Oil prices rose 1.5% with Brent topping $120/bbl Friday and both WTI and Brent logging their first weekly gain in three weeks. In mid-day trading today, WTI futures were down 5.9% at $107.10/bbl, Brent was down 6.0% at $113.40/bbl and U.S. natural gas was down 1.3% at $5.50/MMBtu.
Australia’s Northern Territory has introduced new legislation that will allow for a high-voltage cable to export power from a giant solar and battery complex in the region to Singapore, aiming to meet 15% of the city-state’s demand with a target start date in 2026.
France issued over $440 million in state aid to truckers to mitigate rising fuel costs.
The American Trucking Associations’ for-hire truck tonnage index hit 115.3 in February, up 2.4% from the prior-year period, the sixth straight month of year-over-year increases, though it remains below its pre-pandemic level.
The average capesize spot rate across five key routes dropped over $2,400 last week to around $18,000 per day.
Venture investment into supply-chain tech startups based in North America and Europe jumped 104% to $41 billion last year, according to PitchBook Data.
Moderna raised its COVID-19 vaccine sales forecast for the year from $19 billion to around $21 billion.
Big U.S. banks including Goldman Sachs and Citigroup are betting the Federal Reserve will raise interest rates more aggressively than planned this year, with the benchmark rate possibly reaching 3.75% in 2023.
Some 57% of Americans did not pay federal income taxes last year due to a combination of pandemic aid programs and stimulus, up from 44% in 2019.
Employers are waiting as much as 10 months for the IRS to process claims for a widely used pandemic wage subsidy, forcing businesses to dig deeper into reserves and slowing their recovery.
U.S. pending home sales dropped 4.1% in February, the fourth straight month of declines approaching the usually busy spring season. With inflation rising, new home builders are adding escalator clauses in contracts, while many prospective buyers are stepping back from the market due to high prices and rising interest rates.
American business investment grew 7.4% last year, the fastest pace in almost a decade, led by 14% more spending on software and computers.
Third-party deliverer Instacart cut its valuation by nearly 40% as it prepares for an initial public offering, highlighting the difficulties of competing in delivery services marked by rapid innovation and changing demand.
Cars made by American electric-vehicle startup Lucid have the best battery life on the market by a long shot, new data shows:
The U.S. National Highway Traffic Safety Administration has reinstated increased penalties for automakers whose cars do not meet fuel efficiency requirements, starting with vehicles manufactured in 2019.
Hong Kong is shortening a ban on airlines that are found to have carried COVID-19 positive passengers as the island’s latest virus wave shows signs of easing.
The Omicron “stealth” subvariant is spreading rapidly across the U.K., with around 4.2 million infections reported in the nation over the last week, including record case numbers reported in both Scotland and Wales.
Poland will end all pandemic restrictions starting today.
El Salvador joined Australia in making plans to provide a fourth COVID-19 vaccine dose to some people.
Ghana’s economy is expected to grow 5.8% this year as the nation lifted the bulk of its pandemic restrictions earlier today, including the reopening of its land and sea borders.
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