Investments in solar power are on course to overtake spending on oil production for the first time, the most striking example of a widening gap between renewable-energy funding and stagnating fossil-fuel industries. More than $1 billion a day is expected to be invested in solar power this year, which is higher than total spending expected for new upstream oil projects.
After implementing a series of cuts to trans-Pacific vessel services in April in a bid to boost spot rates, ocean carriers have backed off in May with fewer cuts and a more regular pattern of turning weekly services into biweekly services. As a result of those shifts, market experts say rates appear to have found a floor, although no significant upside is expected until demand becomes stronger.
Futures are slightly higher after stocks rallied on Friday. The Dow Industrials surged 328, the Nasdaq jumped 277 and the S&P 500 was up 54.