By increasing the cost of using fossil fuels, carbon taxes should incentivise substitution toward cleaner energy. In practice, firms may shift production and emissions across borders, a problem known as carbon leakage. This column studies carbon leakage in the context of the EU Emissions Trading System using firm-level import data. Following the introduction of the […]
Energy intensity and efficiency are at the core of the green transition. Using a new firm-level complexity index, this column shows that product upgrading and access to trade with advanced trading partners drive firms to adopt energy-efficient technologies. This is especially the case for small firms, which experience significant energy intensity reductions. Though large firms […]
Italy wants UniCredit to disclose full terms of its proposed takeover of smaller rival Banco BPM under “golden power” rules EU governments can use to screen investments in strategic sectors, sources said. Asking not to be named, two people familiar with the matter said the government had rejected UniCredit’s request for a preliminary assessment, known as pre-notification, […]
A federal appeals court on Friday largely rejected Starbucks appeal of a National Labor Relations Board finding the coffee chain illegally fired two Philadelphia baristas because they wanted to organize a union. The 3rd U.S. Circuit Court of Appeals said Starbucks lacked standing to challenge the constitutionality of NLRB administrative law judges, in a possible […]
Wall Street’s holiday cheer ended abruptly on Friday, with all three main benchmarks closing lower in a broad-based sell-off affecting even tech and growth stocks that had driven markets higher through much of the shortened trading week. The decline ended the Dow Jones Industrial Average’s five-session winning streak that had followed a 10-session decline, its worst […]
China will reduce import tariffs on ethane and certain recycled copper and aluminium raw materials from next year, the government said on Saturday. The Ministry of Finance announced adjustments to various import tariff categories, effective Jan. 1, aimed at increasing imports of high-quality products, expanding domestic demand and promoting high-level opening-up, it said in a […]
The Federal Aviation Administration said on Friday that it has issued a commercial space launch license for Blue Origin’s — Jeff Bezos’ rocket company — New Glenn launch. Blue Origin entered into a highly competitive area it has long sought to join, as the U.S. Department of Defense picked the company, along with Elon Musk’s SpaceX and […]
Tech and growth stocks dragged Wall Street’s main indexes lower on Friday, at the end of an upbeat holiday-shortened week that was driven by expectations around a traditionally strong period for markets. The Dow Jones Industrial Average fell 0.95%, the S&P 500 was down 1.33% and the Nasdaq Composite briefly was down 1.72%. COMMENTS: SAM STOVALL, MARKET […]
OpenAI on Friday laid out a plan to transition its for-profit arm into a Delaware public benefit corporation (PBC) to help it raise capital and stay ahead in the costly AI race against companies such as Google. OpenAI’s new structure aims to potentially make a more investor-friendly corporation, while maintaining a mission of funding a related charity. Rivals including […]
U.S.-based utility Duke Energy said on Friday it had filed a plan with the Florida Public Service Commission (FPSC) to recover about $1.1 billion in direct costs associated with the company’s emergency activation and response to hurricanes Debby, Helene and Milton. Severe storms this year forced major U.S. utilities to shut down or slow power plant operations. Duke, […]
