The foreign ministers of New Zealand and Australia have refused to respond to questions over Taiwan’s application to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Speaking at a joint press conference in Canberra, Australian Foreign Minister Penny Wong and NZ Foreign Minister Nanaia Mahuta both refused to answer questions about Taiwan’s upcoming application, instead…
NZ and Australia Refuse to Comment on Taiwan Application to Trade Deal
December 6, 2022
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Asia & PacificAustraliaBusiness & MarketsChinaChina Business & EconomyChina-Australia RelationsChinese RegimeCPTPPeconomic policiesInternationalInternational RelationsSpecial TopicsTaiwanWorld
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FX Swap Debt a $80 Trillion ‘Blind Spot’ Global Regulator Says
LONDON—Pension funds and other ‘non-bank’ financial firms have more than $80 trillion of hidden, off-balance sheet dollar debt in FX swaps, the Bank for International Settlements (BIS) said. The BIS, dubbed the central bank to the world’s central banks, also said in its latest quarterly report that 2022’s market upheaval had largely been navigated without…
Biden Administration Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyenergyEnergy policyExecutive BranchMarketsPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsWorld
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The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
Biden Admin Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyenergyEnergy policyExecutive BranchMarketsPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsWorld
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The Biden administration has claimed it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
Russia Ignores the West and Sells Oil at About 30 Percent Above Newly Imposed Price Cap
Russia’s ESPO oil blend from the port of Kozmino was selling for around $79 a barrel on Monday, nearly 32 percent higher than the $60 price cap enforced by a coalition of Western nations—a retaliatory measure to curb Moscow’s ability to finance its invasive war in Ukraine. The ESPO blend was trading in Asian markets…
France Bans Some Flights in Name of Climate Change, Tells People to Take Trains Instead
December 5, 2022
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Business & Marketsclimate changeeconomic policieseconomyEUEuropeEuropean CommissionflightsFranceWorld
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France is banning short-haul domestic flights when there is a regular and frequent train option that takes less than two and a half hours, after a 2021 climate law, No 2021-1104, received permission from the European Commission (EC). Article 145.I of the law prohibits passenger flights “on all air routes within French territory for which…
Troops on Stand-By as UK Prepares for Public Sector Strikes Ahead of Christmas
The UK government has put hundreds of soldiers on stand-by to cover for ambulance crews, firefighters, and Border Force staff as a wave of strikes are set to disrupt crucial public services in the run-up to Christmas. According to the Cabinet Office, about 2,000 British military personnel, civil servants, and volunteers from across government have…
G7 Price Cap on Russian Oil Kicks In, Russia Will Only Sell at Market Price
December 5, 2022
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Business & Marketseconomic policieseconomyenergyEuropeG7Gold and CommoditiesMarketsOilRussia-Ukraine WarRussianUkraineWorld
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BRUSSELS—The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. The price cap, to be enforced by the…
Wall Street Opens Lower Ahead of Service Data
Wall Street’s main indexes opened lower on Monday as investors maintained a cautious stance ahead of data, including a report on the U.S. services sector, to gauge the Federal Reserve’s next move at its rate-setting meeting later this month. The Dow Jones Industrial Average fell 94.1 points, or 0.27 percent, at the open to 34335.73….
Russia Says Oil Price Cap Won’t Stop It From Financing Ukraine War Effort
December 5, 2022
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Business & Marketscrisiseconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilRussiaRussia-Ukraine WarUkraineWorld
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LONDON—Russia said on Monday that a Western price cap on its oil would destabilize global energy markets but would not affect its ability to sustain what it calls its “special military operation” in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing its response to Friday’s move by the G7 and allies, which was aimed…
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