Yellen says impacts of a U.S. debt default would be felt ‘into perpetuity’
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe...
U.S. Treasury Secretary Janet Yellen on Tuesday warned of severe economic consequences if Congress does not address the debt ceiling, as Republicans were readying a House vote on the matter.
“It is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security,” she said in remarks prepared for delivery to the Sacramento Metropolitan Chamber of Commerce.
“In the longer term, a default would raise the cost of borrowing into perpetuity,” she said.
Supreme Court rules against major oil firms in public nuisance lawsuits
The Supreme Court delivered a setback for Suncor, ExxonMobil, and other major oil companies...
The Supreme Court delivered a setback for Suncor, ExxonMobil, and other major oil companies in their fight against climate-change lawsuits, ruling that the suits will remain in state courts, and not be moved to federal courts as the companies wanted.
The court’s ruling came this week as local governments in Boulder, Colorado and Boulder County filed suit against Suncor and ExxonMobil. The oil companies felt they stood a better chance in federal courts rather than state courts. They were sued in what is described as public-nuisance suits accusing them of environmental harms from the emissions of greenhouse gases reported National Review.
The energy sector is off to a mixed to lower start, driven by weakness...
The energy sector is off to a mixed to lower start, driven by weakness in the underlying commodities and in the major equity futures which fell this morning as the markets continue to digest earnings.
After two-straight days of strong gains, WTI and Brent crude oil futures slid lower this morning, pressured by global economic outlook concerns and strength in the dollar which outweighed optimism about growing demand in China and expectations of a drop in U.S. crude inventories. Traders remain wary about central banks potentially raising interest rates further to curb inflation, a move that would further dampen economic growth and dent energy demand. Futures found a floor thanks to investor optimism that holiday travel in China would boost fuel demand and by expectations that the latest EIA report will show U.S. crude dropped 1.7 million barrels last week.
Natural gas futures dropped ~2.6% this morning, erasing yesterday’s gains amid moderating weather forecast that should stunt demand.
FERC OKs Tellurian’s $1.4 B Driftwood Pipeline Project
After a variety of woes, including financing difficulties with its signature Driftwood LNG project,...
After a variety of woes, including financing difficulties with its signature Driftwood LNG project, Tellurian Inc. is making headway on a $1.4 billion pipeline natural gas transmission system to supply its terminal.
Tellurian said on April 24 that the Federal Energy Regulatory Commission (FERC) issued a certificate granting authorization for Driftwood Pipeline LLC’s Line 200 and Line 300. The natural gas transmission project is proposed to be located in Beauregard and Calcasieu Parishes, Louisiana. FERC made its decision on April 21, according to Tellurian.
First Republic Bank lost $102 billion in deposits last month
The regional lender that got swept up in March’s bank turmoil said that deposits plunged ...
The regional lender that got swept up in March’s bank turmoil said that deposits plunged nearly 41% last quarter, and they would have fallen by more than 50% if 11 large banks hadn’t plugged it with $30 billion to shore up confidence. But what little faith was restored seems to have evaporated, not least because execs ended their earnings call yesterday after just 12 minutes. The bank’s stock, already down 87% this year, dropped by another ~18% after it released its results.
