A seniors group said that Social Security’s cost-of-living adjustment (COLA) might be smaller for 2024 than previously estimated. The Senior Citizen’s League said the latest data from the U.S. Bureau of Labor Statistics suggests that the COLA, which will be announced later this year, will likely be around 2.7 percent. The previous estimate from the Senior…
Social Security Adjustment May Be Smaller Than Previously Estimated, Group Says
Biden’s Labor Chief Visits California Amid West Coast Port Negotiations
Acting U.S. Labor Secretary Julie Su visited California on June 13 amid West Coast port contract negotiations. Su met with employers and the dockworkers union in an effort to help the two sides come to a compromise in a long-running contract negotiation. West Coast ports have faced labor disruptions that have caused delays and prompted ocean…
Federal Reserve Keeps Interest Rates Unchanged, Leaves Door Open to More Rate Hikes
For the first time in more than a year, the Federal Reserve has left interest rates unchanged but signaled that two more rate hikes are poised to happen this year. The benchmark federal funds rate held steady at a range of 5.00 and 5.25 percent, effectively ending the streak of ten consecutive rate hikes. “Holding…
Biden Administration Asks Court to Let City Enforce Nation’s 1st Natural Gas Ban
June 14, 2023
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A city in California should be able to enforce the nation’s first ban on natural gas piping, President Joe Biden’s administration told a federal court this week. Berkeley’s ban on the pipes in new construction is allowed because the city was addressing “health and safety concerns” and is therefore allowed under the Energy Policy and Conservation Act,…
Biden Administration Asks Court to Let City Enforce Nation’s First Natural Gas Ban
June 14, 2023
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BerkeleyBusiness & MarketsCaliforniaeconomic policieseconomyExecutive Branchgas banNorthern CaliforniaPoliticsRegional & State NewsState NewsUSUS News
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A city in California should be able to enforce the nation’s first ban on natural gas piping, President Joe Biden’s administration told a federal court this week. Berkeley’s ban on the pipes in new construction is allowed because the city was addressing a “health and safety concerns” and is therefore allowed under the Energy Policy and Conservation…
Whitehall Pledges Support for Bank of England Ahead of Interest Rate Review
The government has pledged support for the Bank of England (BoE) in its mission to curb inflation. Speaking after the publication of the latest GDP figures, Chancellor Jeremy Hunt attributed the 0.2 percent growth to the “underlying resilience in the British economy.” “Of course that’s positive but we still have a big issue with inflation….
ANALYSIS: How the Pandemic Impacted Trade Between the US and Mexico
Officials and experts along the U.S.-Mexico border said that over $1 trillion worth of trade a year between the two countries has finally recovered after taking a hit during the COVID-19 pandemic, with many manufacturers relocating to Mexico, where they export goods to the United States. During the pandemic, from 2019 to 2020, the value…
Wall Street Subdued at Open as Investors Await Fed Decision
Wall Street’s main indexes were subdued at open on Wednesday as investors geared up for the Federal Reserve’s interest rate decision later in the day, while shares of UnitedHealth fell after the insurer warned of higher medical costs. The Dow Jones Industrial Average fell 167.42 points, or 0.49 percent, at the open to 34,044.70. The…
Binance.US Says SEC’s Temporary Restraining Order Would Destroy the Company
June 14, 2023
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Binance said that the Securities and Exchange Commission’s (SEC) move to freeze the assets of its American affiliate, Binance.US, would effectively destroy the crypto exchange. The SEC filed a temporary restraining order on June 12,to freeze Binance.US’s funds until it was able to prove that no one at the firm, including its CEO, Changpeng “CZ” Zhao, could access…
UK Economic Growth in April Driven by Consumer Spending: ONS
The UK economy rebounded in April, following weaker performance in March, official figures have shown. Britain’s GDP increased by 0.2 percent, marking growth after the 0.3 percent contraction in March. The Office of National Statistics (ONS) reported that increased consumer spending was one of the factors causing the rise. Wholesale and retail trade, car and…
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