By the end of this month, the U.S. Supreme Court will make a decision regarding the racially biased affirmative action admission policy being followed by certain educational institutions—with the ruling potentially affecting diversity initiatives in corporate America as well. The affirmative action decision is related to two cases filed by the Students for Fair Admissions…
SCOTUS Decision On Affirmative Action Will Impact ‘Diversity’ Policy-Making in Companies
June 23, 2023
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Wall Street Opens Lower as Hawkish Fed Saps Market Mood
Wall Street’s main indexes opened lower on Friday as investor sentiment remained damp due to the hawkish interest-rate outlook by Federal Reserve Chair Jerome Powell in his two-day congressional testimony. The Dow Jones Industrial Average fell 111.05 points, or 0.33 percent, at the open to 33,835.66. The S&P 500 opened lower by 27.72 points, or…
Euro Slides on Weak Business Data; Hawkish Central Banks Boost Dollar
SINGAPORE—The euro fell after the bloc’s business growth virtually stalled this month, as the dollar drew support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve. The dollar index, which measures the currency against six others, was up 0.56 percent at 102.95, reversing three straight…
Oil Resumes Slide on Demand Worries After Latest Rate Hikes
June 23, 2023
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LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest…
Stock Market Today: Asian Shares Sink as Central Banks Crank Interest Rates Still Higher
June 23, 2023
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BANGKOK—Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. Hong Kong and Tokyo shed nearly 2 percent and most other regional markets declined. U.S. futures and oil prices also were lower. Japan reported its inflation rate was higher than expected, adding to expectations…
Officials Unsure When Hydrogen Production Can Be Profitable Despite Billions in Taxpayer Funding
Despite billions being pumped into trying to kickstart Australia’s hydrogen industry, department officials concede reaching profitability may be a long way off. Jo Evans, the deputy secretary of the Department of Climate Change and Energy, said costs were still too high for hydrogen production. “There’s no way they’ll make a profit at those costs,” Evans…
Republicans Aim at EPA’s Possible Approval of California Ban on Gas-Powered Car Sales by 2035
June 22, 2023
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Business & MarketsCaliforniaCalifornia Air Resources BoardcongressDemocratseconomic policiesElectric carsemissionsenergyEnvironmentEPAExecutive BranchFeatured TopicsFederal-State RelationsFrank PalloneGas-powered vehiclesPolicies & ImpactsPoliticsRegional & State NewsRepublicansScienceState NewsUSUS News
A bill from House Republicans is targeting the Environmental Protection Agency’s ability to issue Clean Air Act waivers for California that could lead to major restrictions or even bans on gas-powered vehicles. Those waivers are a live issue. Last month, the California Air Resources Board asked the Biden administration for one so it can ban…
It’s the Methane, Stupid: Washington Rhetoric on Climate Misses the Biggest Target
June 22, 2023
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Biden ClimateBusiness & MarketsBusiness Columnistseconomic policiesenergyInflation Reduction Act of 2022Marketsmethane emissionsrenewable fuelsUSUS News
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Commentary There are two aspects of the climate policies coming out of Washington and various state capitals that trouble me. The first is that officials set ostensivsely arbitrary and ambitious deadlines with little evidence they can be achieved. I’m always stunned that politicians can march before the microphones and boldly state that “by 2030, we will…
Fed’s Powell Warns US Budget on ‘Unsustainable Path’ in Senate Testimony
The U.S. budget is on an unsustainable path, and it is crucial for policymakers to deal with it sooner rather than later, Federal Reserve Chair Jerome Powell told Senate lawmakers. Powell appeared before the Senate Banking Committee for his semi-annual monetary policy report, and several Republican senators pressed the Fed Chair on the federal budget…
Fed’s Powell Warns US Budget on ‘Unsustainable Path’
The U.S. budget is on an unsustainable path, and it is crucial for policymakers to deal with it sooner rather than later, Federal Reserve Chair Jerome Powell told Senate lawmakers. Powell appeared before the Senate Banking Committee for his semi-annual monetary policy report, and several Republican senators pressed the Fed Chair on the federal budget…
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