News Analysis The dramatic showdown between the Biden administration and the new GOP majority in the House of Representatives over the federal debt ceiling is the latest manifestation of an unsustainable fiscal model, in which the U.S. government indulges in discretionary as well as mandatory spending far beyond its means, and if the two sides…
Debt Ceiling Standoff Does Not Address Real Factors in Debt Crisis, Economists Say
January 18, 2023
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World Economic Forum Wants You to Trust Them
January 18, 2023
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Anti-trust lawsBig Mediablocking social mediaBusiness & MarketsDavos Agendaeconomic policiesenergyESGinflationInternationalWorldWorld Economic Forum (WEF)
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One of the central themes of the World Economic Forum summit this week is “restoring trust”; this initiative comes at a moment when progressive corporate organizations such as the WEF are being scrutinized for violating U.S. antitrust laws. A WEF panel discussion called “Disrupting Distrust” featured speakers from Mastercard, the United Way, and Consumers International,…
In Davos, World Economic Forum Reflects on Loss of Trust
January 18, 2023
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Anti-trust lawsBig Mediablocking social mediaBusiness & MarketsDavos Agendaeconomic policiesenergyESGinflationInternationalWorldWorld Economic Forum (WEF)
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One of the central themes of the World Economic Forum summit this week is “restoring trust”; this initiative comes at a moment when progressive corporate organizations such as the WEF are being scrutinized for violating U.S. antitrust laws. A WEF panel discussion called “Disrupting Distrust” featured speakers from Mastercard, the United Way, and Consumers International,…
WEF Urges Businesses, Governments to Do More to Track Racial Data
In a white paper published Tuesday, the World Economic Forum (WEF) stressed the need for standardized and revamped diversity, equity, and inclusion (DEI) initiatives and called on corporations and governments to do more to track racial data. The white paper. titled “Prioritizing Racial and Ethnic Equity in Business,” was released as part of this week’s summit…
Russia Posts Record Current Account Surplus of $227 Billion in 2022
January 18, 2023
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accountBusiness & MarketsCenbankcurrenteconomic policieseconomyenergyEuropeMarketsRussiaRussia-Ukraine WarWorld
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Russia’s current account surplus hit a record high in 2022, the central bank said on Tuesday, as a fall in imports and robust oil and gas exports kept foreign money flowing in despite Western efforts to isolate the Russian economy. Russia’s current account—a measure of the difference between all money coming into a country through…
BOJ Defies Market Bets for Policy Tweaks, Yen Tumbles
TOKYO—The Bank of Japan on Wednesday maintained ultra-low interest rates, including a bond yield cap it was struggling to defend, defying market expectations it would phase out its massive stimulus program amid mounting inflationary pressure. The surprise decision sent the yen skidding against other currencies and bond yields tumbling the most in decades, as investors…
UN Chief Warns of Global Economic Crisis at World Economic Forum in Davos
United Nations Secretary-General Antonio Guterres offered a grim outlook on the global economic during the World Economic Forum’s 2023 summit in Davos, Switzerland, warning of a possible worldwide economic downturn. “We are looking into the eye of a Category 5 hurricane. Our world is plagued by a perfect storm on a number of fronts,” Guterres…
Advance Tax Refund Provider Raises Loan Limit Due to High Inflation
January 18, 2023
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Business & Marketseconomic policieseconomyinflationIRSpersonal financePolicies & ImpactsSocial IssuesTax RefundUS
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The Santa Barbara Tax Products Group, an advance tax refund provider, is raising its loan limit to take into account higher-than-average inflation. As tax season approaches, the rise in the cost-of-living expenses has placed a heavy burden on millions of American families nationwide. Although annual inflation fell to 6.5 percent last month, from its historical…
Yen Lower as BOJ Sticks to Ultra-Easy Policy, Losses Trimmed
LONDON—The yen dropped against major currencies on Wednesday after the Bank of Japan maintained ultra-low interest rates, although it recovered some ground on expectations for tighter policy in the coming months. The central bank stunned the market in December by raising its cap on the 10-year yield to 0.5 percent from 0.25 percent, doubling the…
Oil Prices Gain Around 1 Percent on Optimism Over China’s Recovery
January 18, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict COVID-19 curbs will lead to a fuel demand recovery in the world’s top oil importer. Brent crude futures were up $1.21, or 1.41 percent, to $87.13 a barrel by 0942 GMT, while U.S. West Texas Intermediate…
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