Six tech companies have informed the European Commission that they met the criteria to be classified as “gatekeepers” under the European Union’s Digital Markets Act (DMA). Alphabet, Amazon, Apple, TikTok, Meta, Microsoft, and Samsung now meet the thresholds under EU law after the passage of the new act, EU industry chief Thierry Breton said on July 4. “Following our…
Big Tech Firms Comply With European Union’s Digital Gatekeeper Laws
July 5, 2023
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Federal Reserve Economists Still Expect a Recession Later This Year, FOMC Minutes Show
Federal Reserve economists still expect a recession starting later this year, according to minutes from the June Federal Open Market Committee (FOMC) policy meetings. The economic forecast put together by staff at the policy meeting “continued to assume that the effects of the expected further tightening in bank credit conditions, amid already tight financial conditions”…
Federal Reserve Expects More Rate Hikes Ahead Amid ‘Upside Risks’ to Inflation: FOMC Minutes
Federal Reserve officials expect more rate hikes ahead, while some had advocated for a quarter-point increase at the June Federal Open Market Committee (FOMC) policy meeting, according to new minutes. Rate-setting Committee members agreed that more rate increases are ahead but at a slower pace. They also found it acceptable or appropriate to leave the…
Train Firms Plan Mass Closure of Ticket Offices in England
Train companies have unveiled plans to close most ticket offices at railway stations in England. The Rail Delivery Group (RDG), which represents rail companies, unveiled proposals on Wednesday which could lead to nearly all offices being shut, including those at some of the UK’s busiest stations, such as London Waterloo, London Euston, Birmingham New Street,…
UK’s Britcoin CBDC Plans Raise Monetary Stability Concerns
UK politicians and financial experts have expressed their concerns over the proposal to introduce a central bank digital currency (CBDC) dubbed “Britcoin.” A joint consultation by the Bank of England (BoE) and HM Treasury, established in February, received thousands of responses on the introduction of the digital version of the pound. The project was launched…
Dollar Steady Before Fed Minutes; Yen Hovers Near 145-Mark
LONDON—The U.S. dollar held steady against other major currencies on Wednesday as traders waited for minutes from the Federal Reserve’s last policy meeting that could offer clues to the outlook for interest rates. Australia’s dollar fell in line with the Chinese yuan after data showed China’s services activity expanded at the slowest pace for five…
Brent Dips as Economic Headwinds Outweigh Supply Cuts
LONDON—Oil benchmark Brent edged lower on Wednesday as concern over a global economic slowdown overshadowed supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Brent crude was down 16 cents, or 0.2 percent, at $76.09 a barrel by 1045 GMT after falling more than $1 earlier in the session. The benchmark…
Shares Slip on China Growth Jitters as Fed Minutes Loom
July 5, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—Global shares fell on Wednesday as fresh signs of China’s faltering economic recovery emerged, with traders awaiting U.S. Federal Reserve minutes and a key U.S. jobs report later in the week for clues to the central bank’s rate outlook. In quiet trade following the Independence Day holiday on Wall Street on Tuesday, European stocks slipped…
Supreme Court Narrows Trademark Protections Outside US
The Supreme Court unanimously ruled on June 29 that a trademark law does not regulate the use of U.S. trademarks outside the United States. At the same time, the justices split 5–4 on whether the holder of an infringed trademark could still seek damages domestically for the trademark infringement that took place abroad if it…
Biden Announces 2 Republican Nominees for FTC Positions
July 5, 2023
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President Joe Biden has announced plans to nominate Virginia Solicitor General Andrew Ferguson and Utah Solicitor General Melissa Holyoak to serve as Republican commissioners of the Federal Trade Commission (FTC). The White House announced the GOP nominations—part of a longstanding practice to include bipartisan membership—in a July 3 press release. Senate lawmakers will need to vote to confirm…
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