Tag: economic policies

Bill Ackman Bets Big Against Hong Kong Dollar, Says Currency Peg Doomed to Break

November 24, 2022
bill ackmanBusiness & MarketsChinaChina Business & Economychina-hong kongCompanieseconomic policieseconomyHK BusinessHKMAHong Konghong kong dollar peg to US dollarHong Kong Economyinflation
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Billionaire Bill Ackman said that his hedge fund Pershing Square Capital Management has taken a significant short position against the Hong Kong dollar and expects the currency’s peg to the U.S. dollar to break soon. Ackman shared Richard Cookson’s article, “Pressure on the Honk Kong Dollar Peg Keeps Building,” published on Bloomberg that talked about…

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Rail Strike Timeline Comes Into Focus as Deadline Looms

November 24, 2022
Business & Marketseconomic policieseconomyRail StrikeRail Strike warningrailroadersRailway union talksrailway workersSocial IssuesUSUS News
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The timeline for the potential rail line strike across America has now become clearer with four major unions deciding not to strike until next month. In September, a tentative deal between freight rail companies and unions was brokered by the White House. At the time, President Biden had called it an “important win” for the…

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Everyone Should Reduce Energy Consumption Amid Crisis, UK Chancellor Says

November 24, 2022
Business & Marketseconomic policieseconomyenergyinflationJeremy HuntKwasi Kwartengliz trussUKWorld
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UK Chancellor Jeremy Hunt has urged people to reduce their energy consumption so that Britain is not susceptible to disruptions in international energy supplies. Talking to the Treasury Committee of the House of Commons on Nov. 23, Hunt warned that people will “have to take responsibility for their energy bills” and reduce their usage or…

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EU Preparing New Russia Sanctions Package, von Der Leyen Says

November 24, 2022
Business & Marketseconomic policieseconomyenergyEuropeEuropeanMarketsRussiaRussia-Ukraine WarsanctionsUkraineunionWorld
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HELSINKI—The European Union is pressing ahead with a ninth sanctions package on Russia in response to Moscow’s attack on Ukraine, European Commission chief Ursula von der Leyen said during a visit to Finland on Thursday. “We are working hard to hit Russia where it hurts to blunt even further its capacity to wage war on…

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Dollar Holds Losses as Fed Minutes Signal Slower Rate Hikes

November 24, 2022
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve’s November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting. The eagerly awaited readout of the Nov. 1–2 meeting showed officials were largely satisfied they could now move in…

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Oil Drops as Price Cap Proposal Eases Supply Concerns

November 24, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Thursday, hovering around two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent…

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Dollar Nears 3-month Low, Shares Climb After Fed Tests the Brakes

November 24, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World shares touched a two-month high and the dollar swooped towards a three-month low on Thursday, after Federal Reserve meeting minutes pointed to a slower pace of U.S. interest rate rises from next month. With Wall Street shut for Thanksgiving, it was up to Europe to continue the rebound in market confidence that has been…

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Biden Admin Quietly Greenlights Plan to Build Huge Gulf Oil Terminal

November 24, 2022
bidenBusiness & MarketsClimate Agendaeconomic policieseconomyenergyExecutive BranchGold and CommoditiesLocal NewsMarketsOilPoliticsRegional-Local NewsTexasUSUS News
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The Biden administration has quietly approved plans to build a new crude oil terminal in the Gulf of Mexico off Texas, seemingly in contradiction to the president’s climate agenda. The Department of Transportation’s Maritime Administration approved the application (pdf) for Enterprise’s Sea Port Oil Terminal, one of four proposed offshore oil export terminals, on Monday. According to the application, the port…

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End of Cheap Money for US Farmers Plows Trouble Into Food Production

November 24, 2022
Business & Marketseconomic policieseconomyEuropefarminflationinterest rateloanRussia-Ukraine WarsecurewheatWorld
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CHICAGO—Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin. But those plans have gone by the wayside. Everything Degn needs to farm is more expensive—and for the first time in her five-year career,…

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US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA

November 24, 2022
APIBusiness & Marketseconomic policieseconomyEIAenergyExecutive BranchGold and CommoditiesInvestmentMarketsNational SecurityOilPolicies & ImpactsPoliticsrecessionStrategic Petroleum ReserveUSUS News
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With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…

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