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Bloomberg
Korea Gas Giant Removes LNG Claim in Greenwashing Crackdown
(Bloomberg) — South Korea’s largest private gas supplier SK E&S Co. removed claims it would produce carbon-free liquefied natural gas from its marketing materials after the government expanded a crackdown on misleading labels of fossil fuel projects.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanThe Best Bar in the World Is Hidden Behind
American City Business Journals
Starbucks invites unions in Orlando and beyond to the bargaining table
A local Starbucks is among those the national coffee chain is asking to come to the bargaining table. The Seattle-based company (Nasdaq: SBUX) said it sent letters to 234 stores to ask locations with certified Workers United representation to negotiate this month. Starbucks said it will work with stores on an individual basis, as efforts to do a district-wide or market wide-union election were opposed by Workers United.
Reuters
U.S. senators ask Starbucks for information about union dealings
Four U.S. Senators have asked Starbucks to disclose how much the coffee chain has spent on lawyers and consulting fees to counter the growing union membership at hundreds of its locations in the United States. Senators Elizabeth Warren, Ed Markey and Richard Blumenthal, all Democrats, and independent Bernie Sanders, who caucuses with Democrats, sent their request in a letter late Tuesday to Starbucks Corp Chief Executive Officer Howard Schultz and its board of directors.
Reuters
SAS tweaks leases for 36 aircraft to cut costs
STOCKHOLM (Reuters) -Crisis-hit airline SAS said on Wednesday it had reached agreements with 10 of its lessors representing 36 aircraft to amend the terms of existing lease contracts. The Scandinavian carrier said in a statement the tweaked agreements constituted an important step in reconfiguring its fleet and achieving a plan to save 7.5 billion Swedish crowns ($690 million) annually by 2026. “Through the amended lease agreements, SAS is well on track in achieving the targeted annual cost savings of at least 850 million Swedish crowns to 1.0 billion in reduced aircraft lease and capital costs,” it said.
Bloomberg
Active Investing Outperforms in September Amid Brutal Stock Rout
(Bloomberg) — In an environment in which inflation remains entrenched and central banks continue to tighten, one strategy has done relatively well: active investing.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialTrump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.One Big Option Trade Fueled S&P 500’s Midday Jump, Wells Fargo SaysMar-a-Lago Documents Included Pardons, Emails, Legal BillsLoretta Lynn, Coal Miner’s Daughter And Count
Reuters
Stocks seesaw, oil up as investors await jobs report
U.S. stocks were volatile Thursday as investors awaited Friday’s monthly U.S. jobs report, while oil continued to rise on announced big supply cuts from OPEC+. U.S. stocks wavered between positive and negative territory as investors grappled with murky economic data offering conflicting views on how much interest rates hikes were beginning to bite into the economy. The dollar ticked up, as did U.S. Treasury yields, with benchmark 10-year Treasury notes up 5.6 basis points at 3.812%.
Bloomberg
Cboe Takes Step Into DeFi by Posting Free Market Data on Pyth
(Bloomberg) — Cboe Global Markets Inc. is making some real-time market data freely available over blockchain, as the exchange operator makes its entry into decentralized finance.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesTrump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.Stocks Take Breather After Furious Rally From Low: Markets WrapMar-a-Lago Documents Included Pardo
Bloomberg
Juul Moves to Enter Financing Talks for Potential Bankruptcy
(Bloomberg) — Juul Labs Inc. is beginning talks regarding funding for a potential Chapter 11 bankruptcy, according to people with knowledge of the preparations. Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanStock Shorts Fold in Best Two-Day Rally Since 2020: Markets WrapBiden, Kishida Condemn North Korean Missile Launch Over JapanThe e-
Reuters
Dollar edges higher as investors prepare for U.S. jobs news on Friday
The dollar rose on Thursday, extending its gains from the previous day as investors looked ahead to Friday’s key U.S. payrolls report for signs of softness that could signal slowing U.S. rate hikes and possibly a weakening in the greenback after this year’s sharp rally. The euro was down 0.5% to $0.9841, falling a little after the release of European Central Bank minutes from last month’s meeting that showed policymakers were worried that inflation could get stuck at exceptionally high levels. Currency markets have struggled to find a clear direction this week, following a dramatic third quarter.
Bloomberg
Von Der Leyen Proposes Gas Price Cap as EU Energy Fears Rise
(Bloomberg) — European Commission President Ursula von der Leyen is proposing that the bloc intervene in the gas market to cap the rise in prices that is threatening to push the region into recession.Most Read from BloombergTrump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.Musk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialOne Big Option Trade Fueled S&P 500’s Midday Jump, Wells Fargo SaysMar-a-Lago Documents Included Pardons, Emails, Legal BillsLoretta Ly
Reuters
German exports beat expectations despite cooling global economy
BERLIN (Reuters) -German exports rose slightly more than expected in August despite a cooling global economy, rising interest rates and material shortages, the statistics office said on Wednesday. Imports also increased more than expected, rising 3.4% to 131.9 billion euros, the seventh month in a row of growth. High energy costs due to the war in Ukraine are slowing domestic production, which will have a negative effect on exports, said VP bank’s head economist Thomas Gitzel.
Bloomberg
Weakened Truss to Try to Convince UK Tories She Can Still Deliver
(Bloomberg) — Liz Truss will try to get her beleaguered UK premiership back on track on Wednesday, after a bruising few days that exposed deep divisions in her ruling Conservative Party and left even members of her top team in open disagreement about what to do next.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialTrump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.Loretta Lynn, Coal Miner’s Daughter And Country Queen, DiesMar-a-Lag
Reuters
As Asia’s borrowers turn homeward, local bond issuance surges
Asian issuance of bonds denominated in local currencies have ballooned to their largest in more than a decade as borrowers turn shy of expensive U.S. dollar debt and tap cheaper, liquid markets at home. A total of $2.65 trillion has been raised in Asia excluding Japan and Australia via 12,075 local currency bond issues by September, data from Refinitiv showed. “Local currency markets are more peculiarly insulated from what’s happening on the global front,” said Wong Kwok Kuan, managing director and regional head of debt markets at Maybank Investment Banking Group.
Bloomberg
Much-Needed Canada Grain Piles Up Amid Rail Bottleneck
(Bloomberg) — The world sorely needs more grains and Canada has a bin-busting harvest this year — but shippers fear there aren’t enough rail cars to transport it all.There were almost 2,400 outstanding grain-car orders for the nation’s two major carriers, Canadian National Railway Co. and Canadian Pacific Railway Ltd., according to the latest data from the Ag Transport Coalition. That’s the worst backlog since flooding blocked access to Vancouver’s port in late 2021, stranding wheat and canola
Reuters
Hungary’s central bank launches tool to drain liquidity after ending rate hikes
Hungary’s central bank accepted 2.093 trillion forints ($4.90 billion) worth of bids from banks at its first floating-rate two-month deposit tender on Wednesday as part of its efforts to drain forint liquidity and tighten monetary conditions further. The National Bank of Hungary (NBH), which ended its cycle of rate hikes last month taking the base rate to 13%, has said it would deploy an array of tools to tighten liquidity conditions from this month, including the new deposit instrument. The forint, which has been central Europe’s worst performing currency this year, sliding over 12% versus the euro, firmed to 421 from around 423 after the tender, moving away from record lows at 426 hit on Monday.
Reuters
U.S. seeks input on climate law’s $270 billion in tax breaks
WASHINGTON (Reuters) -The U.S. Treasury Department said on Wednesday it is seeking public input on how to implement $270 billion in new federal tax breaks for electric vehicles, clean manufacturing, and energy efficiency. The Inflation Reduction Act signed into law by President Joe Biden in August contained incentives designed to help meet his administration’s goals of halving U.S. carbon emissions by 2030 and getting to net-zero emissions by 2050. Podesta said the administration is seeking to clarify questions on the credits, such as how easily consumers can get new $4,000 incentives if they buy used electric vehicles.
Reuters
Dollar’s blistering rally to extend into next year – FX analysts in Reuters poll
The unstoppable dollar, which is already having a banner year, is likely to extend its dominance beyond 2022, according to a Reuters poll of foreign exchange strategists who said the currency was still some distance from an inflection point. Up over 16% so far in 2022, the dollar index has already had its best year in at least five decades, with the currency exhibiting few signs of slowing anytime soon. Underpinning the greenback’s ascendancy were the U.S. economy’s superior performance, the Federal Reserve hiking interest rates by 300 basis points this year – with more expected – and the role it plays as a safe-haven currency.
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