OTTAWA—The Bank of Canada’s pause on raising interest rates lasted just over four months. Canada’s central bank raised its overnight rate target to 4.75 percent with a 0.25 percentage point (25 basis points) rate hike on June 7, in the face of mounting evidence of an economy that’s still running too hot. The BoC cited…
Bank of Canada Ends Pause, Hikes Key Rate to 4.75 Percent—Highest Since 2001
Labour’s VAT on Private School Fees Will Raise Very Little Revenue: Report
Labour’s strategy of adding VAT to private school fees has been questioned by a think tank that reported the policy to be based on flawed calculations. According to a 2017 Labour’s document called “Funding Britain’s Future” (pdf), VAT on private school fees would yield £1.6 billion a year, which could be invested in state schools instead….
CNN CEO Chris Licht Is Out Just Weeks After Trump Town Hall
Chris Licht, who was named as CNN’s chairman and CEO about a year ago, will depart the corporate news network, said the chief executive of CNN’s parent company. David Zaslav, the head of Warner Bros. Discovery which owns CNN, said that he “met with Chris and he will be leaving CNN,” according to a report…
S&P 500, Nasdaq Inch Higher at Open With Fed Policy Outlook in Focus
The S&P 500 and Nasdaq opened marginally higher on Wednesday as investors refrained from making big bets ahead of inflation data and the Federal Reserve’s policy meeting next week. The Dow Jones Industrial Average fell 10.81 points, or 0.03 percent, at the open to 33,562.47. The S&P 500 opened higher by 1.62 points, or 0.04…
China’s Exports Declined by 7.5 Percent in May as Demand for Goods Wanes
Exports from China, the world’s second-largest economy, fell in May for the first time in three months amid waning global demand for Chinese goods. Data published on June 7 by China’s General Administration of Customs showed that exports, which serve as the main source of foreign exchange for China, fell 7.5 percent year over year, to $283.5 billion, marking…
Supreme Court Leaves Social Media Liability Shield Untouched
June 7, 2023
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Big Tech, Censorship, and SocialismBusiness & MarketsCommunications Decency ActCompaniesFeatured TopicsJudiciaryMedia & Big TechPolicies & ImpactsPoliticssection 230Supreme CourtUSUS News
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The Supreme Court crackdown on social media platforms’ liability shield for user content that many observers expected in a pair of recent high-profile cases never came. Much to the relief of Silicon Valley, the Supreme Court sidestepped the issue in its much anticipated May 18 rulings in Twitter Inc. v. Taamneh and Gonzalez v. Google…
‘We Don’t Have to Hide’: The Rise of Conservative Brands
June 7, 2023
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Multiple brands touting conservative values have been launching and gaining market share amid the current economic climate where an increasing number of consumers are reacting harshly to—even boycotting—companies promoting progressive ideologies, especially transgenderism. NBA player Jonathan Isaac, for example, announced the launch of his UNITUS apparel brand in a tweet on June 2. Pitched as…
The SEC Chooses the Nuclear Option
Commentary The U.S. Securities and Exchange Commission (SEC) has just filed complaints in a federal court against two of world’s largest cryptocurrency exchanges, Binance and Coinbase. Binance, the largest exchange globally with several billion dollars of daily transaction volume, is registered offshore and technically off limits to U.S. investors. Coinbase, on the other hand, is…
Don’t Store Cash in Venmo, PayPal, and Other Payment Apps, Financial Watchdog Warns
The Consumer Financial Protection Bureau (CFPB) is warning consumers not to store money in nonbank, peer-to-peer payment apps such as Venmo, Paypal, and CashApp, because that money is not automatically insured by the government. A growing number of consumers prefer to make payments without cash and are adopting payment apps. More than three-quarters of U.S….
Dollar Eases as Chances for a US Rate Rise Ebb
LONDON—The dollar dipped on Wednesday as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows. The Australian dollar traded at three-week highs above $0.67 after the Reserve…
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