Chinese e-commerce company Alibaba is replacing Daniel Zhang as chairman and CEO, the tech giant announced on June 20, following a slowdown in sales and mass layoffs. In a news release, the company said that Joseph Tsai, its current executive vice chairman, will step into the role of chairman on Sept. 10, after which Zhang will continue to lead Alibaba…
Alibaba CEO Stepping Down, Billionaire Joseph Tsai Named as New Chairman
Uninsured Deposits in US Banks Decline by Nearly $600 Billion
Uninsured deposits at U.S. banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Uninsured Deposits in American Banks Decline By Nearly $600 Billion
Uninsured deposits at American banks fell by almost $600 billion in the first quarter of 2023, continuing the trend of declining deposits that began last year, suggesting a fall in depositors’ confidence in the banking system. “US banks’ uninsured deposits have fallen since the first quarter of 2022, by both the dollar amounts of uninsured…
Yuan Dips After China Cuts Rates; Swedish Crown, Aussie Slide
London—The yuan slipped towards a seven-month low on Tuesday after China cut interest rates, while the Swedish crown weakened to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China lowered its one-year and five-year loan prime rates (LPR) by 10 basis points, the first such easing in…
Oil Mixed on China Rates Cut, Growth Outlook
LONDON—Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer. Brent crude was up 47 cents or 0.6 percent at $76.56 a barrel at 0850 GMT. U.S. West Texas Intermediate (WTI) crude for July…
China’s Smaller-Than-Expected Rate Cut Sends Stocks Lower
June 20, 2023
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HONG KONG/LONDON—European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery. China cut its benchmark loan prime rates (LPR) for the first time in 10 months on Tuesday, with a smaller-than-expected 10-basis point…
Electric Aircraft Maker Eve Partners With Blade to Expand ‘Flying Cars’ in Europe
Electric air vehicle manufacturer Eve Air Mobility said Monday that it would extend its existing partnership with Blade Air Mobility to integrate its upcoming “flying cars” into Blade’s European route network. The companies announced their extended partnership at the Paris Air Show held in Le Bourget on Monday, which will integrate Eve’s state-of-the-art electric vehicle…
AI ‘Bias and Prejudice’ Is the Theme at Upcoming Biden Meeting in Silicon Valley
June 20, 2023
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AIalgorithmic discriminationartificial intelligencebiasbidenBusiness & MarketsCompaniesDemocratsExecutive BranchMedia & Big TechPolicies & ImpactsPoliticsScienceSilicon ValleySocial IssuesTechUSUS News
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President Joe Biden will meet with activists, academics, and tech executives on June 20 to discuss artificial intelligence. The latest of many recent Biden AI moves, it’s another signal of his administration’s continued focus on race and “algorithmic discrimination” in its attempts to control the evolution of the burgeoning technology. In a June 19 statement…
Goldman Sachs Cuts China Growth Forecast While Experts Predict Beijing’s Stimulus Measures Will Be Ineffective
June 20, 2023
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Asia & PacificBusiness & MarketsChina Business & EconomyChina NewsChinese economyChinese RegimeGoldman Sachsinterest cutsstimulus measuresWorld
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Goldman Sachs has become the latest Wall Street bank to cut its growth forecast for China, as the world’s second-largest economy continues to lose momentum with persistently weak confidence. Experts believe the Chinese communist regime’s stimulus measures to remedy this won’t be effective due to macroeconomic issues. Goldman Sachs’s analysts lowered China’s 2023 gross domestic…
Greenwash Claim as Miner Pledges to Stay Away From Town
Environmentalists have dismissed a pledge by alumina giant Alcoa not to mine near a tourist town home to ancient Jarrah forests. The company says it will not seek to mine within three kilometres of Dwellingup, in the Darling Range southeast of Perth, committing to an exclusion zone across its bauxite mining lease more than four…
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