LONDON—Oil prices were stable on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worries of weaker-than-expected demand growth. Brent crude was up 40 cents at $76.66 a barrel at 0959 GMT, while U.S. West Texas Intermediate rose…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
McCarthy Staying in DC to Fight for Debt Ceiling Agreement ‘Worthy of American People’ as Biden Heads Home
House Speaker Kevin McCarthy (R-Calif.) declared on May 25 that he will stay in Washington, D.C. “for as long as it takes” in an effort to come to an agreement on the debt ceiling that’s “worthy of the American people.” McCarthy took to Twitter amid the ongoing political deadlock where he penned, “I’m staying in DC to…
‘Huge Income Shock’ Predicted for Households on Fixed-Term Mortgage Deals
British households with fixed-term mortgage deals will feel the impact of higher interest rates when their current deals expire by the end of next year, a Barclay’s chief has warned. Barclay’s CEO CS Venkatakrishnan told the Wall Street Journal CEO Council that a higher portion of households’ earnings will be spent on mortgage payments, leading…
Florida Citrus Industry Posts Worst Year Since 1930s After Hurricane Damage and Crop Disease
May 26, 2023
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Florida’s citrus industry posted its worse harvest since 1937, which should give orange fans some pause at the supermarket. Damage from the 2022 hurricane season, combined with the impact of citrus greening disease, is ravaging the Sunshine State’s orange crop. This will likely cause citrus prices to skyrocket nationwide, as Florida farmers recorded its smallest…
Tight Labor Market and Stubborn Inflation Plague US Economy, Says Fed Governor
May 25, 2023
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A top Federal Reserve official stated his support for more interest rate hikes as a tight labor market, persistent inflation, and uncertain credit conditions continue to threaten the U.S economy. Federal Reserve Governor Christopher Waller told the University of California Santa Barbara County Economic Summit on May 25 that the Fed should not stop raising…
Rest of Australia to Help Pay for Victorian Government’s Debt Disaster
Australians outside of Victoria will be footing some of the state’s ballooning debt with Premier Daniel Andrews advising property investors and business owners to use his new taxes in their tax deduction claims to the federal government. “Any land tax is fully tax-deductible depending on the way in which they have their affairs arranged,” he…
Democrat Pressure Mounts on Biden as He Negotiates ‘In Good Faith’ With McCarthy
May 25, 2023
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President Joe Biden has come under pressure as Democrats in Congress are dissatisfied with how the debt ceiling talks with House Speaker Kevin McCarthy (R-Calif.) have progressed and may vote against a deal that they believe compromises too much. House Minority Leader Hakeem Jeffries (D-N.Y.) issued a warning on May 25 to Biden and McCarthy…
Majority of Top 10 Least Affordable Cities for Homebuyers Located in California
Eight out of the 10 least affordable cities for homebuyers in the United States are located in California, according to a recent report, with the state’s median sales price of a home over 30 percent higher compared to the early pandemic period. The eight Californian cities include Santa Barbara, Berkeley, Santa Monica, Glendale, Burbank, Los…
Swedish Online Fashion Retailer Blocks 42,000 Customers for Returning Too Many Purchased Items
STOCKHOLM—Sweden-based online fashion retailer Boozt AB said Thursday it has blocked 42,000 customers for returning too many items they had purchased, calling their actions too costly for the company and the environment. Ask Kirkeskov Riis, a spokesman for multibrand online store selling clothes and beauty products, said customers who were indefinitely blocked had sent back…
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