The House voted on May 23 to overturn the Biden administration’s rule on heavy-duty vehicles’ tailpipe emissions, the latest knock against the president’s environmental agenda in a closely divided Congress and the forerunner to an expected Biden veto. The short piece of legislation would roll back a rule submitted by the Environmental Protection Agency (EPA)…
House Votes Against EPA Truck Emissions Rule, Setting Up Biden Veto
May 23, 2023
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Several Federal Reserve Officials Mull 11th Round of Rate Hikes
May 23, 2023
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Several Federal Reserve officials are open to at least one more interest rate hike in the coming months to cool inflation. Several top policymakers have publicly spoken in favor of returning to the hawkish policy of the previous year at the next meeting in June, reported Fox Business. However, the central bank has come under increasing…
Former MP Says Victorian Budget a Disaster for Local Businesses
Former Victorian Liberal MP Neil Angus has criticised the Labor government for introducing a new round of taxes targeting large businesses and landowners in the 2023-2024 state budget to repay COVID-19 debts. The new taxes are part of the measures introduced by the Victorian Labor government to address the $31.5 billion (US$20.9 billion) debt incurred…
Senators Take Aim at Official Research That Supports Australia Not Going Nuclear
Official research from Australia’s CSIRO used to support the claim that nuclear is “the most expensive” form of energy has been criticised by Coalition senators. It comes after federal Labor Energy Minister Chris Bowen posted a video on social media lambasting nuclear as a viable option for Australia’s energy needs, citing the CSIRO’s 2019-20 GenCost report….
Banning Native Logging Risks Fuelling More Illegal Logging Activities: Industry
Native forest logging will soon become illegal in the Australian state of Victoria after a string of legal actions from environmental groups hamstrung logging activity. The move, which comes amid a shortage in timber supply, has been warned by the sector to lead to more illegal logging, resulting in the loss of thousands of jobs…
Retail Is the Lifeblood of America’s Cities, and It’s in Crisis
May 23, 2023
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Commentary Whole server racks (the equivalent of whole forests in the print era) have been sacrificed to stories about “The Retail Apocalypse” and the “Death of Retail.” All the stories present a binary view: retail is dead; retail isn’t dead. The truth lies somewhere in between. Retail, broadly speaking, is doing well. But retail covers…
Political and Environmental Restrictions Could Drive Housing Supply to New Lows: Report
Party politics and rules imposed by the government’s adviser for the natural environment in England could lead to see the net housing supply drop considerably, the Home Builders Federation (HBF) has warned. The housing supply could drop by up to 122,000 homes per year, HBF said in its March report (pdf), adding that in 2021/22…
Wall Street Opens Lower as Debt Ceiling Talks Remain Deadlocked
Wall Street’s main indexes opened lower on Tuesday as another round of inconclusive talks over increasing the U.S. debt limit raised the spectre of an unprecedented government default. The Dow Jones Industrial Average (.DJI) fell 95.98 points, or 0.29 percent, at the open to 33,190.60. The S&P 500 (.SPX) opened lower by 15.83 points, or…
Yellen Sounds Alarm on Default in New Warning to McCarthy on Debt Ceiling Deadlock
May 23, 2023
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Treasury Secretary Janet Yellen has issued a renewed—and alarmist—warning to House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, reiterating her earlier position that the country could run out of money to pay its debt obligations as early as June 1, but this time around expressing more confidence in her dire prediction. Yellen has repeatedly…
Eurozone Business Growth Solid in May but Shows Signs of Easing: Flash PMI
LONDON—Eurozone business growth remained resilient but slowed slightly more than thought this month as the bloc’s dominant services industry lost a little of its shine and the downturn in the manufacturing sector deepened, a survey showed on Tuesday. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and seen as…
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