TOKYO, Japan—The leaders of the Group of Seven (G7) will meet this week in Hiroshima, Japan, in a show of strength and unity to promote “the rule-based international order” in the face of escalating Russian and Chinese aggression. The summit, which will take place May 19–21, will be the 49th annual summit of the largest…
Hiroshima to Host G7 Summit to Address Growing Russia, China Threats
May 16, 2023
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Samsung Presses Ahead With Central Bank Digital Currency Technology
May 16, 2023
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Asia & PacificBank of KoreaBusiness & Marketscentral bank digital currencycryptocurrencyeconomic policieseconomyMarketsSamsungSouth KoreaUSWorld
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Samsung said it would press ahead with central bank digital currency (CBDC) technology in South Korea. The South Korean tech giant is planning on launching a CBDC currency in collaboration with the Bank of Korea (BOK). CBDCs are central bank-issued and controlled digital currencies that can be exchanged using blockchain or distributed ledger technology. Central…
ANALYSIS: Stanford Professors Fear Half of US Banks Approaching Insolvency, as Navarro Blames ‘Biden’s Inflation’
May 16, 2023
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Business & MarketsCompanieseconomic policieseconomyFederal ReserveFirst RepublicnavarrorecessionSVBUSUS banksUS News
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In a recent analysis, professors Anat Admati, Martin Hellwig, and Richard Portes present a scathing critique of the U.S. banking sector’s systemic issues, brought into focus by the 2023 banking crisis. Their analysis, in particular, centers around the failure of Silicon Valley Bank (SVB) and First Republic Bank, highlighting the systemic issues afflicting U.S. banks….
Cultural Shift in Federal Reserve Supervision Another Contributor to Banking Turmoil: House Panel
May 16, 2023
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Since the COVID-19 public health crisis, the Federal Reserve system has undergone a cultural shift in supervision, and this may have been another contributing factor to the turmoil in the banking system, a House committee heard. The House Financial Services Committee hosted a hearing on May 16. It featured testimony from Fed vice chair for…
UK Unemployment at 3.9 Percent as Job Vacancies Fall
The UK labour market has seen an unexpected rise in unemployment as well as a fall in inactivity, as more men in particular started looking for work. The Office of National Statistics (ONS) issued its latest employment and unemployment figures on May 16, reporting the main trends of the UK labour market. The unemployment rate…
IRS Chief ‘Laser-Focused’ on Stamping Out ‘Racism’ in Tax Audits
The Internal Revenue Service (IRS) is “laser-focused” on ensuring tax laws are enforced in a fair and impartial manner after reports emerged that the federal agency inadvertently audits black taxpayers at significantly higher rates than other Americans. In a May 15 letter (pdf) to Senate Finance Committee chairman Ron Wyden (D-Ore.), IRS commissioner Daniel Werfel noted…
IRS Chief ‘Laser-Focused’ on Stamping Out Tax Audit ‘Racism’ Despite ‘Substantial Uncertainty’ Surrounding Racial Bias
The Internal Revenue Service (IRS) is “laser-focused” on ensuring tax laws are enforced in a fair and impartial manner after reports emerged that the federal agency inadvertently audits black taxpayers at significantly higher rates than other Americans. In a May 15 letter (pdf) to Senate Finance Committee chairman Ron Wyden (D-Ore.), IRS commissioner Daniel Werfel noted…
McCarthy Says Biden Might Have a ‘Secret Plan’ on Debt Ceiling
May 16, 2023
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As the debt ceiling standoff continues to grip Washington, House Speaker Kevin McCarthy (R-Calif.) said Monday that President Joe Biden might have a “secret plan” to avoid a debt default and, if so, the Republican lawmaker is all for it. McCarthy made the remarks during a press conference on Capitol Hill while responding to a question…
80 Years Before Australia Reaches Net-Zero Goals: Former Snowy Hydro CEO
The former CEO of Australia’s largest renewable energy provider has taken issue with the Albanese Labor government’s green energy policies. Paul Broad, former head of the government-owned Snowy Hydro company, said the government would fail to meet its target of producing 82 percent of the country’s energy from renewable sources by 2030. The comments came…
80 Years Before Australia Reaches Net-Zero Goal: Former Snowy Hydro CEO
The former CEO of Australia’s largest renewable energy provider has taken issue with the Albanese Labor government’s green energy policies. Paul Broad, former head of the government-owned Snowy Hydro company, said the government would fail to meet its target of producing 82 percent of the country’s energy from renewable sources by 2030. The comments came…
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