OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
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Wall Street Opens Higher as Inflation Cools in June
Wall Street’s main indexes opened higher on Wednesday after data showed inflation cooled further in June, lifting investor hopes that the Federal Reserve is nearing the end of its monetary tightening cycle. The Dow Jones Industrial Average rose 133.86 points, or 0.39 percent, at the open to 34,395.28. The S&P 500 opened higher by 28.43…
Hackers Steal Personal Data of 11 Million People From HCA Healthcare
July 12, 2023
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Business & MarketsCompaniesCrime & Public SafetyCrime and Incidentshackershealth careTechTech NewsUSUS News
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HCA Healthcare, one of the largest companies in the United States, announced on Monday that hackers breached its system and stole the personal data of 11 million patients. In its announcement, the company said the patient accounts were posted by an unknown and unauthorized party on an online forum. The health care company’s dataset has approximately…
Biden Admin Unveils New Proposals Aimed at Lowering Childcare Costs
July 12, 2023
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The Biden administration has introduced a series of proposed measures aimed at making childcare more affordable to some working American families. The proposed measures, announced on July 11, are linked to an executive order President Joe Biden signed earlier this year calling on federal agencies to find ways to make childcare more affordable. According to the administration,…
US Annual Inflation Slows to Lowest Level Since March 2021
The U.S. annual inflation rate slowed to 3 percent in June, down from 4 percent in May, according to the Bureau of Labor Statistics (BLS). This came in below the consensus estimate of 3.1 percent. Annualized inflation has now fallen for 12 consecutive months and represented the lowest reading since March 2021. The notable easing…
Dollar Drops as Traders Gear Up for Weak US Inflation
LONDON—The dollar sank to a two-month low on Wednesday ahead of a key read of U.S. inflation, while sterling hit 15-month highs after wage growth data fed expectations that the Bank of England (BoE) has further to go in raising rates. The yen strengthened past 140 to the dollar for the first time in a…
MyPillow’s Mike Lindell Says Company Lost $100 Million Owing to Cancel Culture
MyPillow CEO Mike Lindell says he has been the victim of cancel culture after multiple major retailers pulled his company’s products off their shelves, leaving him millions of dollars out of pocket. Speaking to the Star Tribune, Mr. Lindell, who has been a vocal supporter of former President Donald Trump and has disputed the results of the 2020…
Oil Stuck Between Supply Strains and Economic Doubt
LONDON—Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand. Brent futures dipped 1 cent to $79.39 a barrel by 1039 GMT, and U.S. West Texas Intermediate (WTI) crude edged 8 cents…
UK Banks Can Withstand Deep Recession: Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed. The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
Dollar Hits 2-month Low Before US Inflation Data
July 12, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Bets on a screeching slowdown in U.S. inflation data later saw traders shove the dollar to a 2-month low on Wednesday and push stocks up and bond market borrowing costs down for a third day running. Economists polled by Reuters expect to see June U.S. consumer price inflation slow to 3.1 percent from 4 percent…
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