LONDON—European markets rebounded on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed traders up for an European Central Bank interest rate decision later. Credit Suisse’s shares leapt more than 20 percent and the main European indexes and Swiss franc all rose around 1 percent in early trading,…
ECB Rate Hike Expected After Switzerland Backs Credit Suisse
March 16, 2023
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Redefining Capitalism: The Chalmers Prescription
March 16, 2023
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Commentary The Australian Federal Treasurer, Jim Chalmers, recently published a 6,000-word essay, entitled “Capitalism after the Crises.” In it, he argues that it is Australia’s mission “to redefine and reform our economy and institutions in ways that make our people and communities more resilient, and our society and democracy stronger as well.” He advocates for…
Australians Could Struggle to Stay Warm This Upcoming Winter as Gas Shortage Looms
March 15, 2023
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Australians could struggle to stay warm this winter after the energy market regulator warned of a potential gas shortage. Daniel Westerman, CEO of the Australian Energy Market Operator (AEMO), said that as the country transitioned to net-zero, the southern—and colder—states of New South Wales, Victoria, Tasmania, the Australian Capital Territory and South Australia could be affected….
EPA Issues New Rule to Curb Interstate Smog
March 15, 2023
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The U.S. Environmental Protection Agency (EPA) issued a new “final rule” on Wednesday aimed at curbing nitrogen oxide pollution—a key component of smog. The rule specifically targets power plants and other industrial facilities in 23 states in the hopes of protecting air quality for those living downwind. The EPA has termed this type of rule…
Mississippi Gov. Signs Bill Enacting Level Playing Field for Electric Vehicle Companies and Traditional Dealerships
March 15, 2023
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Mississippi Gov. Tate Reeves signed a bill requiring electric car companies to sell vehicles through local businesses instead of stores owned by the company. “Almost 200 small businesses in communities across our state are seeking assurances that big manufacturers can’t just destroy their businesses. That’s fair!” Reeves, a Republican, said on social media, adding that…
Australians to Face Steep Electricity Price Increases Despite Coal and Gas Price Caps
Australian households struggling with high living costs will be hit harder when the winter comes as electricity prices are expected to rise sharply in the next few months. However, regulators said the price rises would be much lower than what was forecasted before the federal government intervened in the energy market by capping coal and…
UK Reclassifies Nuclear Power as Environmentally Sustainable
Nuclear energy is set to be classified as sustainable so the industry can have the same access to investment incentives as renewables, the UK chancellor has said. In his Spring Budget delivered on Wednesday, Chancellor of the Exchequer Jeremy Hunt said the government will launch a Great British Nuclear scheme to “bring down costs” and…
Household Energy Bill Cap Extended for Further 3 Months, UK Government Says
The UK government will extend the cap on household energy bills for three more months, the chancellor has announced ahead of the Spring Budget. To protect British households against high energy prices exacerbated by the Russian invasion of Ukraine, the government launched the Energy Price Guarantee last year, which has capped annual energy costs to…
Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
March 15, 2023
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LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks…
Credit Suisse Unease Sparks Fresh Selloff in World Stocks
March 15, 2023
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LONDON—Renewed unease gripped world markets on Wednesday as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of…
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