General Motors said it will adapt its electric vehicles to the Tesla Supercharger network, after Ford Motor Co. made a similar deal last month. This move will all but ensure that Tesla’s charging ports will become the North American standard. On June 8, GM CEO Mary Barra revealed in a talk with Tesla CEO Elon…
GM Will Join Tesla’s EV Charging Network, Making It the De Facto Industry Standard
June 9, 2023
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Labour Backtracks on £28 Billion Green Investment Pledge
Labour has watered down its multi-billion-pound “green prosperity plan,” saying it will prioritise “financial stability” if it wins the next general election. The opposition party had promised in 2021 to invest £28 billion a year until 2030 in green projects if it came to power. The plan, billed as the party’s answer to U.S. President…
Australia Willing to Walk Away as EU Trade Negotiation Stalls
The Australian government has expressed that it will stop pursuing a free trade agreement with the European Union (EU) if the deal is not in the country’s national interest. This comes after Trade and Tourism Minister Don Farrell returned from his recent trip to Belgium to negotiate the trade deal. The EU has demanded Australia…
Dollar Peels Off 2-Week Lows Ahead of Central Bank Deluge
LONDON—The dollar bounced off two-week lows on Friday, shrugging off some of the weakness that has set in this month as expectations have grown that the Federal Reserve may not raise interest rates again for some time. Next week is packed with key monetary policy meetings, including those of the Federal Reserve, the European Central…
Oil Price Gains Capped by Demand Fears
LONDON—Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts. Brent crude futures rose 36 cents, or 0.5 percent, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5 percent, at $71.63….
Global Shares Edge Up as Fed Pause Bets Bolster Sentiment
June 9, 2023
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LONDON, TOKYO—Global equities were set for a small weekly gain on Friday following a Wall Street rally overnight, as rising bets the Federal Reserve will skip a rate increase next week overshadowed worries about U.S. markets being drained of cash. MSCI’s broad index of global shares edged 0.2 percent higher, on track for a weekly…
Australia’s Official Cash Rate Could Rise to 4.85 Percent: Economists
June 9, 2023
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Australian borrowers have been hit with 12 interest rate hikes since the Reserve Bank of Australia (RBA) embarked on a monetary tightening policy in May 2022, causing many to fall into mortgage stress. However, some economists have warned the ordeal is far from over, as they expect the official cash rate to reach as high…
Economist Explains Why California Exodus Matters | Jim Doti
“It’s easy to ignore it when the numbers are small. But not only are the numbers getting bigger, but this cumulative effect is becoming more significant as well.” Siyamak sits down with Jim Doti, an economist and former president of Chapman University. He talks about the growing trend of people leaving California and what impacts…
A Quarter of Homes in Eastern Australia Purchased Without Mortgage in 2022
June 8, 2023
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Over a quarter of residential properties purchased in Australia’s eastern states in 2022 were mortgage-free, indicating that a significant portion of the population was not affected by interest rate hikes. Property data firm PEXA has released a report that analyses residential property purchases in the states of New South Wales (NSW), Victoria and Queensland between…
IRS Sends Incorrect Payment Due Notices to Taxpayers
The Internal Revenue Service (IRS) has sent out millions of letters demanding payment of taxes owed, with many of them featuring incorrect information. The IRS said in a statement obtained by The Epoch Times that it had sent taxpayers a number of CP-14 letters—notices that they owe money on unpaid taxes. But some of these…
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