Reporters helped Twitter develop products and shared intelligence on a major competitor, according to newly released internal Twitter files. Reporters from NBC, Fox News, the New York Times, and Reason, including NBC’s Ben Collins, helped Twitter develop its Birdwatch “fact-checking” tool, according to one of the files. Collins and a slew of other reporters later…
Reporters Pushed Twitter to Change System, Shared ‘Intel’ on Competitor: Twitter Files
Richard Branson’s Virgin Orbit to Cease Operations After Failed Rocket Launch
Richard Branson’s rocket company Virgin Orbit will cease operations after its failed rocket launch out of the United Kingdom, officials announced. The company said in a May 23 statement that it will sell its assets and equipment to four winning bidders in a “comprehensive sale process and competitive auction” and cease operations. The announcement comes just…
Landlords Face a Crisis After Years of Strong Growth
May 24, 2023
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Business & MarketseconomyFloridainflationInvestmentMarketsNew YorkNY Real Estatereal estaterentalsUSUS Real Estate
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After witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008. Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations. Despite a temporary drop in tenants in…
Russia Extends Arrest of US Journalist Evan Gershkovich by 3 Months
MOSCOW—A Russian court on Tuesday extended the arrest of Wall Street Journal reporter Evan Gershkovich by three months in a closed-door hearing emblematic of the secrecy that has marked the case against the first United States correspondent since the Cold War to be detained in Russia on spying charges. Gershkovich, a 31-year-old American citizen, was…
Ford Reverses Course, Will Include AM Radio in New Cars
Ford has announced that it will install AM radio functionality in all its new vehicles after earlier planning not to, a change in policy triggered due to concerns that the removal will affect the government’s ability to issue emergency alerts. Ford is among the many automakers who decided to ditch AM radios in their new…
Central Bankers, Economists Failed to Predict Soaring Inflation: Former Fed Chair Bernanke
Central bankers and most economists failed to anticipate the sharp increase in inflation that started in 2021, and public policymakers were slow to respond after insisting price pressures were “temporary,” a new paper co-authored by former Federal Reserve Chair Ben Bernanke stated. The Fed misjudged the economic impact of pandemic-era fiscal programs, which explains why…
Europe Turning Less Competitive, Losing Business to North America, Says Survey
May 24, 2023
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Business & Marketseconomic policieseconomyenergyEuropeEurope economyinflationinflation in europeInvestmentWorld
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Europe’s competitiveness is weakening and many firms are considering moving operations to North America, a survey of business leaders from the region has found. The survey (pdf), published by the European Round Table for Industry (ERT) on May 23, found that 84 percent of CEOs and Chairs believe Europe’s competitiveness is weakening, with 16 percent…
UK Inflation Drops But Prices Remain High
The UK inflation rate has dropped for the first time in eight months, but prices on basic essentials remain high. The latest data from the Office of National Statistics (ONS) showed a drop in the Consumer Prices Index (CPI) 12-month inflation rate in April to 10.5 percent, which is lower than November’s 10.7 percent, and…
Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent
May 24, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJamie DimonJPMorgan ChaseMarketsrecessionregional banksUS
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JPMorgan CEO Jamie Dimon, predicts rough times ahead for regional banks and warns of more deposit runs, as future interest rate hikes become increasingly likely. Dimon warned at a May 22 Q&A Investor Day meeting at JPMorgan Chase that interest rates were likely to go higher from here and rise to as much as 7 percent….
Americans Loathe Federal Taxes More Than Ever: Poll
As income-tax refunds are down more than 7 percent from last year, Americans’ view of federal income taxes hit a two-decade low, according to a new poll released on May 19. The Gallup poll showed 60 percent of respondents believe the amount in federal income taxes that they pay is too high, a level last…
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