Italian officials say the government has collected some $3 billion so far from this year’s one-off windfall tax on energy firms.
Spanish officials opened a probe into alleged anti-competitive behavior between Repsol and privately owned Cepsa, the nation’s two largest oil companies.
British banking giant HSBC will stop funding new oil and gas fields while requiring more information from energy clients over their plans to cut emissions.
Moldova, one of Europe’s poorest countries, plans to sue Gazprom over failing to provide it with contracted gas.
Canada scrapped a rule that allowed for parts used for the Russia-to-Germany Nord Stream 1 gas pipeline to be repaired in Montreal.
The U.S.’s landmark nuclear-fusion discovery this week — where for the first time a reaction produced more energy than it consumed — has spurred immediate interest from big investors, according to companies working on the technology.
G7 nations finalized a plan to provide $15.5 billion to help Vietnam transition away from coal.
BP invested $13.7 million with an Australian startup to make fast-unraveling solar panels that can be deployed in solar farms by a handful of people within minutes.
The U.S. will soon add Yangtze Memory Technologies, China’s leading maker of memory chips, and more than 30 other Chinese companies to a trade blacklist that will prevent them from buying certain American components.
Indian automaker Mahindra will spend $1.21 billion to build a new electric-vehicle (EV) factory in west India. The auto giant says its entry into the U.S. EV market is still several years away.
Indonesia will start offering subsidies of up to $5,000 on new, domestically made electric motorcycles and cars, officials said.
Mazda will introduce its first electrified car in the U.S. by 2024.
The Federal Reserve on Wednesday raised its benchmark interest rate by 50 basis points, a downshift from the 75-point hikes it delivered at its last four meetings this year. The U.S.’s new interest-rate range between 4.25% and 4.5% is the highest in 15 years.
At their Wednesday meeting, Federal Reserve officials said the U.S. would need at least 75 basis points of additional rate hikes by the end of 2023, leading to a higher-than-expected terminal rate of around 5.1%. Rates could start going down in 2024.
The Federal Reserve predicts the U.S. economy will grow at a 0.5% pace in 2023, a sharp downgrade from the central bank’s September prediction of 1.2%. The unemployment rate, meanwhile, is forecast to rise to 4.6% from its current level of 3.7%.
U.S. retail sales fell 0.6% in November from the prior month.
Initial jobless claims fell by 20,000 last week to 211,000, well lower than expectations, indicating continued resilience in labor markets.
Business groups are preparing to mount a legal challenge to the U.S. administration’s proposals that narrows the definition of independent contractors.
International Markets
On-the-ground reports suggest Beijing’s economic and residential activity has abruptly halted amid surging COVID-19 cases.
Following the U.S.’s lead yesterday, the European Central Bank, the Bank of England and Swiss National Bank each raised interest rates by 50 basis points today and signaled further rate hikes ahead.
Germany plans to issue a record $533 billion of debt next year to fund costs associated with Europe’s energy crisis and continued fallout from COVID-19.
Led by fuel shipments, Japanese imports surged by an annual 30.3% in November, resulting in the 16th straight month of trade deficits.
British inflation fell to 10.7% in November after hitting a 41-year high of 11.1% the previous month.
Economic activity in Brazil, Latin America’s biggest economy, contracted in October, according to new data.
German engineering giant Bosch expects to beat forecasts with over $92 billion in revenue this year. The firm also says it will continue reducing its exposure to China in favor of India.
Visa plans to invest $1 billion in its business across Africa over the next five years as it pushes for wider adoption of digital payments.
Aircraft leasing firms are suing dozens of insurers for around $8 billion to compensate for the hundreds of aircraft stuck in Russia since its invasion of Ukraine.
Inditex, owner of the world’s biggest fashion retailer Zara, saw profit rise 24% the first nine months of the year as price hikes helped offset weakening global demand.
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