JPMorgan Chase & Co. presented a more optimistic profit forecast on Monday as it opened an investor conference to relieve worries that the biggest U.S. bank by assets might be starting to lose its edge. Investors are keeping an eye on the prospects for banks to increase their net interest income, or the difference between…
JPMorgan Raises 2022 Interest Income Outlook Ahead of Investor Conference
Intel CEO Says Chip Shortage Risks Expansion
The head of chipmaker Intel says a shortage of advanced equipment to make semiconductors could hold up global expansion plans. CEO Pat Gelsinger said Monday that there have been “quite significant extensions” in delivery times for chipmaking gear for new chip factories, known as “fabs,” that the company plans to build in the U.S. and…
Bank of America Raises Hourly Minimum Wage to $22
NEW YORK—Bank of America Corp. said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025. The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been…
Wall Street Wins Again … the SPAC Edition
Commentary As expected, Wall Street wins again. In 2020 and 2021, retail investors were chasing financial markets with reckless abandon. Armed with sites like Reddit WallStreetBets and a Robinhood trading app, not to mention young investing mentors on social media, they believed they had the Wall Street “tiger by the tail.” In January, we warned…
Bill Gates on Why He Doesn’t Own Any Cryptocurrency
Microsoft Corporation founder Bill Gates has said he doesn’t own any cryptocurrency because he prefers to invest in things that have “valuable output.” What Happened Over the weekend, Gates responded to a number of questions from users across the world on a Reddit “ask me anything” thread. In response to one particular question about his thoughts…
Beeple’s Twitter Hacked, Scammers Net $430,000 in Ethereum and NFTs
Popular digital artist Beeple saw his Twitter Inc account hacked over the weekend, resulting in a phishing incident that netted scammers over $430,000 in stolen Ethereum and NFTs. What Happened MetaMask security analyst Harry Denley first raised the alarm on Sunday, telling users the link in Beeple’s Twitter bio redirected to a phishing website that would automatically…
Australian Nationals Split on Net-Zero Commitment
May 24, 2022
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AustraliaBarnaby JoyceBusiness & Economyeconomic policiesInternationalMatt Canavannet zeronet-zero emissionsWorld
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Net-zero and leadership will be two issues discussed by the Nationals party room on the weekend after the regional party successfully withstood the electoral onslaught on May 21 that saw its Coalition partner, the Liberal Party, lose 19 seats. After every election, the Nationals hold a party room meeting to decide their future policy platform…
Powell Sworn in to Second 4-Year Term as Fed Chief
Federal Reserve Chair Jerome Powell was formally sworn in on Monday to begin his second four-year term as head of the U.S. central bank as it aims to tame the highest inflation in four decades without tipping the economy into recession. Also sworn in on Monday were Lael Brainard as the Fed’s new vice chair,…
Indonesia Policy Uncertainty Hampers Resumption of Palm Oil Exports
JAKARTA—Indonesia allowed a resumption of palm oil exports from Monday after a three-week ban, but shipments were not expected to get underway until details emerge on new rules aimed at securing domestic supplies of the edible oil. The Southeast Asian country, the world’s biggest palm oil producer, halted exports of palm oil from April 28…
Jack Posobiec Detained by Police at World Economic Forum in Davos
May 24, 2022
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Business & EconomyDavoseconomic policiesEuropeGreat ResetInternationalJack PosobiecPolicies & ImpactsTurning Point USAUSUS NewswefWorld
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Conservative American author and podcast host Jack Posobiec said he was briefly detained by police at the World Economic Forum (WEF) in Davos without explanation while reporting on assignment for Turning Point USA to “expose the ‘Great Reset’ agenda.” Videos emerged on social media showing Posobiec at an outdoor table on the sidewalk surrounded by around…
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