Billionaire investor Carl Icahn said that the U.S. economy is at a breaking point, blaming “worse than mediocre” leadership and warning that soaring inflation threatens to topple America’s position on the world stage. Icahn made the remarks during an interview on CNBC’s “Closing Bell” program on Tuesday. “The system is breaking down, and we absolutely…
Don’t Fear Central Bank Digital Currency, Embrace It Instead
March 15, 2023
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Business & MarketsBusiness ColumnistsCBDCcentral bank digital currencyChinaChinese RegimecryptocurrenciescryptocurrencyCryptose-CNYeconomic policiesEditorialsEpochTV ReviewsInvestmentMarketsOpinionSocial IssuestechnologyThreat from Communist ChinaUncategorizedUS-China relations
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Commentary Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments. Noem…
Illinois Businesses Must Give Workers Time Off ‘For Any Reason’
March 15, 2023
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Business & MarketsCompanieseconomic policieseconomyIllinoispaid leavePolicies & ImpactsRegional & State NewsState NewsUS
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Illinois has passed a law ordering businesses to give workers paid leave for any reason. The state becomes one of three that requires employers to offer the generous leave benefits, after Governor J.B. Pritzker signed the law on Mar. 14, which will take effect next year on Jan. 1, reported the Associated Press. “Too many…
Wall Street Opens Lower as Credit Suisse Renews Bank Worries
Wall Street’s main indexes opened lower on Wednesday as turbulence at Credit Suisse renewed fears of a banking crisis, while U.S. economic data kept alive hopes of a less aggressive monetary policy move by the Federal Reserve next week. The Dow Jones Industrial Average fell 395.53 points, or 1.23 percent, at the open to 31,759.87….
London Commuters Hit by Tube Strike as Unions Target Budget Day for Action
Millions of commuters in London have been hit by a Tube strike called by the two big trade unions, ASLEF and the Rail, Maritime and Transport union (RMT). The strike coincided with industrial action by up to 500,000 junior doctors, teachers, civil servants, lecturers, BBC journalists, and Amazon workers. ASLEF and the RMT are in dispute…
Household Energy Bill Cap Extended for Further 3 Months, UK Government Says
The UK government will extend the cap on household energy bills for three more months, the chancellor has announced ahead of the Spring Budget. To protect British households against high energy prices exacerbated by the Russian invasion of Ukraine, the government launched the Energy Price Guarantee last year, which has capped annual energy costs to…
Credit Suisse Woes Knock Euro, Sterling, Swiss Franc
LONDON—European currencies fell sharply on Wednesday after Credit Suisse’s tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank’s collapse. Credit Suisse shares fell around 20 percent after its biggest investors said it could not provide more backing. The Swiss lender woes led the wider European banking index to…
Oil Slips as Banking Fears Return, Offsetting China Demand Hopes
March 15, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and broader European stocks…
Credit Suisse Unease Sparks Fresh Selloff in World Stocks
March 15, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Renewed unease gripped world markets on Wednesday as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of…
Nearly 90 Percent of Seniors Say America Has Retirement Crisis: Survey
March 14, 2023
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Business & Marketseconomic policieseconomyinflationpersonal financeretirement savingsSocial IssuesUS
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Nearly 90 percent of American seniors believe the United States is facing a retirement savings crisis, according to a recent survey. The American Advisors Group’s (AAG) found that 89 percent of seniors said they were worried that the United States is in the grip of a retirement savings crisis. AAG surveyed more than 1,500 seniors…
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