A group of investors representing over $1.5 trillion in assets under management sent demand letters on Feb. 7 to five of Europe’s biggest banks, calling on them to stop financing fossil fuel firms by the end of 2023. ShareAction—an investment group whose website states that its “vision is a world where the financial system serves…
Investors Pressure European Banks to Stop Financing New Fossil Fuel Projects
February 11, 2023
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Russian Oil Embargo Benefits No One Except India
Commentary Russia has an ace up its sleeve to evade oil sanctions imposed by Western nations: India. Most Western nations have barred direct import of Russian crude. But their losses (both Russia and Western nations) have become India’s gain. Russia has become India’s largest oil supplier. And with India’s expanding refining infrastructure, the country is…
Russia Says It Will Cut Oil Production Over Western Caps
February 10, 2023
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MOSCOW—Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly…
Global Shares Fall, Eyes on Inflation, Earnings, Growth
February 10, 2023
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TOKYO—Global shares were mostly lower on Friday after Wall Street retreated for a second day as market watchers considered earnings reports and various indicators about whether inflation is waning in the U.S. and elsewhere. France’s CAC 40 lost 0.3 percent in early trading to 7,169.30, while Germany’s DAX shed 0.4 percent to 15,455.07. Britain’s FTSE…
Oil Prices Steady After US Stockpile Swell
February 9, 2023
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LONDON—Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures gained 30 cents to $85.39 a barrel by 0856 GMT, while U.S. West Texas Intermediate (WTI) crude futures…
Oil Prices Steady After US Stockpiles Swell
February 9, 2023
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LONDON—Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures dipped 12 cents to $84.97 a barrel by 1227 GMT, while U.S. West Texas Intermediate (WTI) crude futures…
World Shares Mixed After Wall Street Falls on Rate Hike Worries
February 9, 2023
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BANGKOK—Shares advanced in Europe after a mixed session Thursday in Asia as uncertainty persists over interest rates and inflation. Benchmarks rose in Paris, London, Shanghai, and Hong Kong but fell in Tokyo, Seoul, and Sydney. U.S. futures gained while oil prices also were higher. Germany’s DAX added 1.4 percent to 15,621.11 and the CAC 40…
New York’s Malliotakis Reacts to Biden’s SOTU Address
February 9, 2023
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Rep. Nicole Malliotakis (R-N.Y.) has expressed guarded optimism about President Joe Biden’s acknowledgment during his State of the Union address on Feb. 7 that the United States is not ready to abandon fossil fuels completely. She made the comments to NTD, the television affiliate of The Epoch Times, in a Feb. 8 interview, while also expressing…
Australian Manufacturers Criticise Gas Producers for Alleged Price Gouging Practice
Australian manufacturers are calling out on gas producers as they believe the industry is withholding supply to circumvent the government’s price cap, effectively pushing local businesses to the edge of a shutdown. Following the federal government’s recent intervention, which caps wholesale gas prices at $12 per gigajoule, the east coast gas market was in a…
American Taxpayers Will ‘Fund Lucrative Tax Credits’ Worth $136 Billion For Biden’s Electric Car Agenda
February 8, 2023
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The Biden administration’s tax credits for electric vehicles (EV) could end up costing taxpayers four times more than earlier estimates, with multiple manufacturers set to collect billions in such credits over upcoming years. Among the many tax rebates in the Inflation Reduction Act (IRA) passed last year, one is specifically aimed at electric battery manufacturing….
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