Opposition Leader Peter Dutton has urged the Labor government to add more gas to Australia’s power grid to reduce energy bills for households and businesses. This comes after The Australian Energy Regulator (AER) released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in New…
Opposition Leader Calls on Australian Government to Put More Gas on the Grid
May 26, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policieseconomyenergyenergy pricesPeter DuttonRichard MarlesWorld
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Another Housing Crisis?
May 26, 2023
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2008 financial crisisBusiness & MarketsBusiness ColumnistsFederal Housing Finance AgencyOpinionViewpointsWashington
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Commentary Washington seems to have missed the lessons of 2008’s financial crisis that it seems ready to set up the nation for a second run. The last crisis had lots of moving parts and reflected many bad decisions. One of great significance was Washington’s long insistence that banks and other lenders extend more and more…
Dollar Set for 3rd Week of Gains as US Debt Talks Loom Large
LONDON—The dollar eased on Friday but stayed on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited resolution of last-ditch talks on the U.S. debt ceiling. Apparent progress on Thursday in the talks between President Joe Biden and top congressional Republican Kevin…
Oil Broadly Steady Amid OPEC+ Supply Cut Uncertainty, Demand Worries
LONDON—Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth. Brent crude was up 40 cents at $76.66 a barrel at 0959 GMT, while U.S. West Texas Intermediate rose…
Hyundai Motor Group, LG Energy Jointly Investing $4.3 Billion in EV Battery Plant in Georgia
May 26, 2023
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Business & MarketsCompaniesenergyEVGeorgiaHyundaiInvestmentLG Energy SolutionRegional & State NewsState NewsUSUS News
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South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. plan to invest 5.7 trillion won ($4.3 billion) to build an electric vehicle (EV) battery plant in the United States as part of a push to “drive the EV transition in America” and take advantage of tax credits provided by the Inflation Reduction Act (IRA). The two companies…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
McCarthy Staying in DC to Fight for Debt Ceiling Agreement ‘Worthy of American People’ as Biden Heads Home
House Speaker Kevin McCarthy (R-Calif.) declared on May 25 that he will stay in Washington, D.C. “for as long as it takes” in an effort to come to an agreement on the debt ceiling that’s “worthy of the American people.” McCarthy took to Twitter amid the ongoing political deadlock where he penned, “I’m staying in DC to…
New South Wales’ Renewable Plan Suffers Cost Blowouts and Delays
The government of the Australian state of New South Wales (NSW) has revealed that its plan to replace coal-fired power stations and transition to renewable energy will be subject to higher costs and delays. In her briefing on the Labor government’s network infrastructure strategy, NSW Energy Minister Penny Sharpe expressed concerns that the project would…
Twitter Engineering Chief Resigns Day After DeSantis Campaign Launch Glitches
May 26, 2023
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2024 electionBusiness & MarketsCompaniesElon MuskMedia & Big TechPoliticsRepublican Candidatesron desantisSocial MediaTechTech NewsTwitterUSUS News
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A senior Twitter engineer resigned on Thursday following glitches that marred the highly anticipated Twitter Spaces event in which Florida Gov. Ron DeSantis announced his presidential bid. Foad Dabiri, whose LinkedIn profile says he is Twitter’s engineering lead for growth, announced his resignation but did not mention what prompted the move. In his resignation statement,…
Ford EV Customers to Access Tesla’s 12,000 Superchargers
Ford EV customers will gain access to Tesla’s 12,000 high-speed Superchargers in North America in early 2024, according to the CEOs of the two companies. Ford CEO Jim Farley disclosed the deal during a live chat with Tesla CEO Elon Musk on Twitter Spaces on Thursday. The deal makes Ford the first major car manufacturer…
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