Author: Press Room

France withdraws from Energy Charter Treaty

Companies

France has become the latest country to announce plans to withdraw from an investment treaty in a sign of growing rebellion in the EU over an accord that activists say deters tougher action to address climate change. President Emmanuel Macron said on Friday that France had decided to withdraw from the Energy Charter Treaty, an accord crafted after the Cold War that protects energy investments, including fossil fuel projects, by foreign companies or individuals. Climate campaigners say it dissuades governments from phasing out fossil fuels for fear of legal action.“This is coherent with our European climate strategy,” said Macron. “To…

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American Express sets aside more money to cover potential loan losses

Companies

American Express set aside more money for bad loans than Wall Street expected, sending another potential warning about the health of the US consumer at a time of high inflation and rising interest rates.The credit card company built its reserves for bad loans by $387mn in its third quarter, a reversal from the $393mn “release” a year ago, it stated in its third-quarter results on Friday.That took Amex’s provisions for credit losses to $778mn as of September 30, up from $410mn three months earlier and ahead of analysts’ forecasts for $717mn, according to a FactSet survey.Many of the biggest US…

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Europe’s expensive energy support

Companies

More than half a trillion euros have been pledged since September 2021 by countries across Europe to shield households and businesses from exorbitant energy costs. As the pandemic and then Vladimir Putin’s invasion of Ukraine led to a surge in natural gas prices, governments have briskly rolled out measures including grants, price caps and commuter allowances. The longer the crisis goes on, the more those interventions will need to be fine-tuned to limit expenses and curb energy demand. Britain this week decided to slash and review its two-year energy-price guarantee, while Germany is assessing how to allocate a new €200bn…

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Investors will be able to contribute up to $22,500 in 401(k) plans and $6,500 in IRAs in 2023

Finance

If you’re eager to save more for retirement in 2023, there’s good news from the IRS, which just announced higher limits for your annual 401(k) plan and individual retirement account contributions.The employee contribution limit for 401(k) plans is increasing to $22,500 in 2023, up from $20,500, and catch-up deposits for savers age 50 and older will jump to $7,500, up from $6,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans.The agency has also increased contribution limits for IRAs, allowing investors to save $6,500 in 2023, up from $6,000 in 2022. The catch-up deposit…

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Princeton University student Misrach Ewunetie’s cause of death could take weeks to determine, official says

United States

CNN  —  A ruling on the cause and manner of death of a Princeton University student may take weeks, a county prosecutor’s spokesperson said Friday, after her body was discovered near campus tennis courts following a dayslong search. Misrach Ewunetie, 20, of Ohio, was found dead Thursday afternoon on the New Jersey campus, ending a search that began last weekend, when her family reported they hadn’t been able to reach her. A medical examiner’s officer was conducting an autopsy Friday. However, the cause and manner of death will not be determined until toxicology and other test results are returned, and…

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