The central banks took a relaxed approach toward inflation last year and must now take “drastic measures” to deal with the current high inflation, Singapore’s Prime Minister Lee Hsien Loong said on Sunday. Lee said in an interview with Nikkei Asia that the global economy had recovered from the COVID-19 pandemic faster than projected, in…
Central Banks Were ‘Too Complacent’ About Inflation Last Year: Singapore Prime Minister
May 23, 2022
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Asia & PacificBusiness & Economycentral bankseconomic policieseconomyinflationLee Hsien LoongSingaporeThe Federal ReserveUSWorld
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Supreme Court Rules in Favor of Taco Bell Worker in Overtime Dispute
The Supreme Court ruled unanimously against a Taco Bell franchise operator on May 23, finding a federal appeals court exceeded its authority in fashioning an arbitration-related rule in a fast-food employee’s class-action lawsuit over overtime pay. The lawsuit went forward in federal court but the company involved waited almost eight months before invoking the arbitration…
The USA Should Clarify the ‘E’ in ‘ESG’ and Use Carbon Standards to Our Advantage
May 23, 2022
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Analysisbond marketsBusiness & EconomyBusiness ColumnistsElon MuskEnvironmentESG StandardsOpinionUncategorizedViewpoints
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Commentary When I first heard the term “green bonds” several years ago, I tried to find a definition for the term, but could not. There were multiple examples of how “green bonds” could be used, for things like mass transit systems, wetlands preservation, etc. But there was no “standard” definition per se. So what qualified…
Musk Suggests Slashing Twitter Takeover Offer Based on Bot Numbers
May 23, 2022
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Business & EconomyCompaniesElon Musk TwitterMedia & Big Techspam botsTechTech NewsTwitter Buy OutUSUS News
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Elon Musk has suggested he wants to slash his initial $44 billion takeover bid for social media platform Twitter after accounting for the proportion of bots present on the microblogging site. “I’m worried that Twitter has a disincentive to reduce spam, as it reduces perceived daily users,” Musk said in a series of tweets on May…
Starbucks to Exit Russia Completely After 15 Years in Russian Market
Starbucks has announced it will completely exit Russia after earlier suspending its business activity in the country over the Ukraine invasion. After 15 years on the Russian market, Starbucks will permanently shutter its 130 stores in Russia and no longer have a brand presence in the country, according to a May 23 memo to employees….
Tesla Locks Driver Inside Before Bursting in Flames, Driver Kicked Window to Escape
A Vancouver-area driver claims he kicked the window of his almost brand-new Tesla Model Y to escape a dangerous vehicle fire after the car lost power and trapped him inside. In a 12-minute video that has since gone viral, Jamil Jutha, the driver of the Tesla, said that the electric vehicle’s (EV) battery suddenly “died,”…
UK’s Johnson Calls for Talks as Unions Threaten ‘Biggest Rail Strike in Modern History’
May 23, 2022
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Boris JohnsonBusiness & EconomyBusinesses in COVID-19economic policieseconomyGrant ShappsRail StrikeUKWorld
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British Prime Minister Boris Johnson has urged rail unions to talk to the government before causing “irreparable damage” with strike action. The National Union of Rail, Maritime, and Transport Workers (RMT) is holding a ballot of its 40,000 members on plans to strike over jobs, pay, and conditions. The ballot is set to close on…
UK May Levy Windfall Tax If Energy Firms Fail to Reinvest ‘Enormous Profits’: Minister
The UK government may levy a windfall tax on energy firms if they fail to reinvest their “enormous profits” in domestic energy supplies, a minister has suggested. The main opposition Labour Party has been calling on the government to bring in a windfall tax on oil and gas producer profits, which would add another 10…
Wall Street Opens Higher on Banks, Growth Stocks Boost
Wall Street’s main indexes opened higher on Monday, helped by a bounce back in growth and bank stocks, after the benchmark S&P 500 hovered near a grim market milestone at the end of last week. The Dow Jones Industrial Average rose 133.99 points, or 0.43 percent, at the open to 31,395.89. The S&P 500 opened…
Average Age of US Cars Hits Record High Due to Tight Supplies: Report
U.S. consumers are using their existing vehicles for longer as the inventory of new cars and light trucks remains constrained due to supply chain challenges, marking an all-time high for the average age, according to a report from S&P Global Mobility. The average age of light vehicles in operation (VIO) in the United States rose…
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