A Texas official on Monday added HSBC Holdings to an energy sanctions list, widening a crackdown on companies which in the state’s view are too focused on energy transition. Republican-led U.S. states have alleged companies are prioritizing environmental, social and governance policies (ESG) over their financial responsibilities to their shareholders. The move could prohibit Texas’…
Energy Support Schemes Drive UK Government Borrowing to February Record
March 21, 2023
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The cost of the UK government’s energy support scheme caused public sector borrowing to soar to a record £16.7 billion last month, official figures show. According to the Office for National Statistics (ONS), public sector net borrowing in February was £16.7 billion, £9.7 billion more than the same month a year ago and the highest…
When One Zombie Eats Another: Why UBS’s Rescue of Credit Suisse Changes Nothing
March 21, 2023
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Commentary What happens when one zombie eats another? All the disgusting and fetid zombie parts of the consumed simply move to the consumer. The same is true of zombie banks. When one zombie bank—full of death and corruption but better at hiding it due to superior cosmetics—eats its more visibly ill and compatriot zombie bank,…
Oil Rises for 2nd Day as Banking Fears Ease for Now
March 21, 2023
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LONDON—Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and reduce fuel demand. Sentiment across financial markets has improved after the UBS takeover of Credit Suisse, announced on Sunday, and after…
Shares Rise After Credit Suisse Deal, but Bank ‘Whack-a-Mole’ Not Over
March 21, 2023
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LONDON/SINGAPORE—Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins a two-day meeting later in the day and…
California Gov. Newsom Unveils New Plan to Curb Oil Profits, Create Gas Price Watchdog
March 21, 2023
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Business & MarketsCaliforniaeconomic policieseconomyenergyGasnewsomOilPolicies & ImpactsRegional & State NewsState NewsUSUS News
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California Gov. Gavin Newsom released a new proposal on March 20 aimed at limiting how much profit large oil companies can make and holding them “accountable” for alleged price gouging. Newsom announced in a press release that he’d reached a deal with legislative leaders regarding the proposal, which is authored by state Sen. Nancy Skinner, and…
EV Charging Making Inroads to Rural America, Tennessee and Rivian Partnership Shows
March 20, 2023
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Business & MarketsCompaniesenergyEnvironmentEV chargingEVsRegional & State NewsRivianSciencestate parksTennesseeUSUS News
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The push to electrify America’s roadways has reached Tennessee state parks in recent years, as the state partnered with electric vehicle (EV) company Rivian to install electric car chargers in some of the most remote areas of the state. For example, Fall Creek Falls State Park, the largest and most visited state park in Tennessee,…
Oil Hits Lowest Since 2021 on Banking Fears
March 20, 2023
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LONDON—Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8 percent, to $70.90 a barrel at…
Global Stocks Sink After Credit Suisse Takeover
March 20, 2023
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BEIJING—Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong’s main index slid 2.7 percent. London, Frankfurt, and Paris opened down more than 1 percent. Shanghai, Tokyo,…
New Jersey Congressmen Call for Halt of Offshore Wind Projects Amid Spate of Whale Deaths
March 17, 2023
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Republican congressmen called for a halt to offshore windfarm development and GAO oversight of the Bureau of Ocean Energy Management’s (BOEM) leasing process at a March 16 hearing on the boardwalk in Wildwood, New Jersey. Reps. Jeff Van Drew and Christopher Smith of New Jersey, Andy Harris of Maryland, and Scott Smith of Pennsylvania convened…
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