FirstFT: Biden asked to investigate gasoline prices


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US President Joe Biden calls on the Federal Trade Commission to investigate whether the country’s largest oil companies, including Exxon Mobil and Chevron, are involved “Potentially illegal behavior” This has led to an increase in gasoline prices for Americans.

In a letter to FTC Chairman Lina Khan, Biden stated that there is “increasing evidence of anti-consumer behavior” in the market and pointed to the two “largest oil and gas companies”. .. “Measured by market value” is planning “billions of dollars in stock repurchases and dividends” even if oil prices continue to rise.

The top two US oil and gas companies by market capitalization are Exxon Mobil and Chevron. Biden stated that these companies are “generating substantial” profits, adding: “The bottom line is that although the cost of oil and gas companies is falling, the price of gasoline at gas stations is still high.”

The president’s intervention came at a time when he was facing political pressure from rising fuel prices and soaring inflation. In recent weeks, his approval ratings have declined, and more and more Americans are skeptical about his handling of the economy.

What do you think of Joe Biden’s handling of the economy?Tell me what you think [email protected]. Thank you for reading FirstFT Asia.This is the rest of the news today-Emily

1. WTA can’t find Chinese tennis stars The Women’s Tennis Association said it still Cannot be positioned independently A few weeks ago, Chinese tennis star Peng Shuai filed sexual assault charges against a former Chinese government official.

Chinese state media released a statement claiming to be from Peng Shuai, citing her as saying that she was neither missing nor unwell © Reuters

2. The U.S. and U.K. claim Iran is behind the ransomware campaign The authorities of both countries stated that Iran is implementing a “Continuous” ransomware activity As well as other cyber attacks on critical U.S. infrastructure and Australian organizations that began in March.

3. India shuts down coal-fired power plants due to toxic smoke Indian regulators have Closed 6 of 11 coal-fired power plants Within a 300 km radius of New Delhi, the capital has been shrouded in toxic smoke for nearly two weeks.

4. Los Angeles Staples Center changed its name to Crypto.com Arena One of the most famous sports and entertainment venues in the United States Renamed As the Crypto.com Arena. According to people familiar with the matter, the Singapore-based cryptocurrency platform will pay more than $700 million for the naming rights of the Los Angeles complex in the next 20 years.

5. Barclays investors warn on Staley’s exit clause Of the top 20 shareholders of Barclays Bank, 3 have Raise concerns Regarding the terms of Jes Staley’s withdrawal from the Bank of England. Staley resigned earlier this month after investigating his past relationship with convicted sex offender Jeffrey Epstein and was awarded a £2.4 million salary award.

Coronavirus Digest

  • Hongkong’s Disneyland is Turn off Yesterday, a visitor tested positive for the coronavirus. It is expected to reopen today after the staff undergoes the test.

  • Under pressure Bank of England After the interest rate hike Inflation reaches its highest level In October of nearly ten years.

  • Performance of the two “Working at home” Fund has Divergent This year is very crazy, because cloud computing and telecommunications stocks remain strong, while consumer names are struggling.

The line chart of year-to-date performance shows that competitor’s “work from home” ETFs are moving in the opposite direction

the day before

Japanese inflation speed Compared with other large economies, Japan’s inflation rate is still very low, but the price of certain items, such as Soy sauce and gasoline It recently moved higher before today’s inflation data report. (Bloomberg)

Patym is expected to be listed on the Indian Stock Exchange The payment company is Will debut in the stock market Today is the largest IPO in India’s history, after the company priced its shares at the top of the range last week. (Reuters)

Alibaba performance The Chinese e-commerce giant today reported third-quarter earnings.Although Alibaba has encountered major regulatory resistance from Beijing, this month’s Singles Day Promotion Total merchandise sales amounted to 84.7 billion U.S. dollars, an increase of 14% over last year. (Foreign Exchange Street)

What are we still reading

Western brands aim at Xi Jinping’s sky in China The country’s efforts to promote the “olive-shaped” wealth distribution seem to be an opportunity for Western brands, although this is a complicated process that requires them to bypass political and social minefields. Brooke Masters wrote.

Thai retail transactions increase the issue of market dominance On the occasion of the spin-off of Toshiba, General Electric and Johnson & Johnson, Thailand’s large family business groups (such as Charoen Pokphand) are building their own huge business empires. John Reid wrote.

“Deep distrust” allowed Xi Biden to reach an agreement on nuclear negotiations expert Respond to announcements The outcome of the China-US talks. “Holding talks is a necessary first step, but the real question is whether the two sides have substantive content to say,” one person said.

Do you think the US-China nuclear talks will succeed?Tell us in our latest news polling.

Why some people worry that the next pandemic might be made in the laboratory go through Manipulating gene composition For certain viruses, scientists can find out what makes them the most deadly and how to identify future threats. But for security reasons, the US government’s funding for scientific research to splice the deadly virus to make it more spread is under review.

Russian debris should be a wake-up call Russia’s deliberate destruction of a malfunctioning satellite this week was rightly condemned by the United States as reckless, dangerous and irresponsible. Peggy Hollinger wrote. If the environment is quickly destroyed, there will be no prosperous global space economy.

Paint spots on a window of the International Space Station in 2016

In 2016, a small patch of paint appeared on a window of the International Space Station. © Nasa/Roscosmos/Reuters

Meet with reporters

Isabel Berwick (Isabel Berwick) is the editor and host of “Works and Careers” of the British “Financial Times”, which is a podcast about working in different ways.this Episode of the week It’s about what we can learn from a company where everyone works from home. Listen to new episodes every Wednesday.You can subscribe here.

Which topics and stories are you most looking forward to discussing in Work It?
I’m really happy to be able to talk to people who are trying new and radical things-whether it’s working four days a week, firing most managers, or disclosing all their company salaries. Some of the ideas we covered are “out there,” but all of these ideas are very thought-provoking and help us understand the new workplace.

What are you still listening to?
My longest pod-lationship is with Slate Cultural Carnival — I have been listening for about 10 or 12 years. It incorporates regular hosts who feel like friends, interesting guests and cutting-edge topics for discussion.My new Saturday morning listening and my long-term relationship with Payne’s politics, A British political show hosted by my FT colleague Sebastian Payne, is Financial Times Weekend podcast. It blends guests and topics perfectly and leisurely-it has introduced me to new books, new ideas and new places.

What is the experience of returning to the office after the epidemic?
I never really left the office. I live in central London, so commuting is very convenient. Except for the months when we were locked at home, I would come in a few days a week. My new focus on the workplace may be a niche problem: I am used to being in a quiet office, and once it is full again, it will be difficult to adjust to noise levels and distractions.

Thank you for reading and remember that you can Add FirstFT To my FT.Send your suggestions and feedback to [email protected]

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