The London-listed provider of services to the energy industry said the framework agreement covers six projects, with each comprising the engineering, procurement, construction and installation of an offshore transmission station, onshore converter station and associated infrastructure.
Russian Security Service Detains Wall Street Journal Reporter
Russia's main security agency said it had detained a Wall Street Journal reporter for what it described as espionage.
The Federal Security Service said Thursday it had detained Evan Gershkovich, a U.S. citizen, in the eastern city of Yekaterinburg.
Zelensky Urges China's Xi to Visit Ukraine
Ukrainian President Volodymyr Zelensky is urging Chinese leader Xi Jinping to meet with him as Beijing maneuvers itself as a potential peacemaker with strong ties to Moscow.
Mr. Zelensky's overtures are a test of China's push to expand its influence on the global stage while maintaining Beijing's claim of neutrality in the Ukraine war. Mr. Xi met Russian President Vladimir Putin in Moscow last week in a visit that reaffirmed the countries' economic and political partnership. Now Kyiv is seeking to counter Russia's embrace of China with its own diplomatic efforts.
Israel-U.S. Tensions Rise Over Judicial Overhaul
Israeli Prime Minister Benjamin Netanyahu's plan to overhaul his country's justice system has stirred tensions with the U.S., with President Biden and congressional Democrats criticizing the proposal and Israeli lawmakers firing back that the legislation is an internal matter.
Mr. Biden told reporters Tuesday that he was "very concerned" about a judicial overhaul in Israel that would grant the ruling coalition power to appoint more like-minded justices, allow the Israeli parliament to overrule the Supreme Court with a simple majority and sharply circumscribe judicial review. Mr. Netanyahu halted the legislation Monday after strikes rocked the country and dissent over the law inside Israel's military escalated into a crisis.
GLOBAL NEWS
March Swoon Is Nothing New for Bank Investors
Bank stocks are reeling again in the wake of this month's turmoil. They face a long road to win back investors.
The abrupt collapses of Silicon Valley Bank and Signature Bank sparked contagion fears in the sector, helping to pull the KBW Nasdaq Bank Index down 25% in March through Wednesday. That is on track to mark the fourth-worst month on record dating to 1992, according to Dow Jones Market Data.
The Quarter Is Ending, and Earnings Season Will Start Soon. Why It Could Break the Market.
The first quarter is ending, and that means earnings season is just around the corner. It's one that will help the market decide if it wants to head higher-or retest its 2022 lows.
Analysts predict that S&P 500 earnings per share will decline 4.6% in the first quarter of 2023 compared with a year earlier, according to Refinitiv. That would follow a 3.2% year-over-year decline in the fourth quarter.
Controversies Can Make Stocks Attractive to ESG Investors
An environmental disaster or accounting scandal can slash a company's share price and valuation. But it can also spur changes in its environmental, social, and governance practices, making the stock more attractive to ESG investors.
Companies associated with controversies and accidents pay dearly for their mistakes: Investors dump their shares, shaving off billions in value, while fines and lawsuits drain their coffers. But these types of events can also force changes. And that's good news for investors on the lookout for companies that are making progress on ESG metrics-what fund managers call "ESG improvers."
A Fed 'pause,' yes, but interest-rate cuts this year? Forget it, Clarida says
The former vice chairman of the Federal Reserve said it's unrealistic to expect the central bank to start cutting interest rates in the near future given the persistence of high inflation.
Richard Clarida, who left the board in 2022, said the Fed is likely to raise rates one or two more times and then pause to see how much inflation declines. Higher borrowing costs reduce inflation by slowing the economy.
Tech stocks back as a haven? 'It's a mistake,' say market analysts
Volatility in bank sector stocks caused by the quick collapse of Silicon Valley Bank earlier this month has ignited a rush into technology stocks which are now seen as safe haven trade.
The S&P 500 index communication services sector XX:SP500.50 has risen 5.6%, while the information technology sector XX:SP500.45 has gained 5.2% compared to a 0.9% drop for the broader benchmark stock index SPX since March 8, when the Silicon Valley Bank first announced it had to sell all its available-for-sale securities to strengthen its deteriorating financial position.
White House to Call for New Midsize Bank Rules After SVB, Signature Failures
The White House is planning as soon as this week to recommend tougher rules for midsize banks, according to people familiar with the matter, after the collapse of two lenders earlier this month sent tremors through the banking system.
The recommendations are expected to call for new rules from the Federal Reserve and other agencies, including for banks with $100 billion to $250 billion in assets.
Climate Funding Gets Squeezed by Volatile Markets
The interest-rate increases and market volatility that hit risky investments last year have finally caught up with green startups.
The sector, which includes everything from renewable energy to speculative climate technology, had steadily drawn in cash through last year during a record-breaking streak of fundraising. In the first quarter, funding for these companies has fallen almost as much as total venture-equity funding.
Hong Kong Arrests Show No Letup in Beijing-Driven Crackdown on Dissent
HONG KONG-Elizabeth Tang flew home to visit her husband in Stanley Prison, where he is awaiting trial on national security charges. As the 65-year-old labor activist left the Hong Kong maximum security facility earlier this month, a team of police was waiting-along with journalists from a state-owned newspaper.
Ms. Tang's arrest on March 9 for alleged collusion with foreign forces sent a signal to the financial hub's 7.3 million people and their Communist Party rulers in Beijing: There would likely be no letup in the campaign to root out dissent.
Taiwan's President Lands in the U.S. Amid Threats From China
NEW YORK-Taiwan President Tsai Ing-wen arrived in New York on Wednesday for her first visit to the U.S. in more than three years, in the face of threats from Beijing that American politicians who engage with her could trigger unspecified retaliation.
Her visit through Friday provides Ms. Tsai with a rare opportunity to command an international stage and promote the democratic island to its most prominent champion, the U.S.
Senate Votes to Overturn Biden Clean-Water Rule
WASHINGTON-The Senate approved a measure aimed at challenging a new Biden administration clean-water regulation, but it faces an expected White House veto.
The resolution, which has already passed the House, cleared the Senate Wednesday in a 53-43 vote. It seeks to revoke a Biden administration rule that expanded the definition of waterways subject to federal pollution regulations.
Republican Budget Still Months Away, Complicating Debt-Ceiling Talks
WASHINGTON-President Biden said he needs to see House Republicans' budget proposal to start negotiations related to raising the nation's borrowing limit. House Republicans' response: Not going to happen.
The chairman of the House Budget Committee, Texas Rep. Jodey Arrington, said in an interview that the GOP budget process could take months to play out, pushing it past the deadline for Congress to act on raising the debt ceiling and avoid a U.S. default on debt payments and other government obligations. Instead, he and other top Republicans want to start talks immediately on a shorter list of demands for this year, without a formal budget in hand.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-30-23 0618ET
