Chancellor Jeremy Hunt is set to meet with consumer watchdogs on Wednesday amid concerns that some retailers have been raising prices to boost profits during the current period of high inflation. Retailers will face questions about failing to pass on lower costs to consumers, as Hunt meets with the Competition and Markets Authority (CMA), energy…
Jeremy Hunt to Discuss Profiteering From Inflation With Consumer Watchdogs
Google Lays Off Staff at Its Mapping App Waze
Alphabet-owned Google on Tuesday said it is cutting jobs at mapping app Waze as it merges the app’s advertising system with Google Ads technology, without giving details on the number of layoffs. “In order to create a better, more seamless long-term experience for Waze advertisers, we’ve begun transitioning Waze’s existing advertising system to Google Ads…
Yen Under Pressure; Aussie Slips as Inflation Slows
SINGAPORE/LONDON—The yen was under pressure against most other major currencies on Wednesday, even as Japanese authorities said they could intervene to prop it up, while the Aussie dollar dropped after data showed inflation eased in May. Market expectations that the Bank of Japan (BOJ) will keep interest rates ultra-low, while other central banks tighten monetary…
European Shares Climb, Yen Stumbles and Euro Shines
June 28, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—European shares climbed on Wednesday as surprisingly upbeat U.S. economic news eased global growth concerns, while the embattled yen hit a 15-year low against the euro and Japan hinted at intervention to prevent further losses. Treasury yields inched higher on the strength of U.S. data, combined with hawkish commentary emerging from Portugal at a gathering…
Biden Launches New Economic Tour to Reassure Americans That ‘Bidenomics’ Is Working
June 28, 2023
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President Joe Biden launched this week his second “Investing in America” tour around the country, aiming to explain how his economic plan has spurred investments and jobs as the economy remains the most pressing issue for Americans. The administration kicked off the week with the announcement of over $40 billion in infrastructure investment to provide…
Western Australia Grabbing Farmer’s Properties, Thwarting Food Production
June 28, 2023
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AustraliaBusiness & Marketseconomyfood securityKlaus SchwabOpinionViewpointswefWestern AustraliaWorld
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Commentary The Aboriginal Cultural Heritage Act comes into effect on July 1 in Western Australia (WA). Premier Roger Cook has ruled out any delay in what has been broadly regarded as a piece of legislation that puts the state “to a grinding halt and strangles much-needed industry, housing construction, and agricultural output.” The legislation was…
Is Western Australia’s Heritage Law Going to Thwart Food Production
June 28, 2023
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AustraliaBusiness & Marketseconomyfood securityKlaus SchwabOpinionViewpointswefWestern AustraliaWorld
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Commentary The Aboriginal Cultural Heritage Act comes into effect on July 1 in Western Australia (WA). Premier Roger Cook has ruled out any delay in what has been broadly regarded as a piece of legislation that puts the state “to a grinding halt and strangles much-needed industry, housing construction, and agricultural output.” The legislation was…
China’s Reach for More Economic Stimulus Amounts to a Confession of Failure
Commentary Beijing has admitted failure, even if it refuses to use the word. This is actually the second such confession in the past six months. The first one came earlier this year when Beijing rescinded the lockdowns and quarantines that were the signal parts of its “zero-COVID” campaign. Party leadership had hoped that freeing people…
Biden Transportation Department Grants $1.7 Billion for Electric and Low-Emission Buses in 46 US States and Territories
June 27, 2023
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Biden administraitonBusiness & MarketseconomyElectric BusExecutive BranchPolicies & ImpactsPoliticsUSUS News
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The U.S. Department of Transport (DOT) is awarding grants for new electric and low-emission buses in 46 U.S. states and territories for a total of about $1.7 billion. Funding for these zero- and low-emission buses comes through the 2021 Infrastructure Investment and Jobs Act (IIJA); a $1.2 trillion bill that includes funding for public transit…
Top US Lenders to Face Fed’s Annual Stress Tests This Week
June 26, 2023
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bank crisisbank stress testsBusiness & MarketsCompanieseconomic policieseconomyFederal ReservePolicies & ImpactsUSUS News
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The major American banks will be facing the Federal Reserve’s annual stress tests this week, to see if they have enough capital in a potential crisis to make the grade. Despite the recent bank crisis this year, the lenders are are believed to have enough capital to weather a severe economic downturn., say analysts, but investor…
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