The U.S. economy added created 339,000 new jobs in May, up from 294,000 in April, according to the Bureau of Labor Statistics (BLS). This was higher than the consensus estimate of 190,000. The unemployment rate rose to 3.7 percent last month, up from 3.4 percent. It also topped market forecasts of 3.5 percent. Change in…
JPMorgan Shuttering 25 Percent of First Republic Bank Branches in 2023
JPMorgan Chase will shutter more than 20 First Republic branches by the end of this year, following its takeover of the failed bank, the company announced on June 1. First Republic has 84 branches across eight states, including California, Connecticut, and Florida, according to its official website. The upcoming closures make up roughly a quarter of its…
Walmart to Offer Pride Merchandise Despite Controversies
Walmart is continuing to provide LGBT products as part of Pride Month, the firm said on Wednesday amid a consumer backlash against multiple brands aligning with such ideologies. “We haven’t changed anything in our assortment,” Latriece Watkins, Walmart’s chief merchandising officer, said on May 31, according to Reuters. Watkins’ statement comes following a backlash against…
JPMorgan’s Jamie Dimon Denies Ever Meeting Longtime Bank Client, Convicted Sex Offender Jeffrey Epstein
The head of JPMorgan Chase, Jamie Dimon, has denied ever meeting Jeffrey Epstein and said he was unaware that the bank was conducting an internal investigation into its former relationship with the disgraced financier and convicted sex offender. Dimon made the remarks in a deposition in New York on May 26 for lawsuits filed by the…
Dollar Dips as Chances Grow for Fed ‘Skip’, Debt Bill Passes
LONDON—The dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback’s appeal to non-U.S. buyers. The U.S. Senate’s passage of a bill to suspend the debt ceiling and avert…
Australian Businesses Lambast Record Minimum Wage Increases
June 2, 2023
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AustraliaBusiness & MarketsCompanieseconomic policieseconomyFair Work CommissionJason Clareminimum wagepersonal financeWorld
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The Australian business community has criticised the Fair Work Commission for the latest wave of minimum wage rises, saying it would add more pressure to struggling businesses nationwide. On June 2, the commission announced that it would lift the national minimum wage by a total of 8.6 percent from July 1, effectively raising the pay…
Oil Prices Rise After US Debt Deal, All Eyes on OPEC Meeting
LONDON—Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures rose 77 cents, or 1 percent to $75.05 a barrel by 0806 GMT, while U.S. West Texas…
Ella Irwin, Head of Trust and Safety at Twitter, Resigns
Twitter’s head of trust and safety, Ella Irwin, has resigned from the social media company nearly a year after she joined in June 2022. Irwin confirmed her departure to Reuters but did not provide a reason for the move. The former Amazon director joined Twitter last summer just a few months before Musk acquired the platform for $43 billion; taking…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
Religious Schools Oppose Victorian Government’s Plan to Impose Payroll Tax
Religious and independent schools in the Australian state of Victoria are opposing a new revenue-raising policy compelling many local education providers to pay payroll tax. In the 2023-2024 state budget, the Victorian Labor government proposed to remove the payroll tax exemption for non-government schools with high tuition fees to raise money to help repay the…
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