The president and COO of SpaceX has defended the aerospace company’s CEO Elon Musk against allegations of sexual misconduct in an email to employees, according to CNBC. According to an email allegedly obtained by CNBC, SpaceX President Gwynne Shotwell addressed the allegations that first emerged in a Business Insiders report denounced by Musk as “utterly untrue”…
Americans More Pessimistic on Economy, Biden Administration: Survey
Americans are increasingly pessimistic about the state of the economy and Joe Biden’s presidency, according to a CBS News poll from May 22, with 63 percent of respondents describing the state of the country as “uneasy” and “worrying.” Inflation stands at a 40-year high and increasingly steep gas prices are stifling living standards for most Americans, with…
HSBC Suspends Top Banker for Accusing Policymakers of Overstating Climate Risk
A top executive at HSBC Bank has been suspended after he criticized central bankers and policymakers for exaggerating the financial risks of climate change. The bank, according to a Financial Times report, has suspended Stuart Kirk, who is global head of responsible investing at HSBC’s asset management division. Kirk gained attention at an event last…
State Farm Asked Employees to Donate Transgender Books Aimed at Young Children, Watchdog Group Says
Auto and home insurance giant State Farm has encouraged hundreds of employees to donate books promoting transgenderism to young children to their local schools and libraries, according to an email leaked by a whistleblower. The email, obtained by nonprofit organization Consumers’ Research, states that the company partnered with transgender youth advocacy group The GenderCool Project…
‘This Is Going to Take Some Time,’ Biden Warns About Inflation, Gas Prices During Japan Conference
May 23, 2022
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Business & Economyeconomic policieseconomyExecutive Branchhigh gas priceshigh inflationinflationJoe BidenPoliticsUSUS News
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President Joe Biden has warned that inflation might last longer than expected and admitted that gas price hikes are becoming a big problem for many households. “This is going to be a haul. This is going to take some time,” Biden said about rising prices during a May 23 press conference with Japanese Prime Minister…
European Central Bank Likely to Exit Negative Rate Policy by End of September: Bank President
The European Central Bank (ECB) will probably begin raising interest rates in July and exit negative territory by the end of September, said ECB President Christine Lagarde in her May 23 blog post. She said the bank could raise rates further to a neutral level if it sees inflation stabilizing at 2 percent. “If we…
US Companies Damaged by China’s ‘Zero-COVID’ Policy
May 23, 2022
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Business & EconomyBusiness ColumnistsChinaChina Business & EconomyCOVID zeroeconomylockdownsOpinionsupply chain disruptionThinking About China
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Commentary Beijing’s ongoing “zero-COVID” campaign is slowing both the Chinese and global economies, causing supply chain disruptions felt around the world. The harsh pandemic measures are also damaging U.S. companies in China. “Conditions in China are such that we have virtually no ability to predict our performance in China in the back half of the…
Abbott CEO Apologizes for Baby Formula Shortages; Experts Weigh in on Crisis
Abbott Laboratories CEO Robert Ford apologized for the nationwide baby food formula shortages in a Washington Post op-ed on May 21. “And yes, we take great pride in manufacturing nutrition and formula to feed America’s infants, including our most vulnerable,” Ford wrote. “But the past few months have distressed us as they have you, and so…
White House Confirms It’s Monitoring Looming Diesel Crisis, Says It Will Take Action
The White House could soon tap the nation’s emergency diesel reserve as part of the administration’s efforts to address a critical supply crunch. Diesel prices have spiraled out of control in energy markets this year. President Joe Biden is monitoring diesel supplies and might begin weighing the release of supply from the 22-year-old Northeast Home…
Diesel Crisis Looms as US Supplies Running on Fumes
Diesel prices have spiraled out of control in energy markets this year. A gallon of diesel on average costs $5.554, up 75 percent from a year ago and just short of the record high of $5.58 that was posted last week, according to AAA. Prices are trending higher in the U.S. Northeast. In New York, the average…
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