As the Biden administration’s plan to erase more than $400 billion in federal student loan debt failed at the U.S. Supreme Court, both Democrats and Republicans are saying they have an answer to help with the looming student loan default crisis. To fulfill his campaign promise, President Joe Biden has pledged that he will still…
The Fed Is Doing the Worst Job Ever by Abusing Discretion
Commentary Although inflation has been falling in most of the advanced economies, the rates haven’t reached the targeted values. All central bankers claim success but don’t know when their rate hikes will successfully control inflation. This uncertainty refers not just to the long-term but to the lack of any forecasting in the lead-up to the…
More Americans Apply for Jobless Benefits, but Layoffs Are Not Rising Significantly
July 6, 2023
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The number of Americans applying for jobless benefits rose last week, but remains at healthy levels despite the Federal Reserve’s attempt to cool the labor market by raising interest rates. U.S. applications for jobless claims rose by 12,000 to 248,000 for the week ending July 1, from 236,000 previous week, the Labor Department reported Thursday….
New Chinese Automaker Joins EV Price War in Australia
The electric vehicle (EV) price war in Australia has intensified as the third Chinese automaker enters the race with a significant price drop. Great Wall Motor (GWM), a Chinese car manufacturer, has announced it would slash $4,000 (US$2,700) from the entry model of its Ora, an electric hatchback, bringing the price down to $39,990. The…
Devaluation of Chinese Yuan an Unexpected Result of Beijing’s Effort to Take Yuan Global
July 6, 2023
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Business & MarketsChina Business & EconomyChina Newsdevaluation of RMBeconomic policiesInternationalization of Chinese yuan
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The value of the Chinese yuan has been declining continuously in recent months after the country’s reopening from COVID lockdowns, and the Central Bank of China during its Q2 meeting dropped any reference to “enhancing the flexibility of the Chinese yuan exchange rate.” According to a financial expert, the Chinese regime is currently in a…
Bud Light Sales Hit Hard Right Before Fourth of July
Sales for Bud Light dropped 28 percent for the week ended June 24 amid controversy surrounding the firm’s decision to engage in promoting a transgender social media influencer, according to data from an industry analyst Bump Williams Consulting’s data show that while Bud Light’s sales again dropped when compared to the year-ago period, sales for…
Bud Light Sales Hit Hard Right Before 4th of July
Sales for Bud Light dropped by 28 percent for the week that ended on June 24 amid controversy surrounding the firm’s decision to engage in promoting a transgender social media influencer, according to data from an industry analyst. Bump Williams Consulting’s data show that while Bud Light’s sales again dropped when compared to the year-ago…
Meta Launches ‘Threads’: App Won’t Let You Delete Account Unless You Also Delete Instagram
Meta’s newly launched Twitter rival, “Threads,” is facing criticism from users due to the app’s restrictions on deleting accounts. “You may deactivate your Threads profile at any time, but your Threads profile can only be deleted by deleting your Instagram account,” says the app’s supplemental privacy policy. To create a Threads account, users have to…
China’s New Anti-Espionage Law Poses Risks for Foreign Businesses
July 6, 2023
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Business & MarketsBusiness ColumnistsCounter-Espionage LawespionageOpinionspyingThinking About China
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Commentary Under the Chinese Communist Party’s (CCP) new anti-spying law, normal business activities may be considered spying, resulting in foreigners being banned from entering or exiting China. China’s revised Counter-Espionage Law, which went into effect on July 1, prohibits the transfer of information related to national security while also expanding the definition of national security….
Supreme Court Rules Against Norfolk Southern Railway in Pennsylvania Case
July 6, 2023
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Business & MarketsCompaniesJudiciaryNorfolk Southern RailwayPennsylvaniaRegional & State NewsState NewsSupreme CourtUSUS News
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In a fractured ruling that may invite a future constitutional challenge, the U.S. Supreme Court upheld by 5–4 a unique Pennsylvania law that requires companies to face litigants in its state courts when they register to do business in the state. Pennsylvania is reportedly the only state with this kind of law. The court vacated…
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