The Biden administration is looking to address concerns about the Inflation Reduction Act (IRA) raised by European nations worried about its impact on investment in their region. In a Dec. 5 press briefing, a reporter asked White House press secretary Karine Jean-Pierre about her earlier comments about the administration having no plans of approaching Congress…
Biden Administration Will Address Europe’s Worries About Inflation Reduction Act: White House
European Tech Industry Loses $400 Billion Market Value, Report Says
December 7, 2022
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Business & Marketseconomic policieseconomyEuropeinflationInvestmentmarketMarketsreportTechTech NewsWorld
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LONDON/STOCKHOLM—The European tech industry saw $400 billion in value wiped out this year and an 18 percent decline in venture capital funding, according to a report from venture capital firm Atomico. The combined value of public and private tech firms in Europe fell to $2.7 trillion, down from $3.1 trillion in late 2021. High interest…
Bank of Canada Hikes Key Interest Rate by Another Half Percentage Point to 4.25 Percent
OTTAWA—The Bank of Canada raised interest rates by another 50 basis points (half a percentage point) on Dec. 7, citing an economy that is still overheating with unemployment near historic lows amid ongoing high inflation. The central bank’s policy interest rate is now 4.25 percent, but language about future interest rate increases was tweaked from…
Wall Street Opens Lower as Recession Worries Mount
Wall Street’s main indexes opened lower on Wednesday as warnings of a looming recession from major Wall Street bankers offset optimism around China relaxing its strict zero-COVID rules. The Dow Jones Industrial Average fell 39.9 points, or 0.12 percent, at the open to 33556.4. The S&P 500 fell 8.0 points, or 0.20 percent, at the…
ECB Survey Shows Rising Inflation Expectations for Year Ahead
December 7, 2022
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Business & MarketsECBeconomic policieseconomyenergyEuropeeurozoneGold and CommoditiesinflationMarketsrecessionSurveyWorld
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FRANKFURT—Eurozone consumer expectations for inflation in the year ahead rose in October but predictions for three years out held steady at a rate still well above the European Central Bank’s 2 percent target, the ECB said in a monthly survey on Wednesday. Inflation soared this year on sky high energy and food prices, and the…
Dollar Flat as Growth Outlook Darkens, Yuan Firms as China Eases Curbs
SINGAPORE/LONDON—The dollar was little changed on Wednesday after some of the biggest U.S. banks warned of an impending recession, while China’s yuan firmed as authorities loosened some of the country’s zero-COVID rules. Top bankers from JPMorgan Chase & Co., Bank of America, and Goldman Sachs said overnight that the banks are bracing for a worsening…
Oil Falls Close to 2022 Lows on Economic Worries, Easing Supply Fears
December 7, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes…
Stocks Sputter as Growth Fears Offset China COVID-19 Shift
December 7, 2022
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MILAN/SINGAPORE—World stocks eased on Wednesday and bonds remained supported after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China’s major shift in its tough zero-COVID policy. Top executives at Goldman Sachs, J.P. Morgan, and Bank of America all sounded downbeat in remarks on Tuesday about the economic outlook,…
Billions in Pandemic Relief Sent to Hospitals That Didn’t Need Funding: Report
December 7, 2022
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AMERICABusiness & MarketsCCP Viruseconomic policieseconomyExecutive Branchhospitalspandemic reliefPolicies & ImpactsPoliticsUSUS News
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Billions of dollars in federal pandemic relief was sent to hospitals throughout the United States that did not need the funding, while other hospitals failed to meet their needs, according to The Wall Street Journal. Washington distributed pandemic aid by using average hospital revenue as a proxy for size in order to calculate need, while…
IRS Issues Another Tax Warning to Americans Who Made More Than $600 Online
Independent contractors who made money via online services will have their income reported to the Internal Revenue Service (IRS) starting in 2023, the agency said in a second warning issued Tuesday. People who made money via eBay, Etsy, Poshmark, Uber, and other digital services will face the new scrutiny and rules. It applies to anyone who…
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