Category: Business & Markets

IN-DEPTH: Nuclear Power Plus Renewable Energy, ‘A Well-Balanced Grid’

May 4, 2023
Business & MarketseconomyenergyEnvironmentExecutive BranchNuclear powerPolicies & ImpactsPoliticsScienceUSUS News
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The price of energy continues to skyrocket. Climate change activists are demanding the elimination of fossil fuels. How do you solve both problems and still have enough reliable power to meet America’s daily demand for energy? One expert suggests a combination of renewable energy sources and nuclear power. Data from the U.S. Energy Information Administration…

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US Debt Is ‘Unsustainable,’ Must Be Reduced, Economists Say

May 4, 2023
Business & MarketseconomyLimit Save Grow Act of 2023Politicssenate finance committeeUSUS debt ceiling
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The growing national debt is on an unsustainable path and must be reduced to avoid long-term damage to the U.S. economy, experts warned on May 4. “With respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,” Brian Riedl,…

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Shell Beats Forecasts With $9.65 Billion Profit in First Quarter

May 4, 2023
Business & MarketsCompanieseconomic policieseconomyenergyEuropeinflationInvestmentMarketsquarterly earningsRussia-Ukraine WarShell OilUKWorld
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…

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Western Alliance Bank Shares Plunge, Denies Looking for Buyer Amid Banking Sector Turmoil

May 4, 2023
bank crisisBusiness & MarketseconomyMarketsUSUS NewsWestern Alliance
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Western Alliance Bancorp has said Thursday there’s no truth to reports that it’s exploring a possible sale of some or all of its business as shares of the bank plunged 45 percent in early trading, before clawing back some of the losses, which comes amid a broader regional bank stock rout. In a statement Thursday,…

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The Next Phase of the Banking Crisis

May 4, 2023
bank failuresbanking crisisBusiness & MarketsBusiness ColumnistseconomyFirst RepublicSignature BankSilicon Valley BankUSUS News
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Commentary In the most recent failure in the banking sector, earlier this week First Republic Bank collapsed, was placed into Federal Deposit Insurance Corp. (FDIC) receivership, and had most of its assets sold to JPMorgan Chase. With some $232 billion of assets, this marked the second-largest U.S. bank failure ever, only surpassed by Washington Mutual…

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Artificial Intelligence Is Expected to Cut 8,000 Jobs in IBM: CEO

May 4, 2023
AIBusiness & MarketsCompaniesEuropean UnionIBMjob cutsMedia & Big TechTechUSWorld
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International Business Machines Corp. expects to pause hiring for roles as roughly 7,800 jobs could be replaced by artificial intelligence (AI) in the coming years, CEO Arvind Krishna told Bloomberg News on Monday. Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30 percent of non-customer-facing…

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FTC Proposes New Rules Barring Facebook from ‘Monetizing Youth Data’

May 4, 2023
Business & MarketsCompaniesMedia & Big TechmetaprivacyUSUS News
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The Federal Trade Commission (FTC) on May 3 alleged Facebook failed to comply with a 2020 privacy order and proposed “blanket prohibitions” barring the social media giant from monetizing the data of young users. Wednesday’s announcement represents the third time the FTC has taken action against Facebook, now called Meta, over privacy issues. The tech company agreed…

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Is the Fed Done Messing Up Everything?

May 4, 2023
AnalysisBusiness & MarketsBusiness ColumnistsFederal Reserveinflationinterest ratesOpinionrecessionU.S. economy
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Commentary There is a scene in a Fred Astaire and Ginger Rogers film in which the boss of a law firm leaves for vacation and puts his intellectually limited Cousin Egbert in charge. The note adds “don’t do anything.” This is exactly the note that the Fed needs now. Just stop doing things. Its record-breaking…

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ANALYSIS: Nasdaq Golden Dragon Index Plunges as China Concept Stocks Retreat to Hong Kong

May 4, 2023
Business & MarketsChinaChina Business & EconomyChina Concept Stocksgary genslerHK BusinessHong KongJanet YellenMarketsNasdaq Gold Dragon China IndexThe Holding Foreign Companies Accountable ActTsai Ing-wenUS-China relations
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News Analysis The Nasdaq Golden Dragon China Index fell for eight straight sessions—the longest losing streak in over a year—amid heightened tension between the United States and China. Meanwhile, threatened by the U.S. Holding Foreign Companies Accountable Act, Chinese companies have shifted large chunks of equity to Hong Kong. The Nasdaq Golden Dragon China Index,…

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Shell’s Profits Hit $9.6 Billion Despite ‘Volatile Market’

May 4, 2023
Business & MarketsCompanieseconomyenergyInternationalmarketMarketsprofitsshellstocksUKWorld
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British energy giant Shell has published its first-quarter profits, reporting adjusted earnings of $9.6 billion. The company achieved the results despite an “unfavourable” tax climate and “lower realised oil and gas prices.” Shell announced on May 4 that its numbers are $500 million higher than the same period last year. The company’s adjusted earnings for…

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