Wall Street opened higher on Thursday, as bank stocks rose after major lenders cleared the Federal Reserve’s annual stress test, while economic data pointed to a resilient U.S. economy in the face of aggressive interest rate hikes. The Dow Jones Industrial Average rose 1.91 points, or 0.01 percent, at the open to 33,854.57. The S&P…
Biden Administration’s Regulations Cost US Households Nearly $10,000 Each, Study Finds
June 29, 2023
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American householdsBusiness & MarketsCommittee to Unleash Prosperityeconomic policieseconomyPolicies & ImpactsregulationsUSUS News
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The Biden adminstration’s regulatory burdens have cost almost $10,000 for each American household, standing in contrast to the Trump administration, which reduced such costs, according to a recent report by the Committee to Unleash Prosperity. “The Biden administration has so far been adding regulatory costs at a rate of $617 billion per year of rulemaking,…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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Business & MarketsChapter 11 bankruptcyCompanieseconomyenergyFoxconnInvestmentLordstown MotorsMarketsUSUS News
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Nearly 27 Million Americans Often Don’t Have Enough to Eat: Government Survey
June 29, 2023
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AmericansBusiness & Marketseconomic policieseconomyFoodPolicies & ImpactsSocial IssuesSurveyUSUS News
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Hunger rates in the United States have risen over the past year following the end of the COVID-19 pandemic and a period of high inflation. More than 26.5 million Americans reported they had “sometimes not enough to eat” or “often not enough to eat” in the past seven days, according to a June 28 Household…
Dollar Holds Near 7-month High Versus Yen on Policy Split; Swedish Crown Record Low
LONDON—The U.S. dollar touched a more than seven-month high against the Japanese yen on Thursday after their respective central banks reaffirmed divergent policy plans, while Sweden’s crown hit a record low after the Riksbank modestly raised its policy rate. Federal Reserve Chair Jerome Powell—speaking on a panel with Bank of Japan Governor Kazuo Ueda on…
Oil Steadies After Spiking on US Inventory Fall
LONDON—Oil prices steadied on Thursday, a day after rising sharply on a bigger-than-expected fall in U.S. inventories, as attention shifted back to rising interest rates denting global economic growth. Brent crude futures was up 10 cents, or 0.1 percent, to $74.13 a barrel by 1032 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 11…
Stocks Shrug Off Inflation Angst, Yen Bows to Dollar
June 29, 2023
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AfricaBusiness & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocksWorld
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LONDON—World shares and the dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan. Europe’s regional STOXX 600 index barely budged in early trading after what had been its biggest rise…
Inflation Drop In May Brings Hopes About Pause on Interest Rate Hikes
A surprise drop in inflation in May has strengthened speculations about a pause on the Reserve Bank of Australia’s (RBA) aggressive interest rate hiking cycle. However, it is still too early to conclude that inflation has been successfully tamed. According to the Australian Bureau of Statistics (ABS), the monthly CPI (consumer price index) plunged from…
DoorDash Will Offer Drivers Hourly Pay, in Major Change to Platform
June 29, 2023
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Business & MarketsCompaniesDelivery workersdoordasheconomygig workersMedia & Big TechRegional & State NewsState NewsUS
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DoorDash will offer its drivers guaranteed hourly pay on top of tips, providing its delivery workers another way to earn money, as part of a series of changes to its platform. The delivery app’s main competitor, Uber Eats, already pays its workers for every pickup and delivery that is successfully completed, along with a per-mile pay rate. In…
Fiscal Policy Delaying US Recession: Strategist
Potentially the most forecasted economic downturn in U.S. history has stubbornly refused to appear. Why? NTD speaks to an economic research provider for some possible reasons. …
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