NEW YORK—Stocks on Wall Street sank Tuesday after Home Depot warned of flagging sales, the latest discouraging signal for an economy under pressure. The S&P 500 fell 26.38 points, or 0.6 percent, to 4,109.90. The Dow Jones Industrial Average dropped 336.46, or 1 percent, to 33,012.14, and the Nasdaq composite slipped 22.16, or 0.2 percent,…
Stock Market Today: Wall Street Weakens as Energy Stocks, Home Depot Weigh
Hiroshima to Host G7 Summit to Address Growing Russia, China Threats
May 16, 2023
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TOKYO, Japan—The leaders of the Group of Seven (G7) will meet this week in Hiroshima, Japan, in a show of strength and unity to promote “the rule-based international order” in the face of escalating Russian and Chinese aggression. The summit, which will take place May 19–21, will be the 49th annual summit of the largest…
Union Pushes Australian Government to Tax Critical Mineral Exports to China
May 16, 2023
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One of Australia’s largest unions is calling on the federal government to impose a “punitive tax” on exports of unprocessed critical minerals to China to protect the country’s national interest. On May 16, Daniel Walton, the national secretary of the Australian Workers Union (AWU), warned of the risks of exporting raw materials to China without…
Samsung Presses Ahead With Central Bank Digital Currency Technology
May 16, 2023
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Samsung said it would press ahead with central bank digital currency (CBDC) technology in South Korea. The South Korean tech giant is planning on launching a CBDC currency in collaboration with the Bank of Korea (BOK). CBDCs are central bank-issued and controlled digital currencies that can be exchanged using blockchain or distributed ledger technology. Central…
ANALYSIS: Stanford Professors Fear Half of US Banks Approaching Insolvency, as Navarro Blames ‘Biden’s Inflation’
May 16, 2023
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In a recent analysis, professors Anat Admati, Martin Hellwig, and Richard Portes present a scathing critique of the U.S. banking sector’s systemic issues, brought into focus by the 2023 banking crisis. Their analysis, in particular, centers around the failure of Silicon Valley Bank (SVB) and First Republic Bank, highlighting the systemic issues afflicting U.S. banks….
Former Audi Chief Pleads Guilty in Automaker’s Diesel Emissions Scandal
FRANKFURT, Germany—The former head of Volkswagen’s luxury division Audi pleaded guilty Tuesday to charges tied to the automaker’s diesel emissions scandal, becoming the highest-ranking executive convicted over cars that cheated on emissions tests with the help of illegal software. Rupert Stadler answered “yes” to a statement read in court by his attorney that said Stadler…
Biden Vetoes Bill Restoring Tariffs on Some Chinese Solar Panels
May 16, 2023
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President Joe Biden kept his promise to veto legislation reversing his temporary suspension of tariffs on some solar panels from China. “Passage of this resolution bets against American innovation. It would undermine these efforts and create deep uncertainty for American businesses and workers in the solar industry,” Biden wrote in a May 16 message to…
Cultural Shift in Federal Reserve Supervision Another Contributor to Banking Turmoil: House Panel
May 16, 2023
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Since the COVID-19 public health crisis, the Federal Reserve system has undergone a cultural shift in supervision, and this may have been another contributing factor to the turmoil in the banking system, a House committee heard. The House Financial Services Committee hosted a hearing on May 16. It featured testimony from Fed vice chair for…
Major Tech Company to Cut 11,000 Jobs as Part of ‘Turnaround’ Plan
Vodafone, one of the world’s largest telecommunications services, has become the latest tech company to announce mass layoffs as part of a “turnaround” plan to help the carrier regain its competitive edge following periods of underperformance. In a statement on Tuesday, newly appointed CEO Margherita Della Valle said the layoffs will include 11,000 employees over a…
Senators Rip Former Silicon Valley Bank CEO for Executive Payouts Prior to Bank’s Collapse
May 16, 2023
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During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse. “In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of…
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