A major Norwegian energy company has reached an agreement to supply Europe’s largest economy with “blue” hydrogen. Norway’s Equinor announced an agreement on Jan. 5 to supply the German power utility, RWE, with low-carbon hydrogen, in the first step towards replacing natural gas and coal, reported Deutsche Welle. The Norwegian supplier agreed to build hydrogen fueled power…
Germany, Norway Reach Agreement on Blue Hydrogen Supplies
January 7, 2023
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blue hydrogenBusiness & Marketseconomic policieseconomyenergyenergy suppliesEuropeGermanyInvestmentMarketsNorwayrecessionRussia-Ukraine WarWorld
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UK Anti-Strike Laws May Be Challenged Under European Rights Law, Say Lawyers
January 6, 2023
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Business & Marketseconomic policiesEuropeEuropean Convention on Human RightsGrant ShappsILOindustrial actionKeir StarmerUKWorld
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The UK government’s planned legislation to ensure “minimum safety levels” during strikes may be challenged under European human rights law and international labour conventions, employment lawyers have said. The government said on Thursday that it will introduce a bill in Parliament in the coming weeks to ensure that vital public services will have to maintain…
World Food Prices Hit Record High in 2022
January 6, 2023
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Business & Marketseconomic policieseconomyenergyEuropeFAOFoodglobalGold and CommoditiesinflationMarketsRussia-Ukraine WarWorld
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PARIS—A surge in the cost of most food commodities last year, as the disruption caused by Ukraine’s conflict raised concerns of shortages, sent the U.N. food agency’s average price index to the highest level on record. The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food…
Fed’s Bullard Says Prospects for a US Soft Landing Are Rising
St. Louis Federal Reserve leader James Bullard expressed optimism on Thursday that the new year could finally bring relief from inflation, adding the risk of a U.S. recession has fallen in recent weeks. The rate-setting Federal Open Market Committee “has taken aggressive action during 2022, with ongoing increases in the policy rate planned for 2023,…
Wall Street Opens Higher as December Jobs Report Eases Rate Worries
Wall Street’s main indexes opened sharply higher on Friday, as cooling wages and a moderation in U.S. jobs growth in December calmed worries over the Federal Reserve’s rate-hike trajectory. The Dow Jones Industrial Average rose 125.22 points, or 0.38 percent, at the open to 33,055.30. The S&P 500 opened higher by 15.27 points, or 0.40…
US Economy Added 223,000 New Jobs as Labor Market Continues to Slow
The U.S. economy created 223,000 new jobs in December, down from 256,000 in November, according to the Bureau of Labor Statistics (BLS). This was slightly higher than economists’ expectations of 200,000. This represented the fifth consecutive month of slowing employment growth. The unemployment rate slipped to 3.5 percent last month, down from 3.6 percent in…
Europe’s Inflation Slows Again but Cost of Living Still High
LONDON—Europe ended a bad year for inflation with some relief as price gains eased again. While the cost of living is still painfully high, the slowdown is a sign that the worst might be over for weary consumers. The consumer price index for the 19 countries that used the euro currency rose 9.2 percent in…
Dollar Hits 4-Week Peak on Resilient US Jobs Market
LONDON—The dollar rose to an almost one-month high on Friday, after U.S. economic data highlighted a still-tight labour market that could mean the Federal Reserve keeps hiking interest rates aggressively. The number of Americans filing new claims for jobless benefits dropped to a three-month low last week while layoffs fell 43 percent in December, data…
Oil Prices Firm on Optimism Over China’s Reopening
January 6, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline. Brent crude futures rose 56 cents, or 0.71 percent, to $79.25 a barrel by 1009 GMT. U.S. West Texas Intermediate crude futures were up 60 cents, or…
Global Stocks Tepid Before US Jobs Test; Dollar Stands Tall
January 6, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON, TOKYO—Global equities were set to end the first week of 2023 on a tepid note and the dollar stood tall as fears of higher U.S. interest rates hit market sentiment. The MSCI World equity index traded steadily on Friday, on course for its fifth consecutive weekly drop despite a brief rally earlier in the…
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