A weekly five-point roundup of critical events in the energy transition and the implications of climate change for business and finance. The World Bank Claims It’s Helping the Climate. This Study Says Otherwise. What happened: As the lender and funder of last resort, the World Bank is often a source for money for countries which can afford to do the least. That combined with pressure from its own funders has led it to tag thousands …
A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. Hollie Adams | Bloomberg | Getty Images LONDON — The Bank of England on Thursday surprised markets with a 50 basis point hike to interest rates, its 13th consecutive increase as policymakers grapple with persistently high inflation. The Monetary Policy Committee voted 7-2 in favor of the half-percentage–point increase, which takes the Bank’s base rate to …
Cadillac advertises for its electric car in Shanghai on May 23, 2023. A traffic police woman stands below. Hugo Hu | Getty Images News | Getty Images BEIJING — Subsidies for electric cars aren’t enough to boost growth in China’s slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday. The incentives – which were set to expire this …
From popping melatonin to making fists with your toes, passengers have long employed strategies to combat the negative effects of air travel. But airlines can play a role too, according to new research from Qantas and the University of Sydney’s Charles Perkins Centre. The research is part of Qantas’ Project Sunrise program, which plans to link Sydney to New York City and London via non-stop flights in 2025. Qantas says that while it has the …
Brad Garlinghouse, chief executive officer of Ripple, speaks during the CoinDesk 2022 Consensus Festival in Austin, Texas, US, on Saturday, June 11, 2022. Jordan Vonderhaar | Bloomberg | Getty Images Blockchain company Ripple said Thursday it received in-principle regulatory approval to operate in Singapore, in a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States. Ripple said that it was granted in-principle approval …
The value of bitcoin exceeded the threshold of $66,895 in October for the first time in history. Chesnot | Getty Images Bitcoin hit its highest level since April on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a series of recent applications from companies including BlackRock. The price of the flagship cryptocurrency touched a high of $30,749.45, its highest level since April 14, according to CoinMetrics. At 6:39 p.m. …
Federal Reserve Chairman Jerome Powell arrives to testify during the House Financial Services Committee hearing titled “The Federal Reserve’s Semi-Annual Monetary Policy Report,” in Rayburn Building on Wednesday, June 21, 2023. Tom Williams | CQ-Roll Call, Inc. | Getty Images Let it be known: The leader of the U.S. Federal Reserve, the most important central bank in the world, is a Deadhead. No one is ever likely to confuse Jerome Powell with Jerry Garcia, but …
D3sign | Moment | Getty Images The recent tax season was relatively smooth compared with last year’s. But national taxpayer advocate Erin Collins still sees room for improvement as the IRS rolls out funding plan changes. “Overall, the difference between the 2022 filing season and the 2023 filing season was like night and day,” Collins wrote in her midyear report to Congress. This year, taxpayer experience “vastly improved” compared with 2022, she said. As of April …
Imagine if someone asked you how hot it was in America last month. How would you respond to such a vague question? As everyone knows, temperatures vary greatly depending on a number of factors, from region to elevation, from time of year to even time of day. Is the person inquiring about the temperature in Flagstaff, Arizona, in the early morning of Wednesday, May 3 — or in Fargo, North Dakota, in the late evening …
[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell speaks Wednesday to the House Financial Services Committee in the first of two days on Capitol Hill where he will be testifying on monetary policy. The sessions are held twice each year. In prepared remarks, Powell reiterated that Fed officials expect multiple additional interest rate …
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