WASHINGTON—U.S. jobs growth for April was far lower than what the market had predicted, adding to the worries that excessive stimulus payments could have undesirable side effects in the long term, making the road to recovery rocky. The April jobs report was the biggest miss on record. According to the Bureau of Labor Statistics, the…
Cyber-Attack Shuts Down Biggest Gasoline Pipeline in US–Colonial Pipeline
NEW YORK—Top U.S. fuel pipeline operator Colonial Pipeline has shut its entire network, the source of nearly half of the U.S. East Coast’s fuel supply, after a cyber attack that the company said was caused by ransomware. The shutdown has raised fears of a price spike at the gas pumps ahead of peak demand summer…
Biden Fends Off Criticism That Federal Unemployment Boost Keeps Workers From Taking Jobs
President Joe Biden and Treasury Secretary Janet Yellen on Friday sought to fend off claims that the enhanced unemployment boost was creating a disincentive for people to take jobs, after a wave of criticism to that effect following Friday’s disappointing employment report that showed a sharp slowdown in hiring despite job openings at near-record levels….
Britain Set for Best Growth Since Second World War: Bank of England
The Bank of England has forecast the economy will grow this year at its fastest pace since the Second World War as Britain stages a vaccine-fuelled recovery. The Bank predicts gross domestic product (GDP)—a measure of the size of the economy—will rebound by 7.25 percent in 2021 up from its previous prediction of 5 percent…
West Must Be ‘Very Careful’ About Chinese Investment, Blinken Says
May 6, 2021
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Anthony BlinkenBusinessChinaChina Business & EconomyChina-US NewsChineseChinese RegimeEconomieseconomyExecutive BranchInvestmentPoliticsUSUS News
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LONDON—Antony Blinken, U.S. Secretary of State, said the West has to be very careful about the exact nature of Chinese investment in Western economies and give careful consideration to investments in strategic assets. China’s spectacular economic and military rise over the past 40 years is among the most significant geopolitical events of recent history, alongside the…
US Commerce Department Presses Taiwan for More Chips to Automakers
May 6, 2021
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Asia & PacificautomakersBusinessCompaniesEconomieseconomyMarketsMore ChipsTaiwanU.S. Commerce Dept.USWorld
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WASHINGTON—The U.S. Commerce Department is pressing Taiwan Semiconductor Manufacturing Co Ltd and other Taiwanese firms to prioritize the needs of U.S. automakers to ease chip shortages in the near term, Commerce Secretary Gina Raimondo said. Raimondo told a Council of the Americas event on Tuesday that longer term, increased investment was needed to produce more…
US, China to Assess Phase 1 Deal Soon, Biden Trade Chief Says
May 5, 2021
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Asia & PacificChinaChina-US NewsEconomiesExecutive BranchInternationalkatherine taiphase 1 trade dealPoliticsUSUS NewsWorld
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WASHINGTON—U.S. Trade Representative Katherine Tai said on Wednesday she expects to engage “in the near term” with Chinese officials to assess their implementation of the “Phase 1” trade deal between the two countries, with the outcome to influence the fate of Washington’s punitive tariffs on Beijing. Tai told a Financial Times online event that she…
GM Profit Surges to $2.98 Billion on Sales of Higher-Margin Trucks
Detroit—General Motors’ first-quarter net income surged to $2.98 billion as strong U.S. consumer demand and higher prices offset production cuts brought on by a global shortage of computer chips. Despite the semiconductor shortage, GM stuck with full-year pretax earnings guidance of $10 billion to $11 billion issued earlier in the year and said earnings would…
Inflation Fears Grow as Commodity Prices Take off
WASHINGTON—Economists have started to feel more uncomfortable that the Federal Reserve could be too complacent with its inflation forecast and end up tightening the monetary policy a bit too late to prevent harmful inflation. Some economists have been warning for months that excessive government spending to help the country recover from the pandemic-induced recession could…
UK Net Mortgage Borrowing Reaches Record High in ‘Red Hot’ Housing Market
UK homeowners are borrowing at record high levels to take advantage of the stamp duty holiday and low interest rates, new official figures have revealed. According to statistics released by the Bank of England on Tuesday, net mortgage borrowing reached £11.8 billion ($16.4 billion) in March, the highest figure since records began in 1993. House…
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