Beyond the horizon: China will overtake the U.S. as the world’s biggest oil consumer within two decades, according to the International Energy Agency. “A landmark is reached in the early 2030s, when China becomes the largest oil-consuming country, crossing paths with the United States,” the agency says in a summary of its World Energy Outlook, which forecasts long-term energy trends. Bloomberg reports the full findings of the report will be presented at a press conference in London today. Read the full story.
Coming to terms: The United States and China, the world’s largest emitters of greenhouse gases, announced new targets this morning to cut such emissions in a bid to halt climate change and persuade other nations to take equally ambitious measures ahead of a major climate treaty to be finalized next year. The two nations have achieved “an historic agreement,” President Obama said in a joint news conference with his Chinese counterpart Xi Jinping on the final day of his three-day China visit. The deal represents “a major milestone in the U.S.-China relationship,” said Obama. USA Today has the full story.
Money talks: American, British and Swiss regulators fined five of the world’s biggest banks a combined $3.3 billion this morning for conspiring to manipulate the foreign currency markets, the latest setback for an industry facing increased scrutiny and mounting legal costs for its past sins. The New York Times reports the fines come as regulators are increasingly targeting a business culture in the financial industry that they say encourages improper conduct by its employees. The banks could still face criminal charges in the matter. Read the full story.
