Global carbon pricing to stimulate growth rate
Global carbon pricing could boost the world economy, Catherine Mann, a member of the Monetary Policy Committee of the Bank of England, said.
The BoE policymaker is sure that adopting a global price on greenhouse gas emissions is the most efficient way of stimulating economic growth, Bloomberg reported.
According to Mann, global carbon pricing would help reduce greenhouse gas emissions and spur investment and productivity. In addition to benefits for the climate, that could lead to a "higher level of economic performance in the medium term."
Carbon emissions cause global warming, ecologists say. To control emissions, the Kyoto Protocol was adopted in 1997, but carbon-pricing initiatives in 65 countries were launched much later.
At the 2021 United Nations Climate Change Conference in Glasgow, a new carbon-trading system was introduced. It allows countries to trade their CO2 quotas.
Global economic growth has slowed down over the past decade, causing concern among experts. It started right after the technological breakthrough in the 1990s. In this light, BoE officials believe it is time to make every effort to develop new economic sectors. Conditions for carbon neutrality and changes in consumer behavior are needed so that new industries could expand. Otherwise, the current goal may prove elusive, Catherine Mann suggested.
Adidas revenues drop due to lockdowns in China
Adidas revenues slumped by 35% due to lockdowns in China, the sportswear manufacturer said.Lockdowns in major cities such as Shanghai forced the company to close some of its stores. Due to severe supply chain disruptions, the German sportswear manufacturer lost about $210 million.
16:30 2022-05-17 UTC+00
Boeing posts $1.2 billion loss in Q1
US aircraft giant Boeing Co. made huge financial losses. The company's net loss increased twice at the end of the first quarter and totaled a record $1.2 billion. Currently, Boeing’s shares are plummeting amid this shocking news.The company’s management reported a net loss of $1.242 billion in the first quarter. It is twice as much as a year ago. GAAP loss per share is $2.06 versus $0.
14:10 2022-05-17 UTC+00
Visa posts strong earnings despite pulling out of Russia
In its recent quarterly report, Visa confirmed a loss of $35 million after suspending its operations in Russia. Apart from that, the payment processing giant is doing really well. Thus, Visa’s net income for the second fiscal quarter of this year amounted to $3.65 billion or $1.70 per class A share compared to $3.03 billion or $1.38 per share in the same period of 2021.
15:03 2022-05-16 UTC+00
Poland stops using Russian gas earlier than expected
Poland is another country that stopped buying Russian gas. The country managed to find a new supplier of energy resources earlier than planned. The news was announced by Piotr Naimski, Government Plenipotentiary for Strategic Energy Infrastructure. He said that Poland rebuilt the earlier existing supply chains and began receiving energy from other producers.
14:05 2022-05-16 UTC+00
EU to end reliance on Russian energy by 2027
With each passing day, buyers are refusing to cooperate with Russian energy suppliers. Moreover, many are planning to completely abandon oil and gas imports from Russia. For instance, the EU intends to reduce its dependence on Russian energy supplies to zero by 2027.
14:04 2022-05-16 UTC+00
US becomes top importer of Russian ice cream in 2021
Not everybody knows that Russia exports not just natural resources and minerals. Russian ice cream has long been in demand abroad. The delicacy made in Russia enjoys worldwide popularity from China to the US.Last year, the US became the number one importer of Russian ice cream. The country purchased 10.6 thousand tons of ice cream worth $29 million.
13:27 2022-05-16 UTC+00