to surging energy prices in an emergency meeting of government ministers on Tuesday, with some countries seeking a regulatory overhaul and others firmly opposed. European gas prices have hit record highs this autumn and remain at lofty levels, prompting most EU countries to respond with…
Failure to Bury ‘Transitory’ Inflation Narrative Risks Sparking Biggest Fed Error in Decades: Economist
Failure on the part of the Fed to toss its stubbornly-held “transitory” inflation narrative and act more decisively to rein in persistently high price pressures raises the likelihood the central bank will need to slam on the brakes of easy money policies much more forcefully down the road, risking avoidably severe disruption to domestic and…
Third-Quarter Profits to Sparkle for Shale Producers Without Hedges
October 26, 2021
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Business & EconomyCompaniesEconomieseconomyEuropeGasInvestmentOilproducersprofitsshaleUSUS NewsWorld
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With oil and gas prices at multi-year highs, U.S. shale producers are poised to deliver the strongest earnings since the onset of the coronavirus pandemic, so long as they didn’t lock in sales tied to much lower prices. Sky-high oil and gas prices will fill energy companies’ bottom line, rewarding investors who hung on through…
World Is Facing ‘Real Shortage of Energy’ That Could Lead to Social Unrest: Blackstone Co-Founder
October 26, 2021
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Business & EconomyCompaniesEconomieseconomyFederal Reservefossil fuelsglobal warminginflationInternationalInvestmentMarketsNatural gasOilUSWorld
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The world is facing a “real shortage of energy” that could lead to social unrest, according to Blackstone Inc. co-founder Stephen Schwarzman. “We’re going to end up with a real shortage of energy,” he said at the fifth edition of the Future Investment Initiative in Riyadh, Saudi Arabia, on Tuesday, Bloomberg reported. “And when you have a…
Industrial Giant 3M Lowers Profit Outlook on Supply Chain Woes
3M Co. cut its full-year earnings forecast on Tuesday, as the diversified manufacturer battles rising inflation, supply chain bottlenecks, and higher commodity prices. While demand for goods has rebounded with massive stimulus and the reopening of economies, a labor shortage and soaring raw material prices have left U.S. manufacturers in the lurch. Shares of 3M,…
S&P, Dow Futures Hit Record Highs as Investors Eye Tech Earnings
October 26, 2021
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The S&P 500 and Dow futures hit record highs on Tuesday as Facebook rose after its quarterly results and a share buyback plan, turning the spotlight on its technology peers set to report later in the day. Facebook Inc. rose 2.5 percent in premarket trading even as the social media giant warned that Apple Inc.’s…
More Emergency Rental Aid Reaches Tenants as Treasury Seeks to Boost Disbursement
October 26, 2021
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Business & EconomyEconomieseconomyEmergency Rental Assistanceeviction moratoriumPoliticsrental aidSocial IssuesUSUS News
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September saw another monthly boost in the amount of emergency rental aid paid out to tenants under the federal rental assistance scheme, which despite efforts to pick up the pace of disbursement has so far managed to spend around a quarter of available funds to stave off evictions, according to the Treasury Department. The department said…
Inflation Outlook Key for Timing of Polish Interest Rate Rise: Central Banker Says
WARSAW—Poland’s November inflation projection may be crucial for the country’s central bank in deciding whether interest rates rise again this year, Eryk Lon, one of the most dovish members of the Monetary Policy Council (MPC), said. In an unexpected move, the bank raised its benchmark interest rate in October by 40 basis points to 0.5…
France Doesn’t Intend to Exit Air France-KLM Capital: APE Head
PARIS—France doesn’t intend to exit the capital of airline company Air France-KLM in the coming years, Martin Vial, head of the French state shareholding agency APE, said on Tuesday. Vial also told reporters that the French state could take part in any new operation involving Air France-KLM’s capital. France has a 28.60 percent stake in…
US Treasury Secretary Yellen Holds Talks With China’s Trade Negotiator
October 26, 2021
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Business & EconomyChinaChina Business & EconomyChinese Communist PartyChinese RegimeEconomieseconomyJanet YellenLiu Hephase one trade dealUSUS NewsUS-China relations
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U.S. Treasury Secretary Janet Yellen talked to China’s top trade negotiator Liu He via video call on Oct. 25, during which the two sides raised their respective concerns. Yellen “frankly raised issues of concern,” the U.S. Treasury announced in a short statement without elaborating what the issues were. The statement did add that the two…
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