CANBERRA—Australian Trade Minister Dan Tehan said on Monday he will seek a meeting with his French counterpart to ease tensions over Canberra’s decision to scrap a $40 billion submarine deal. Australia last week said it would end the deal with France’s Naval Group to build a fleet of conventional submarines and would instead build at…
Australian Trade Minister Seeks French Meeting, Confident Subs Row Won’t Derail EU Talks
September 20, 2021
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UK Seeks to Break Down Digital Trade Barriers, Says Minister
LONDON—Britain will look to break down digital trade barriers to help its businesses export their services, the country’s newly appointed trade minister Anne-Marie Trevelyan will say on Monday. Britain’s Department for International Trade last week published a report seeking to predict trends in global trade out to 2050 which forecast that demand for digital services…
Trade Group Urges Department of Energy to Place Restrictions on US Natural Gas Exports
A manufacturers trade group has called on the Department of Energy (DOE) to order U.S. liquefied natural gas (LNG) producers to reduce exports, amid fears of potential supply shortages this winter. In a letter to U.S. Energy Secretary Jennifer Granholm (pdf) on Sept. 17, Industrial Energy Consumers of America (IECA), a trade group representing chemical, food, and materials manufacturers, asked…
Trade Group Urges Department of Energy to Restrict US Liquefied Natural Gas Exports
A manufacturers trade group has called on the Department of Energy (DOE) to order U.S. liquefied natural gas (LNG) producers to reduce exports, amid fears of potential supply shortages this winter. In a letter to U.S. Energy Secretary Jennifer Granholm (pdf) on Sept. 17, Industrial Energy Consumers of America (IECA), a trade group representing chemical, food, and materials manufacturers, asked…
Evergrande Jitters Pull Risk FX Lower, Dollar Gains on Safety Bid
September 20, 2021
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LONDON—The offshore Chinese yuan skidded to three-week lows on Monday, dragging down other risk and commodity currencies as worries about property developer Evergrande’s solvency spooked financial markets, while the safe-haven dollar rose Only on Friday, the yuan hit its highest level in three months at 6.4297 per dollar. The sharp slump in the currency on…
Consumer Sentiment Edges up but Inflation Fears Send Buying Attitudes to 40-Year Low
U.S. consumer sentiment ticked up slightly in September but remains mired at near decade lows, while worries about inflation drove buying attitudes for household durables to a low reached only once before in 1980, according to a University of Michigan survey. The University of Michigan’s consumer sentiment index edged up to a reading of 71…
Hong Kong Shares Lead Asia Lower; Tokyo and Shanghai Closed
September 20, 2021
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Shares fell more than 3 percent in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed. Other regional benchmarks also fell after Wall Street wrapped up last week with another decline. Investors are watching to see whether the Federal Reserve will take any action to address…
US Treasury’s Yellen: Debt Default Would ‘Permanently’ Weaken America
September 20, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen issued a fresh plea for Congress to raise the federal debt ceiling on Sunday, arguing a default on U.S. debt would trigger a historic financial crisis. In a Wall Street Journal opinion piece, Yellen said that the crisis triggered by a default would compound the damage from the continuing coronavirus…
Regulation Is Coming to the Crypto Business
By Daniel Priestley For the last decade, crypto businesses have operated largely outside of the reach of global regulators. Entrepreneurs have created vast fortunes offering financial products that are not constrained by financial regulations. All of that is about to change. Last week the SEC announced plans to sue the USA’s largest crypto exchange Coinbase…
European Energy Crisis Forces First Factories to Shut Down
This story originally appeared on ValueWalk The European energy crisis is throwing a spanner in the economic recovery of the region, given the escalation of natural gas prices and the lack of reserves. Amid the situation, U.S.-based fertilizer company CF Industries Holdings Inc. announced it would stop production at its UK facilities. European Energy Crisis…
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