Economy Financial News

Automotive News executive editor Jamie Butters discusses the expansion of the UAW strikes and its impact on car buyers.

NEW DELHI : The European Union’s (EU’s) carbon tax—the Carbon Border Adjustment Mechanism (CBAM)—came into effect on 1 October, causing a wedge between developing and developed countries. Interestingly, it is facing resistance from even within Europe. Mint explains.

Chhattisgarh Chief Minister Bhupesh Baghel on Monday rode a motorcycle to lead the ruling Congress' 'Bharosa Yatra' in his assembly constituency in Durg district to propagate the works done by his government in the last five years. Similar day-long Bharosa Yatras (march of trust) were also taken out in the remaining 89 assembly constituencies of the poll-bound state by the Congress to mark Gandhi Jayanti.

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New Delhi: The European Union’s much-debated ‘carbon tax’ on imported goods, which has industrial goods manufacturers worried about a potential dampening of margins on their exports, entered into a transitional phase on Sunday. The EU is seeking to impose this first-of-its-kind tax – called the Carbon Border Adjustment Mechanism – on the import of carbon-intensive goods as it looks to become a climate-neutral or net-zero carbon economy by 2050. European companies from seven carbon-intensive sectors – steel, cement, fertiliser, aluminium, iron, electricity and hydrogen products – will have to share data about their carbon emissions with the EU.

Fuel prices consumers pay at the pump will be driven by a willingness to keep investing in fossil fuels, the UAE's energy minister said on Monday, as oil industry leaders reiterated the need for ongoing investment to smooth the energy transition. Speaking at the ADIPEC energy industry event in Abu Dhabi, Minister Suhail al-Mazrouei said the OPEC+ producer group cares «that the price is right for consumers, but right for the consumers for a very limited time only is short-sighted». More investment is needed in oil and gas for prices to be «right at the pump», he added. When asked whether high crude prices could threaten the health of the global economy, al-Mazrouei said OPEC+ never targets a certain oil price. The group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, in June agreed to extend their oil output cuts until the end of 2024. Saudi Arabia and Russia have also extended 1.3 million barrels per day (bpd) of additional voluntary cuts until the end of the year. That helped push Brent crude prices to above $90 a barrel in early September, with the futures contract last week approaching the psychological threshold of $100 a barrel. OPEC Secretary General Haitham Al Ghais said at the same event that he is optimistic about oil demand growth, and that he saw under-investment as a risk to energy security. «We are… running quite low on spare capacity, we have said this repeatedly, and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,» he said. Mazrouei said investment by both international and national oil companies was needed, and that «these investments need the financial world to be willing to

Wall Street's main indexes opened lower on Monday as the 10-year Treasury yield regained 2007 highs, while investors awaited comments from Federal Reserve Chair Jerome Powell and more data this week to gauge the central bank's interest-rate path. The Dow Jones Industrial Average fell 52.00 points, or 0.16%, at the open to 33,455.50. The S&P 500 opened lower by 3.53 points, or 0.08%, at 4,284.52, while the Nasdaq Composite dropped 1.34 points, or 0.01%, to 13,217.99 at the opening bell. Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. ET, with local employers and small business owners on efforts to grow the economy. Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S.

Wall Street was set to open lower on Monday as the 10-year Treasury yield regained 2007 highs, while investors awaited comments from Federal Reserve Chair Jerome Powell and more data this week to gauge the central bank's interest-rate path. Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. ET, with local employers and small business owners on efforts to grow the economy. Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S.

Pershing Square's Bill Ackman on Monday sounded alarms on the economy, which he believes has begun to decelerate on the back of aggressive rate hikes.

By Karin Strohecker and Sumanta Sen

(Reuters) -China Evergrande Group said on Monday it has applied to the Hong Kong Stock Exchange for trading in its shares to resume on Tuesday, adding there is currently no other inside information related to the company that needs to be disclosed.

Mint’s macro tracker provides a monthly comprehensive report on the state of the economy, based on trends in 16 high-frequency indicators. For each indicator, the value in each month is assigned a colour-coding (red, amber and green) to denote where it lies relative to the five-year average (worse, in line, or better).

Dawn Desjardins, Deloitte Canada’s chief economist, talks with Financial Post’s Larysa Harapyn about how the housing market pause will persist. Desjardins discusses the state of Canada’s economy and the road ahead.

US stock futures rose and Treasuries fell after a deal was reached on the weekend to avoid an American government shutdown. Traders are waiting to hear remarks from Federal Reserve Chief Jerome Powell later Monday.

You probably don’t need to worry about your retirement if you were born with a silver spoon. But if you are a self-made person, then your investment portfolio is incomplete without the National Pension System (NPS).

An official Chinese survey says the country's factory activity has recorded its first expansion in six months

Business sentiment among big Japanese manufacturers improved in July-September for the second straight quarter, according to a central bank survey

The new head of the U.N.’s migration agency says the private sector is “desperate” for their countries to take in migrants to mop up labor shortages, especially in the West

Shares are mostly lower in Europe and Asia even after the U.S. Congress averted a U.S. government shutdown

Britain’s Treasury chief is announcing a hike in the national minimum wage

Investing.com -- Futures faltered on Monday, paring back some earlier gains, after last-minute negotiations between lawmakers on Capitol Hill over the weekend led to a surprise short-term funding deal that averted a U.S. government shutdown. Elsewhere, UAW workers and Mack Trucks forge an agreement to avoid a strike, while the World Bank cuts its growth forecast for China's economy next year.