Commentary The Federal Open Market Committee’s unanimous decision on Wednesday not to raise the federal funds rate, which banks charge each other for overnight loans, has champagne corks popping in some quarters, where it is hailed as evidence of the long-in-coming conquest of inflation; while others see Federal Reserve Chairman Jerome Powell turning chicken in…
Highway Safety Agency Reports Power Problems in 2022 Hyundai Ioniq 5 SUVs
DETROIT—Multiple U.S. owners of Hyundai’s popular Ioniq 5 electric SUV have complained of completely or partially losing propulsive power, many after hearing a loud popping noise, the National Highway Traffic Safety Administration said Saturday. Hyundai said it would offer a software update beginning next month and replace affected components if necessary. The NHTSA said in…
Italy Restricts Chinese Company’s Sway Over Major Italian Manufacturer
June 17, 2023
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Belt and Road Initiative (BRI)Business & MarketsChemChinaChina Business & EconomyChina NewsCompaniesEuropeGiorgia MeloniInvestmentItalyPirelliSinochemWorld
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Italy has approved measures to limit the control of a Chinese state-owned shareholder over the Italian tiremaker Pirelli, citing reasons of national security. Rome’s decision comes after Sinochem, Pirelli’s largest shareholder with a 37 percent stake, notified the Italian government in March of plans to update an existing shareholder pact with Camfin, which is controlled…
Department of Defense Signs Deal to Boost Cobalt Supply Chains
The U.S. Department of Defense (DoD), on June 15, entered into an agreement with the United States arm of Australian miner Jervois Global Limited to conduct feasibility studies to expand cobalt extraction in Idaho. The $15 million funding agreement will enable Jervois Mining USA to undertake mineral resource drilling to expand currently known cobalt resources…
Cumulative Impacts From California Exodus Costs State Nearly $500 Billion, Will Get Worse: Economist
June 17, 2023
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Business & MarketsCaliforniacalifornia exodusChapman UniversityeconomyJim DotiNorthern CaliforniaPolicies & ImpactsRegional & State NewsSocial IssuesSouthern CaliforniaSouthern California OC NewsState NewsUSUS News
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Recent Internal Revenue Service data showing a net loss of more than 425,000 people between 2021 and 2022 indicates California is losing residents to states with lower or no income tax, according to a Chapman University professor. “We are losing more of the high-income earners than the low-income earners, and it’s an increasing proportion of…
‘I Need You Badly’: Biden Addresses Union Members at First 2024 Campaign Rally
June 17, 2023
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2024 electionbidenBusiness & MarketscampaignDemocrat CandidatesExecutive Branchlabor unionsPhiladelphiaPoliticsrallyUS
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President Joe Biden on Saturday held his first political rally since announcing his reelection campaign in April, addressing labor union members in Philadelphia in an effort to win back white working-class voters. This is the first time ever, Biden said, that the AFL-CIO union has endorsed a candidate so early in the race. “For the first…
You’re Likely Eligible for Part of a $23 Million Google Settlement
People who used Google search between 2006 and 2013 could be eligible for a portion of a $23 million settlement in a class action lawsuit against the Big Tech giant. Google is accused of sharing users’ search queries with third-party websites and companies without their consent from Oct. 25, 2006, to Sept. 30, 2013, according…
Meta Lowers Minimum Age of Quest Headsets in Bid to Lure Children Into VR
June 17, 2023
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Business & MarketsCompaniesFacebookMark ZuckerbergMedia & Big TechmetaSocial MediaTechTech NewsVirtual RealityVivek Murthy
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Facebook parent company Meta announced plans to enable children as young as 10 years old to enter virtual reality through its Meta Quest headset later this year, despite a recent advisory warning social media can negatively impact the mental health and well-being of children. “Today we’re announcing changes to give families even more ways to…
London’s ExCel Centre Wins Test Case Over £16 Million COVID-19 Insurance Claim
The Exhibition Centre London (ExCeL) has won a court case over £16 million of COVID-19 business interruption (BI) insurance claims, which its lawyers say will potentially allow “hundreds of thousands of policyholders” to make the same claim. Pizza Express and a dozen of other businesses were also the winners in the six test cases, in which…
Some Student Loan Borrowers in Worse Shape After Reprieve: Risk Consultant
The pandemic-era freeze on student loan payments will end soon after three years. Student loan interest will start accruing on Sept. 1 and payments are starting in October. The pause on student loan payments will end this summer regardless of how the Supreme Court rules on President Joe Biden’s plan to forgive billions of dollars…
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