World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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Australians to Face New Wave of Electricity Bill Surges
May 25, 2023
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Australiaaustralian energy regulatorBusiness & MarketsChris Boweneconomyelectricity pricesenergyinflationWorld
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Hundreds of thousands of Australian households will see their electricity bills surge by up to $600 (US$390) this July 1 in the latest wave of price increases. The Australian Energy Regulator (AER) has released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in three…
China Is Both Supplier and Saboteur of America’s Electric Grid, Experts Say
May 24, 2023
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Business & MarketsChina Newschinese tech risksCompanieseconomic policieseconomyenergyinfrastructure actNational SecurityPolicies & ImpactsThe Green New DEalUSUS Electric Grid
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Simultaneous with efforts by the Biden administration to “green” America’s energy infrastructure, Chinese companies have become key suppliers of hardware to the U.S. electric grid that analysts fear could give China the ability to crash the grid if hostilities were ever to escalate. Americans have become so used to an uninterrupted supply of electricity that…
Oklahoma Offers Enel Solar Panel Manufacturing Facility $180 Million Incentive Package
Enel North America, through its affiliate 3Sun USA, LLC, announced on May 22 that it plans to build a solar cell and panel manufacturing facility in Inola, Oklahoma, after the state legislature agreed to a $180 million incentive package. Enel North America, a part of Italian energy company Enel Group, will receive up to $36 million…
Europe Turning Less Competitive, Losing Business to North America, Says Survey
May 24, 2023
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Business & Marketseconomic policieseconomyenergyEuropeEurope economyinflationinflation in europeInvestmentWorld
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Europe’s competitiveness is weakening and many firms are considering moving operations to North America, a survey of business leaders from the region has found. The survey (pdf), published by the European Round Table for Industry (ERT) on May 23, found that 84 percent of CEOs and Chairs believe Europe’s competitiveness is weakening, with 16 percent…
Oil Prices up After Bullish Saudi Comments
LONDON—Oil prices rose on Wednesday following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose $1.09, or 1.42 percent, to $77.93 a barrel by 1048 GMT, while U.S. West Texas Intermediate crude (WTI) gained $1.14, or 1.56 percent, to $74.05 a barrel. Saudi…
Stocks Slide on US Debt Ceiling and Inflation Woes
LONDON—Stocks lurched downwards on Wednesday as U.S. debt ceiling negotiations dragged on without resolution, stoking a general malaise in markets that saw safe haven assets like the dollar and gold hold near recent highs. The New Zealand dollar meanwhile tumbled after the central bank caught markets off-guard by flagging that its tightening cycle is over….
Will Australia Become the Next Venezuela or Will the Magic of the Market Prevail
May 23, 2023
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AustraliaAustralia energy crisisAustralian resourcesBusiness & Marketsenergyenergy transitionInternationalOpinionPeter DuttonViewpointsWorld
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Commentary Energy policy is looming as a fracture point in Australia’s political discourse. At the next election, Australians will have a clear choice between the philosophies of “magic pudding economics” and “the magic of the market.” The path Australians take will determine their long-term well-being. Energy supply and cost are key indicators of the sophistication,…
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….
Oil Slips as US Debt Ceiling Concerns Offset Tight Supply
LONDON—Oil slipped on Tuesday as investor concern over the risk of a U.S. debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers. President Joe Biden and House Speaker Kevin McCarthy ended talks on Monday with no agreement on how to…
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