Dean Seal of The Wall Street Journal reports that Union Pacific railroad beat expectations on earnings but signaled dimming strength in industrial, intermodal businesses. He writes: Union Pacific’s profit fell 19% in the third quarter to $1.5 billion, beating expectations, while the company reported declining freight rail volumes and revenue across key industrial commodities. Earnings slid to $2.51 a share from $3.05 a share in the year-ago quarter. Analysts polled by FactSet had been expecting $2.41 a share. Overall quarterly revenue at $5.94 billion was down 10% from $6.57 billion … [Read more...]
Chinese and Russian Leaders Celebrate Trillion-Dollar Belt and Road
Brian Spegele and Wenxin Fan of The Wall Street Journal, write that Xi and Putin are doubling down on the path to a new world order. They write: With one war raging in Ukraine and another unfolding in the Middle East, Chinese leader Xi Jinping is promoting his signature foreign-policy project as a force for unity, cooperation and prosperity around the globe. At a summit convened to celebrate the Belt and Road Initiative, a crucial building block in China’s rivalry with the West, the picture looked more fractured. The prominence given to Russian President Vladimir Putin at the … [Read more...]
U.S. Economy Exhibits “Stable” to “Slightly Weaker” Growth in Early Fall
Jeffry Bartash of MarketWatch writes Beige Book sees a ‘slightly weaker’ U.S. economy — and easing inflation. He writes: The U.S. economy exhibited “stable” to “slightly weaker” growth in the early fall, a Federal Reserve survey found, helping to loosen up a tight labor market and ease inflation. The Fed’s regular survey of the economy, known as the Beige Book, covered the six weeks leading up to Oct 6. It was prepared ahead of the Fed’s next meeting on Oct 31-Nov. 1. “This report should give the doves … some additional ammunition in their arguments for the Fed to pause their rate hikes … [Read more...]
China’s Economy Faces a Daunting List of Headwinds
Jason Douglas of The Wall Street Journal explains that China’s economy will get a boost from stimulus, but its headwinds will grow. He writes: China’s economy slowed in the third quarter as the drag from a shrinking property sector weighed on growth, but strengthening retail sales suggest it is emerging from a soft patch as stimulus measures start to kick in. Still, China’s economy is likely to struggle for a while yet, economists say. Real estate remains a major risk, with home sales crumbling and developers China Evergrande Group and Country Garden struggling with heavy debts. Consumer … [Read more...]
While Missiles Fly, Flights Land: How Israel’s Airport Stays Open
https://youtu.be/-0t67OqyzL4?si=ZbeEBC6vIy-QY1I_ Despite its proxitiy to a war zone, Israel's Ben Gurion Airport remains open, allowing passenger and freight flights to operate through the sites. In a video report, the WSJ’s George Downs speaks with experts about the risks and explores the tactics Israel is deploying to continue to allow planes to take off and land in the country. … [Read more...]
Belt and Road Initiative Reboot
Jason Douglas of The Wall Street Journal writes that a decade after its launch, China is trying to revive its sprawling infrastructure program by making it a lot less risky. He writes: A reboot of the program is under way as Chinese leader Xi Jinping prepares to host a 10th anniversary bash for the Belt and Road Initiative in Beijing this week. The goal is to breathe new life into a project that remains central to China’s global ambitions after a rocky spell of bad debts and costly bailouts—while preventing a repeat of the excesses that contributed to those troubles in the first place. The … [Read more...]
Home Sales on Track for Slowest Year Since 2008
Nicole Friedman of The Wall Street Journal tells us that the residential real-estate market is being hindered by mortgage rates, limited inventory. She writes: The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period. Sales of previously owned homes in 2023 are expected to dwindle to a rate not seen since at least 2011, when the U.S. population was smaller and the country was still recovering from one of the worst housing crises ever, according to many economist forecasts. Chen Zhao, economics research lead at … [Read more...]
Tensions Rise Over Metal Tariffs
By bird_saranyoo @Adobe Stock Kim Mackrael and Laurence Norman of The Wall Street Journal report that Trans-Atlantic tensions over metals tariffs are proving resistant to a resolution. They write: The Biden administration’s relationship with the European Union, a vital geopolitical ally in a time of crisis, is being tested by a Trump-era policy on metals tariffs that the White House had sought to unwind. Former President Donald Trump in 2018 slapped hefty tariffs on most U.S. steel and aluminum imports, citing national security as grounds. The move infuriated U.S. allies—including other … [Read more...]
Hydrogen-Power Supply Chain Getting Serious Money
Paul Page of The Wall Street Journal reports, the U.S. is putting some serious funding towards building a hydrogen-power supply chain. He writes: The White House is injecting a gusher of cash into hydrogen production, an undeveloped sector that it is betting will play a pivotal role in the country’s shift away from fossil fuels. The Biden administration is awarding $7 billion in grants for seven regional hubs to produce clean hydrogen, a potential substitute for oil and gas in shipping, steelmaking and chemical production, the Energy Department said Friday. Created by the 2021 … [Read more...]
More Cities Planning Restrictive Climate Change Policies
More cities are making pledges to take steps like banning meat, dairy, and private cars to decrease carbon emissions as part of the C40 Cities Climate Leadership Group. The Federal Newswire reports: More cities continue to join the “C40 Cities Climate Leadership Group," a climate activist group which attempts to implement changes at the city level. In an article from September 14, the American Stewards of Liberty said that C40 cities are attempting to control how people eat and even dress, all in the name of protecting the environment. According to the article by the American Stewards of … [Read more...]
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