Op-ed: Oil CEO Sultan Al Jaber is the ideal person to lead the UN climate conference this year
Some climate activists were aghast when the UAE named the CEO of the Abu Dhabi National Oil Company (ADNOC) as president of this year’s COP 28.Â
Financial News
Brian Moynihan says Bank of America expects ‘mild recession’ and is preparing for worse
The CEO’s statement mirrors the earnings report for JPMorgan Chase, whose economic outlook calls for “a mild recession in the central case.”
U.S. will hit its debt limit Thursday, start taking steps to avoid default, Yellen warns Congress
Treasury Secretary Janet Yellen wrote House Speaker Kevin McCarthy, “It is unlikely that cash and extraordinary measures will be exhausted before early June.”
Consumer prices fell 0.1% in December, in line with expectations from economists
The consumer price index was expected to decrease 0.1% on a monthly basis and increase 6.5% from a year ago in December, according to Dow Jones.
The West’s oil war against Russia is starting to take its toll — sparking calls for tougher measures
Russia’s revenue from fossil fuel exports collapsed in December, according to a new report, hampering Moscow’s ability to finance the war in Ukraine.
Powell says Fed might have to make unpopular decisions to stabilize prices
The central bank leader noted that stabilizing prices requires making tough decisions that can be unpopular politically.
Swiss central bank posts biggest loss in its 116-year history
The central bank took a massive hit on its large pile of foreign currency holdings as the Swiss franc strengthened.
Everyone’s elite, but not for long. Airlines make travel perks harder to earn this year
Airlines are scaling back perks for frequent flyers and big spenders as travel roars back.
Elon Musk attorneys aim to move trial from California to Texas, citing ‘local negativity’
Elon Musk and Tesla are set to face a jury in a shareholder class action that claims the CEO manipulated Tesla’s stock in 2018.
Nonfarm payrolls rose 223,000 in December, as strong jobs market tops expectations
Nonfarm payrolls increased by 223,000 for the month, above the Dow Jones estimate for 200,000, while the unemployment rate fell to 3.5%.