Dreams of creating an “Elysian fields of a renewable economy” have created a potential energy shortfall in New South Wales (NSW) which has forced the government to limit how much coal miners can send overseas, says leading miner Whitehaven Coal. The government is set to impose a quota on mining firms to reserve 10 percent of…
‘Populist Rhetoric’: Major Coal Miner Lambasts Government for Limiting Exports
February 12, 2023
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AustraliaAustralian coalBusiness & Marketscoaleconomic policiesenergyGold and CommoditiesInternationalMarketsMatt KeanNew South WalesWhitehaven CoalWorld
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Investors Pressure European Banks to Stop Financing New Fossil Fuel Projects
February 11, 2023
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banksBusiness & MarketsCompaniesenergyEuropefossilfuelGold and CommoditiesInvestmentinvestorsMarketsprojectsWorld
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A group of investors representing over $1.5 trillion in assets under management sent demand letters on Feb. 7 to five of Europe’s biggest banks, calling on them to stop financing fossil fuel firms by the end of 2023. ShareAction—an investment group whose website states that its “vision is a world where the financial system serves…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 10)
February 10, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for March delivery rose $1.66 to $79.72 a barrel Friday. Brent crude for April delivery rose $1.89 to $86.39 a barrel. Wholesale gasoline for March delivery rose 5 cents to $2.50 a gallon. March heating oil rose 4 cents to $2.86 a gallon. March natural gas rose 8 cents to $2.51…
Wall Street’s Tough Week Eases at the End as Stocks Drift
NEW YORK—The toughest week for Wall Street in nearly two months came to a quiet end on Friday, as stock indexes drifted to a mixed finish. The S&P 500 rose 0.2 percent, but it still ended the week with a drop of 1.1 percent, which was its worst since December. The Dow Jones Industrial Average…
Kraken Settles With SEC for $30 Million and Will Close US Crypto Staking Operations
February 10, 2023
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Business & MarketsCompaniescrypto exchangecryptocurrencyeconomic policieseconomyInvestmentJudiciaryKrakenMarketspersonal financePolicies & ImpactsSECUS
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The Securities and Exchange Commission (SEC) settled a case with the cryptocurrency exchange Kraken, as it cracked down on one of its U.S. operations. Kraken agreed to shut down its cryptocurrency staking service and paid a $30 million fine to settle charges that it failed to register the offer or sale of the program, the SEC…
Russia Says It Will Cut Oil Production Over Western Caps
February 10, 2023
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Business & Marketscuteconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilpricesRussiaRussia-Ukraine WarWorld
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MOSCOW—Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly…
Wall Street Edges Lower; Lyft Sinks on Dour Outlook
U.S. main stock indexes opened lower on Friday, with megacap growth companies under pressure after Treasury yields extended gains, while shares of Lyft plunged as the ride-hailing firm forecast current-quarter profit well below estimates. The Dow Jones Industrial Average fell 28.34 points, or 0.08 percent, at the open to 33,671.54. The S&P 500 opened lower…
Applications for Jobless Aid Rise Last Week, but Remain Low
More Americans filed for jobless benefits last week, but layoffs remain historically low despite attempts by the Federal Reserve to cool the economy, and hiring, to bring down inflation. Applications for jobless aid in the U.S. for the week ending Feb. 4 rose by 13,000 last week to 196,000, from 183,000 the previous week, the…
Tough Tax Led to Britain Losing £320 million Vaccine Factory: Pharma Chief
February 10, 2023
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AstraSenecaBritainBusiness & MarketsCCP VirusCompaniesCOVID-19economic policieseconomyEuropeInvestmentIrelandJeremy HuntMarketstax ratesUKVaccines & SafetyVaxzevriaWorld
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Britain’s tough tax rates led to it losing out on a £320 million new COVID-19 vaccine facility, AstraZeneca’s chief has said. Pascal Soriot said his drugs group chose Ireland as the base for its new state-of-the-art factory owing to the Republic’s low tax laws and commitment to green energy. Addressing the pharmaceutical chief’s comments on…
Global Shares Fall, Eyes on Inflation, Earnings, Growth
February 10, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mostly lower on Friday after Wall Street retreated for a second day as market watchers considered earnings reports and various indicators about whether inflation is waning in the U.S. and elsewhere. France’s CAC 40 lost 0.3 percent in early trading to 7,169.30, while Germany’s DAX shed 0.4 percent to 15,455.07. Britain’s FTSE…
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