The U.S. Department of Commerce announced Thursday that it has removed Russia from its market economy categorization in a bid to place pressure on Moscow under the context of bilateral trade, and further isolate the country’s economy. The Commerce Department’s decision cited increased interference from Russia’s government in tits own economy, resulting in price distortions,…
US Downgrades Russia to a Non-Market Economy in Bid to Further Isolate Moscow
Biden Announces War on Methane Emissions and Increased Investments for Clean Energy During Climate Summit
November 11, 2022
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Business & Marketsclean energyclimate changeeconomic policieseconomyenergyEnvironmentmethanePolicies & ImpactsScienceUS
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President Joe Biden announced increased investments in countries and projects related to climate change in an effort to adhere to global climate targets, while declaring steps to limit methane emissions within the country in remarks given at the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27). “Today as a…
Biden Tightens Methane Emissions, Increases Climate Change Investments
November 11, 2022
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Business & Marketsclean energyclimate changeeconomic policieseconomyenergyEnvironmentmethanePolicies & ImpactsScienceUS
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President Joe Biden announced increased investments in countries and projects related to climate change in an effort to adhere to global climate targets, while declaring steps to limit methane emissions within the country in remarks given at the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27). “Today as a…
Biden: There’s ‘No Guarantee’ That Rising Inflation Will Go Away
November 11, 2022
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2022 Midterm ElectionsbidenBusiness & MarketsCompaniesDemocratseconomic policieseconomyenergyenergy pricesExecutive BranchinflationMarketsPolicies & ImpactsPoliticsrecessionUS
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President Joe Biden admitted that he could not “guarantee” that his administration would be able to stop rising inflation. Biden’s comments on inflation came a day after the midterm elections. He stated that he will stay the course and do “nothing” differently for the next two years of his term in office. A reporter, at a…
Wall Street Opens Higher on Fed Optimism
Wall Street’s main indexes opened higher on Friday, extending gains from the previous session after soft inflation data supported expectations of smaller interest rate hikes by the U.S. Federal Reserve. The Dow Jones Industrial Average rose 82.38 points, or 0.24 percent, at the open to 33,797.75. The S&P 500 opened higher by 7.35 points, or…
Federal Reserve Meeting Calendar and Fed News
The Federal Reserve has been aggressively moving to raise interest rates this year in an effort to cool off red-hot inflation that has seen the cost of living across the United States soar. Prior to March of this year, the central bank, whose duties include maintaining a stable monetary and financial system while maximizing employment, had not…
Oil Jumps by 3 Percent as China Eases COVID-19 Curbs
November 11, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices jumped by about 3 percent on Friday after health authorities in China, the top global crude importer, eased some of the country’s heavy COVID-19 curbs. Brent crude futures rose $2.86, or 3.1 percent, to $96.53 a barrel by 1145 GMT, extending a 1.1 percent rise in the previous session. U.S. West Texas Intermediate…
US Futures Point Higher, Adding to Thursday’s Huge Gains
November 11, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocksUS
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Wall Street pointed higher in premarket trading Friday, adding to the hefty gains from a day earlier when government data showed that U.S. inflation eased more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate hikes. Futures for the Dow Jones Industrial average rose 0.5 percent. Futures for the…
Ex-Chancellor Kwarteng Says He Warned Truss Over Pace of UK Economic Reforms
Former Chancellor Kwasi Kwarteng has said he told former Prime Minister Liz Truss to “slow down” her ambitious economic reforms, which caused market turmoil and eventually led to her resignation. After Truss became prime minister on Sept. 5, she set out to implement her economic vision for the UK to become a “low-tax, high-growth economy…
Biden Announces Intent to Nominate Former Obama-Era Official to Head IRS
November 11, 2022
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bidenBusiness & Marketseconomic policieseconomyExecutive BranchInflation Reduction ActIRS - U.S. Internal Revenue ServicePoliticsUSUS News
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President Joe Biden on Nov. 10 announced his intent to nominate former acting Internal Revenue Service (IRS) Commissioner under the Obama administration, Danny Werfel, to be its new head. Biden announced Werfel’s appointment in a statement from the White House which said that Werfel is a “public and private sector leader who has served under both Democratic…
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