Tag: economic policies

Watchdog Identifies $5 Billion in Potential COVID-19 Relief Fraud

January 31, 2023
Business & MarketsBusinesses in COVID-19COVID-19Crime and Incidentseconomic policieseconomyFraudpersonal financeunemploymentUSUS News
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A federal watchdog on Monday issued an alert for $5.4 billion in relief that may have been fraudulently claimed through the U.S. government’s small business COVID-19 support program. Data scientists from the Pandemic Response Accountability Committee (PRAC) flagged over 69,300 “questionable” social security numbers (SSNs) for “potential fraud and identity theft” linked to the programs….

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Global Shares Fall in Muted Trading Ahead of Fed Meeting

January 31, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…

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Inflation in Rural Areas Much Higher Than in Cities

January 30, 2023
Business & Marketseconomic policieseconomyinflationpersonal financePolicies & ImpactsRegional & State NewsruralSocial IssuesurbanUSUS News
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High inflation is hurting rural households disproportionately compared to urban dwellers, according to a survey. According to Iowa State University (ISU) researcher Dave Peters, the disposable income for rural residents has fallen 38 percent since 2021, dropping from nearly $10,000 a year to just $6,000. Other comparable studies have shown that the disposable income of residents…

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German Economy Shrank 0.2 Percent in 4th Quarter, Worse Than Expected

January 30, 2023
Business & Marketseconomic policieseconomyenergyEuropeGermanyinflationMarketsrecessionWorld
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BERLIN—Germany’s economy shrank by 0.2 percent in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe’s biggest economy was worse than expected. Gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported…

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Britishvolt Was ‘Highly Risky Project’ and Government Should Walk Away From It: Energy Expert

January 30, 2023
BritishvoltBusiness & MarketsChinaeconomic policieseconomyelectric batteriesenergygigafactoryInvestmentPrime Minister Rishi SunakUKWorld
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Britain should give up on plans for gigafactories making batteries for electric cars and accept that it cannot compete with countries with lower labour costs, according to an energy expert. Britishvolt, a start-up that planned to build a huge factory in Blyth, Northumberland, went into administration earlier this month owing £100 million to creditors. Andy…

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Wall Street Opens Lower Ahead of Fed Rate Decision

January 30, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened lower on Monday, with the tech-focused Nasdaq dropping nearly 1 percent, to kick-start the busiest week of the earnings season and ahead of key central bank meetings. The Nasdaq Composite dropped 109.37 points, or 0.94 percent, to 11,512.34 at the opening bell. The Dow Jones Industrial Average fell 68.87 points,…

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Dollar Seesaws Ahead of Busy Central Bank Week, Euro Higher After Spain CPI

January 30, 2023
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON/SINGAPORE—The dollar languished near an eight-month low on Monday ahead of a slew of central bank meetings this week, while higher Spanish inflation data supported the euro ahead of euro area readings on Wednesday. The U.S. dollar index, which measures the currency against a basket of its peers including the euro, was flat at 101.88,…

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Oil Steadies as Rate Hikes Loom, Russian Flows Stay Strong

January 30, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil steadied on Monday as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand. Investors expect the Federal Reserve to raise rates by 25 basis points on Wednesday, followed the day after by…

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Shares Shaky as Rate-Hike Week Looms

January 30, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsMedia & Big Techrecessionstocks
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SYDNEY/LONDON—Shares slipped on Monday at the start of an agenda-setting week for markets in which likely interest rate hikes in Europe and the United States, as well as U.S. jobs and wage data, will give markets a fresh update on the battle against inflation. Investors expect the Federal Reserve will raise rates by 25 basis…

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100 Social Media Influencers Face Australian Probe Over Hidden Endorsements

January 29, 2023
ACCCAlbanese governmentAustraliaBusiness & Marketseconomic policiesinfluencersInternationalKim KardashianSocial MediaSocial Media InfluencersStephen JonesTechTech NewsWorld
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YouTubers, Instagrammers, Facebookers, or TikTokers have been put on notice by Australia’s competition regulator over misleading or undeclared product endorsements. The move comes after the U.S. Securities and Exchange Commission fined celebrity Kim Kardashian $1 million (AU$1.45 million) in October 2022 for promoting a cryptocurrency brand without declaring she was being paid $250,000 for the…

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