By Ed Blazina From Pittsburgh Post-Gazette PITTSBURGH—To Patrick DeHaan, petroleum industry analyst at GasBuddy.com, the recent hike in summer gasoline prices to their highest level in seven years isn’t unusual. And it may not be over. “It’s supply and demand,” said DeHaan, noting that petroleum suppliers sharply reduced production during the pandemic as stay-at-home orders kept…
As Road Travel Resumes and Vacations Peak, Gasoline Prices Spike to 2014 Levels
US Jobless Claims Unexpectedly Rise, Overall Trend Points Lower
July 8, 2021
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AmericanBusinesscoronavirusCOVID-19Economieseconomyjobless claimsjobsunemployment benefitsUnited StatesUSUS NewsWashington
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WASHINGTON—The number of Americans filing new claims for unemployment benefits rose slightly last week but continuing claims dropped, another indication that the labor market recovery from the COVID-19 pandemic continues to be choppy. Businesses have reopened at a rapid clip, boosted by a rollback in restrictions. Still, the job market rebound has been anything but…
Aussie Lobster ‘Grey Trade’ Thrives as Smugglers Circumvent Beijing Bans
July 8, 2021
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Asia & PacificAustraliaBusinessChinaChina-Australia RelationsCOVID-19 originsEconomiesInternationallobstertradeWorld
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Chinese e-commerce platforms and wet markets are circumventing Beijing’s unofficial ban on Australian lobster imports by offering the popular delicacy for sale to Chinese consumers. Driven by strong demand, the lobster “grey trade” is thriving, with importers moving the Australian goods to Hong Kong and then into Mainland China via waterways. In May, Chinese police…
Nine Countries Reject Global Minimum Tax Deal, Sending It Down Rocky Road to Completion
July 6, 2021
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Nine countries have refused to sign onto an international tax reform framework that includes a 15 percent global minimum corporate tax pushed by the Biden administration as a way to reduce international tax arbitrage by U.S. multinationals and blunt the impact of President Joe Biden’s proposed domestic corporate tax hike. While officials from 130 out…
Billionaire Warren Buffett Predicts New Pandemic Worse Than COVID-19
Article by Entrepreneur Staff The American billionaire Warren Buffett, known as the ‘Oracle of Omaha’, is sure that in the future a new pandemic will come that could be worse than that of COVID-19 , because despite the lessons that this experience has left us, people would not be prepared to face it either. It may…
Unfunded Pension Liabilities Have Increased by More Than $900 Billion
Article by Cristian Bustos According to a report by the American Legislative Exchange Council (ALEC), unfunded state pension liabilities in the United States total $5.82 trillion, equivalent to more than $17,000 for every person in the United States. This represents a $900 billion increase from the council’s last year report. Q1 2021 hedge fund letters, conferences…
Biden Commerce Secretary: ‘A Lot Of’ Jobs Lost in Retail, Service Industries ‘Might Not Be Coming Back’
Department of Commerce Secretary Gina Raimondo said in a new interview that many pre-pandemic jobs, namely in the retail and service sectors, may never come back. On Thursday, the Department of Labor released a report that new jobless claims dropped to 364,000 for the week. However, the data revealed that nearly 3.5 million Americans were collecting…
Mitsubishi Electric CEO to Quit Over Long-Running Data Deceit
TOKYO—Mitsubishi Electric’s CEO said he will step down to take responsibility for “three decades of systematic deceit” during which the Japanese firm falsified inspection data for air conditioners and brake compressors used in trains. The admission by Mitsubishi, whose products range from air conditioners and vacuum cleaners to industrial printers and satellites, further dents Japan’s…
Tesla Second-Quarter Deliveries Meet Analysts’ Estimates as Chip Shortage Weighs
Tesla Inc on Friday posted record vehicle deliveries for the second quarter that were in line with Wall Street estimates as the electric-car maker coped with a shortage of chips and relied on sales of its cheaper models. Tesla weathered the global supply crisis better than legacy automakers, but CEO Elon Musk has warned of…
130 Countries Back Global Minimum Corporate Tax of 15 Percent, Despite Vocal Opposition
July 2, 2021
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Officials from 130 countries on June 1 agreed to establish a new framework for international tax reform, the Organisation for Economic Cooperation and Development (OECD) announced. The two-pillar package would mean that multinational companies, including Big Tech, would be forced to pay a minimum 15 percent tax in each country they operate in, regardless of whether firms have a physical…
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