The Federal Reserve plans to move forward with multiple 50-basis-point interest rate hikes to fight inflation, minutes from the May Federal Open Market Committee (FOMC) policy meeting revealed Wednesday. According to the minutes, Committee members stated that the first-quarter economic construction offered “little signal about subsequent growth,” adding that they think real GDP would expand…
Fed Officials Suggest Faster Rate Hikes, Admit Inflation Is ‘Very High’: Fed Minutes
Inflationary Pressures Cool U.S. Private Sector Expansion: S&P Global
May 25, 2022
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Business & EconomyChinese Communist PartyCompanieseconomyinflationInvestmentMarketsPMI Composite Output indexUSUS Manufacturing
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American business activity slowed down in May as higher prices reduced demand for services, while lockdowns in China and the ongoing conflict in Ukraine caused chaos in the supply chains. S&P Global released its May U.S. Composite PMI Output Index survey on May 24, which tracks the manufacturing and services sector throughout the country. The index fell…
US Rate Hike and China’s Slowing Economy
The U.S. interest rate hike will help curb inflation in the U.S., while drawing investment away from China. This will in turn drive down the yuan and increase the cost of foreign debt payments for the Chinese Communist Party (CCP) and Chinese corporations. In order to combat inflation, already at 8.5% in the U.S., the Federal…
Washington Ends Bond Payment Exemption for Russia, Leading to Fears of Default
May 25, 2022
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Business & Economydebt defaultdebt paymentEuropeMarketsRussia-Ukraine WarRussian sanctionsUS sanctionsWorld
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Following Washington’s decision to end a key sanctions exemption, Russia’s chances of defaulting on its debts have increased. Back in February 2022, the U.S. Treasury had stated that it would allow Russia to make sovereign bond payments to American investors despite strong financial sanctions imposed on Moscow for its aggressive incursion into Ukraine. But on…
UK Government-Recommended Online Learning Tool Used During Lockdown Harvested Children’s Data
Data from thousands of children was harvested during the pandemic by a government-recommended online learning tool without parent’s knowledge, according to a joint investigation involving Human Rights Watch (HRW) and The Telegraph. The Telegraph reported that Edpuzzle, a Department for Education (DfE) recommended company that provides interactive video lessons aimed at children as young as…
Global Food Supply Concerns Lead Some Countries to Limit Exports
May 25, 2022
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Business & EconomycommoditieseconomyEuropefood shortage crisishigher food pricesinflationInternationalMarketsRussia ukraine conflictRussia-Ukraine WarWorld
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Facing potential food supply shortages, some countries have adopted policies limiting food exports, raising concerns globally about food supply and exacerbating food inflation woes. Since the beginning of Russia’s war against Ukraine in late February, around 30 nations have taken steps to restrict certain food exports. Ukraine—known as the breadbasket of the world—shut down its…
Europe, Asia Gas Buyers Switching to Long-Term Supplies to Beat Volatile Prices
May 25, 2022
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AsiaAsia & PacificBusiness & EconomybuyerscommoditiesCompanieseconomyEuropeGasInternationalMarketsRussia-Ukraine WarsuppliesWorld
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DAEGU, South Korea—Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, industry executives said, in moves that will reverse the last decade’s trend of increasing spot purchases. Fears of disruptions in Russian gas to Europe and low inventories led the continent…
Walmart Pulls Juneteenth Ice Cream After Backlash
Walmart has pulled a Juneteenth-themed ice cream flavor from shelves after facing a considerable public backlash, with critics accusing the retailer of cultural appropriation and inappropriate commercialism. On Monday, Walmart decided to withdraw an ice cream from its food label Great Value for Juneteenth, the holiday commemorating the emancipation of black slaves in Texas on…
Major Bank CEO Says Free Speech ‘Increasingly Difficult’ After HSBC Suspends Banker Over Climate Talk
The head of one of HSBC’s biggest competitors has said that free speech is becoming “increasingly difficult” after a top executive at HSBC Holdings was suspended when he criticized central bankers and policymakers for exaggerating the financial risks of climate change. Stuart Kirk, the global head of responsible investing at HSBC’s asset management division, was suspended following an internal investigation…
Danone, Reckitt Race to Ramp Up US Baby Formula Supply Amid Shortage
LONDON—Danone SA has been doubling shipments to the United States of Neocate formula for infants allergic to cow’s milk while Enfamil maker Reckitt is also working to boost supplies amid a nationwide shortage, company executives said on Wednesday. Top manufacturer Abbott Laboratories in February recalled dozens of types of its Similac, Alimentum, and EleCare formulas,…
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