BEIJING—Shares were higher in Europe and Asia on Friday after Wall Street declined on worries that the U.S. economy is headed for recession. U.S. futures were little changed while oil prices advanced. Traders worry the Federal Reserve and central banks in Europe and Asia that have raised interest rates to cool economic activity and inflation…
World Markets Rise After Recession Fears Pull Wall Street Lower
January 20, 2023
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World Economic Forum Says the Future for Cars Is in the Cloud
January 20, 2023
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The era of cars as the ultimate tool for personal freedom and mobility will, if the future the World Economic Forum (WEF) envisions comes to pass, soon be over. Cars will be something you ask to borrow and the cloud will be taking the wheel. Speaking in Davos, Qualcomm CEO Cristiano Amon said, “the car…
Activists Vandalise 130-Year-Old Iconic Painting With Logo of Energy Company
January 20, 2023
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Two activists have vandalised a 130-year-old painting in response to the supposed destruction of Indigenous art by major oil and gas company Woodside. The stunt has drawn criticism, however, from Aboriginal leader Warren Mundine who said, “Two wrongs do not make a right.” In a video released on Jan. 19 by Disrupt Burrup Hub, ceramic…
Former State Premier Urges Albanese Govt to do ‘Whatever Necessary’ to Cut Gas Prices
Former Victorian State premier Jeff Kennett has urged the Albanese government to do “whatever action is necessary” to force gas suppliers to enter into new contracts at or below the legislated price. This comes as several Australian gas retailers report having supply issues since the Federal Labor government introduced its gas price cap on Dec….
Energy Secretary Opposes GOP Push to Add Conditions for Withdrawing More Oil From National Reserves
January 19, 2023
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Business & Marketseconomyenergygas pricesPolicies & ImpactsSecretary of Energy Jennifer GranholmStrategic Production Response ActUSUS Strategic Petroleum Reserve
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U.S. Secretary of Energy Jennifer Granholm sent a letter to the House energy panel warning that the GOP push to add stipulations to the withdrawal of oil from strategic reserves will harm Americans and contribute to an increase in gas prices. Earlier this month, Rep. Cathy McMorris Rodgers (R-Wash.) introduced the Strategic Production Response Act…
Climate Poses Difficult Problem for Central Banks Given Long-Term Nature
News Analysis Central banks have their eye on climate change developments but are unequivocal in their understanding that it falls outside their mandate of ensuring stable prices. Nevertheless, central bankers strive to address the roles they think they must play and some of the thorny issues therein, such as independence from government and communications with…
Japan Marks Record Trade Deficit on Soaring Energy Imports
TOKYO—Japan recorded a record high trade deficit for 2022 of 19.97 trillion yen ($156 billion) as energy imports surged, the Finance Ministry said Thursday. The deficit was the biggest since Japan began keeping comparable records in 1979, the ministry said. Both imports and exports jumped to record highs. Exports, led by autos, rose 18 percent…
Fed Taking ‘First Step Toward Pressuring Banks’ Into Restricting Energy Investments With Climate Risk Analysis
The Federal Reserve has called on prominent American banks to conduct a pilot climate assessment for analyzing how their businesses would be impacted by “climate change,” including a transition to a low-carbon economy, despite worries that the measure will end up limiting investments in traditional energy firms. During the course of the climate scenario analysis…
Oil Slips on Bearish US Data, Crude Stocks Build
January 19, 2023
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LONDON—Oil futures fell by about 1 percent on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data. Brent crude futures lost 65 cents, or 0.8 percent, to $84.33…
Global Shares Lower After Biggest Wall Street Retreat of Year
January 19, 2023
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TOKYO—Global shares were mostly lower Thursday as investors grew cautious after Wall Street’s biggest pullback of the year. France’s CAC 40 lost 0.4 percent in early trading to 7,052.61, while Germany’s DAX edged down 0.5 percent to 15,106.21. Britain’s FTSE 100 fell nearly 0.6 percent to 7,787.49. The future for the Dow Jones Industrial Average…
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