Virus that's ravaged poultry flocks in U.S.& Europe hits Brazil, world's largest chicken exporter
The Senate plans two hearings today on the debt-limit — Finance plans to look at efforts to repeal supplemental funding for the IRS in last year's tax and climate law. Small Business and Entrepreneurship set a hearing on how a default would affect small businesses. Ukrainian officials said they had shot down all 18 Russian missiles fired in a strike on the capital early Tuesday morning, including six ballistic Kinzhal missiles. Several drones were also downed, according to the general staff. Until recently, Ukrainian officials said they had no way to take down the Kinzhals, which can fly at more than five times the speed of sound. U.S.-made Patriot air-defense systems received in April have changed that.
Representatives from Iowa, Illinois, Texas and Oklahoma are introducing a bill that would allow corn-based ethanol to qualify as an"advanced biofuel" — a bid to boost the gasoline additive's green credentials. Special counsel John Durham issued a long-awaited report that sharply criticizes the FBI for investigating the 2016 Trump campaign based on"raw, unanalyzed, and uncorroborated intelligence."Equities today: Asian stock markets were mixed overnight and European shares were mixed but mostly lower. U.S. Dow opened around 120 points lower. In Asia, Japan +0.7%. Hong Kong flat. China -0.6%. India -0.7%. In Europe, at midday, London +0.1%. Paris flat. Frankfurt +0.1%.
The European Union's antitrust watchdog approved Microsoft's planned $75 billion acquisition of Activision Blizzard, giving the two companies a win after the deal hit a regulatory roadblock in the U.K. — U.K. regulators rejected the deal last month and yesterday criticized the fixes accepted by its EU counterpart. And in the U.S., the FTC has sued to block it. • U.S. retail sales for April are expected to increase 0.8% from the prior month. UPDATE: Retail sales in the U.S. increased 0.
• The International Energy Agency has raised its 2023 global crude oil demand by 100,000 barrels per day, to 102 million barrels per day. But, it cut the absolute amount of oil China expects it to consume this year. • Developing nations with fossil-fuel riches say they can't just leapfrog to renewables as they lack capital and rely on cheap power and oil revenues. The US and Europe have no easy response, the New York Times reports.
— Ukraine grain exports expected to fall sharply amid lower production. Ukrainian exports of corn and wheat are expected to plunge this year as an anticipated sharp drop in production will leave less supplies to ship aboard. The head of the Ukrainian Grain Association forecasts corn production will fall 22.7% to 21.1 MMT and exports in 2023-24 will plunge 29.6% to 19 MMT. For wheat, UGA forecasts production of 17 MMT, down 15.8% from last year, while exports for 2023-24 are expected to fall 9.
Considering the first four months of the year, industrial production advanced by 3.6% from the same period in 2022. In 2022, industrial production grew by 3.6%. Fox Business News recently interviewed Nicole Ort Moke of Ort Farms. She said"agriculture is very green and as farmers we are the most invested in keeping the land sustainable, keeping it viable for future generations. And everything we do, environmentally, that's always at the top of our mind."
Fox Business also checked in with Kevin O'Leary, chairman of O'Leary Ventures. He said:"I don't know how we got politicized when it comes to two of the most important things you have to have for prosperity. You got to have food and you got to have energy. Nobody disputes that and yet they become very partisan issues. Let's take Kerry's situation right now. I'm pretty sure it's a personal opinion. He wishes he could roll back that statement in a very big way.
The Powering Affordable Clean Energy program will provide $1 billion in partially forgivable loans to renewable-energy developers and electric service providers for financing large-scale solar, wind, geothermal, biomass, hydropower projects, and energy storage systems.
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