South Korea’s business lobby group has warned that the Australian government’s intervention in the gas market will lead to a price hike, the same problem that the government was hoping to solve. The comment comes after the Labor government revealed on April 26 it was considering extending its controversial price cap on wholesale gas prices…
South Koreas Business Lobby WarnsAustralia’s Gas Could be Dumped If Intervention Doesn’t Stop
Stock Market Today: US Futures Subdued as Earnings Arrive
April 26, 2023
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Wall Street was slow to gain traction in premarket trading ahead of another full slate of corporate earnings and more economic data later in the week. Futures for the Dow ticked down less than 0.1 percent and the S&P 500 was essentially unchanged before the bell Wednesday. Shares of Activision Blizzard tumbled more than 11…
Australian Government Considers Extending Gas Price Controls Until 2025
The Australian government is considering extending the current gas price cap—that restricts wholesale prices—to 2025. On April 26, the Labor government announced the final round of consultation on a code of conduct for the sector, which aims to lower gas prices for local consumers. In December 2022, the federal government enacted a temporary price cap…
Government Borrowing Jumps by £18 Billion Owing to Interest Payments and Energy Bills Support
April 25, 2023
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Government borrowing jumped by £18 billion in the year to March 2023, with the figure blamed on rising interest rates and the cost of supporting energy bills. The Office for National Statistics (ONS) said public sector borrowing reached £139.2 billion in 2022/23, the fourth-highest figure since records began and £18.1 billion more than in 2021/22,…
Oil Edges up on China Demand Optimism, US Inventories in Focus
April 25, 2023
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LONDON—Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that holiday travel in China would boost fuel demand and by expectations U.S. inventories would show a drop in crude stocks. Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery…
Stocks Fall, Dollar Gains Await Earnings Litmus Test
April 25, 2023
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LONDON—Stocks fell on Tuesday, while the dollar got a lift as investors prepared for corporate earnings and macro data this week to paint a clearer picture of the health of the global economy. Last week’s U.S. bank earnings came in stronger than expected, and this week brings results for Big Tech and a number of…
Supreme Court Rejects Oil Companies’ Attempt to Move Climate Change Lawsuits to Federal Court
April 24, 2023
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The U.S. Supreme Court on Monday rejected a bid by major oil companies to move a series of climate change-related lawsuits against them out of state courts and into federal courts, where they hoped to have better odds. The justices denied (pdf) a total of five petitions from BP, Chevron, Exxon Mobil, Shell, Suncor Energy,…
White House Warns of Biden Veto if Congress Restores Solar Panel Tariffs Targeting China
April 24, 2023
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President Joe Biden is set to veto a joint resolution targeting his solar panel rule, which temporarily protects some Chinese-made equipment from tariffs, the White House warned. “This rule is necessary to satisfy the demand for reliable and clean energy while ensuring Commerce is able to rigorously enforce U.S. trade laws, hold trading partners accountable,…
IN-DEPTH: New Climate Justice Policies Will Bring ‘Energy Poverty’ to Americans, Economists Say
April 24, 2023
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As President Joe Biden issues an executive order for all federal agencies to pursue what he calls “climate justice” and simultaneously advances regulations to force Americans to transition to wind and solar energy and electric vehicles (EVs), critics say that these same policies also foster child labor in Africa, feature enormous wealth transfers from the…
ANALYSIS: New Climate Justice Policies Will Bring ‘Energy Poverty’ to Americans, Economists Say
April 24, 2023
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News analysis As President Joe Biden issues an executive order for all federal agencies to pursue what he calls “climate justice” and simultaneously advances regulations to force Americans to transition to wind and solar energy and electric vehicles (EVs), critics say that these same policies also foster child labor in Africa, feature enormous wealth transfers…
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