BRISBANE—Business leaders at the World Mining Congress have revealed the sheer scale (and urgency) of new mining activity needed to make net zero societies feasible. The climate change movement—supposed to be about protecting the environment—will, in fact, spur mining companies to go “deeper, bigger, and faster” to meet the demand for critical minerals like lithium…
10 Tonnes of Mining Needed for One EV, CEO Reveals True Cost of Net Zero
June 30, 2023
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An Inflation Gauge Tracked by the Federal Reserve Falls to Its Lowest Point in 2 Years
WASHINGTON—An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. At the same time, consumers barely increased their spending last month, boosting it just 0.1 percent, after a solid 0.6 percent gain in April….
Wall Street Opens Higher as Apple Hits Record High, Inflation Cools
June 30, 2023
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U.S. stocks opened higher on Friday, setting up Wall Street for a strong quarterly performance, as Apple shares hit record high and signs of easing inflation offered relief to investors worried about more interest rate hikes. The Dow Jones Industrial Average rose 147.50 points, or 0.43 percent, at the open to 34,269.92. The S&P 500…
Joby Aviation Gets FAA Approval to Start Flight Tests of Electric Air Taxi
June 30, 2023
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Joby Aviation received approval from the Federal Aviation Administration (FAA) for test flights of its electric air taxi after receiving a $100 million investment from South Korea’s SK Telecom. Joby announced on June 23 that the federal aviation regulator gave the nod to start tests of its flying air taxi, as the innovative design steps…
US Weekly Jobless Claims Post Biggest Drop in 20 Months as Economy Shows Stamina
June 30, 2023
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WASHINGTON—The number of Americans filing new claims for unemployment benefits fell last week by the most in 20 months, the latest sign of the economy’s resilience that could push the Federal Reserve to resume raising interest rates in July. The unexpected decline in applications reported by the Labor Department on Thursday reversed a recent jump,…
Nvidia Reacts to Possible US Chip Restrictions to Beijing
June 30, 2023
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Nvidia is downplaying possible U.S. chip-export restrictions to China by the Biden administration. The Wall Street Journal reported on June 27 that the White House was mulling even more restrictions on artificial intelligence (AI) chip exports to China. A potential chip ban could affect Nvidia’s status as the world’s leader for the graphics processors needed to…
Dollar Firm Ahead of PCE Numbers, Briefly Pokes Head Above 145 Yen
SINGAPORE/LONDON—The yen briefly weakened past the closely watched 145 per dollar level on Friday although traders’ fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data. Barring unexpected interventions, the day’s main event for FX markets is the U.S. personal consumption expenditure…
Oil Heads for 4th Straight Quarterly Decline
LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
DeSantis Signs Bill That Could See Radioactive Mining Byproduct Used in Roads
Gov. Ron DeSantis on Thursday signed a bill that allows the Florida Department of Transportation to conduct a feasibility study to determine if the radioactive byproduct of phosphate mining can be used as a construction aggregate material for roads. The new law adds phosphogypsum to the list of “recyclable materials” that can be used as road construction…
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