Nearly two thirds of the countries in the world are now “exploring” central bank digital currencies (CBDCs) at one level or another, a new report says. The report, published on Wednesday by Washington-based think tank Atlantic Council, reveals that a total of 130 countries—representing 98 percent of global economy—are taking steps to convert their central…
130 Countries Are ‘Exploring’ Central Bank Digital Currencies, Report Says
June 28, 2023
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US Federal Debt Will Soar Despite GOP-Led Cost-Cutting Efforts: CBO
June 28, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyFederal debtPolicies & ImpactsPoliticsSocial IssuesUSUS News
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America’s public debt is projected to rise to record levels over the next three decades, according to a new Congressional Budget Office (CBO) analysis, which noted that the government’s finances have improved a bit thanks to the GOP-led debt ceiling deal but overall remain “challenging.” The new forecast, released on Wednesday by the non-partisan spending…
Trump Goes After DeSantis’s Stance on National Sales Tax
President Joe Biden touted “Bidenomics” Wednesday and his record on the economy. Could a federal sales tax replace income tax? Former President Donald Trump is bashing Florida Gov. Ron DeSantis’s new plan, as the two try to change minds in the Republican primary. Will Congress vote on it? We hear from a tax analyst about…
New Law Makes It Harder for Online Criminals to Sell Fake or Stolen Products
June 28, 2023
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Business & MarketsCompaniescongresscounterfeit productsCrime & Public Safetye-commerceeconomic policieseconomyINFORM Consumers ActMarketsMedia & Big TechPolicies & ImpactsPoliticsTechTech NewsUSUS News
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A new federal law will make it harder for online criminals to sell fake or stolen products in the wake of shoplifting gangs selling products on e-commerce sites. The INFORM Consumers Act, which went into effect on June 27, is intended to limit the sales of stolen and counterfeit products online, said the Federal Trade…
Banks Have Questions to Answer Over Interest Rate Rises for Savers, Says Minister
Banks have questions to answer about how quickly they have been passing on interest rate rises to savers, a Cabinet minister has said. Last week, the Bank of England raised interest rates from 4.5 to 5 percent, a level last seen in April 2008. It was the 13th consecutive rate increase in 18 months, putting…
What Could Be in Store for Canadian Home Prices
June 28, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomyGlobal Real EstatehousingOSFIpersonal financereal estateWorld
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Canada’s housing market has good reason to be rising despite 4.5 percentage points of Bank of Canada interest rate hikes since March last year. But policy-makers are taking steps to contain risks stemming from the housing market and analysts expect prices to start dropping. “I’m pretty sure the Bank of Canada is not happy seeing…
Oil Prices Gain 2 Percent on Big Decline in US Crude Storage
June 28, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas…
Texas Manufacturing Survey Falls for Fifth Straight Month
June 28, 2023
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The Federal Reserve Bank of Dallas’s Texas Manufacturing Outlook survey for June fell for the fifth straight month. Texas manufacturing output growth plunged 3 percent, to -4.2 percent in June, indicating a slight contraction in output, according to the Dallas Fed survey, published on June 26. Survey officials asked 85 regional manufacturers a series of…
US Goods Trade Deficit Narrows; Retail Inventories Rise
WASHINGTON—The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The hit from trade on gross domestic product was, however, likely to be offset by a rise in inventory investment, with the report…
House Prices Will Fall by 5 Percent This Year: Report
UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
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