Wall Street’s main indexes opened higher on Tuesday as lawmakers tentatively agreed to raise the nation’s debt limit to avert a default, while shares of Nvidia led a rally among chipmakers and AI-related firms. The Dow Jones Industrial Average rose 10.31 points, or 0.03 percent, at the open to 33,103.65. The S&P 500 opened higher…
Oil Falls 2 Percent on US Debt Deal Struggles, OPEC+ Talks Uncertainty
LONDON—Oil fell by nearly 2 percent on Tuesday as concerns about the U.S. debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend. Brent crude futures fell $1.36, or 1.8 percent, to $75.71 a barrel by 0859 GMT. U.S. West Texas…
Yen Firms on Policymaker Meeting, Dollar up After Debt Deal
LONDON/SINGAPORE—The yen strengthened on Tuesday on news of a meeting of Japan’s finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18 percent against the Japanese yen at 140.18 after the country’s finance…
Dollar, European Stocks Steady With US Debt Deal in Focus
May 30, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—The U.S. dollar steadied after climbing to a two-month high and European stocks flattened on Tuesday as relief that a possible default by the U.S. government had been averted gave way to concern that the deal could face a rocky path through Congress. The U.S. dollar index and longer-dated U.S. Treasuries rallied as traders welcomed…
Australian Fashion Giant Cops $29,000 Fine for Underpaying Workers
May 30, 2023
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AustraliaBusiness & MarketsCompanieseconomic policiesFashionLeanne Castleylong service leaveMosaic BrandsSophie CotsisWorld
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Australia’s largest speciality fashion retailer has faced a A$29,000 (US$18,875) fine for underpaying its workers for long service leave. Mosaic Brands, which has 1,110 stores nationally, including Millers, Rivers, Katies, Rockmans and Noni B, pleaded guilty to 324 offences in Downing Centre Local Court. The court issued the fine on Monday. This is the record…
Mining Billionaire Says Too Much Fossil Fuels Leading to Inflation
May 30, 2023
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Andrew ForrestAustraliaBusiness & MarketsCompanieseconomic policiesenergyinflationInternationalWorld
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Mining magnate and former CEO of Fortescue Metals, Andrew Forrest, believes an overreliance on fossil fuels is to blame for Australia’s record-high energy prices. In an interview with 2GB’s radio last week, Forrest declared that to combat high levels of inflation, Australia must swiftly transition to what he believes to be the cheapest form of…
Sen. McConnell Urges Senate to Pass McCarthy’s Debt Deal
May 29, 2023
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Business & Marketseconomic policieseconomyKevin McCarthyMitch McConnellPoliticsRepublicansSenateUSUS News
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Senate Minority Leader Mitch McConnell (R-Ky.) called on the Senate to pass a debt deal that was brokered by the House speaker and White House, arguing that the United States cannot default. “The United States of America will not default on its debt,” McConnell said Sunday after President Joe Biden and Speaker Kevin McCarthy (R-Calif.)…
US Still ‘Careening Towards Bankruptcy’ After Debt Ceiling Deal, Says DeSantis
The United States will still be “careening towards bankruptcy” after President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) reached an agreement to raise the debt ceiling by $4 trillion, says Gov. Ron DeSantis (R-Fl.) in a new interview. The 2024 presidential candidate appeared on “Fox & Friends” on Memorial Day and was asked about…
Not Just Target: Walmart’s ESG Efforts Focus on Catering to LGBT Agenda
May 29, 2023
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Business & MarketsCompanieseconomic policiesenvironmental social and governance (ESG) policiesSocial Issuestransgender agendaUSUS NewsWalmart
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Similar to Target, Walmart’s environmental, social, and governance (ESG) report reveals that the company makes special provisions for LGBT groups, including specifically sourcing supplies from people professing such identities. Target has been the focus of boycott calls due to offering Pride products this year aimed at children. Target’s 2022 ESG report (pdf) shows that at…
Iowa Governor Signs Bill to Loosen Child Labor Laws
May 29, 2023
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Business & Marketschild laboreconomic policieseconomyGov. Kim ReynoldsIowaRegional & State NewsState NewsUSUS News
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Iowa Gov. Kim Reynolds signed a bill on May 26 that loosens child labor laws by allowing under 18-year-olds to work longer hours on school nights and in expanded roles, including serving alcohol in bars and restaurants. The Republican governor signed Senate File 542 after it was approved by the Legislature earlier in May with only…
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