Propagating skewed criteria, environmental, social, and governance (ESG) standards end up promoting companies with “inclusive” values and a progressive agenda rather than actual environmental or positive social impact. Recently S&P Global gave Tesla an ESG score of 37, with the electric vehicle manufacturer garnering 60 points on the “environmental” front, 34 for “governance and economic,”…
‘Why ESG Is the Devil’: How ‘Inclusive’ Companies Crush ESG Ratings
June 16, 2023
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Wall Street Opens Higher as Rate Hike Worries Ebb
Wall Street’s main indexes opened higher on Friday as signs of easing price pressures and slowing economic growth raised hopes the Federal Reserve could end its monetary tightening campaign soon. The Dow Jones Industrial Average rose 55.96 points, or 0.16 percent, at the open to 34,464.02. The S&P 500 opened higher by 15.11 points, or…
BOJ, ECB Rate Decisions Send Yen to Fresh 15-year Low Against Euro
LONDON/SINGAPORE—The yen fell to a new 15-year low against the euro on Friday after the Bank of Japan (BOJ) kept ultra-low interest rates and forecast that inflation will slow later this year in contrast with the European Central Bank’s (ECB) rate hike on Thursday. As widely expected, the BOJ maintained its -0.1 percent short-term interest…
Oil Falls as Demand Concerns Offset Supply Cuts
LONDON—Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of a percentage…
World Shares Reach 14-month Highs as Investors Shrug Off the Fed
June 16, 2023
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LONDON—Global shares rose to 14-month highs on Friday, as investors took the view that the Federal Reserve may not need to raise rates much more, while the dollar headed for its biggest weekly slide since January. The MSCI All-World index was up 0.2 percent, around its highest since mid-April 2022. This has been an intense…
Taiwan Eases Restrictions on Canadian Beef Imports
Taiwan’s government agreed Thursday to ease restrictions on imports of Canadian beef from cattle aged 30 months or older, granting Canadian beef exporters full access to the Taiwanese market. Taiwanese Food and Drug Administration (FDA) Director Wu Shou-mei said the changes will take effect immediately, but six types of offal, including brains and eyes, will…
China’s Economy Slows in May; Central Bank Cuts Interest Rate
June 16, 2023
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BEIJING—China’s economy stumbled in May with industrial output and retail sales growth missing forecasts. The economic rebound seen earlier this year has lost momentum in the second quarter, prompting China’s central bank to cut some key interest rates this week for the first time in nearly a year, with expectations of more to come. “The…
Biden Targets ‘Junk Fees’ Imposed by Businesses, Calls for More Transparency
President Joe Biden said on Thursday that his campaign to protect consumers from hidden “junk fees” is bearing fruit, with more companies agreeing to provide greater transparency in pricing. Several companies in the ticketing, lodging, and other industries have pledged to eliminate hidden fees and provide customers with all-in, upfront pricing for their products and…
Public Service Union Says Recruitment of Government Staff Should be Re-Nationalised
June 15, 2023
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The Commonwealth Public Service Union (CPSU) says the federal government should reinstate the Commonwealth Employment Services (CES) and put an end to the outsourcing of employment to recruitment agencies. The CES existed prior to 1998, when the Coalition government, under Prime Minister John Howard, privatised the bureau to a large number of community-based providers to “ensure good…
Worker Mobility Will Place People Over Robots in Future Labor Market, Experts Say
June 15, 2023
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Lant Pritchett says the world’s wealthiest nations will face a significant labor shortage, and labor mobility is the best way to deal with it. Pritchett is an economist and research director for the Labor Mobility Partnerships (LaMP). He joined Simon Johnson, professor of entrepreneurship at the Massachusetts Institute of Technology’s Sloan School of Management, on…
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