Consumers are becoming increasingly frustrated with the soaring food prices and interest rates, Australia’s largest supermarket chain says. Woolworths Chief Executive Brad Banducci said there are signs of overall inflation moderate in food, while inflation in many areas has been stubbornly elevated. He said the group needed to continue working hard to provide customers with value….
Consumers Upset by Food Prices as Inflation Becomes ‘Frustratingly Elevated’: Woolworths Boss
Pfizer’s COVID-19 Vaccine Sales Crash as Company Reports Drop in Revenue
Pfizer’s revenue dropped in the first quarter of 2023 primarily due to flagging COVID-19 vaccine sales. The company reported $18.3 billion in revenue, down from $25.6 billion in the first quarter of 2022. Pfizer made just $7.1 billion from its COVID-19 vaccines and the COVID-19 pill after reaping more than $56 billion from the products…
Another Fed Rate Hike Could Cost Credit Card Users $1.7 Billion Over Next 12 Months: Report
Another interest-rate hike by the Federal Reserve could cost credit card users at least $1.7 billion in added interest charges over the next 12 months, according to a new report from WalletHub. The report, published on May 1, found that consumers will pay around $31.7 billion in extra interest charges over the next year due to…
‘We Don’t Quite Know’ About the Consequences of Retail CBDCs: IMF Chief
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), is warning that the world is heading toward a widespread adoption of central bank digital currencies (CBDC) without properly considering the risk factors involved. “We are going in that direction,” Georgieva said about the adoption of CBDCs worldwide during a May 1 discussion Milken Institute…
Why China Is More Prepared for Food Shortages Than America
Food is essential for survival, which is why you’d think food security—including long-term emergency food storage—would be more of a priority for our national government. Especially after how quickly we saw our food supply and supply chains almost come to a halt as a result of the pandemic. While you’d think what we went through…
Bud Light Sales Crash Deepens Amid Boycott Over Pro-Trans Campaign
The crash in retail sales of Bud Light has deepened amid conservative calls for a boycott following the brand’s partnership with transgender influencer Dylan Mulvaney, according to a beer industry report. Tracking data on Bud Light sold in places like supermarkets and liquor stores (off-premise sales volumes outside of restaurants and bars) fell by an…
14 Million Jobs Will Be Slashed Globally by 2027 Owing to AI and ESG Standards: WEF
May 2, 2023
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artificial intelligenceBusiness & Marketseconomic policieseconomyenergyInternationalWorldWorld Economic Forum
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The World Economic Forum (WEF) has warned that the employment landscape will change drastically over the next five years amid increasingly widespread use of artificial intelligence (AI), the transition to green energy, environmental, social, and governance (ESG) standards, and slower economic growth. According to WEF’s “The Future of Jobs Report 2023,” roughly 23 percent of jobs are…
RBA Raises Official Cash Rate by 0.25 Percent in May
The Reserve Bank of Australia (RBA) has made a surprise move by lifting interest rates by another 0.25 percent on May 2. The latest round of increases takes the official cash rate to 3.85 percent, the highest level since April 2012. Prior to the announcement, the general market expectation was a pause for May, which…
IN DEPTH: Biden’s Delayed Offshore Oil and Gas Plan Sparks Pushback From Congress
May 2, 2023
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2024 electionBiden green energy pushBusiness & MarketscongressDemocratseconomyenergyExecutive BranchHR 1 Lower Energy Costs ActNational SecurityPolicies & ImpactsPoliticsRegional & State NewsRepublicansUSUS NewsUS Offshore Oil/Gas Leasing program
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The U.S. Department of Interior’s (DOI) reauthorization of its five-year National Outer Continental Shelf Oil & Gas Leasing Program is months overdue and feared lost at sea—a sea that is of regulatory deceit, claim Congressional Republicans and some Democrats. The update to the 2017-22 federal offshore leasing program was required by statute in June 2022. But…
American Airlines Pilots Vote to Strike, Southwest Pilots May Follow
After the American Airlines pilots union voted overwhelmingly in favor of a strike on Monday, Southwest pilots also began casting strike-authorization votes the same day. It comes despite American Airlines stating that it is close to resolving disputed contract issues with its 15,000 pilots. The outcome of the Southwest Airlines Pilots Association (SWAPA) vote will be revealed after…
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