Rep. Andy Biggs (R-Ariz.) opposes the Biden administration’s ‘climate reparations’ commitment to climate losses and damages, made on Nov. 19 during last-minute negotiations at the United Nations climate summit in Sharm El-Sheikh, Egypt. Yet, House Minority Leader Kevin McCarthy (R-Calif.) did not respond to repeated requests for comment. Both Biggs and McCarthy want to be…
Rep. Andy Biggs Would Reject Biden ‘Climate Reparations’ Deal as Speaker. Would McCarthy?
November 22, 2022
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2022 Midterm ElectionsbiggsBusiness & Marketsclimatecongresseconomic policieseconomyenergyEnvironmentExecutive Branchfossil fuelsKevin McCarthyPolicies & ImpactsPoliticsRepublicansScienceUSUS News
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UK Faces Worst Economic Downturn Among G-7 Nations: OECD
The UK economy will contract more than any other G-7 nation next year, according to the latest forecasts from the Organisation for Economic Cooperation and Development (OECD). The OECD expects the UK economy to shrink by 0.4 percent in 2023 and grow by just 0.2 percent in 2024. Germany is the only other G-7 country…
UK Government Borrowing Rises as Energy Support Scheme Begins
November 22, 2022
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Business & Marketseconomic policieseconomyenergygovernment borrowinginflationJeremy HuntKwasi Kwartengliz trussrecessionUKWorld
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The UK’s government borrowing increased in October as the energy support scheme for households and businesses got under way. According to data released by the Office for National Statistics (ONS) on Nov. 22, government borrowing rose to £13.5 billion ($16 billion) in October. The figure was £4.4 billion ($5.2 billion) higher than the same month…
Fed’s Mester Says She Supports Smaller Rate Hike in December
The Federal Reserve can downshift to smaller interest rate hike increments from next month as it fine-tunes its policy actions to help bring down high inflation while keeping the economy humming, Cleveland Fed President Loretta Mester said on Monday. “I think we can slow down from the 75 at the next meeting. I don’t have…
Real Impact of Fed Hikes Likely Bigger Than What Target Rate Implies, Daly Says
San Francisco Federal Reserve President Mary Daly said on Monday the real-world impact of the U.S. central bank’s interest rate hikes is likely greater than what its short-term rate target implies. Against the Fed’s current short-term target rate of between 3.75 percent and 4.00 percent , Daly said some researchers have found “the level of…
Wall Street Opens Higher on Gains in Walgreens, Best Buy
Wall Street’s main indexes opened higher on Tuesday, with gains in shares of Walgreens and Best Buy helping investors assuage worries around the economic fallout from stricter COVID-19 curbs in China. The Dow Jones Industrial Average rose 109.8 points, or 0.33 percent, at the open to 33810.05. The S&P 500 rose 15.6 points, or 0.39…
Dollar Cedes Some Ground, Bitcoin Hunkers Down
SINGAPORE/LONDON—The dollar retreated on Tuesday after rallying the previous day when investors rushed to the safe-haven currency on worries about China’s COVID-19 flare-ups, while fears of fresh contagion from the collapse of crypto exchange FTX pressured bitcoin. The euro was up 0.3 percent at $1.0265 after an 0.8 percent loss on Monday, sterling rose 0.46…
Oil Rises as Saudi Comments Outweigh Recession Concerns
November 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising COVID-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA…
Global Stocks Gain After Wall Street Slide, China Virus Fears
November 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Major global stock markets advanced Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown. London and Frankfurt opened higher. Shanghai and Tokyo gained, while Wall Street futures were lower. Oil prices gained. Wall Street’s benchmark S&P 500 index declined Monday after a Federal Reserve official rattled investors last week…
Government Announces Aid Package After Relentless Flooding
November 22, 2022
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anthony albaneseAustraliaAustralia flooding 2022Business & MarketsCompaniesDominic Perrotteteconomic policiesEnvironmentMurray WattScienceWorld
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Small business owners and not-for-profit organisations subject to “repeated relentless flooding” in the past year can receive up to $50,000 (US$33,000) in disaster recovery payments under a new package from the Australian federal and New South Wales (NSW) governments. The prime minister and NSW premier said they had identified a significant number of businesses affected…
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