The renewable energy pipeline is drying up after a robust start to 2023 as “headwinds” increase, the industry warns. Data released by the Clean Energy Council for the first three months of the year shows eight projects commenced construction in the quarter. Worth a total of $1.3 billion (US$845 million) in value—almost double the final three…
UK’s 1st Post-Brexit Free Trade Deals With Australia and New Zealand Kick In
The UK’s trade deals with Australia and New Zealand came into force at midnight on Wednesday, removing tariffs on all UK goods exports Down Under. The Trade (Australia and New Zealand) Act concluded the negotiations over the UK first trade deals after the country left the European Union in 2020. Under the deals’ terms tariffs…
ANALYSIS: Debt Ceiling Deal Unfreezes Student Loan Repayments, Here’s What Borrowers Should Know
May 31, 2023
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Business & Marketscongresseconomic policieseconomyEducation & Family NewsJoe BidenJudiciaryKevin McCarthyPoliticsstudent loanUSUS News
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Roughly 40 million borrowers of federal student loans will soon need to start paying their bills again, under a deal reached by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) to bring temporary relief to the recurring debt ceiling crisis. The 99-page-long legislative package (pdf), which McCarthy expects to pass a full vote in…
Cleveland Fed President Says There Is No ‘Compelling’ Reason to Pause Rate Hikes
May 31, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesLoretta MesterMarketsPolicies & ImpactsPoliticsUSUS News
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Loretta Mester, president of the Federal Reserve Bank of Cleveland, said there was no “compelling” reason to wait for another interest-rate hike, in a recent interview. Mester told the Financial Times in a recent interview that more must be done to bring U.S. inflation under control, rather than await for more economic results. Some Fed policymakers have suggested that…
Dollar Hits More Than 2-month High as European Inflation Cools
LONDON/TOKYO—The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China’s recovery is sputtering. The euro was last down 0.67 percent at $1.066, the lowest since March 20. That helped the dollar index, which measures the greenback against six major peers,…
Oil Falls On Weak China Data, Stronger US Dollar
LONDON—Oil prices fell on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Brent crude futures for August delivery were down $1.29, or 1.75 percent, to $72.42 a barrel at 1013 GMT. U.S. West Texas Intermediate crude (WTI) fell $1.28, or 1.84 percent, to $68.18. Both…
Shares Drop Ahead of US Debt Ceiling Vote; China Data Rattles Nerves
May 31, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares fell on Wednesday ahead of a crucial vote in Washington on the U.S. debt ceiling, while commodities and the Chinese yuan came under pressure after data highlighted faltering growth in the world’s second-largest economy. The MSCI All-World Index of global shares, which is heading for its first monthly decline since February, was down…
ANALYSIS: China Hoodwinking the World via Technologically Advanced Coal Mines
May 30, 2023
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Business & MarketsChina Newsclimate change agendacoal mineseconomic policiesenergyEnvironmentInternational Relationsrenewable energiesScience
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News Analysis China has persisted in pursuing a policy of modernizing its vast number of coal mines using the latest technologies in a bid to make them more productive, while Western nations are cutting down on traditional energy sources in order to meet climate change goals set by global entities. In the 2015 United Nations’…
UK Food Inflation Eases in May But Remains High, Says Retailers Group
Food inflation in the UK has fallen for the first time in almost two years, with experts suggesting that lower energy and commodity costs are driving food prices down. A report by the British Retail Consortium (BRC) and Nielsen, published on Tuesday, showed a deceleration from 15.7 percent to 15.4 percent in food inflation in…
Debt-Ceiling Bill Faces Challenge of Getting Enough Bipartisan Support
May 30, 2023
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Business & Marketseconomic policieseconomyFederal debt ceilingPolicies & ImpactsUSUS Debt limitUS News
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With President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) agreeing to a deal to raise America’s debt ceiling, the tough task ahead will now be to secure enough support from both parties to get the bill passed. McCarthy and Biden announced their debt-ceiling bill on Saturday. Both have praised the deal, calling it a…
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