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AP
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Asian stock markets have followed Wall Street lower after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher. Wall Street’s benchmark S&P 500 index lost 0.7% after notes from the Fed’s July 26-27 board meeting showed members thought inflation still is “unacceptably high” despite signs U.S. economic growth is weakening. It said the board saw “little evidence” inflation pressures are subsiding. Investors worry aggressive rate hikes by the Fed and central banks in Europe and Asia to tame inflation that is running at multi-decade highs might derail global economic growth.

AP
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The world’s two biggest emitters of greenhouse gases are sparring on Twitter over climate policy, with China asking if the U.S. can deliver on the landmark climate legislation signed into law by President Joe Biden this week. U.S. Ambassador to China Nicholas Burns took to Twitter to say the U.S. was acting on climate change with its largest investment ever — and that China should follow. China’s Foreign Ministry responded with its own tweet: “Good to hear. But what matters is: Can the U.S. deliver?” The exchange is emblematic of a broader worry. U.S.-China cooperation is considered vital to the success of global climate efforts. With the breakdown in relations, some question whether the two sides can cooperate.

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Agreements to unblock Ukrainian grain stuck at Black Sea ports for nearly six months of war also gave a boost to Russia's food and fertilizer. The parallel deals depend on each other as Russia demanded and won assurances that its agricultural products won’t face sanctions. The industry is vital to the economy of the world’s biggest wheat exporter. And the deal helped ease concerns from insurers and banks about running afoul of sanctions. One Western shipper has been able to move two vessels of grain out of Russia in a matter of weeks. It used to take months before the deal. Russian and Ukrainian grain is important to developing countries where the war has worsened poverty and hunger.

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A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community with a coal plant that's closing. Among the many things the transformative bill could do, nuclear energy experts say, is spur more nuclear reactor projects like one Bill Gates is planning in Kemmerer, Wyoming. Companies designing and building the next generation of nuclear reactors could pick one of two new tax credits available to carbon-free electricity generators. Both include a 10-percentage point bonus for facilities sited in fossil fuel communities.

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FILE - Carbon dioxide and other pollutants billows from stacks at the Naughton Power Plant, near where Bill Gates company, TerraPower plans to build an advanced, nontraditional nuclear reactor, on Jan. 12, 2022, in Kemmerer, Wyo. A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community where a coal plant is closing. (AP Photo/Natalie Behring, File)

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FILE - Test engineer Jacob Wilcox pulls his arm out of a glove box used for processing sodium at TerraPower, a company developing and building small nuclear reactors, Jan. 13, 2022, in Everett, Wash. A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community where a coal plant is closing. Bill Gates' company, TerraPower, plans to build an advanced, nontraditional nuclear reactor and employ workers from a local coal-fired power plant scheduled to close soon. (AP Photo/Elaine Thompson, File)

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FILE - Carbon dioxide and other pollutants billows from a stack at PacifiCorp's coal-fired Naughton Power Plant, near where Bill Gates company, TerraPower plans to build an advanced, nontraditional nuclear reactor, Thursday, Jan. 13, 2022, in Kemmerer, Wyo. A major economic bill headed to the president has “game-changing” incentives for the nuclear energy industry, experts say, and those tax credits are even more substantial if a facility is sited in a community where a coal plant is closing. (AP Photo/Natalie Behring, File)

AP
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India will miss its renewable energy targets for the end of the year, with experts saying “multiple challenges” including a lack of financial help and taxes on imported components are stalling the clean energy industry. The country has installed just over half of its planned renewable energy capacity, a high level parliamentary report said last week. The Indian government’s ministry of new and renewable energy, which is in charge of meeting the nation’s renewable energy targets, attributed the failure to meet targets to the COVID-19 pandemic. The government now says it hopes to achieve the goal by mid-2023.

AP
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Britain's Conservatives are choosing the country's new prime minister, but the candidates face accusations of ignoring the country’s mounting economic and environmental crises. Britons’ energy bills have soared and the Bank of England is predicting a long, deep recession alongside 13% inflation. Meanwhile, temperatures hit 40 degrees Celsius (104 degrees Fahrenheit) in July for the first time ever and a drought is looming. But there is little sense of crisis among Conservatives as Foreign Secretary Liz Truss and former Treasury chief Rishi Sunak crisscross the country wooing party members who will choose a successor to departing Prime Minister Boris Johnson. Conservative members are largely older and affluent, and their views don’t always reflect those of the country as a whole.