The Biden administration has announced that the government will divvy up $42 billion among the nation’s 50 states in an effort to expand high-speed broadband to every household and small business throughout the United States by 2030. In a fact sheet released on June 26, the White House said access to high-speed internet is no longer…
White House Announces $42 Billion Investment Plan to Expand Internet Access
June 26, 2023
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Wall Street Kicks Off Week on Mixed Note as Rate Worries Persist
Wall Street opened mixed on Monday, pressured by investor fears the Federal Reserve’s aggressive monetary tightening will hurt the U.S. economy and a decline in Pfizer after its decision to drop the development of a weight loss drug. The Dow Jones Industrial Average (.DJI) rose 3.36 points, or 0.01 percent, at the open to 33,730.79….
Drop in German Business Morale Points to Longer Recession
June 26, 2023
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BERLIN—German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe’s largest economy faces an uphill battle to shake off recession. The Ifo institute said its business climate index fell to 88.5 this month from 91.5 in May. A Reuters poll of analysts had predicted a smaller…
Dollar Surges to 15-month High Against Russia’s Rouble on Aborted Mutiny
LONDON/SINGAPORE—The U.S. dollar rose to a 15-month high against the rouble on Monday after dramatic weekend events in Russia, which saw an aborted mutiny by armed mercenaries. The dollar index also found some safe-haven support on lingering worries that the protracted monetary tightening cycles from major central banks would further hurt the global economic outlook….
Oil Markets Shrug Off Russian Political Turmoil
LONDON—Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world’s largest producers. Brent crude futures were down 8 cents, or 0.1 percent, at $73.77 a barrel by 0900 GMT. U.S. West…
Stock Market Today: Global Shares Decline After Armed Rebellion Quelled in Russia
June 26, 2023
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TOKYO—Global shares mostly fell Monday after a short-lived armed rebellion in Russia added to uncertainties over the war in Ukraine. France’s CAC 40 dipped 0.4 percent in early trading to 7,135.23. Germany’s DAX slipped 0.2 percent to 15,797.27. Britain’s FTSE 100 fell 0.8 percent to 7,403.10. The futures for the Dow Jones Industrial Average and…
Mexico Imposes 50 Percent Tariff on White Corn Imports Amid Trade Dispute With US and Canada
MEXICO CITY—Mexico on Saturday began imposing a 50 percent tariff on white corn imports, a move the president says looks to boost national production and prevent imports of genetically modified corn. The measure, published late Friday in the Mexican government’s official gazette, will be in force until the end of the year and occurs amid…
Bank Regulators Want New Powers to See What Many Say Should Have Been Obvious
June 24, 2023
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In the wake of the failure of several regional banks, lawmakers are furiously at work drafting new bills to give regulatory authorities more control over banks. But some experts say that bank regulators already had all the power they needed, but failed to use it effectively. “Every time we have a crisis on our hands,…
Number of US Homes For Sale Plunges to Lowest Level Since 2012
June 24, 2023
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Since real estate brokerage Redfin started taking records, fewer homes were available for sale in the United States in May 2023 than in any other month. The number of homes for sale declined by 7.1 percent year-over-year in May 2023 on a seasonally adjusted basis to 1.4 million units, according to a June 21 Redfin…
IN-DEPTH: ‘Beyond Belief’: Industrial Wind Developments Could Threaten Fragile Desert Ecosystem
June 23, 2023
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A landmark interregional transmission line project has broken ground this week to carry high-voltage electricity 732 miles from the largest wind farm in North America to Nevada. The TransWest Express Transmission Project (TWE) will take electricity generated by the $5 billion, 3,000 megawatt, 600-turbine Chokecherry and Sierra Madre Wind Energy Project (CSMWE) located in Carbon…
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