The Biden administration made an erroneous statement on the White House Twitter account on Thursday, which prompted fact-checks. “When President Biden took office, millions were unemployed and there was no vaccine available. In the last 15 months, the economy has created 8.3M jobs and the unemployment rate stands at 3.6 [percent] — the fastest decline…
Fact Check: White House Makes False Claim COVID Vaccine Wasn’t Available Until Biden
May 13, 2022
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AMERICABusiness & EconomyCCP VirusCompaniesCOVID-19Executive BranchMedia & Big TechPoliticsUSUS NewsVaccines & SafetyWhite House
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GameStop Trading Halted 4 Times Owing to Dramatic Movements
Trading of GameStop stock was halted by Nasdaq four times on May 12 as the share price kept rising and falling dramatically amid the index registering a decline. GameStop shares were halted at around 10:14 a.m., 10:20 a.m., 10:25 a.m., and 10:31 a.m., with the stops followed by resumption of trading a few minutes later,…
Musk Sends Twitter Shares on Rollercoaster After Saying Deal Is ‘On Hold,’ Then Saying ‘Still Committed’
Twitter (TWTR) shares pared some of their early morning losses after Elon Musk posted a message on Twitter that he is “still committed” to buying the social media platform. Musk sent Twitter shares falling more than 10 percent in pre-market trading after stating that his acquisition of Twitter is temporarily “on hold” until he gets…
Sky-High Stock Values Falling Back to Earth
May 13, 2022
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Business & EconomyBusiness ColumnistsFederal ReserveinflationOpinionrecessionstock pricesThinking About China
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Commentary The one sort of inflation that’s certainly not here to stay is high stock prices. Huge stock swings are indications that the “sky’s the limit” stock market is nosediving back to Earth. It had to happen sooner or later, and global volatility and recession are leading the downward trend. A soft landing is unlikely…
Powell Says He Can’t Promise a ‘Soft Landing’ and Avoid Recession as Fed Fights Inflation
May 13, 2022
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Business & Economyeconomic policieseconomyinflationjerome powellPolicies & Impactsrecessionsoft landingUSUS News
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Federal Reserve Chair Jerome Powell said Thursday that persistent supply chain disruptions and “huge” geopolitical events happening around the globe could foil the Fed’s attempts at engineering a so-called “soft landing” for the U.S. economy, with the central bank chief’s statement amounting to an acknowledgment of the possibility of a recession. Powell made the remarks…
Borrell: EU to Give Ukraine 500 Million Euros for Weapons
The European Union is giving Ukraine another 500 million euros ($520 million) to buy heavy weapons to fend off the Russian invasion, the bloc’s foreign affairs chief said Friday at a gathering of top diplomats from the Group of Seven (G-7) wealthy nations. Josep Borrell, the EU’s high representative for foreign policy, said he was…
China’s Fourth Largest Property Developer Sunac Misses Bond Repayment, Expects to Miss More
HONG KONG—Developer Sunac China missed the deadline for coupon payments on a $742 million offshore bond and said on Thursday it does not expect to make payments coming due on other bonds, adding to a wave of defaults in China’s debt-laden property sector. The company said in a filing to the Hong Kong stock exchange…
Chinese Developers’ Debt Woes Worsen as Sales, Yuan Weaken
HONG KONG—Chinese developer Zhongliang Holdings is scrambling to secure bondholder approval to extend the repayment on notes worth $729 million ahead of a key deadline next week, joining peers desperate to avoid offshore debt defaults. The Shanghai-based company has struggled to sell enough houses amid a sustained property downturn in China or secure refinancing to…
Musk Says Twitter Deal on Hold Over Spam Bots
May 13, 2022
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Business & EconomyCompanieseconomic policieseconomyElon MuskInvestmentMarketsMedia & Big TechSocial Mediaspam botsTechTwitter deal
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Billionaire tech mogul Elon Musk said that the deal to buy Twitter is “temporarily on hold” until detailed information comes to light that backs Twitter’s claim that bots or fake accounts make up fewer than 5 percent of users on the platform. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do…
As Food Prices Soar, Biden Praises American Farmers in Fight Against Inflation
President Joe Biden talked about how American farmers can help in easing global food shortages and fighting inflation during his visit to a farm on May 11. “Right now, America is fighting on two fronts. At home, it’s inflation and rising prices. Abroad, it’s helping Ukrainians defend their democracy and feeding those who are left…
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