Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…
Reaching Net Zero Will Need 450 Percent Increase in Mining: Aussie Treasurer
Reaching Net Zero Will Need 450 Percent Increase in Mining: Australian Treasurer
Australia’s Federal Treasurer, Jim Chalmers, has said that a 450 percent increase in mineral production will be needed to meet net zero by 2050. This comes as Resources Minister Madeleine King released a new strategy (pdf) for making Australia a global producer of raw and processed critical minerals. Speaking at the 26th World Mining Congress…
130 Countries Are ‘Exploring’ Central Bank Digital Currencies, Report Says
June 28, 2023
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Nearly two thirds of the countries in the world are now “exploring” central bank digital currencies (CBDCs) at one level or another, a new report says. The report, published on Wednesday by Washington-based think tank Atlantic Council, reveals that a total of 130 countries—representing 98 percent of global economy—are taking steps to convert their central…
US Federal Debt Will Soar Despite GOP-Led Cost-Cutting Efforts: CBO
June 28, 2023
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America’s public debt is projected to rise to record levels over the next three decades, according to a new Congressional Budget Office (CBO) analysis, which noted that the government’s finances have improved a bit thanks to the GOP-led debt ceiling deal but overall remain “challenging.” The new forecast, released on Wednesday by the non-partisan spending…
New Law Makes It Harder for Online Criminals to Sell Fake or Stolen Products
June 28, 2023
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A new federal law will make it harder for online criminals to sell fake or stolen products in the wake of shoplifting gangs selling products on e-commerce sites. The INFORM Consumers Act, which went into effect on June 27, is intended to limit the sales of stolen and counterfeit products online, said the Federal Trade…
Biden Touts ‘Bidenomics’ in Chicago, Says It Restores the American Dream
June 28, 2023
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President Joe Biden pitched his economic plan in a major address in Chicago, trying to persuade Americans that his strategy is producing results by creating record-breaking jobs and investments despite widespread discontent over his handling of the economy. Biden is attempting to define his economic strategy, termed “Bidenomics,” as a substantial departure from the “trickle-down”…
Oil Prices Gain 2 Percent on Big Decline in US Crude Storage
June 28, 2023
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NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas…
Texas Manufacturing Survey Falls for Fifth Straight Month
June 28, 2023
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The Federal Reserve Bank of Dallas’s Texas Manufacturing Outlook survey for June fell for the fifth straight month. Texas manufacturing output growth plunged 3 percent, to -4.2 percent in June, indicating a slight contraction in output, according to the Dallas Fed survey, published on June 26. Survey officials asked 85 regional manufacturers a series of…
House Prices Will Fall by 5 Percent This Year: Report
UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
Jeremy Hunt to Discuss Profiteering From Inflation With Consumer Watchdogs
Chancellor Jeremy Hunt is set to meet with consumer watchdogs on Wednesday amid concerns that some retailers have been raising prices to boost profits during the current period of high inflation. Retailers will face questions about failing to pass on lower costs to consumers, as Hunt meets with the Competition and Markets Authority (CMA), energy…
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