The U.S. economy is expected to have added 180,000 new jobs in April, according to consensus estimates. If the forecasts are accurate, this would represent the smallest monthly gain since December 2019. In recent weeks, signals have indicated that the national labor market is beginning to cool off, a moderating trend that would please an…
Anheuser-Busch Responds to Bud Light Controversy: It Was Just ‘1 Can’
Anheuser-Busch-InBev CEO Michel Doukeris addressed the Bud Light controversy on an earnings call with investors Thursday, downplaying the brand’s partnership with transgender influencer Dylan Mulvaney that prompted a boycott from conservatives. Doukeris told investors that he believes there is “misinformation” about the company’s partnership with Mulvaney, who had posted Bud Light beer cans with the…
Nearly Half of US Citizens Worried Their Bank Deposits Are Not Safe: Survey
May 4, 2023
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bank depositsBusiness & MarketseconomyFirst Republic BankPolicies & ImpactsSignature BankSilicon Valley BankUSUS News
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Nearly half of Americans are worried that their bank deposits are not safe, which is similar to levels last seen during the financial crisis of 2008–09, a recent Gallup survey has found. In the survey, 48 percent of U.S. adults said they were concerned about their money deposited in banks, with 19 percent saying they…
Weight-Loss Firm Jenny Craig Closing US Operations, Filing for Bankruptcy
Weight-loss company Jenny Craig will be closing its centers across the United States and moving to an “e-commerce-driven model” ahead of a planned bankruptcy filing. The company shared the “unfortunate” news that it intends to file for bankruptcy in a statement and said it will impact its colleagues in the United States. “The Jenny Craig operations here in Australia…
Senators Will Look at Legislation to Ban TikTok, Other Foreign-Controlled Apps: Schumer
May 4, 2023
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Business & MarketsChinaChina Business & EconomyChina NewsChuck SchumerCompaniesPolicies & ImpactsThreat from Communist ChinaTikTokUSUS NewsUS-China relations
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Senators will consider legislation aimed at increasing the Biden administration’s ability to crack down on Chinese-owned TikTok and other foreign-controlled applications, Senate Majority Leader Chuck Schumer (D-N.Y.) told reporters on May 3. Schumer made the comments during a news conference after introducing a Democrat proposal dubbed “China Competition Bill 2.0,” which is aimed at deterring China’s communist…
Senators Will Look at Legislation Banning TikTok, Other Foreign-Controlled Apps: Schumer
May 4, 2023
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Business & MarketsChinaChina Business & EconomyChuck SchumerCompaniesPolicies & ImpactsThreat from Communist ChinaTikTokUSUS NewsUS-China relations
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Senators will consider legislation aimed at increasing the Biden administration’s ability to crack down on Chinese-owned TikTok and other foreign-controlled applications, Senate Majority Leader Chuck Schumer (D-N.Y) told reporters on May 3. Schumer made the comments during a press conference after unveiling a new Democrat proposal—dubbed “China Competition Bill 2.0“—aimed at deterring China’s communist regime from escalating conflict with Taiwan…
What Happened to First Republic Bank?
On May 1, First Republic Bank became the second-largest bank failure in U.S. history. Its failure is second to Washington Mutual (2008) and just ahead of Silicon Valley Bank recently. The result was another disruption in the banking industry. Trouble was on the rise in February 2023 when First Republic’s shares had a 98 percent…
PacWest Confirms It’s Considering Sale as Stock Selloff Deepens
Pacific Western Bank has confirmed that it’s exploring its “strategic options,” which is Wall Street code for the possibility of a sale to a white knight, with the bank saying it has been approached by potential investors. PacWest Bancorp, the California-based holding company that owns Pacific Western Bank, said in a statement on May 4…
White House Warns of Millions of Job Losses, ‘Severe Damage’ to Economy If US Defaults on Debt
May 4, 2023
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Business & Marketsdebtdefaulteconomic policieseconomyExecutive BranchPolicies & ImpactsPoliticsrecessionUSUS NewsWhite House
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A continued breach of the U.S. debt ceiling could result in “significant disruptions” to financial markets and “severe damage” to the economy, including more than 8 million job losses, the White House has warned. In a report published on May 3, the White House Council of Economic Advisers stressed that a historic U.S. default on its…
What Does Money Say About Recession?
Commentary Both the Federal Reserve and the European Central Bank should have just raised their policy rates while the recession is coming near to the brink. According to a model prediction from a ten-year less three-month tenor Treasury yield gap, the implied U.S. recession probability by yearend already stands at 65 percent, reaching the second…
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