Gold and other precious metals dropped on Thursday, with palladium shedding more than 8 percent, as investors flocked to the dollar-driven by bets the U.S. Federal Reserve will stick to aggressive rate hikes. Spot gold fell 1.6 percent to $1,823.14 per ounce by 01:51 p.m. EDT (1751 GMT). U.S. gold futures settled down 1.6 percent at $1,824.60….
New Zealand Launches Trade Dispute Against Canada
New Zealand has filed a trade dispute against Canada’s implementation of dairy tariff rate quotas, that sets how much dairy products are able to cross the border tariff-free. The proceedings are being filed under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the first of its kind. Trade Minister Damien O’Connor said on May…
Mortgage Rates Rise, With Monthly Payments Up Around 30 Percent From Last Year
Average long-term U.S. mortgage rates continue to climb again this week, with interest rates for key 30-year mortgage loans hitting their highest level since 2009, according to Freddie Mac on May 12. The news adds more financial strain on potential home buyers, as the competitive spring and summer markets heat up. Forty-year high inflation, rising…
LIVE UPDATES: German Industrial Giant Siemens Is Leaving Russia After Nearly 170 Years
The latest on the Russia–Ukraine crisis, May 13. Click here for updates from May 12. German Industrial Giant Siemens Is Leaving Russia After Nearly 170 Years German industrial giant Siemens AG says it is exiting Russia, where it has operated for almost 170 years. “We condemn the war in Ukraine and have decided to carry…
G-7 Seeks More Ways to Help Ukraine, Unblock Grain Supplies
WEISSENHAUS, Germany—Top diplomats from the Group of Seven (G-7) wealthy nations gathered Thursday in northern Germany for a three-day meeting centered on Russia’s war against Ukraine and the wider impact it is having around the world, particularly on food and energy prices. The annual meeting running until Saturday brings together top diplomats from Britain, Canada,…
4 Ways to Protect Your Small Business From Cyberattacks
May 12, 2022
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BusinessBusiness & EconomyBusinesses in COVID-19CompaniescybersecurityprotectTechTech NewsTips & Tricks
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Since the beginning of the COVID-19 pandemic, small businesses have quickly adopted remote working and transitioned to new technologies, such as contactless payments and online ordering. Unfortunately, these adjustments have come with increased risks. According to a 2022 report from Barracuda, a cloud and networks security company, small businesses with fewer than 100 employees receive…
Chinese Giant Attempts to Muscle in on Australian Miner’s Lithium Project
May 12, 2022
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AfricaAsia & PacificAustraliaAVZ MineralsBusiness & EconomyChinaChina Business & EconomyChina-Australia Relationscritical mineralsDemocratic Republic of CongoInternationalInternational RelationsInvestmentrare earthWorldZijin Mining
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Australian company, AVZ Minerals, is locked in a legal battle with one of China’s largest miners, Zijin Mining, over an ownership stake that could determine control of one of the world’s largest lithium deposits located in the Democratic Republic of Congo. This is not the first challenge Australian miners have faced from competing Chinese interests…
Higher Gas Prices Result in $160 Billion More Spent on Gasoline: Report
Retail gasoline prices have risen by $1.40 per gallon on average nationwide over the past year, squeezing consumer budgets and limiting spending on non-energy items. “If sustained, consumers will shell out nearly $160bn more for gasoline relative to last year,” a new report by Deutsche Bank says. Pump prices continue to soar, reaching another all-time high…
Biden Oil and Gas Lease Sale Cancellations Draw Strong Reaction
May 12, 2022
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AlaskabidenBusiness & Economycommoditiescongresseconomic policieseconomyEnvironmentExecutive BranchGina McCarthyMarketsNational SecurityOilPolicies & ImpactsPoliticsRepublicansScienceUSUS FeaturesUS News
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As gas prices continue to break records, the Biden administration’s cancellation of two lease sales in the Gulf of Mexico and one lease sale in Alaska’s Cook Inlet has drawn clashing responses, including an accusation that the administration is “blatantly lying.” One political figure who weighed in was Donald Trump, Jr., who recently campaigned with…
Pelosi Announces Anti-‘Fuel Price Gouging’ Bill Granting Sweeping New Powers to Biden
May 12, 2022
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Business & EconomyDemocratseconomyMarketsOilPoliticsSpeaker of the House Nancy PelosiUncategorizedUS
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Speaker of the House Nancy Pelosi (D-Calif.) announced during a May 12 press conference that Democrats would bring legislation to the floor that would grant President Joe Biden sweeping new powers to impose price caps on oil companies. Over the past year, the price of gasoline has increased dramatically. According to the Department of Labor’s…
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