LONDON/TOKYO—The dollar was little changed on Friday after jumping in the previous session, as traders analyzed a raft of central bank rate hikes and grappled with the prospect that borrowing costs still have a way to climb. The euro was flat against the dollar in early European trading at $1.063. That followed a 0.5 percent…
Oil Falls, Still Set for Weekly Gain on Demand Hopes
December 16, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil fell on Friday as the market assessed the aftermath of interest rates hikes by central banks, but was poised for a weekly gain amid supply disruption concerns and hopes for a recovery of demand in China. Brent crude futures were down $1.56, or 1.9 percent, to $79.65 per barrel at 1200 GMT. West Texas…
Stock, Bonds Stung by Hawkish Central Banks
December 16, 2022
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LONDON—World stocks were stuck near one-month lows and government bond markets came under fresh selling pressure on Friday, a day after a slew of central banks jacked up interest rates and signaled that the fight to tame inflation was not over yet. Interest rates went up in the euro area, Britain, Switzerland, Denmark, Norway, Mexico,…
Radical Swedish Professor Calls on Activists to Destroy Fossil Fuel Infrastructure
Declaring the construction of oil fields an “act of violence,” a left-wing Swedish professor and climate change activist is calling on green militants to destroy fossil fuel infrastructure. With incidents of climate protests and alleged acts of eco-terrorism on the rise in the last several months, Andreas Malm, author of “How to Blow Up a…
US Lawmakers Negotiating Over 7,500 ‘Pork-Barrel Spending’ Earmarks Totaling $16 Billion for Spending Bill
December 15, 2022
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2022 Midterm ElectionsBusiness & MarketscongressDemocratsearmarkseconomic policieseconomyinflationomnibus spending billPolicies & ImpactsPoliticspork barrel spendingRepublicansUS
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Congress is negotiating more than 7,500 “pork-barrel spending” earmarks totaling $16 billion for a year-long omnibus spending bill. The annual fiscal spending bill, which is meant to keep the federal government funded, will expire at the end of the current fiscal year, in September 2023. A ban on earmarks was instituted in the House of…
UK Central Bank Raises Interest Rates to 3.5 Percent, a New 14-Year High
The Bank of England, the UK’s central bank, has increased interest rates from 3 to 3.5 percent, a new 14-year high. At its meeting ending on Dec. 14, the bank’s nine-strong Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase the bank rate by 0.5 percentage points. It is a slowdown from…
ECB Slows Rate Hikes but Pledges Continued Inflation Fight
December 15, 2022
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FRANKFURT—The European Central Bank raised interest rates for the fourth time in a row on Thursday, although by less than at its last two meetings, pledged further hikes and laid out plans to drain cash from the financial system as part of its fight against runaway inflation. The ECB has been raising rates at an…
US Experts Worried About China Cornering Market for Old-Gen Chip Technology
December 15, 2022
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28-nanometer chipsamerican chipsBusiness & MarketsChinaChina Business & Economychip technologyCompanieseconomic policieseconomyInternationalInvestmentNational SecuritySemiconductor industrySemiconductor InvestmentsmictechnologyUSUS-China relationsWorld
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With Chinese firms increasingly focusing on boosting the production of older generation chips, experts in the United States and the Western world more broadly, are worried about the development posing a significant international security threat. Older generation chips are still critical for various technologies. For instance, 28-nanometer chips have been in use since 2011 in…
Dollar Gains After Fed Meet, BOE and ECB in Focus
LONDON—The dollar strengthened across the board on Thursday after the Federal Reserve said it would deliver more interest rate hikes next year and before meetings of the Bank of England and the European Central Bank. The euro fell 0.67 percent to $1.0611, and sterling lost 0.9 percent to $1.2316, both falling from six-month highs hit…
House Lawmakers Approve Stopgap Spending Bill, Averting Government Shutdown
December 15, 2022
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Business & Marketscongresseconomic policieseconomygovernment shutdownlawmakersPoliticsspendingUSUS News
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Congressional lawmakers voted to approve a short-term funding bill on Wednesday night that will last through Dec. 23, averting a partial government shutdown. The one-week extension resolution (pdf) passed in a 224–201 vote and will now head to the Senate to be considered. It will then be sent to President Joe Biden’s desk to be signed before midnight on Friday to…
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