Securities and Exchange Commissioner (SEC) Chair Gary Gensler supported the White House’s budget boost request for the stock market watchdog. But Mr. Gensler warned that the funds appropriated were tens of millions of dollars less than what his federal agency originally requested for the upcoming fiscal year. The Senate Appropriations Committee appropriated $2.4 billion to…
SEC Requests Bigger Budget to Tackle ‘Wild West of the Crypto Markets’
July 20, 2023
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China’s Q2 GDP Growth Slows to 0.8 Percent as Economic Engines Stall
July 20, 2023
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The Chinese communist regime admitted on July 17 that the GDP growth rate in the second quarter of the year was lower than expected. Observers pointed out that China’s economy is actually in stagnation or even decline, as investment and demand both domestic and foreign continue to weaken, with domestic structural problems predicted to lead…
Australia’s Wholesale Energy Prices Rise Again in June Quarter
July 20, 2023
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Australia’s wholesale electricity and gas prices regained their growth momentum in the June quarter after a period of sharp decline. However, they were much lower than the extreme highs recorded a year ago as production capacity improved. According to the Australian Energy Regulator’s (AER) latest wholesale markets report (pdf), the average spot prices in the…
Opposition Grows to Biden Admin’s Climate Crackdown on Dishwashers
July 19, 2023
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A coalition of over a dozen industry and consumer groups has issued a scathing criticism of the Biden administration’s proposed regulatory crackdown on dishwashers as part of a sweeping fight against the perceived dangers of climate change. After first aiming at gas stoves to cut greenhouse gases, the Biden administration has turned its attention to…
Americans Not Sold on ‘Bidenomics’: Poll
July 19, 2023
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In June, President Joe Biden began an “Investing in America” tour to explain across the country how “Bidenomics” is working to improve the economy. But only 3 in 10 Americans think the economy is improving, according to a new Monmouth University poll. In recent weeks, Mr. Biden has campaigned on the slogan “Bidenomics,” associating his…
J&J Sues Biden Administration to Block Medicare Drug Price Negotiations
July 19, 2023
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Johnson & Johnson sued to stop the U.S. government from empowering Health and Human Services (HHS) to negotiate lower drug prices for Medicare recipients. The major drugmaker became the third player in the industry attempting to halt the Medicare drug-price negotiations established by the Inflation Reduction Act (IRA), in a claim filed in the U.S. District…
New Jersey Governor Seeks to End All Gas-Powered Vehicle Sales by 2035
July 19, 2023
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New Jersey Gov. Phil Murphy proposed rules this week requiring car manufacturers to increase the sales of electric vehicles and would mandate a total ban of all gas-powered vehicles over the next 12 years. In a news release on Monday, the Democrat governor announced the Advanced Clean Cars II proposal was submitted to the state’s Office…
Falling Petrol and Diesel Prices Drove Inflation Down to 7.9 Percent: ONS
The UK’s annual inflation rate in June has slowed down to 7.9 percent, largely driven by falling motor fuel prices, according to figures published on Wednesday by the Office for National Statistics (ONS). The drop, bigger than some forecasts, left economists wondering whether the Bank of England (BoE) would go easier on its next interest rate hike,…
Wall Street Rises at Open as Investors Assess Bank Earnings
Wall Street’s main indexes opened marginally higher on Wednesday as investors digested Goldman Sachs second-quarter results and assessed strong earnings from a number of smaller banks. The Dow Jones Industrial Average rose 39.28 points, or 0.11 percent, at the open to 34,991.21. The S&P 500 opened higher by 8.89 points, or 0.20 percent, at 4,563.87,…
US Corporate Debt Defaults in 2023 Surpass Last Year’s Total: Moody’s
July 19, 2023
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The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022. Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates. At least fifty-five American-based companies defaulted on their loans in the first half…
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