LONDON—Russia said on Thursday it had summoned diplomats from Germany, Denmark, and Sweden to complain that representatives from Moscow and Gazprom had not been invited to join an investigation into ruptures of the Nord Stream gas pipelines. “Russia will obviously not recognise the pseudo-results of such an investigation unless Russian experts are involved,” the foreign…
Russia Rebukes Germany, Denmark, Sweden for Not Including It in Nord Stream Probe
October 13, 2022
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Business & MarketsCompaniesDenmarkeconomic policieseconomyenergyEuropeexplosionGazpromGermanyGold and CommoditiesleaksMarketsNordstreamprobeRussiaRussia-Ukraine WarSwedenWorld
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Volatile Sterling Surges on Reports of Potential UK Fiscal Plan U-turn
LONDON—Sterling jumped on Thursday on a media report that the British government is discussing making changes to fiscal plans announced last month, while investors awaited the impending end of the Bank of England’s support for the bond market. The yen languished near a fresh 24-year low, while markets were also on edge ahead of U.S….
Wall Street Opens Sharply Lower After Hot Inflation Data
Wall Street’s main indexes opened sharply lower on Thursday, with the Nasdaq leading the losses, after data showed a bigger-than-expected rise in consumer prices last month, giving more ammunition to the Federal Reserve to stick to aggressive rate hikes. The Dow Jones Industrial Average fell 455.0 points, or 1.56 percent, at the open to 28755.83….
Oil Prices Rise on Tight Supplies, as IEA Warns of Global Recession
October 13, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices firmed on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession. Brent crude futures rose 49 cents, or 0.5 percent, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was…
World Stocks Slip to Near 2-year Low Ahead of US CPI Data
October 13, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks slipped to a near 2-year low and Japan’s yen was pinned near 1998 levels on Thursday, as investors braced for key U.S. inflation data later likely to shape the size of the Federal Reserve’s next interest rate hike. Global markets have suffered a torrid few weeks and there was little sign of respite…
Real Estate Body Shoots Down Calls for Public ‘Landlord Register’
October 13, 2022
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Antonia MercorellaAustraliaBusiness & Marketseconomic policiesGlobal Real EstateInternationalQueenslandreal estateREIQWorld
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The Real Estate Institute of Queensland (REIQ) has criticised a proposal to create a “landlord register” that will tell the public how many properties an owner may have and their place of residence. The proposal, put forward by Tenants Queensland, argues that such a system would balance out a supposed imbalance of power between landlords…
Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006
October 12, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyinflationInvestmentMarketsmortgage applicationreal estateUSUS Real Estate
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Demand for home loans continues to slump as mortgage rates last week rose to their highest level in almost 21 years. Mortgage application volumes for a home purchase loan fell 2 percent for the week ending Oct. 7, 39 percent lower than the same week in 2021, according to a report by the Mortgage Bankers…
Wall Street’s ‘Fear Gauge’ Flashes Warning Signs
The CBOE Volatility Index (VIX), Wall Street’s “fear gauge,” is beginning to flash warning signs regarding the markets. Wall Street has witnessed losses over recent weeks, as inflation remains high and the Federal Reserve shows no intention of backing down on raising interest rates. The labor market remains tight and wholesale prices climbed for the first…
Wind Turbine With Blades Taller Than the Sydney Harbour Bridge Breaks World Record
October 12, 2022
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Business & Marketseconomic policiesenergyEnvironmentEuropeInternationalnet zeroScienceScience Newswind turbineWorld
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A wind turbine spanning a distance taller than the Sydney Harbour Bridge and Statue of Liberty has set the world record for the highest power output over a 24-hour period: 359 megawatt-hours. The 14-222 DD offshore wind turbine, developed by Siemens Gamesa, can generate enough power for a mid-sized car—like the Tesla Model 3—to drive 1.12…
Biden’s New Gig Worker Rule Could Squeeze Small Businesses, Setting Up a Legal Fight
October 12, 2022
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Business & MarketsCompanieseconomic policieseconomyExecutive Branchgig workersindependent contractorLabor DepartmentMarketsPolicies & ImpactsPoliticsUberUS
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The Biden administration announced a new rule that would reclassify millions of gig workers across the country as employees, a move that could squeeze small businesses. The Labor Department’s proposal, released on Oct. 11, will make it more difficult for companies to label workers independent contractors, with consequences for ride and delivery services, along with other…
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