Wall Street’s main indexes opened higher on Thursday after data showing a resilient labor market and better-than-expected economic growth last quarter helped ease worries of a deep recession, while Tesla’s bullish outlook added to the cheer. The Dow Jones Industrial Average rose 27.82 points, or 0.08 percent, at the open to 33,771.66. The S&P 500…
President Biden to Target House Republicans, Champion Achievements in Major Economic Speech
President Joe Biden will visit Virginia on Thursday to deliver a major speech on the economy and target House Republicans by describing their policy proposals as “the biggest threat” to the U.S. economy, White House officials say. Since the GOP secured a slim majority in the House of Representatives in November, the party has introduced…
Renewable Power Projects Slow in US Over High Costs and Community Opposition
January 26, 2023
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Business & Marketsclimate change agendaeconomic policieseconomyenergyEnvironmentInflation Reduction ActMarketsRenewable EnergySciencesolar energyUSUS Newswind power
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The installation of wind and solar power projects is slowing down in the United States, with some projects being canceled over persistent cost issues and community animosity. New utility-scale solar installations are estimated to have fallen by 40 percent in 2022 compared to the previous year, according to a report from research firm Wood Mackenzie….
Dollar Skulks at 8-Month Low, Central Bank Meetings in Focus
SINGAPORE/LONDON—The dollar fell to an eight-month low against its peers on Thursday, as a gloomy U.S. corporate earnings season stoked recession fears ahead of a slew of central bank meetings next week The euro squeezed its way to a new nine-month high of $1.09295 and was last just below that level, little changed on the…
Oil Prices Firm on China Demand Optimism
January 26, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose 1 percent on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected. Brent crude futures rose 78 cents, or 0.9 percent, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Hopes of Slowdown in Rate Hikes Bolster Shares Ahead of US GDP
January 26, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Stocks firmed on Thursday as investors bet that central banks meeting next week will signal a slowdown or even a pause in interest rate hikes for later in the year to make recession less likely and ease pressure on corporate earnings. Oil prices were steady after U.S. crude stocks rose less than expected, while gold…
West Virginia Targets Proxy Voting in Fight Over ESG
January 25, 2023
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2024 electionBusiness & MarketsCompanieseconomic policieseconomyenergyEnvironmentESGGold and CommoditiesInvestmentMarketsPolicies & ImpactsPoliticsRepublicansRiley MooreScienceSocial IssuesstocksUSUS NewsWest VirginiaWorld Economic Forum
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In a Jan. 25 interview with The Epoch Times, West Virginia Treasurer Riley Moore outlined a new state bill intended to ensure that proxy voting for shareholders isn’t a vehicle for environmental, social, and governance (ESG) principles that undercut the interest of those shareholders. “ESG is obviously a nonsensical investment strategy that has been distorting…
Bank of Canada Announces Pause in Rate Increases Following 0.25-Point Hike
News Analysis OTTAWA—The Bank of Canada stated that it will take a pause from raising interest rates after its quarter-point (25 basis points) hike to 4.5 percent on Jan. 25. It was an unusual move that required considerable elaboration. Governor Tiff Macklem was quick to pour cold water on the subsequent emerging talk of rate…
Americans Want Investment Funds to Maximize Profit, Not to Chase Woke Goals, Poll Reveals
January 25, 2023
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Business & Marketseconomic policieseconomyESGInvestmentinvestment fundspersonal financePoliticsSocial IssuesUS
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A new poll reported that most Americans do not want investment firms to spend their retirement money on so-called woke goals like climate change and would prefer that they focus on maximizing profits for retirement. The exclusive poll was published by Breitbart News on Jan. 24 and conducted by CRC Research for the 85 fund….
Bank of Canada Expects January’s Interest Rate Increase to Be the Last of Hiking Cycle
OTTAWA—The Bank of Canada raised its key interest rate by a quarter of a percentage point (25 basis points) to 4.5 percent on Jan. 25, and indicated that it expects that its rate-hiking cycle is complete, barring any significant future economic surprises. “If economic developments evolve broadly in line with the MPR [monetary policy report]…
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