Executives in the industry are betting it is worth drilling again in some of the hardest places to do business in the world as Europe increasingly turns to other sources for its energy needs after shunning its main supplier, Russia, over the invasion of Ukraine. In recent months, a string of European officials have visited the region to help advance talks over potential supply deals.
Russia Launches Attacks Across Ukraine, Killing Seven in School Dormitory
Russia launched a new wave of missiles and armed drones into Ukraine, shelling residential buildings in the south and killing seven people in a school dormitory in the Kyiv region, hours after China's president concluded a visit to Moscow to reinforce a partnership with Russian President Vladimir Putin.
Rockets slammed into an apartment block in the southern Ukrainian city of Zaporizhzhia on Wednesday, according to Ukrainian officials and a video of the incident shared by Ukrainian President Volodymyr Zelensky. One person was killed and at least 33, including three children, were injured in the attack, according to local authorities.
Macron Proposes Bonus for Workers in Bid to Calm Pension Protests
PARIS-President Emmanuel Macron stood by his overhaul of France's pension system on Wednesday but proposed several measures for workers-including bonus payments for employees of companies that buy back shares-in a bid to calm an escalating protest movement against his government.
In his first public remarks since pushing through the overhaul last week without a vote in Parliament, Mr. Macron said the law and its centerpiece, raising the retirement age from 62 to 64 by 2030, were needed to fix a pension system that would become unaffordable in a matter of years. He said he wanted the law's provisions to enter into force by the end of this year, defying polls that show the public is largely opposed to the overhaul.
GLOBAL NEWS
Pro Take: The Fed Hits Inflation With Ninth Rate Hike as Banks Reel
The Federal Reserve on Wednesday stuck with its inflation fight as banks and regulators sort out the Silicon Valley Bank mess that has spread fear throughout the banking sector.
Its quarter-percentage-point interest-rate increase, though smaller than most of the hikes seen over the last year, feels like it packs more of a punch amid worries about the health of banks. But Fed Chairman Jerome Powell made clear that the Fed, even though it considered a pause, isn't bowing out of its inflation battle.
Fed Hiked and So Did Silicon Valley Bank
Federal Reserve policy makers raised rates on Wednesday, but they tried to do so in a kind way. Maybe that is the most important takeaway.
The quarter-point increase in the Fed's target range was largely, but not entirely, expected. With all the recent trouble in the banking sector, some economists had forecast the central bank would hit the pause button. Similarly, although interest-rate futures put higher chances on a rate increase than not, they didn't rule out a pause.
Macro Hedge Funds Hit by Financial Turmoil
Hedge funds that bet on big-picture market moves have been hit with steep losses as a spate of recent bank failures upends bets that interest rates would remain elevated.
The souring of the wager led some, including Maniyar Capital Advisors and Haidar Capital Management, to lose more than 20% this month. Many of the funds, which had notched big gains as rates marched steadily upward in 2022, are now flat to down for the year following a steep recent drop in Treasury yields. So-called trend-followers, which try to take advantage of momentum in markets, also were hurt.
What Does 'Made in America' Mean? In Green Energy, Billions Hinge on the Answer.
Virginia-based power company AES Corp. says it is ready to push the button on a solar-panel order of more than $1 billion if a manufacturer will commit to building a factory in the U.S.
If that factory gets built, AES can buy its panels and apply for federal subsidies recently made available to clean-energy developers that use equipment made in the U.S.
Diesel Prices May Reflect Weakness in U.S. Economy
Diesel prices at the pump have fallen to their lowest in over a year. That's good news for consumers, but the decline in prices for the fuel suggests a gloomy outlook when it comes to the U.S. economy.
"Diesel fuel is ubiquitous in our economy," says Brian Milne, product manager, editor, and analyst at DTN. It's a "critical component in industrial production and...supply-chain dynamics."
SEC Plans Lawsuit Against Coinbase, According to Exchange
The Securities and Exchange Commission has told Coinbase Global Inc. that it plans to take enforcement action against the company, escalating its crackdown on digital-currency firms by targeting the biggest U.S. crypto exchange, Coinbase said Wednesday.
Coinbase said it had received a letter from the SEC known as a Wells notice, in which regulators say they believe companies or individuals violated investor-protection laws. The notices aren't final because the agency's commissioners must authorize any lawsuits or enforcement settlements.
Fed Walks Tightrope Between Inflation and Bank Turmoil-but for How Long?
The Federal Reserve is responsible for the financial system and the macroeconomy. In theory, these are different jobs calling for different tools.
The Fed is trying to stay faithful to that separation of roles. On Wednesday, it continued its campaign to slow the economy and bring down too-high inflation, with a quarter-percentage-point increase in interest rates and a forecast of one more. Meanwhile, though, it has been lending generously to banks through its discount window to contain the damage caused by the failure of Silicon Valley Bank two weeks ago.
Grand Jury Weighing Donald Trump Hush-Money Payment Scheduled to Return Thursday
A Manhattan grand jury considering Donald Trump's role in paying hush money to a porn star is scheduled to meet Thursday, according to people familiar with the matter, in what will likely be the panel's last day of deliberations this week as it moves closer to a potential indictment of the former president.
U.S. to Send Aging Attack Planes to Mideast and Shift Newer Jets to Asia, Europe
The U.S. will send aging A-10 attack planes to swap for more advanced combat aircraft in the Middle East as part of a Pentagon effort to shift more modern fighters to the Pacific and Europe to deter China and Russia, U.S. officials said.
The deployment of the A-10s, scheduled for April, is part of a broader plan that also calls for retaining modest naval and ground forces in the Middle East region.
TikTok CEO Seeks to Convince Congress Chinese-Owned App Isn't Security Threat
WASHINGTON-TikTok CEO Shou Zi Chew testifies Thursday morning at a high-stakes congressional hearing, as safety and security concerns over the Chinese-controlled platform deepen even as its popularity in the U.S. grows.
Mr. Chew, a Harvard-educated Singaporean army reservist and former Goldman Sachs banker, will testify before the House Energy and Commerce Committee, whose members have already signaled concerns that Beijing could influence TikTok content and harvest user data.
Ron DeSantis Clarifies Comments on Ukraine War, Calls Russian Invasion Wrong
WASHINGTON-Florida Gov. Ron DeSantis, a likely 2024 Republican presidential candidate, sought to qualify his recent contentious remarks that Russia's invasion of Ukraine was a "territorial dispute" and not vital to U.S. interests.
"Well, I think it's been mischaracterized," he told broadcaster Piers Morgan for an interview to be shown Thursday on the streaming service Fox Nation. Mr. Morgan included the comments in a column Wednesday evening for the New York Post.
Donald Trump Grand Jury Is Called Off for Wednesday
The Manhattan grand jury investigating Donald Trump's role in a hush-money payment to a porn star was instructed not to meet Wednesday, according to people familiar with the matter, delaying any potential indictment of the former president.
The district attorney's office notified court officials Tuesday night about the change in plans, the people said. The grand jury is now scheduled to reconvene Thursday, according to the people. It wasn't clear what prompted the change.
Federal Judge Concludes Trump Likely Misled Lawyers on Documents
WASHINGTON-A federal judge found that special counsel Jack Smith's team presented convincing evidence that President Donald Trump misled his own lawyers about his retention of classified documents after leaving the White House, according to people familiar with the decision.
Judge Beryl Howell made that finding Friday in a sealed decision siding with federal prosecutors in their bid to bypass attorney-client privilege claims raised by one of Mr. Trump's lawyers, Evan Corcoran, and compel him to provide more testimony. Judge Howell wrote that prosecutors had made a "prima facie showing that the former president had committed criminal violations," the people said.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-23-23 0706ET
