Labor Shortage Is Vexing Challenge for U.S. Economy
As anyone who has lost luggage or waited half an hour for a restaurant check can tell you, America needs way more workers in some parts of the economy.
Economists think so too. Many of them see the imbalance in labor supply and demand as at the heart of the U.S.'s current economic challenges. They say that fixing it is critical to achieving a so-called soft economic landing, in which the highest inflation in four decades comes down without unemployment rising enough to trigger a recession.
Public Pension Systems Join Those Stung by Crypto Crash
Among the investors who bet on cryptocurrency over the past year are pension funds that manage public workers' retirement savings. Now those funds are navigating the crash.
A Quebec pension fund made a $150 million equity investment in Celsius Network LLC last fall. In July, the cryptocurrency lender filed for bankruptcy protection.
Wall Street, Like the Climate Bill, Bets on Both Green Energy and Fossil Fuels
The climate-and-energy legislation that Congress just passed includes spending for both renewables startups and fossil-fuel producers-a broad, even if seemingly contradictory, strategy that many on Wall Street are already pursuing.
While pouring money into projects geared toward lowering carbon emissions, Wall Street firms have also continued financing oil-and-gas companies through direct lending, debt underwriting or infrastructure investing. The amount of money raised through bonds and loans for green projects and by oil-and-gas companies was nearly identical at about $570 billion last year, according to Dealogic. Although fundraising in both areas has slowed during this year's market volatility, the ratio of green-to-fossil-fuel financing has stayed roughly similar.
Climate Bill's Success Hinges on Timely Renewable-Projects Build-Out
The landmark climate bill passed by Congress on Friday aims to reduce carbon emissions with subsidies for speeding the build-out of renewable-energy projects. Success in meeting its emissions goals will depend on how quickly that build-out happens.
Despite the new financial support for renewable technologies, the industry faces supply-chain snarls, logjams in securing project approvals and challenges in constructing new high-voltage power lines and large-scale batteries to support an unprecedented build-out of wind and solar farms.
Billions in New IRS Funding Won't Be Easy to Spend
WASHINGTON-The Internal Revenue Service faces both political opposition and staffing challenges as it prepares for an $80 billion infusion to be spent over the coming decade.
The new funding is a key component of the climate, healthcare and tax legislation that President Biden is expected to soon sign into law.
Consumers Are Still Spending on Fun
Americans are splurging on summer travel and entertainment, putting their money toward experiences outside of the homes where they spent the early years of the pandemic.
This week a range of businesses that cater to leisure time reported strong results. Hotel chains said tourists are shelling out top dollar for rooms, and cruise lines posted records in onboard spending. Theme parks said sales per visitor hit historic highs and casinos reported rising slot-machine gambling in Las Vegas.
Ukraine's Food Exports Slowly Pick Up Under Grain-Corridor Agreement
ISTANBUL-An international agreement to restore Ukraine's Black Sea grain exports is showing early progress, with 18 ships moving to and from ports in Odessa nearly six months after Russia's invasion bottled up a chunk of the world's agricultural products.
On Saturday, the grain initiative passed a key milestone when the first inbound ship to arrive in Ukraine under the agreement safely departed Odessa after loading 12,000 tons of corn bound for Turkey. Before the ship's departure, all of the other outbound ships leaving Odessa had been vessels that were stranded in Ukraine when Russia attacked in February.
U.S. Lawmakers Travel to Taiwan on Heels of Pelosi Visit
A group of U.S. lawmakers flew to Taiwan on Sunday to meet Taiwanese President Tsai Ing-wen, the latest development to raise questions about U.S. intentions regarding the island's relationship with China.
The visit is likely to rekindle tensions after China encircled the island with live-fire military drills in response to House Speaker Nancy Pelosi's visit earlier this month.
Ukraine Accuses Russia of Using Nuclear Plant to Blackmail West
KYIV, Ukraine-Ukraine's President Volodymyr Zelensky accused Russia of using Europe's largest nuclear power plant to blackmail Kyiv and its allies, urging tougher sanctions against Moscow after recent shelling in the vicinity of the facility prompted warnings of a nuclear accident.
Fighting around the Zaporizhzhia nuclear power plant has intensified in recent days as Russia and Ukraine struggle to make meaningful gains on the battlefield almost six months into a war that has worn down both sides.
FBI Recovered 11 Sets of Classified Documents in Trump Search, Inventory Shows
FBI agents who searched former President Donald Trump's Mar-a-Lago home Monday removed 11 sets of classified documents, including some marked as top secret and meant to be only available in special government facilities, according to a search warrant released by a Florida court Friday.
The Federal Bureau of Investigation agents took around 20 boxes of items, binders of photos, a handwritten note and the executive grant of clemency for Mr. Trump's ally Roger Stone, a list of items removed from the property shows. Also included in the list was information about the "President of France," according to the three-page list. The list is contained in a seven-page document that also includes the warrant to search the premises which was granted by a federal magistrate judge in Florida.
Trump's Final Days Draw Scrutiny as Handling of Documents Investigated
WASHINGTON-In the final weeks of the Trump administration, the West Wing started to empty out. White House trade adviser Peter Navarro was spotted carting away a framed photograph of the U.S. and Chinese presidents facing off. The chief of staff's wife was seen packing a stuffed bird into her car.
President Donald Trump remained preoccupied with overturning his November 2020 election loss. He spent his last days meeting with lawyers, plotting how to settle scores with Republicans who voted to impeach him after the Jan. 6 riot at the U.S. Capitol and negotiating over pardons with his advisers, former aides said.
China Sets Joint Air-Force Training With Thailand
China's military said it would dispatch jet fighters to Thailand for joint air-force training with the U.S. ally starting Sunday, drills that come on the heels of Beijing's live-fire exercises around Taiwan and coincide with a large U.S. military exercise in Indonesia.
The coming Falcon Strike exercises will mark the fifth time the Thai and Chinese air forces have practiced and are focused on building trust between the nations, China's Ministry of National Defense said.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
2Q unless stated otherwise
Americas Gold and Silver
CareRx
Enthusst Gmng
Ivanhoe Mines
K92 Mining
MAG Silver
Medicenna Therptcs (1Q)
MediPharm Labs
Trevali Mining
Economic Indicators (ET):
0830 Jun Monthly Survey of Manufacturing
0830 Jun New motor vehicle sales
0830 Jun Wholesale trade
Stocks to Watch:
Allkem to Buy María Victoria Lithium Tenement Near Olaroz Facility From Minera Santa Rita; to Transfer Minera Santa All its Borax Shares, $14M Cash
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Sagicor Financial 2Q Rev $672.3M; EPS $0.247; Book Value Per Share of $7.51 in Q2
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Turquoise Hill Special Committee Finds Rio Tinto's Privatization Proposal Doesn't Company's Reflect Full & Fair Value of the Company; Terminating Consideration of Rio Tinto's Proposal to Acquire All Shrs It Doesn't Own for C$34 Each; Rio Tinto's Offer Price Not Reflective of Value of Co's Majority Ownership of Oyu Tolgoi Project
Expected Major Events for Monday
04:30/JPN: Jun Revised Retail Sales
04:30/JPN: Jun Revised Industrial Production
06:00/GER: Jul WPI
12:30/CAN: Jun Monthly Survey of Manufacturing
12:30/CAN: Jun New motor vehicle sales
12:30/US: Aug Empire State Manufacturing Survey
12:30/CAN: Jun Wholesale trade
14:00/US: Aug NAHB Housing Market Index
20:00/US: Jun Treasury International Capital Data
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
AEye Inc (LIDR) is expected to report for 2Q.
Alaunos Therapeutics Inc (TCRT) is expected to report $-0.05 for 2Q.
Albireo Pharma Inc (ALBO) is expected to report $-1.30 for 2Q.
Altus Power Inc (AMPS) is expected to report for 2Q.
Ascent Solar Technologies Inc (ASTI) is expected to report for 2Q.
BitNile Holdings Inc (NILE) is expected to report for 2Q.
Brainstorm Cell Therapeutics Inc (BCLI) is expected to report $-0.15 for 2Q.
CareRx is expected to report for 2Q.
Celsion Corp (CLSN) is expected to report for 2Q.
Charge Enterprises Inc (CRGE) is expected to report for 2Q.
Clear Secure Inc (YOU) is expected to report for 2Q.
DarioHealth Corp (DRIO) is expected to report for 2Q.
Dynacor Group is expected to report for 2Q.
Embecta Corp (EMBC) is expected to report for 3Q.
Fathom Digital Manufacturing Corp (FATH) is expected to report for 2Q.
GEE Group Inc (JOB) is expected to report $0.01 for 3Q.
Galectin Therapeutics (GALT) is expected to report for 2Q.
Gelesis Holdings Inc (GLS) is expected to report for 2Q.
Genius Brands International Inc (GNUS) is expected to report for 2Q.
Impel Pharmaceuticals Inc (IMPL) is expected to report for 2Q.
Inuvo (INUV) is expected to report $-0.02 for 2Q.
Ivanhoe Mines is expected to report $0.12 for 2Q.
(MORE TO FOLLOW) Dow Jones Newswires
08-15-22 0516ET
