BERLIN/AMSTERDAM/MILAN—Europeans snapped up smartphones, Christmas decorations, sweaters, and jewelry during a surge in shopping over the Black Friday weekend, though prospects for the festive season remained gloomy, retailers said. A survey of 400 businesses by Germany’s HDE retailers’ association showed just over half of merchants said they were still dissatisfied with sales last week, versus…
US to Auction Almost 1 Million Acres Off Alaskan Coast for Oil Drilling
November 29, 2022
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Alaskabiden administrationBusiness & Marketsdrillingeconomic policieseconomyenergyExecutive BranchInflation Reduction ActInvestmentLocal NewsMarketsoil leasePolicies & ImpactsPoliticsRegional-Local NewsUS
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Almost one million acres off the coast of Alaska will be auctioned off by the Biden administration next month for oil and gas drilling. This is to comply with a mandate in the Inflation Reduction Act (IRA) that was part of a compromise imposed by Sen. Joe Manchin (D-W.V.) on the White House to gain…
Biden Interior Proposal Targets Methane Flaring on Public Lands
November 29, 2022
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Business & MarketscongressDemocratseconomic policieseconomyenergyEnvironmentExecutive BranchflaringGold and CommoditiesInteriorleakMarketsmethanePolicies & ImpactsPoliticsRepublicansScienceUSUS News
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The Bureau of Land Management (BLM) on Nov. 28 proposed a new methane venting and flaring rule for federal and tribal lands, drawing opposition from Republicans who say last year’s infrastructure law would let the Biden administration reduce the waste of natural gas by other means. BLM, which falls under the U.S. Department of the…
UK Government Backs £20 Billion Sizewell C Nuclear Plant and Says Chinese Company Not Involved
November 29, 2022
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Business secretary Grant Shapps has confirmed a Chinese company is “no longer involved” in plans for a new nuclear power station, Sizewell C, in Suffolk on the east coast of England. Shapps made the announcement on Tuesday as he confirmed the government was giving the go-ahead to the £20 billion ($24 billion) project—which the Treasury…
UN Warns of ‘Reshoring’ and ‘Friend-Shoring’ Risks in Fragile Global Trading System
November 29, 2022
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Business & Marketseconomic policieseconomyfriendshoringGlobal TradeInternationalMarketsreshoringUNUSWorld
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The United Nations has criticized the trend of “friend-shoring” and “reshoring” manufacturing operations, warning that it might endanger a global trading system that is already vulnerable. Roughly 80 percent of the world’s traded goods are transported via the sea. In the past two years, the maritime industry has suffered from disruptions ranging from the COVID-19…
Fed Official Sends Hawkish Signal, Sees Policy Becoming ‘More Aggressive Rather Than Less’ to Tame Inflation
Jim Bullard, president of the Federal Reserve Bank of St. Louis, has dismissed the possibility of the central bank easing its policy-tightening stance, warning that it might instead become even more aggressive. “Markets are underpricing the risk that the FOMC [Federal Open Market Committee] will have to be more aggressive rather than less aggressive in…
Nasdaq Opens Higher; Tesla Leads Gains in Growth Stocks
The Nasdaq opened higher on Tuesday, as Tesla led gains among beaten-down growth shares, amid some hopes that public unrest in China could lead to a quicker easing of COVID-19 curbs by its regime. The Dow Jones Industrial Average fell 1.7 points at the open to 33847.8. The S&P 500 fell 0.3 points, or 0.01…
Qatar to Supply Liquefied Natural Gas to Germany From 2026
November 29, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGasGermanyGold and CommoditiesLNGMarketsMiddle EastQatarsupplyWorld
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DOHA, Qatar—Qatar is to supply liquefied natural gas to Germany under a 15-year deal signed Tuesday as the European economic powerhouse scrambles to replace Russian gas supplies that have been cut during the ongoing war in Ukraine. Officials gave no dollar value for the deal, which would begin in 2026. Under the agreement, Qatar would…
ECB’s Lagarde Says Inflation Hasn’t Peaked, May Surprise
FRANKFURT—Eurozone inflation has not peaked and it risks turning out even higher than currently expected, European Central Bank President Christine Lagarde said on Monday, hinting at a series of interest rate hikes ahead. Her comments, along with remarks by Dutch central bank chief Klaas Knot earlier, were likely to dampen speculation that the ECB was…
Yuan Rallies on Hopes of China COVID-19 Policy Relief, Euro Surges
The yuan jumped against the dollar on Tuesday amid hopes of a potential easing in the country’s strict pandemic restrictions following an unprecedented episode of unrest. The euro rose ahead of inflation data due on Wednesday. The offshore yuan surged 0.9 percent to 7.1850 a dollar. The onshore yuan was up 0.6 percent at 7.1666…
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