Commentary Despite tensions between Beijing and Washington ratcheting up over the last five years, Wall Street firms have steadily increased their business footprint in China while carefully navigating the political whirlwinds. But recent events involving the two of the most important firms on Wall Street signal that the industry is resolute in making China its…
Wall Street Has Officially Thrown In Its Lot With Beijing
May 31, 2021
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AnalysisBeijingBusinessChinaChina Business & EconomyEconomiesMarketsOpinionThinking About ChinaWall Street
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Just 6% of Small Businesses Have Fully Recovered Pandemic Losses, Poll Shows
Just 6% of small businesses that were negatively impacted by the coronavirus pandemic have fully recovered their losses, a Job Creators Network survey showed. The vast majority of U.S. small business owners continue to “claw their way out” of the hole caused by the coronavirus pandemic, according to the poll commissioned by small business advocacy…
US Consumers Boosted Their Spending by 0.5 Percent in April
WASHINGTON—Americans increased their spending by 0.5 percent in April, a slowdown after a massive gain in March that had been powered by the distribution of billions of dollars in individual stimulus checks. Even with the pullback from a 4.7 percent surge in spending in March, the April increase provided further evidence that consumers are driving…
Business Is Booming for Southeast Contractors Despite Rising Cost of Construction Materials
The shortages and rising price of fuel due to the ransomware attack that temporarily halted all of the Colonial Pipeline networks were devastating to many businesses in the American Southeast. But despite the rising costs of construction materials, business is booming for Southeastern contractors. According to Stephen Smith, owner of Geneva Construction in Orlando, Florida, the…
US Restructures Supply Chains With South Korea and Taiwan to Decouple from CCP
On May 21, 2021, U.S. President Joe Biden met with South Korean President Moon Jae-in at the White House. On the same day, Biden and Moon issued a joint statement, stating that the United States and South Korea will strengthen cooperation in areas of advanced technology, vaccines, climate issues, economics, and many others. Among these,…
US Weekly Jobless Claims Drop Sharply; Second-Quarter GDP Growth Unrevised
WASHINGTON—The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 478,000 in…
PayPal to Allow Users to Withdraw Cryptocurrency to Third Party Wallets
PayPal Holdings Inc said on Wednesday it plans to allow users to withdraw cryptocurrency to third party wallets. The San Jose, California-based company, which opened its platform to digital currencies last October, at present does not let users move cryptocurrency holdings off its platform. The news was earlier reported by Coindesk, citing comments from Jose…
Australian Exports Records Historic High Despite Beijing’s Economic Coercion
May 26, 2021
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Asia & PacificAustraliaAustralian Bureau of StatisticsAustralian economyaustralian exportsBusinesschina-australia trade disputeChina's Ban on Australian ExportsEconomiesInternationalWorld
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Australian exports reached a historic high of $36 billion (US$28 billion) in April on the back of skyrocketing iron ore prices. Preliminary monthly trade data from the Australian Bureau of Statistics (ABS) also reveals that Australia’s trade goods surplus rose to $10.1 billion (US$7.9 billion), the third-highest on record. “Exports remained steady, increasing $12.6 million…
Woke Social Engineering With a Big Price Tag: Victorian Budget
Commentary One of the most intriguing announcements in last week’s Victorian state budget was the removal of a land tax exemption for gender-exclusive clubs (affecting men-only or women-only clubs). It was also one of the smallest changes in a big-spending, big-taxing budget, reaping the state just $100,000 or so out of a total revenue of…
Severe Supply Bottlenecks Add to Inflation Pressures
WASHINGTON—Worldwide supply shortages have led to price hikes for raw materials in recent months raising production costs for many businesses. Due to the “depth and breadth of supply chain disruptions” economists expect consumer prices to continue to rise for some time. According to a recent report by Institute of International Finance (IIF), the supply disruptions…
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