Tag: economic policies

Wall Street Subdued at Open, Focus on Business Activity Data

April 21, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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U.S. stock indexes were subdued at the open on Friday as investors digested a mixed bag of earnings reports, while awaiting more data for clues on the outlook for U.S. interest rates and the economy. The Dow Jones Industrial Average rose 6.98 points, or 0.02 percent, at the open to 33,793.60. The S&P 500 opened…

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Existing Home Sales Drop as Mortgage Demand Crashes

April 21, 2023
Business & Marketseconomic policieseconomyHome salesinflationInvestmentMarketsmortgagespersonal financereal estaterecessionUSUS Real Estate
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Existing home sales fell in March, as higher interest rates continued to put pressure on borrowers, but some analysts believe that the housing market slump is nearing an end. Rising mortgage rates last month were a likely factor in deterring buyers by adding downward pressure on housing values, as fewer borrowers can afford higher payments. Home…

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Biden to Sign Order ‘Revitalizing’ US Commitment to ‘Environmental Justice’

April 21, 2023
bidenBusiness & Marketseconomic policiesenergyEnvironmentalExecutive BranchJusticePolicies & ImpactsPoliticsUS
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President Joe Biden will sign an executive order on April 21 to “revitalize” America’s commitment to “environmental justice for all” according to a White House statement. The statement says the executive order is part of the Biden-Harris administration’s whole-of-government effort to confront “longstanding environmental injustices and inequities.” “For far too long, communities across our country have faced persistent environmental…

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Eurozone Recovery Gathers Pace on Services Boost in April: PMI

April 21, 2023
Business & Marketseconomic policieseconomyEuropeeurozoneinflationMarketsPMIrecessionWorld
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The eurozone economic recovery has unexpectedly gathered pace this month as the bloc’s dominant services industry saw already-buoyant demand rise, more than offsetting a deepening downturn in manufacturing, surveys showed. The strong services performance could mean that wage pressures continue in the region, complicating the European Central Bank’s efforts to tame inflation, some economists noted….

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Dollar Heads for 1st Weekly Gain Since February

April 21, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The dollar headed for its first weekly gain in nearly two months on Friday as investors raised their bets that the Federal Reserve will increase rates in May, while the euro drew some support from a surprising recovery in the eurozone economy in April. The dollar index, which measures the performance of the U.S. currency…

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Oil Heads for Weekly Loss on Economic Uncertainty

April 21, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were on track for a hefty weekly loss as economic and interest rate uncertainty weighed, though prices were stable on Friday as the eurozone recovery gathered pace unexpectedly. Brent futures for June delivery edged down by 4 cents, or 0.05 percent, to $81.06 a barrel at 0932 GMT. West Texas Intermediate crude (WTI)…

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Stocks Struggle, Dollar Gains as Investors Scrutinize Data

April 21, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global stocks struggled on Friday as investors pored over economic data for clues on the likelihood of more interest rate hikes and possible recession in the United States as a new earnings season unfolded. The dollar edged up and looked set for its first weekly gain in more than a month on Friday. Oil prices…

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Australian Gas Companies Set to Pay $16 Billion in Tax, Almost Triple From Previous Year

April 21, 2023
AustraliaBusiness & MarketsCompanieseconomic policieseconomyenergyGastaxWorld
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Australia’s state and federal governments appear to have won a windfall as oil and gas companies are set to pay $16 billion (US$10.7 billion) in tax. This comes just weeks before Federal Treasurer Jim Chalmers delivers federal Labor’s second budget. Corporate income tax is set to boost the budget by $8.8 billion, up from $2…

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Energy Company Bets Big on Australia’s Largest Battery as Major Coal Power Plant Set to Close

April 21, 2023
AustraliaBusiness & MarketsChris MinnsCompanieseconomic policiesenergyEraring Power Stationnet zeroNew South WalesNSWOrigin EnergyWorld
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One of Australia’s largest coal-fired power stations—that supplies a quarter of New South Wales’ (NSW) energy needs—will soon close and be replaced by the country’s largest battery in the rush to reach net-zero. On April 20, Origin Energy, one of the “Big Three” energy providers, servicing 4.2 million households and businesses, said it would spend…

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‘The Latest Frontier’: Will Labor’s Safeguard Mechanism Save or Keep Jobs?

April 21, 2023
AustraliaBusiness & Marketseconomic policiesenergyInternationalnet zeronet-zero emissionsUncategorizedWorld
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The Western world is currently experiencing perhaps the most significant overhaul of the economic status quo in its history. A new coalition of governments has emerged, hoping to ensure industries are “future-proof” and can operate in a sustainable fashion well into the 21st century. Australia as a member of the G20 is very much on…

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