The US Department of Energy claims that these actions are specifically intended to increase the production of batteries, battery raw materials, and "components currently imported from other countries." The administration of US President Joe Biden will allot $15.5 billion to retool plants in order to expand the nation's production of electric cars, reads a statement issued by the US Department of...

The Economic Sentiment Indicator (ESI) in the euro area dropped below forecasts in August, reaching its lowest level since November 2020 (93.3 points as opposed to a projection of 93.7 and a value of 94.5 in July). The ESI for EU nations decreased from 93.5 to 92.9 points from one month earlier. The indictor includes data from surveys of businesses in the industrial, services, retail,...

ACEA: the EU saw a 15.2 percent increase in new passenger car sales in July. The European Automobile Manufacturers Association (ACEA) reported that in annualized figures, new passenger car sales in the European Union climbed by 15.2 percent in July to 851.156 thousand vehicles. "The EU vehicle market increased by 15.2% in July 2023, marking the twelfth month in a straight that it has grown. As...

The amount of Bitcoin traded on exchanges fell to its lowest level in almost five years. According to statistics from analytics platform CryptoQuant, the amount of Bitcoin (BTC) traded in August fell to its lowest level since November 10, 2018, CNBC writes. Its data shows that on August 12, the trading volume of the digital currency and its derivatives on all exchanges dropped to 112,317 BTC, the...

According to the newspaper, the G7 nations account for almost 70% of global diamond consumption. The European Union and the Group of Seven (G7) nations want to completely forbid the import of diamonds from Russia, reported The New York Times. The import of uncut Russian diamonds as well as Russian-cut diamonds was prohibited by the United States starting in 2022. At that, the prohibition still...

According to SWIFT data, the percentage of international payments made in dollars increased to a record 46%, reports Bloomberg. Ten years ago, the dollar made up slightly more than a third of all transfers. The agency notes that the U.S. dollar is currently in first place, followed by the euro, pound, yen, and yuan. The euro's power has decreased, which has largely led to a rise in the dollar's...

The fund reports that the total number of subsidies reached $7 trillion. According to a research by the International Monetary Fund (IMF), global subsidies for fossil fuels reached a record $7 trillion in 2022. "Governments supported consumers and businesses during a period of sharp increases in energy costs," the study states. "Subsidies for fossil fuels rose to a record $7 trillion last...

The American president praised "bringing home" vital supply chains and technology for the manufacture of minerals, solar panels, wind turbines, and electric cars. 81% of the nation's electricity would come from clean sources by 2030, according to US President Joe Biden. In a speech to commemorate the Inflation Reduction Act's anniversary, the president said that by 2030, renewable energy would...

All financial indications will need to be reevaluated if the rating is downgraded to A+, which is likely to result in a reduction in credit ratings, stated Chris Wolfe. Fitch rating agency may revise credit ratings of more than 70 U.S. banks, including eminent financial giants like JPMorgan Chase, Fitch analyst Chris Wolfe said in a CNBC interview. Wolfe noted that Fitch had downgraded the...