Opposition leader Peter Dutton has delivered a stinging criticism of the Labor government’s economic policies and accused it of experimenting with socialism. Dutton launched salvos at the government’s net-zero policy, near-compulsory multi-employer bargaining laws, and superannuation changes, as well as questioning its commitment to the Stage Three individual tax cuts. “In his meandering essay, Treasurer…
Opposition Leader Uses S-Word to Describe Labor Government’s Economic Policies
Retirements of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections
March 7, 2023
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News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…
Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections
March 7, 2023
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Business & Marketseconomic policiesenergyERISAESG investingExecutive BranchinflationInvestmentpension planspersonal financePoliticsUS
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News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…
Chevron CEO Warns That Premature Transition to Low-Carbon Would Be ‘Painful and Chaotic’
Chevron CEO Mike Wirth said that maintaining secure and affordable energy supplies amid the push to decarbonize is one of the biggest challenges of the day while warning that a premature shift to low-carbon risks a disorderly transition that would be “painful and chaotic.” Wirth made the remarks during Monday’s session of S&P Global’s CERAWeek…
Oil Steady as Market Juggles Supply and Demand Fears
March 7, 2023
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LONDON—Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply. Brent crude futures fell 22 cents, or 0.26 percent, to $85.96 a barrel by 1043 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.2 percent, at…
Global Shares Mixed as Investors Watch Fed Moves, Inflation
March 7, 2023
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TOKYO—Global shares were mixed in muted trading Tuesday as investors tried to digest a slew of economic data and awaited moves by the U.S. Federal Reserve. France’s CAC 40 fell 0.1 percent in early trading to 7,363.24. Germany’s DAX added nearly 0.1 percent to 15,659.63. Britain’s FTSE 100 edged up less than 0.1 percent to…
Labor Refuses Greens’ Proposal to Ban Coal and Gas Projects in Climate Safeguard Mechanism
Climate Change and Energy Minister Chris Bowen has brushed off the Greens’ proposal to ban coal and gas developments as the centre-left government seeks to pass the climate safeguard mechanism in the upper house. Labor’s safeguard mechanism, which would deal the resource sector a heavy blow, would mandate Australia’s 215 businesses that emit the highest…
California Nuclear Plant Is Granted Exemption from Closing
Government regulators last week granted California’s largest nuclear power plant an exemption that could allow it to continue producing electricity after the expiration of its federal operating licenses. The double-reactor Diablo Canyon plant was scheduled to close in 2025. But the federal exemption will allow it to continue while the Nuclear Regulatory Commission (NRC) reviews…
World Stocks Gain After Wall Street Has Best Day in 6 Weeks
March 6, 2023
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BANGKOK—Shares were mostly higher Monday in Europe and Asia after strong data on the U.S. economy sent Wall Street to its best close in six weeks. Germany’s DAX gained 0.4 percent to 15,644.08 and the CAC 40 in Paris was up 0.7 percent at 7,397.31. London’s FTSE 100 edged 0.1 percent lower to 7,941.38. The…
Oil Down on China Outlook, Spotlight on Powell Testimony
March 6, 2023
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Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5 percent, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week. Brent crude futures were trading down 53 cents, or 0.6 percent, at $85.30 a barrel at 0735 GMT. U.S. West Texas…
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