News in Brief
US bank deposits, credit slip
REUTERS – Deposits at all U.S. commercial banks slipped last week and overall credit provided by banks edged lower as well, Federal Reserve data showed.
Deposits in the week ending May 10 totaled $17.10 trillion on a nonseasonally adjusted basis, down from $17.16 trillion a week earlier, the Fed’s weekly snapshot of the banking system’s assets and liabilities showed.
Deposits, which had dropped substantially after the collapse in March of Silicon Valley Bank, were down at large banks and little changed at smaller ones.
Drilling
ban near Amazon site
CNBC – Brazilian state-run oil company Petrobras will next week appeal the decision from environmental regulator Ibama barring it from drilling an oil well near the Amazon river, the company said.
The dispute marks an early test for President Luiz Inacio Lula da Silva, who has sought to balance environmental concerns against the need to promote economic development at a time when government finances are tight.
G7 support for gas investments
AFP – The Group of Seven rich nations put support for gas investments back into their communique on Saturday.
The April meeting of G7 climate ministers eventually agreed, despite tussles between Japan and European nations, that gas investments “can be appropriate to help address potential market shortfalls” following the war of Ukraine and the disruption it has caused in global energy markets.