Unthinkable: Yellen affirms U.S. defaulting should not be an option

US Treasury Secretary Janet Yellen has said that the idea of defaulting on the country’s debt should be “unthinkable,” and urged lawmakers to raise the debt ceiling. Yellen’s comments come after she warned of an “economic catastrophe” if the US fails to raise the ceiling in the coming weeks. She has also previously warned that the US could struggle to meet its debt obligations sooner than expected, with media reports last week saying her trip to Japan for G-7 finance ministers and central bank governors meetings will be shortened to deal with the debt ceiling issue. The country has previously raised or suspended the debt limit almost 80 times since 1960.

The US secretary of energy, Jennifer Granholm, has called on industry leaders to strengthen cybersecurity and collaborate with the government to minimise potential risks. Speaking at CERAWeek, a premier annual energy conference organised by IHS Markit, Granholm encouraged the use of Electric Subsector Coordinating Council protection frameworks to guard against attacks. Granholm also said it is important to have a public-private partnership in cybersecurity and to work together, alongside foreign partners, to protect against attacks that could cause serious consequences.

Alliant Energy, a utilities firm in the US, is partnering with global construction manufacturer Caterpillar to create a microgrid for construction sites; the hybrid project uses solar panels, batteries, and a backup generator. The 20MW project in Wisconsin will allow Caterpillar to access energy created from photovoltaic panels and reduce carbon emissions, while providing power to operate construction equipment on site. It will also have the ability to export excess energy to the adjacent electrical grid, serving local homes and businesses without any service interruptions.

A new report from a panel advising the US REIT industry suggests that support for clean energy and renewable policies is fragmented among companies. The report from a National Association of Real Estate Investment Trusts-appointed panel says investors exert “significant influence” and should encourage investment in renewables to reduce leasing costs by up to 3%. However, the report also recommends setting metrics for sustainability and building certifications to assess the progress of firms in prioritising renewable practices.

Cloud computing provider Oracle has announced its plan to launch a data centre in Saudi Arabia by the end of the year, as the nation grows as a strong market for digital transformation. The centre will allow customers in the region to store files in Saudi Arabia, complying with regulations that require companies to keep data within the country, and will also allow the country to preserve its national data within its own borders. Reuters reports that major tech companies, including Amazon, Microsoft, and Google have also launched products in the kingdom.