The European Union has approved a set of rules—the first such regulation in the world—to regulate crypto assets like cryptocurrencies and tokens in a bid to curb money laundering activities and protect investors. The markets in crypto-assets (MiCA) legislation was approved on May 16 by EU ministers. The new rules will increase transparency and create…
Fewer Americans Apply for Jobless Benefits, Labor Market Still Showing Strength
Fewer Americans applied for jobless benefits last week after a previous spike that some took as a sign that higher interest rates were finally cooling the labor market. Applications for jobless claims for the week ending May 6 fell by 22,000 to 242,000, from 264,000 the week before, the Labor Department reported Thursday. The weekly…
Disney Asks Court to Dismiss Desantis-Backed Lawsuit in Latest Twist
May 18, 2023
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Business & MarketsCompanieseconomic policieseconomyFloridaPoliticsReedy Creek Improvement DistrictRegional & State NewsRepublicansron desantisState NewsUSUS NewsWalt Disney World
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The Walt Disney Company asked a Florida court to dismiss a lawsuit filed by the board of supervisors appointed by Gov. Ron DeSantis to oversee Walt Disney World’s theme park operations. DeSantis took over Disney World’s self-governing district through legislation passed by the Florida legislature before appointing new overseers to run it. The entertainment company’s…
Bipartisan Bill Seeks to Crack Down on Big Banks’ Presence of Federal Reserve Board
May 18, 2023
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big banksBusiness & MarketsCompaniescongresseconomic policieseconomyFederal Reserve boardsPoliticsUS
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Two senators have proposed a bipartisan bill to curb big banks’ presence on the boards of regional Federal Reserve banks in a bid to eliminate conflicts of interest and bolster central bank accountability. “I’ve got an idea–a bipartisan idea–that I’m introducing with Senator Rick Scott today: get the big bankers off the Reserve Banks boards…
Walmart Boosts Outlook After a Strong 1st Quarter and Rising Online Sales
NEW YORK—Walmart reported a strong first quarter as the nation’s largest retailer continues to draw budget conscious consumers in a challenging economic environment. The company, based in Bentonville, Arkansas, offered an upbeat outlook for the year. Walmart reported net income of $1.63 billion, or 62 cents per share for the three month period ended April…
Debt Ceiling Hopes Lift Dollar to 7-Week Peak
LONDON—The U.S. dollar hit a seven-week peak on Thursday after President Joe Biden and top U.S. congressional Republican Kevin McCarthy worked towards avoiding a damaging debt default, while investors scaled back Federal Reserve easing expectations. Biden and McCarthy on Wednesday underscored their determination to strike a deal soon to raise the government’s $31.4 trillion debt…
Oil Prices Ease as All Eyes on US Debt Ceiling Talks
LONDON—Oil prices eased on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. Brent crude futures dipped 37 cents, or 0.5 percent, to $76.59 a barrel as of 0841 GMT. U.S. West Texas Intermediate crude…
Biden Arrives in Japan to Meet with G-7 Leaders Amid Looming Debt Crisis at Home
May 18, 2023
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Asia & PacificbidenBusiness & Marketseconomic policieseconomyExecutive BranchG7 summitHiroshimaInternationalJapanPoliticsUSUS NewsWorld
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HIROSHIMA, Japan—President Joe Biden arrived in Japan on Thursday to attend the three-day G-7 summit of the world’s top economic powers, leaving behind an intense debt ceiling negotiation with congressional leaders. Biden arrived in Hiroshima around 5 p.m. local time, where the Group of Seven (G-7) leaders will meet from May 19–21 to discuss a…
‘Wind Back Regulation’: Aussie Mining Magnate Urges Federal Government to Consider ‘Regional Security and Stability’
Australian mining magnate Gina Rinehart has urged the federal government to reduce regulations for the mining industry so that the nation’s natural minerals and resources can be better utilised to provide security and stability in the Indo-Pacific. This follows concerns from Japanese gas company Inpex, which said in April that regulatory changes to natural resources…
Labour Will Allow Housebuilding on Green Belt, Says Starmer
Labour would give local areas the power to build houses on the green belt where development would not take away from the beauty of the countryside, the party leader has said. Sir Keir Starmer signalled on Wednesday that reforms such as allowing for some development of green belt land would be introduced should his party…
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