The U.S. Consumer Product Safety Commission (CPSC) on Thursday approved a repair for a rear guard of Peloton Interactive Inc.’s recalled ‘Tread+’ treadmill. The fitness equipment maker had announced a costly recall of its ‘Tread+’ treadmill in 2021 following the reports of multiple injuries and the death of a child in an accident. Shares of…
Australian Government Supports Carbon Capture and Storage Witih Scarce Funding
May 18, 2023
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AustraliaBusiness & Marketscarbon capture and storageccsenergyglobal warmingInflation Reduction ActMadeleine Kingnet zeroWorld
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Federal Resources Minister Madeleine King has supported carbon capture and storage (CCS) as the way for the industry to reach net-zero emissions. “Traditional commodities, including our energy resources, will play an essential role in supporting Australia’s economy transition to net-zero while also continuing to underwrite energy security for our key trading partners,” King said at the APPEA…
Stock Market Today: Wall Street Rises, Adding to a Winning Week
NEW YORK—Stocks rose again Thursday after more companies reported better profits than expected, while yields climbed after a Federal Reserve official cautioned the end to its interest-rate hikes may not arrive as soon as Wall Street hoped. The S&P 500 gained 0.9 percent, adding to its rally from the day before as hopes rise further…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 18)
May 18, 2023
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Benchmark U.S. crude oil for June delivery fell 97 cents to $71.86 a barrel Thursday. Brent crude for July delivery fell $1.10 to $75.86 a barrel. Wholesale gasoline for June delivery was unchanged at $2.57 a gallon. June heating oil fell 2 cents to $2.40 a gallon. June natural gas rose 22 cents to $2.59…
Yellen Warns Bank Executives of ‘Severe Consequences’ of Default
May 18, 2023
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bank crisisBusiness & Marketscongressdebt ceilingeconomyExecutive BranchJanet YellenPoliticsUSUS News
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Treasury Secretary Janet Yellen met with more than two dozen CEOs and executives at a meeting convened by the Bank Policy Institute (BPI) to discuss the debt ceiling and the state of the economy and banking system. Yellen reiterated her public position that the U.S. banking system is sound and resilient, alluding to its high…
Top Toyota Scientist Throws Cold Water on Electric Vehicle Push
May 18, 2023
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Asia & PacificBusiness & MarketsCompanieseconomic policieselectric vehicleenergyInternationalMarketsToyotaWorld
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A top Toyota scientist warned against the sudden push toward electric vehicles for now, ahead of a Group of Seven summit in Japan. Last month, environment and energy ministers at the G7 conference in Hokkaido, Japan, pledged to reduce vehicle emissions by 2035, without announcing any deadlines or short-term goals in the meantime, reported Bloomberg….
Survey Reveals 61 Percent of Americans Struggling Financially Due to Recent Price Hikes
Recent surveys have indicated a growing concern among U.S. citizens about the financial impact of inflation. According to a recent poll, 61 percent of Americans are now stating that the rising costs have been causing financial difficulties, a notable jump of six percent from the previous survey carried out in November 2022. This figure is…
Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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ArchivedBusiness & MarketscftccryptocryptocurrencyMarketsMaxine WatersNewsStablecoinstetherUSUS News
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House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
‘Perceived Gaps’ in Investigations on Fed Chair Powell’s Alleged Insider Trading: Sen. Warren
Sen. Elizabeth Warren (D-Mass.) blamed Federal Reserve Inspector General (IG) Mark Bialek for a lack of “competent oversight” during a Wednesday hearing while discussing the issue of potential insider trading by Fed officials. During a Senate Banking Subcommittee on Economic Policy hearing, Warren questioned Bialek about suspicious trades involving Federal Reserve Chair Jerome Powell and former Vice Chair…
Fox News Spokesperson Responds to Laura Ingraham Rumors
Fox News responded to online rumors this week claiming that it would part ways with host Laura Ingraham amid rumors that the network would be changing its primetime lineup in the wake of Tucker Carlson’s exit. A spokesperson for Fox told The Epoch Times that “reports based on various tweets by left wing activists are…
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