Biden spoke in Lorain Feb. 17 about the Infrastructure Investment and Jobs Act which will accelerate clean-up of areas along the Great Lakes.
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More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
SAO PAULO (Reuters) -Brazil and Paraguay will resume negotiations regarding conditions for the sale of energy from the Itaipu hydroelectric plant, potentially opening a door for the bi-national company to sell electricity on unregulated markets. In an interview with Reuters, Itaipu's Brazilian Director General Anatalicio Junior Risden said discussions on potential changes in the current sales framework come after the Brazilian government privatized electricity firm Eletrobras, which no longer participates in decisions regarding Itaipu. Itaipu currently sells 100% of its energy on the regulated market, and potential sales in the unregulated space would allow it to act as "a private company," he said.
Top U.S. Gulf of Mexico oil producer Shell said on Thursday it halted production at three U.S. Gulf of Mexico deepwater platforms after a leak shut two pipelines connecting the platforms, adding it expected pipeline service to resume on Friday. A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A Shell spokesperson said the leak, approximately two barrels of oil, has been contained, and the company expects the Mars and Amberjack pipelines to return to service on Aug. 12.
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The Canadian dollar edged lower against its U.S. counterpart on Friday as oil prices fell, but the currency still notched its biggest weekly gain this year as signs of U.S. inflation peaking eased worries of aggressive tightening by the Federal Reserve. "The market has less angst," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. "With (U.S.) CPI now like other inflation numbers suggesting that the top is in and that inflation will trend lower, the chances that the Fed is going to have to force a recession are lower."
MEXICO CITY (Reuters) -The Bank of Mexico hiked its benchmark interest rate by three-quarters of a percentage point to a record 8.5% on Thursday, mirroring the U.S. Federal Reserve's most recent policy decision as inflation surged to an over two-decade high. The five board members of Banxico, as the central bank is known, voted unanimously for the second 75 basis point hike in a row, saying the board would "assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions." Analysts said that language gave its forward guidance a slightly dovish bias, moderating the tone of its prior monetary policy statement on June 23 when it said the board intended to continue raising rates and would "evaluate taking the same forceful measures if conditions so require."
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today reported its financial results for the quarter ended June 30, 2022.
Russia is considering buying the currencies of "friendly" countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros due to sanctions, the central bank said on Friday. The bank said it was sticking to the policy of a free-floating rouble exchange rate but highlighted that it was important to reinstate a budget rule which diverts excess oil revenues into the country's rainy day fund. In a report on its monetary policy for 2023-2025, the central bank said various options on how to return to the fiscal rule and replenish the NWF are now being discussed, taking into account the Western sanctions against Russia over its actions in Ukraine.
WASHINGTON (Reuters) -The United States on Friday adopted new export controls on technologies that support the production of advanced semiconductors and gas turbine engines that it said are critical to its national security. The "emerging and foundational technologies" covered by the move include gallium oxide and diamond, because "devices that utilize these materials have significantly increased military potential," the Commerce Department said. "Technological advancements that allow technologies like semiconductors and engines to operate faster, more efficiently, longer, and in more severe conditions can be game changers in both the commercial and military context," said Commerce Under Secretary for Industry and Security Alan Estevez.
More than 40% of marketing professionals said voice assistant applications were the top priority trend for them to implement, the 2022 Voice Branding Trends Report from Voices, the #1 voice marketplace, found.
BRASILIA (Reuters) -Brazil's central bank chief Roberto Campos Neto said on Thursday it is not true that banks lose money with the Pix instant payment system, launched by policymakers in late 2020. Speaking at an event hosted by Brazil's banking lobby group Febraban, he acknowledged Pix affected revenues to some degree, since in the past banks charged people for transfer fees, while Pix is free. On the other hand, it offers new services, increases the volume of transactions and reduces cash costs for banks, said Campos Neto.
The three largest additions to the MSCI world index by market capitalization will be Carlisle Cos Inc, Texas Pacific Land Corp and Gaming And Leisure Properties Inc, all U.S.-based, MSCI said. The three largest additions to the emerging markets index will be Tianqi Lithium A, Qinghai Salt Lake Industry A, and Beijing Tongrentang A. The MSCI ACWI index included nearly 2,900 components from 47 developed and emerging markets as of the end of last month, according to its fact sheet https://www.msci.com/documents/10199/8d97d244-4685-4200-a24c-3e2942e3adeb.
Euro zone industrial production in June grew three times more than expected, data showed on Friday, mainly thanks to a jump in the output of capital goods. The European Union's statistics office Eurostat said industrial production in the 19 countries sharing the euro rose 0.7% month-on-month in June for a 2.4% year-on-year increase. Eurostat said that the production of capital goods, which include things like machinery, equipment, vehicles or tools, rose 2.6% on the month and 7.6% in annual terms.
MEXICO CITY (Reuters) -Mexican leasing firm Unifin's debt restructuring is credit negative and could reflect tight refinancing conditions for Mexican financial institutions, Moody's rating agency said on Friday. "Unifin's restructuring and cessation of principal and interest payments will negatively affect Mexico's smaller finance institutions, whose own liquidity profiles and funding sources are strained by heightened global volatility and investors wary of Mexico's," non-bank financial institution sector, Moody's said in its report. Unifin's shares were down 7.21% in late trading Friday.
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"Electricity and gas prices started to re-accelerate, while price hikes are becoming more prevalent in goods such as processed foods," said Takeshi Minami, chief economist at Norinchukin Research Institute. Economists estimate the nationwide core CPI, which excludes volatile fresh food costs but includes energy, was 2.4% higher last month than a year earlier. Excluding periods when the indicator was skewed by effects of higher sales tax, the expected core CPI rise for July would be the fastest since August 2008.
TORONTO — Retailers in Toronto's downtown core had to close for business on Thursday afternoon as a power outage affected security and payment systems throughout the financial district. Shoppers Drug Mart and Tim Hortons locations on King Street East had signs on their doors saying they were closed due to the outage. Patios along The Esplanade, usually full of customers enjoying the sun, were empty as people moved through the affected area. Anna Spencer, pastry chef at XO Bisous on Adelaide Stre
North American markets enjoyed a broad-based rally Friday, bolstered by two encouraging U.S. inflation reports earlier in the week and a lack of any other major economic news on the day to offset them. With a near-total absence of market-moving events on what was a quiet day heading into a summer weekend, the S&P/TSX composite index still gained 187.93 points to close at 20,179.81. In New York, the Dow Jones industrial average closed up 424.38 points at 33,761.05. The S&P 500 index closed up 72.
Nigeria's President Muhammadu Buhari has withheld his initial approval of Exxon Mobil's sale of local offshore shallow water assets to Seplat, his spokesman said on Thursday, after the oil regulator refused to give its consent. Buhari on Monday consented to the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason. The transaction is being closely watched by other oil majors like Shell and TotalEnergies, who have announced plans to sell some local assets.
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