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White House advisor says Biden team not against oil company profits

ABU DHABI, United Arab Emirates — President Joe Biden is making no secret of his frustration with high gas prices and the oil companies making record profits as a result. With the support of Democratic allies in Congress, he is threatening to levy windfall taxes on energy firms, a prospect …

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U.S. and UAE sign strategic partnership deal to spur $100 billion in clean energy investment

Solar panels are set up in the solar farm at the University of California, Merced, in Merced, California, August 17, 2022. Nathan Frandino | Reuters ABU DHABI, United Arab Emirates — The United States and United Arab Emirates on Tuesday announced the signing of a strategic partnership that will see …

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Next winter will be more challenging, oil CEOs warn

PCK Schwedt oil refinery in Schwedt, Germany on Monday, May 9, 2022. Krisztian Bocsi | Bloomberg | Getty Images ABU DHABI, United Arab Emirates — Politicians and governments around the world are bracing for potential civil unrest as many countries grapple with mounting energy costs and rising inflation.  The global …

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Covid reopening versus decoupling, competition

China previously “sailed on” economically while other countries struggled, but the world’s second largest economy may have a difficult path ahead, according to one strategist. “China has reached that level of its development where a lot of emerging markets typically find the going getting tougher,” said Mark Jolley of CCB …

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HKMA chief defends currency peg, says it brought stability

Hong Kong Monetary Authority’s chief executive has defended Hong Kong’s currency peg, saying it helped see the city through some of its toughest economic challenges.  In an interview with CNBC on Tuesday, Eddie Yue who leads Hong Kong’s de facto central bank, said maintaining a stable exchange rate through the …

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Black Sea deal suspension will drive up grain and meat prices in Asia-Pacific

Asia-Pacific could face higher prices of grains and meat after Russia suspended a U.N.-brokered deal that had allowed safe grain shipments out of the Black Sea. Over the weekend, the Russian foreign ministry said it “can no longer guarantee the safety of civilian dry cargo ships participating in the Black …

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Asia leads 2023 real wage growth; jumps in India, China

As inflation continues to impact global economies, Asia-Pacific will be the only region to see real salary growth in 2023, a new survey has found.  According to the annual Salary Trends Report by data company ECA International, the average real salary increase — which is nominal wage growth minus the …

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Charts suggest the market has more upside through the end of the year, Jim Cramer says

CNBC’s Jim Cramer on Monday said that the market could see a rally later this year that lasts through the end of 2022. “The charts, as interpreted by Larry Williams, were able to call this incredible October rally. … And now he says that this market’s likely got even more …

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TuSimple CEO fired over improper ties to Chinese firm Hydron

TuSimple, partly owned by UPS, makes self-driving trucks, a technology that may be among the innovations to help lower longer-run inflation in the transport sector. Source: TuSimple Self-driving truck startup TuSimple has fired its CEO, Xiaodi Hou, after an internal investigation found improper dealings and possible tech transfer to a …

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Lula’s victory in Brazil sparks optimism on climate change

Luiz Inacio Lula da Silva, Brazil’s former president, center, addresses supporters after winning the runoff presidential election in Sao Paulo, Brazil, on Sunday, Oct. 30, 2022. Bloomberg | Bloomberg | Getty Images The narrow win by Luiz Inácio Lula da Silva in the Brazilian presidential election marks a key turning …

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