U.S. lawmakers are fighting back against a new Biden administration rule that allows retirement money to be invested according to environmental, social, and governance (ESG) criteria. Every GOP senator, plus West Virginia Democrat Joe Manchin, signed on to a disapproval resolution this week in protest of a Department of Labor (DOL) directive which went into…
New DOL Rule Allows Retirement Money to Finance ESG Agenda
February 1, 2023
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US Consumer Confidence Slips as Recession Fears Grow
January 31, 2023
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American consumer confidence has begun to stumble at the start of the year, as recession fears grow. The Conference Board, a business research group, reported on Jan. 31 that its consumer confidence index slightly fell 107.1 in January, down from 109 in December, which was the highest reading since April. Households appear to be a bit…
McDonald’s Tops Profit Estimates, Warns Inflation Pressures Persist
January 31, 2023
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McDonald’s announced that it had topped Wall Street estimates for the fourth quarter as it raised meal prices, despite the latest warnings that inflationary pressures would persist into this year. The fast-food chain said it is still aiming to build new restaurants to boost business as part of its new strategy, which the company says will add nearly…
Sen. Ted Cruz Introduces Three Bills to Accelerate US Energy Security
January 31, 2023
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Senator Ted Cruz (R-Texas) introduced three bills that would accelerate the issuing of oil and gas permits in order to make America energy secure again. The three bills announced by Cruz were first reported by The Daily Caller in an exclusive on Jan. 30. The first sponsored bill is titled the Energy Freedom Act of 2023, which is…
Troubled Bed Bath & Beyond Shuttering 87 More Stores as Possible Bankruptcy Looms
January 31, 2023
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Troubled home goods retailer Bed Bath & Beyond is shutting an additional 87 stores as its financial woes continue, a spokesperson has confirmed. A company spokesperson told Nexstar: “This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores. We will update all stakeholders on our plans as they…
Britishvolt Was ‘Highly Risky Project’ and Government Should Walk Away From It: Energy Expert
January 30, 2023
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Britain should give up on plans for gigafactories making batteries for electric cars and accept that it cannot compete with countries with lower labour costs, according to an energy expert. Britishvolt, a start-up that planned to build a huge factory in Blyth, Northumberland, went into administration earlier this month owing £100 million to creditors. Andy…
Americans Fall Behind on Car Payments at Highest Rate Since 2009
January 28, 2023
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More Americans are falling behind on their car payments at the highest rate since the Great Recession over a decade ago. A combination of the Federal Reserve’s interest rate hikes and high inflation has taken a toll on car owners nationwide. A rise in auto repossessions has been sweeping the country, a bad sign for…
Elon Musk Makes Huge Tesla Profit Over Past Week
Telsa and Twitter owner Elon Musk added about $21 billion to his profits over the seven days since last week, according to a Bloomberg-monitored index. According to the Bloomberg Billionaires Index, Musk’s fortune increased by $21 billion between Jan. 19 and 26. It now stands at around $156 billion. Recent filings show Musk holds about 423,622,000 shares in…
Housing Market Shows Signs of Life as Pending Home Sales Rise for First Time in 14 Months
January 27, 2023
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The U.S. housing market showed a sign of early recovery, as pending home sales of rose for the first time in 14 months. Pending home sales rose 2.9 percent in December, the first month-over-month increase since October 2021, according to data from Redfin on Jan. 25. The decline in pending sales also eased for the…
25 States Sue Biden Admin Over Rule Allowing 401(k) Managers to Put Savings Into ESG Funds
A coalition of 25 states is suing the Biden administration over a Department of Labor (DOL) rule that affects millions of retirement accounts, the attorneys general of multiple states involved in the lawsuit announced on Wednesday. The new rule set to take effect on Jan. 30 allows 401(k) managers to invest clients’ money in environmental,…
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