A top Toyota scientist warned against the sudden push toward electric vehicles for now, ahead of a Group of Seven summit in Japan. Last month, environment and energy ministers at the G7 conference in Hokkaido, Japan, pledged to reduce vehicle emissions by 2035, without announcing any deadlines or short-term goals in the meantime, reported Bloomberg….
Top Toyota Scientist Throws Cold Water on Electric Vehicle Push
May 18, 2023
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Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
Senators Accuse Financial Regulators of Lack of Accountability, Competence
Sens. Tim Scott (R-S.C.) and Jon Tester (D-Mont.) grilled a panel of financial regulators on Thursday morning, with Scott going so far as to demand immediate dismissals at the Federal Reserve in response to the central bank’s failure to effectively regulate Silicon Valley Bank in view of its collapse. During the Senate Banking Committee hearing,…
TuSimple to Restructure US Business, Lay Off 30 Percent Staff
TuSimple Holdings Inc. said on Thursday it will cut 30 percent of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector. The shares of the company fell more than 8 percent in premarket trading. The San…
Europe Approves World’s First Cryptocurrency Regulations
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…
Mortgage Demand Declines as Rates Continue to Rise
May 18, 2023
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Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan,…
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…
Dow Opens Lower as Losses in Cisco Cloud Upbeat Walmart Forecast
The Dow opened lower on Thursday as Cisco shares fell on slowing demand for its products, clouding Walmart’s strong annual forecast and optimism over a likely deal to avoid debt default. The Dow Jones Industrial Average fell 46.21 points, or 0.14 percent, at the open to 33,374.56. The S&P 500 opened lower by 1.09 points,…
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…
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