Category: Business & Economy

Nearly Half of US Adults Say American Dream Is Dead as Inflation Tops Financial Security Fear List

May 24, 2022
American DreamBusiness & Economyeconomic policieseconomyinflationMarketspersonal financerecessionUSUS News
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A new report shows U.S. adults say inflation is the greatest obstacle to reaching financial security in retirement, while 44 percent think Social Security won’t be there when they need it and just 55 percent say the American Dream “is still alive and well.” These are among the key findings from the 2022 Planning and Progress…

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Bruised Dollar Hits New 1-month Low; Lagarde Boosts Euro

May 24, 2022
Business & EconomyCurrenciesForexglobalMarketsstocks
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LONDON—The dollar hit a fresh one-month low on Tuesday as the euro extended gains while a broad selloff in stock markets failed to boost the U.S. currency’s safe haven appeal. Against a basket of its rivals, the dollar fell 0.3 percent to 101.79, its lowest level since April 26. The euro, which was the stand-out…

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Oil Drops on Recession Fears and China COVID-19 Curbs

May 24, 2022
Business & EconomycommoditiesglobalMarketsOilstocks
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LONDON—Oil fell by almost $1 on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed tight global supply and expectations of a pick-up in fuel demand with the U.S. summer driving season. Investment banks including UBS and Goldman Sachs have cut their 2022 China growth outlooks. The head of the International Monetary…

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Stocks Slump as Snap Cracks Rally, Lagarde Lifts Euro

May 24, 2022
Business & EconomycommoditiesCompanieseconomic policieseconomyglobalMarketsstocks
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LONDON—Shares slid worldwide on Tuesday as fears about weak earnings and slowing growth punctured the recent mini-rally, while hawkish remarks from European Central Bank Chief Christine Lagarde reminded edgy markets that rate hikes loom. Nasdaq futures lost 2.06 percent, with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble…

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Cost of Electric Vehicle Batteries May Increase 15 Percent Amid Supply Chain Disruptions: Report

May 24, 2022
Business & EconomycommoditiesCompanieseconomyelectric vehicleinflationInternationalMarketssupply chain disruptionUkraineWorld
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The cost of electric vehicle batteries is set to soar amid the ongoing Russia–Ukraine conflict and supply chain disruptions, the International Energy Agency (IEA) warned on Monday. While electric vehicle sales have remained strong so far this year with 2 million electric cars sold worldwide in the first quarter, IEA said that further efforts to diversify battery…

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Fuel Shortage in Laos Sees People Asked Not to Travel

May 24, 2022
Asia & PacificBusiness & EconomycommoditieseconomyLaosMarketsWorld
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The Laos government has called on residents to avoid unnecessary travel amid fuel shortages, citing the need to prioritize agriculture and other essential industries, according to local reports. Laos, which imports most of its gasoline from neighboring countries, faces fuel shortages due to soaring fuel prices and a weak currency. Many gas stations have been…

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Airbnb Announces Domestic Business Withdrawal From China

May 24, 2022
airbnbBusiness & EconomyBusinesses in COVID-19ChinaChina Business & EconomyCompanieseconomyMedia & Big TechtechnologyUSUS NewsUS-China relations
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Airbnb announced Tuesday that it will discontinue domestic operations in China and instead focus on serving Chinese users traveling abroad amid the ongoing COVID-19 lockdowns in China. The San Francisco-based company said in a letter posted to its social media account that it will remove all Chinese listings and experiences from its platform on July…

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New Australian PM Promises ‘Ambitious Action’ on Climate Change

May 24, 2022
anthony albaneseAsia & PacificAustraliaBusiness & EconomyChinaChina-Australia Relationsclimate changeeconomic policiesInternationalInternational RelationsQuadrilateral Security DialogueWorld
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Freshly minted Australian Prime Minister Anthony Albanese is pledging an ambitious climate change agenda in line with U.S. President Joe Biden, including sending foreign aid to developing nations. Albanese met with the leaders of the Quadrilateral Security Dialogue in Tokyo just days after he won the May 21 federal election. The leaders addressed a range…

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DC Attorney General Sues Zuckerberg Over Cambridge Analytica Data Breach Scandal

May 24, 2022
Big Tech, Censorship, and SocialismBusiness & EconomyCambridge AnalyticaCompaniesDistrict of ColumbiaFeatured TopicsJudiciaryKarl RacineLocal NewsMark ZuckerbergMedia & Big TechRegional-Local NewsSocial MediaTechUSUS News
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Washington, D.C. Attorney General Karl Racine on Monday filed a lawsuit against Facebook founder Mark Zuckerberg for allegedly failing to secure millions of users’ data during the Cambridge Analytica privacy scandal. The 37-page filing (pdf) accuses Facebook, now known as Meta Platforms, of violating the district’s Consumer Protection Procedures Act by misleading users about how…

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This Day in Market History: Netflix Goes Public

May 24, 2022
Business & EconomyCompanieseconomyIPOmarket historyMarketsNetflix
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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On May 23, 2002, Netflix, Inc. went public. Where the Market Was The Dow finished the day at 10,216.08. The S&P 500 traded at 1,097.08. What Else Was Going on in the World? In 2002, U.S….

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