Energy grid operator E.ON has reduced the value of its investment in the Nord Stream 1 gas pipeline by about €700 million (£592 million) due to “increased uncertainties” following Russia’s invasion of Ukraine. The German utility had said in March that its 15.5% stake – which E.ON holds indirectly through its pension fund – had … Read more
Taiwanese national security officials want to force Apple supplier Foxconn to phase out an $800 million investment in Chinese chip company Tsinghua Unigroup as Taipei seeks to align more closely with the US in the face of escalating threats from Beijing. The investment by Foxconn, the world’s largest contract electronics manufacturer and the largest private … Read more
Tokyo, Japan – When the Better Cotton Initiative (BCI) launched in 2005 with a promise to promote the use of traceable, sustainable cotton in global supply chains, the nonprofit organization (NGO) honed in on cotton-growing regions with documented histories of human rights abuses. BCI’s mission took it to Xinjiang, China, the homeland of the Uyghur … Read more
recession has always been a politically sensitive word. Today, it has become so sensitive that some economists and politicians are trying to redefine it to make it lose some of its sting. However, the reality of a recession is impossible to redefine. Especially in Europe, consumers feel the slowdown in economic growth in their wallets, … Read more
OOver the weekend, US Democrats overcame months of political struggle to pass the Inflation Reduction Act in the Senate, marking a major victory for President Joe Biden and for “Bidenomics” ahead of the US midterm elections. The bill is the largest climate investment in US history, with $369 billion for climate and clean energy. It … Read more
DENVER — The minimum wage in Denver is set to rise in 2023 to adjust for the rise in the consumer price index, officials at the city’s Treasury Department said Tuesday. The minimum wage will increase to $17.29 per hour from January 1, 2023, and $14.27 per hour for restaurant and bar servers, provided they … Read more
How the Reserve Bank boss being ridiculed on the global stage will revolutionize the Australian economy Australian Bureau of Statistics tests new batch of monthly inflation data Reserve bank governor Philip Lowe laughed in Zurich about quarterly figures From October 26 this year, a monthly consumer price index will be published This is in addition … Read more
The Bank of England warned last week that the UK will slip into recession later this year. The expected recession is expected to be the longest since the global financial crisis. Vuk Valcic | SOPA images | Light Rocket | Getty Images A skyrocketing energy price cap and dazzling rents are just two contributing factors … Read more
Oil flow along a major pipeline transporting Russian crude to central Europe has been halted over a dispute over payments, threatening the region’s supplies and exposing the EU’s continued reliance on Russian imports. The southern branch of the Druzhba pipeline, which carries Russian oil through Ukraine to refineries in Slovakia, the Czech Republic and Hungary, … Read more
sen. Lindsey Graham (RS.C.) Tuesday attacked a provision in Democrats’ Inflation Reduction Act that would significantly increase the number of agents working for the Internal Revenue Service (IRS). Graham said in a news conference with South Carolina Governor Henry McMaster (R) that hiring 87,000 new IRS agents “would be for the rich,” but the rich … Read more