A presidential speech on economic issues, booming investment in tech startups, anticipated price pressures in the oil market, a net-zero emissions goal from a major energy company, data science programs at Connecticut higher education, a potential rematch in Connecticut’s gubernatorial election, and a new leader at a Connecticut business organization are among the top business news items this morning.
National
President Joe Biden is set to deliver a speech at 4 p.m. today addressing the challenges facing the nation, such as inflation and the ongoing COVID-19 pandemic. Biden is also expected to address accomplishments in his economic agenda like the passage of a major infrastructure bill as well as challenges the administration has faced in winning support for other measures.
Business trends
Tech startups have seen a bonanza of investment, with more than 900 companies in this industry valued at $1 billion or more. The trend is also driving tech entrepreneurs to seek funding from investors multiple times a year rather than on a longer timeframe.
The International Energy Agency is anticipating greater price pressures in the oil market this year due to strong demand and lower than expected supply, according to the group’s Oil Market Report. The forecast notes how several producers are falling short of their stated production goals, which could spur more drilling and production in the United States.
ExxonMobil has set a goal of having net-zero greenhouse gas emissions from its operations by 2050. However, the target remains less ambitious than many of the energy giant’s competitors, who have set broader goals of addressing emissions generated by customers and others along their supply chain.
Connecticut
Several colleges and universities in Connecticut have started offering data science degrees in response to the growing need for analytics experts in several industries. The programs are being developed in conjunction with private industry leaders, and are set to debut in the fall.
Bob Stefanowski has announced that he is seeking the Republican nomination for this year’s gubernatorial race in Connecticut. Stefanowski lost to Ned Lamont in the 2018 election; Lamont will seek re-election as a Democratic candidate.
CTNext has named Onyeka Obiocha as the organization’s next executive director. Obiocha’s previous positions include managing director for the Tsai Center for Innovative Thinking at Yale, director of Integrated Capitals and Learning at the Heron Foundation, and founder of two businesses.
