In Today's Digital Newspaper Railroad companies such as Union Pacific, CSX, and Norfolk Southern are facing significant profit declines amid a persistent freight recession.
Global coal usage this year is predicted to level with last year's record-setting high, according to a recent report from the International Energy Agency. Details in Markets section. China has accused unnamed U.S.-backed hackers of targeting its earthquake monitoring center, potentially for espionage purposes.
The U.S. Supreme Court has allowed work to continue on the controversial Mountain Valley Pipeline, a $6.6 billion project managed by Equitrans Midstream. This decision resolves the company's request and nullifies lower-court orders that previously halted the construction. The pipeline is approximately 300 miles long and is supported by Sen. Joe Manchin, a Democrat from West Virginia. The Mountain Valley Pipeline project has, however, sparked serious backlash from environmental activists.
German chemical giant BASF has reported a decline in its earnings for the second quarter of 2023, attributing it to lower prices and volumes in several of its business sectors. However, the company's agriculture division stood out as an exception, where it managed to increase prices. In light of this, BASF has also reduced its full-year earnings outlook.
• Global coal usage this year is predicted to level with last year's record-setting high, according to a recent report from the International Energy Agency. Some analysts say this trend could potentially hinder initiatives to combat climate change by reducing fossil fuel consumption.
Of note: More than $100 billion separates the House and Senate government-funding bills, a gap that will make bicameral talks especially challenging ahead of the Sept. 30 deadline to avoid a shutdown. President Joe Biden and legislative heads had optimistically aimed for a tough but agreed compromise on spending limits to prevent a debt default, which they believed would facilitate a comparatively hassle-free budget process. However, these plans have been disrupted due to some House hardliner insistence on more substantial cuts and inclusion of language on topics like abortion, gender, and other societal issues.
Although the final House bill will not become law due to Democratic control of the Senate and President Joe Biden's very likely refusal to sign, the disputes hint at future challenges when considering the farm bill this fall. In the Rules Committee meeting Wednesday, legislators debated about the spending amount in the bill for nutritional programs, specifically focusing on the Special Supplemental Nutrition Program for Women, Infants, and Children.
If Russia persists in targeting agricultural infrastructure in Ukraine, Zeihan says not only might the Ukrainian capacity to export crops be affected, but its potential to feed its own citizens could also be compromised. There are predictions that Ukraine could transition from an exporter to an importer of food within a year due to this situation.
— Russia nearly triples wheat exports to Africa in H1. Russia exported 9 MMT of wheat to African countries during the first half of this year, Interfax news reported, citing Russian Agriculture Minister Dmitry Patrushev. That was nearly triple the level of the same period last year. Overall ag exports nearly doubled during the same period.
— Senate Majority Leader Chuck Schumer on Thursday filed motions to cut off debate on Philip Jefferson's nomination to be vice chair of the Federal Reserve and on Lisa Cook and Adriana Kugler's nominations to sit on the Fed's Board of Governors. This sets up Senate votes for early September to install three of President Joe Biden's picks to the central banking system.
— China has accused unnamed U.S.-backed hackers of targeting its earthquake monitoring center, potentially for espionage purposes. City administrators in Wuhan reported that malware was found in an earthquake reporting system's data collection stations, operated by the Wuhan Seismic Monitoring Centre in Hubei. Investigators indicated that a Trojan virus created a backdoor into the compromised devices, allowing the hackers to take control and steal seismic intensity data.
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