An energy price shock is serving as a reminder of the world's continued dependency on fossil fuels-even amid efforts to shift to renewable sources of energy.
Demand for oil, coal and natural gas has skyrocketed world-wide in recent weeks as unusual weather conditions and resurgent economies emerging from the pandemic combine to create energy shortages from China to Brazil to the U.K.
Biden's Soft Infrastructure Agenda May Not Boost Growth
As the Democrats who control Washington reshape a multi-trillion-dollar package that would expand the social safety net and boost green energy, a key question hanging over their efforts is what impact it will have on the economy.
A $1.2 trillion bipartisan infrastructure deal passed by the Senate earlier this year and a reconciliation bill Democrats are trying to whittle down from its original $3.5 trillion price tag constitute what President Biden has described as "once-in-a-generation investment" in the economy.
U.K. House Prices Hit Record High Across All Market Segments in October
U.K. house prices in October rose 1.8%, with every region and market segment delivering increases, according to new data from property portal Rightmove PLC.
The average price of property coming to the market rose by 5,983 pounds ($8,181) in October, the largest percentage jump for this time of year since 2015 and bringing the national average to an all-time high of GBP344,445, Rightmove said. The portal measured 88,694 prices across the U.K over the period from Sept. 12 to Oct. 9.
Some Investors Say Bank Pledges to Cut Funding for Arctic Drilling Contain Loopholes
Some of the world's largest banks, including Goldman Sachs Group Inc., HSBC Holdings PLC and BNP Paribas SA, pledged in recent years to stop direct financing of Arctic oil exploration. The idea was to choke off money for fossil-fuel extraction in a pristine natural environment.
A battle has broken out among investors, environmentalists and banks over those pledges. Some investors and environmentalists say they contain loopholes, and money has continued to flow from big banks to companies active in areas of Norway, Russia, Canada and Alaska rich in oil and gas. Under pressure, two of the banks, BNP and HSBC, say they are reviewing their pledges to make them stronger.
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