LONDON—Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon. Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT, while U.S. West Texas Intermediate (WTI) crude was up 20 cents to $75.95 per…
Stocks Climb, Sterling Weighed Down as UK Inflation Slows
July 19, 2023
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LONDON, SYDNEY—Global stocks and government bonds rallied on Wednesday as good news on UK inflation added to a picture of cooling price pressures, although the data slammed the brakes on sterling’s recent winning streak. Headline British consumer price inflation fell to 7.9 percent year-on-year in June, against expectations for 8.2 percent, in the latest downside…
New York Federal Reserve Reports Surge in Credit Application Rejections
July 19, 2023
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Business & Marketseconomic policieseconomyinflationloan applicationloan rejectionNew York Federal Reservepersonal financePolicies & Impactsreal estaterecessionUSUS NewsUS Real Estate
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The New York Federal Reserve Bank said more Americans had their credit applications rejected last month at levels not seen in years. The New York Fed reported on July 16 added that fewer people across the country also sought to borrow. The report was part of the bank’s monthly Survey of Consumer Expectations, which is taken every four…
Australia’s Renewable Energy Projects Suffer Under High Inflation
A new analysis has found that inflation and supply chain issues have caused significant increases in the cost of renewable energy projects in Australia, with cost pressures likely to remain till the end of this decade. The Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Australian Energy Market Operator (AEMO) have released a report…
Top Fed Regulator Cautions AI Risks Violating Lending Laws
July 19, 2023
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Artificial intelligence could come with both advantages and risks in the financial system, cautions the Federal Reserve’s chief banking regulator. Michael S. Barr, the Fed Vice Chair for Supervision, told the National Fair Housing Alliance 2023 National Conference on July 18 that underserved communities could have greater access to housing because AI technology, such as…
Current Electric Vehicles Limit Driving Freedom: Automotive Industry Expert
Ford has ramped up its price war with Tesla, slashing the cost of its F-150 electric Lightning pickup truck by up to 17 percent on some models. By doing so, the Detroit automaker hopes to increase its share of an electric vehicle market dominated by Tesla. The move comes just two days after Tesla announced…
TikTok Tells Inquiry Chinese-Based Employees Can Make Changes to Algorithm
July 18, 2023
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Australiabanning TikTokBusiness & MarketsChina NewsChina-Australia RelationsCompaniesInfiltrating the WestInternational RelationsMedia & Big Techparliamentary inquirySenator James Patersonsocial controlSocial MediaSpecial TopicsTechWorld
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TikTok officials have admitted to an Australian government inquiry that Chinese-based employees can change the social media app’s algorithm. This is the first time officials from the company have made the admission, which has raised increasing questions about the reach of the Chinese regime into foreign societies through the app. Appearing before the Select Committee on…
TikTok Tells Inquiry China-Based Employees Can Make Changes to Algorithm
July 18, 2023
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Australiabanning TikTokBusiness & MarketsChina NewsChina-Australia RelationsCompaniesInfiltrating the WestInternational RelationsMedia & Big Techparliamentary inquirySenator James Patersonsocial controlSocial MediaSpecial TopicsTechWorld
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TikTok officials have admitted to an Australian government inquiry that China-based employees can change the social media app’s algorithm. This is the first time officials from the company have made the admission, which has raised increasing questions about the reach of the Chinese regime into foreign societies through the app. Appearing before the Select Committee on…
Tesla Directors to Return More Than $735 Million to Company to Settle Suit Challenging Compensation
DOVER, Del.—Current and former directors of electric-vehicle maker Tesla Inc. have agreed to return more than $735 million to the company to settle a shareholder lawsuit alleging that they unjustly enriched themselves with excessive compensation. The proposed settlement was outlined in documents filed late Friday in the Delaware Court of Chancery and is subject to…
Stock Market Today: Wall Street’s AI Frenzy and Strong Bank Profits Send Stocks Higher
NEW YORK—Wall Street’s frenzy around artificial intelligence helped push stocks to their best level in more than 15 months on Tuesday, along with stronger-than-expected profit reports from several big financial companies. The S&P 500 rose 32.19, or 0.7 percent, to 4,554.98 and its highest finish since early April 2022. The Dow Jones Industrial Average rallied…
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