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Why the energy crisis won’t save western oil refineries

8/21/2026 • 12 min

Investors have warned that Treasury secretary Scott Bessent’s attempts to slash long-term US borrowing costs are doomed to fail, and European oil refinery capacity is set to shrink by a fifth over the next decade. Plus, Shanghai’s answer to the Nasdaq index is benefiting from an investor frenzy for Chinese technology stocks, and a Chinese court has sentenced Eve… Play episode

US Treasury tries to soothe the bond market
Borrowing costs hit multi-decade highs
Airlines in stand-off over cutting ticket prices
Private credit’s woes continue
Venezuela demands its gold back from the UK
Anthropic’s anticipated $2tn IPO
US asks Ukraine to stop strikes on tankers using Russian port
Spain’s migrant crisis exposes serious challenges for young Moroccans
Deadly protests in Kashmir test Pakistan’s government
Crude retreats but fuel prices stay high
How Ukrainian drone expertise is helping Colombian narcos
SpaceX outperforms in debut earnings
America’s puzzling yen intervention
Spain’s migrant crisis reopens deep EU rifts
JPMorgan walks into another football firestorm
Fed holds rates as inflation fears grow
The Big Tech earnings dilemma
Ares’ big play in private equity
Hike or hold: Investors split ahead of Fed decision
Oil hits $100 and drives global bond sell-off
US oil refineries race against dwindling supply
The US has $13bn in Venezuelan oil money. Where is it?
UK chancellor John Healey inherits tricky finances
Andy Burnham’s first day
The Bethlehem Project: American identity after 250 years
Andy Burnham ghosts the UK business community
Is China’s economic slowdown here to stay?
The EU’s push to deregulate banks
Dubai wants to bypass Strait of Hormuz
Citigroup’s ruthless remake
Rewiring sport: How technology is helping athletes break barriers
World Cup stirs up colonial past
The cost of a broken ceasefire
Marine Le Pen’s risky comeback
The Big Four’s problems Down Under
London’s push for AI sovereignty
Germany’s twin crises: football and the economy
UBS bets on the US
Why Indonesians are souring on Prabowo
US Supreme Court blocks firing of Fed governor
AI wakes up the sleepy US power sector
The Bethlehem Project: Steel’s legacy looms large
Jamie Dimon succession race narrows
European defence stocks face uncertainty
Venezuela faces world’s largest debt restructuring
What’s next for the UK after Starmer?
Starmer on brink of quitting as UK prime minister
A complicated World Cup for Iran’s diaspora
Federal Reserve gears up for change

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