The U.S. economy added 390,000 jobs in May, topping the market estimate of 328,000. According to data from the Bureau of Labor Statistics (BLS), the unemployment rate remained unchanged at 3.6 percent. Average hourly earnings edged up 0.3 percent month-over-month, while annualized hourly early earnings increased by 5.2 percent. Average weekly hours stayed the same…
US Added 390,000 Jobs in May as Employment Growth Slows to 13 Month Low
Elon Musk Has ‘Super Bad Feeling’ About Economy, Calls to Cut 10 Percent of Tesla Staff
Tesla CEO Elon Musk said in an internal company email viewed and reported on by Reuters that he had a “super bad feeling” about the economy and that the electric car giant needed to slash employment by around 10 percent. The email, which was reportedly titled “pause all hiring worldwide,” was sent on June 2…
Democrat Reps. Demand Amazon Comply With House Oversight Probe Into Labor Practices
The House Oversight Committee has demanded Amazon.com, Inc. comply with its probe into the company’s labor practices during severe weather events, claiming it has obstructed their investigation by failing to produce documents seven weeks after the deadline. The committee launched its probe into Amazon’s corporate labor practices following the deaths of six workers during a…
Dollar Steadies Ahead of Data, Yuan Rises in Low Volume
The dollar was little changed on Friday, even as risk appetite picked up ahead of U.S. jobs data. European shares were mostly higher as investors waited for data which could provide hints on the pace of the Federal Reserve’s policy tightening in the second half of 2022. The ADP National Employment Report showed U.S. payrolls…
Oil Slips After OPEC+ Hike, Tight Supply Limits Loss
LONDON—Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday, increased their output boost to 648,000 barrels per day (bpd) in…
Global Shares Up, China Trading Closed for National Holiday
TOKYO—Global shares rose Friday amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. European shares edged up in early trading, with France’s CAC 40 gaining 0.3 percent to 6,517.73. Germany’s DAX added 0.3 percent to 14,528.45, while trading was closed in Britain for a national holiday. Trading also…
New York Passes Bill Halting New Bitcoin Mining Projects
June 3, 2022
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The New York State Senate passed a bill early Friday that seeks to ban new cryptocurrency mining projects in a bid to tackle some of the environmental issues associated with the use of proof-of-work authentication methods to validate blockchain transactions, such as bitcoin. The bill, which still needs Gov. Kathy Hochul’s signature to become law,…
Food Prices Dip in May, Cereal Output Set to Decline, UN Agency Says
ROME—World food prices dipped in May for a second consecutive month after hitting a record high in March, although the cost of cereals and meat both rose, the United Nations’ food agency said on Friday. The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 157.4 points…
Japan’s Toyo Engineering to Study Green Ammonia Production in Indonesia
Toyo Engineering Corporation announced on Tuesday that Japan’s government had awarded it the contract to conduct a feasibility study for the green ammonia production in Indonesia. The Japanese engineering firm will collaborate with the state-owned Pupuk Indonesia Holding Company (PIHC) and its subsidiary Pupuk Iskandar Muda (PIM) for the feasibility study, which will be done…
Chinese Buyer Drops UK Graphene Takeover Amid National Security Review
A Chinese company has abandoned its proposed acquisition of a British graphene company after the plan came under the scrutiny of the UK government, British Business Secretary Kwasi Kwarteng said on Thursday. Kwarteng last month ordered an investigation into the proposed acquisition of Wales’ Perpetuus Group by Shanghai Kington Technologies and others “on national security grounds.” In an update on Twitter,…
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