Federal transportation safety investigators have opened a special investigation into Norfolk Southern Corp's safety culture in connection with recent derailments and fatal accidents in the railroad's operations.
The National Transportation Safety Board said Tuesday it was taking the step "given the number and significance" of accidents and called for Norfolk Southern to immediately review and assess its safety practices. The agency said it has launched investigations into five significant accidents involving Norfolk Southern since December 2021.
Fed Chair Jerome Powell Returns to Congress for Second Day of Hearings
WASHINGTON-Federal Reserve Chair Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony after he told lawmakers Tuesday that the central bank would consider raising interest rates by a larger half-percentage-point later this month.
Mr. Powell also told a Senate committee on Tuesday that Fed officials were likely to lift rates higher this year than previously expected to bring inflation under control. In December, most of them thought they would raise their benchmark federal-funds rate this year to between 5% and 5.5% and hold it there into 2024.
International Stocks Lure Investors Seeking Bargains
U.S. stock indexes are mostly higher to start 2023, but investors are increasingly looking for bargains overseas.
They have added a net $14.4 billion to U.S. mutual and exchange-traded funds that buy international stocks this year, while pulling $34.1 billion from domestic stock funds, according to data from Refinitiv Lipper through March 1.
U.S. Shale Boom Shows Signs of Peaking as Big Oil Wells Disappear
HOUSTON-The boom in oil production that over the last decade made the U.S. the world's largest producer is waning, suggesting the era of shale growth is nearing its peak.
Frackers are hitting fewer big gushers in the Permian Basin, America's busiest oil patch, the latest sign they have drained their catalog of good wells. Shale companies' biggest and best wells are producing less oil, according to data reviewed by The Wall Street Journal.
U.S., China Plunge Further Into a Spiral of Hostility
Harsh new verbal attacks on the U.S. by Beijing's top leadership demonstrate just how unsteady relations have become between the world's two major powers.
Just a few weeks ago, China and the U.S. were tiptoeing toward something akin to a diplomatic cease-fire. President Biden's envoy was due in Beijing to craft a possible framework for high-level government-to-government dialogues and stabilize ties after years of bitterness.
Women's Return to the Workforce Piles Momentum on a Hot Economy
American women are staging a return to the workforce that is helping propel the economy in the face of high inflation and rising interest rates.
Women have gained more jobs than men for four straight months, including in January's hiring surge, pushing them to hold more than 49.8% of all nonfarm jobs. Female workers last edged higher than men on U.S. payrolls in late 2019, before the pandemic sent nearly 12 million women out of jobs, compared with 10 million men.
German Industrial Production Rose in January by Largest Jump Since June 2020
Germany's industrial production rose in January by the biggest monthly increase since June 2020, suggesting resilience in the country's factory sector at the start of the new year despite continued economic uncertainty.
Industrial output-comprising production in manufacturing, energy and construction-increased by 3.5% in January, more than expected, after falling by a revised 2.4% in December, data from the German statistics office Destatis showed Wednesday.
RBA Governor Says Pause in Rate Hikes Is Closer
SYDNEY-The Reserve Bank of Australia is closer to announcing a pause in official interest rate increases, having raised its official cash rate ten consecutive times.
"With monetary policy now in restrictive territory, we are closer to the point where it will be appropriate to pause interest rate increases to allow more time to assess the state of the economy," RBA Governor Philip Lowe told the AFR Business Summit, Wednesday.
South Korea Says U.S. Chips Act Subsidies Have Too Many Requirements
SEOUL-The U.S. Chips Act is dangling billions of dollars in subsidies in front of the world's biggest semiconductor manufacturers, but South Korea says there are too many strings attached.
The conditions for receiving the subsidies unveiled last week are putting two of South Korea's biggest chip makers-Samsung Electronics Co. and SK Hynix Inc.-in a difficult position as they decide whether to apply for the federal funding, government officials and industry analysts said.
Ukraine Seeks to Reassure U.S. Lawmakers Over Graft
KYIV, Ukraine-A year into Russia's full-scale invasion, Ukrainian Finance Minister Sergii Marchenko is steadily gathering enough financial aid from the U.S. and other international allies to ensure the Ukrainian state can keep functioning. His new challenge is to assuage doubts about the country's history of corruption.
Graft scandals at the Ukrainian Defense Ministry and other government agencies have added to calls in the U.S. for stricter controls over assistance for Ukraine, as more American voters and lawmakers are growing skeptical about the cost of financial and military support for the country's defense against Russia's invasion.
Kevin McCarthy to Meet With Taiwan's President When She Visits U.S.
House Speaker Kevin McCarthy plans to meet with Taiwanese President Tsai Ing-wen when she visits the U.S., the California Republican told reporters on Tuesday.
"I will, when she's in America," he said of the meeting. "But that has nothing to do with my travel and if I would go to Taiwan or not, and China can't tell me where or when to go."
U.S. to Ease Covid Testing Requirements for Travelers From China
The U.S. government is planning to lift Covid-19 testing requirements on travelers from China on Friday, amid a decline in cases there following a winter surge, according to people familiar with the matter.
Those traveling to the U.S. from mainland China, Hong Kong and Macau were previously required to submit a negative Covid test before departure following a Biden administration order that went into effect on Jan. 5. At the time, U.S. officials said the restrictions were necessary because of a deadly wave of infections across China and cited a lack of transparency from Beijing about the scale of the surge or specific variants.
Tucker Carlson Capitol-Riot Segment Criticized by Democrats, Republicans
WASHINGTON-Democratic and Republican lawmakers criticized a Fox News segment that showed previously unaired footage of the Jan. 6, 2021, attack on the U.S. Capitol, saying it played down the severity of the riot, in which a pro-Donald Trump mob tried to stop Congress from certifying Joe Biden as the winner of the presidential election.
On Monday night, Fox News host Tucker Carlson aired several clips of footage focused on central figures of the day, including Jacob Chansley, the self-described QAnon Shaman. Mr. Carlson said that lawmakers had intentionally overstated the violence and that members of the Jan. 6 committee established to investigate the attack "lied about what they saw" in the footage.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Conifex Timber 4Q
Dexterra 4Q
Linamar 4Q
Nuvei 4Q
Parex Resources 4Q
Peyto Expl & Dvlpmnt 4Q
Shawcor 4Q
Spin Master 4Q
Stella-Jones 4Q
Transcontinental 1Q
Vermilion Energy 4Q
VersaBank 1Q
WSP Global 4Q
Economic Calendar (ET):
0830 Jan Trade Balance
1000 Bank of Canada interest rate announcement
Stocks to Watch:
Akanda Names Shailesh Bhushan CFO
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Hammond Power Solutions Raises Quarterly Dividend to C$0.125
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Magna Announces USD, EUR Senior Notes Offerings; Issuing US$300M in 5.980% Notes Due March 21, 2026; Issuing US$500M in 5.500% Notes Due March 21, 2033; Issuing EUR550M in 4.375% Notes Due March 17, 2032; Magna Intends to Use USD Notes Offering Proceeds From to Fund Part of Its Proposed Acquisition of Veoneer Active Safety; Intends to Also Use USD and EUR Notes Offering Proceeds for General Purposes, Including Debt Repayment; USD Notes Offering to Close March 21, EUR Notes Offering to Close on March 17; BofA Securities, Citigroup Global Markets Among Managers for Magna USD Notes Offering; BNP Paribas, Citigroup Global Markets, Merrill Lynch International Among Managers for Magna EUR Notes Offering
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Pollard Banknote 4Q Sales C$126.9M; 4Q EPS C$0.39
Expected Major Events for Wednesday
01:01/UK: Feb KPMG and REC UK Report on Jobs
04:30/JPN: Feb Corporate Insolvencies
05:00/JPN: Jan Indexes of Business Conditions - Preliminary Release
06:00/JPN: Feb Economy Watchers Survey
07:00/GER: Jan Retail Trade
07:00/GER: Jan Industrial Production Index
09:00/ITA: Jan Retail Sales
12:00/US: 03/03 MBA Weekly Mortgage Applications Survey
13:15/US: Feb ADP National Employment Report
13:30/CAN: Jan International merchandise trade
13:30/US: Jan U.S. International Trade in Goods & Services
15:00/CAN: Bank of Canada interest rate announcement
15:00/US: Jan Job Openings & Labor Turnover Survey
15:30/US: 03/03 EIA Weekly Petroleum Status Report
17:00/US: World Agricultural Supply & Demand Estimates (WASDE)
19:00/US: U.S. Federal Reserve Beige Book
23:50/JPN: 4Q 2nd Preliminary Quarterly GDP Estimates
23:50/JPN: Feb Money Stock, Broadly-defined Liquidity
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
ABM Industries (ABM) is expected to report $0.52 for 1Q.
Alpha Pro Tech Ltd (APT) is expected to report for 4Q.
Avalo Therapeutics Inc (AVTX) is expected to report for 4Q.
Brown-Forman Corp - B Share (BFA,BFB) is expected to report $0.47 for 3Q.
(MORE TO FOLLOW) Dow Jones Newswires
03-08-23 0611ET
