Commentary Bank failures, an artificial intelligence-led bull market, persistent inflation, eurozone recession, France engulfed in riots, and perhaps the biggest U.S. presidential corruption scandal ever. Looking back on the first half of 2023, it is hard to believe the extraordinary events and outright surprises of recent months. Some of the possibilities I forecast in January…
2023: A Year of Surprises
July 3, 2023
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American Banks Closed 273 Branch Locations in May
June 30, 2023
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At least 273 bank locations closed across the United States in May, while 46 opened that month. Many major banks have announced that they’re closing down branches in 2023, as more and more customers are making deposits via their phones or to keep tabs on their balances, all without leaving their homes. Others still rely on…
Joby Aviation Gets FAA Approval to Start Flight Tests of Electric Air Taxi
June 30, 2023
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Joby Aviation received approval from the Federal Aviation Administration (FAA) for test flights of its electric air taxi after receiving a $100 million investment from South Korea’s SK Telecom. Joby announced on June 23 that the federal aviation regulator gave the nod to start tests of its flying air taxi, as the innovative design steps…
Nvidia Reacts to Possible US Chip Restrictions to Beijing
June 30, 2023
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Nvidia is downplaying possible U.S. chip-export restrictions to China by the Biden administration. The Wall Street Journal reported on June 27 that the White House was mulling even more restrictions on artificial intelligence (AI) chip exports to China. A potential chip ban could affect Nvidia’s status as the world’s leader for the graphics processors needed to…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Texas Manufacturing Survey Falls for Fifth Straight Month
June 28, 2023
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The Federal Reserve Bank of Dallas’s Texas Manufacturing Outlook survey for June fell for the fifth straight month. Texas manufacturing output growth plunged 3 percent, to -4.2 percent in June, indicating a slight contraction in output, according to the Dallas Fed survey, published on June 26. Survey officials asked 85 regional manufacturers a series of…
House Prices Will Fall by 5 Percent This Year: Report
UK house prices will fall by 5 percent this year as buyers have been hit by higher mortgage rates and rising living costs, a real estate portal has reported. Zoopla’s House Price Index showed a 1.2 percent annual rise in UK house prices in the last year, adding, however, that just a year ago, the…
BlackRock CEO Says He’ll No Longer Use ‘ESG’ Term
BlackRock CEO Larry Fink, one of the most powerful figures on Wall Street and an outspoken champion of progressive causes, appeared to be backpedaling this week on his support for the environmental, social, and governance (ESG) movement, saying he would no longer use the term. “I’m not going to use the word ESG because it’s…
IN-DEPTH: BlackRock CEO Says He’ll No Longer Use ‘ESG’ Term
BlackRock CEO Larry Fink, one of the most powerful figures on Wall Street and an outspoken champion of progressive causes, appeared to be backpedaling this week on his support for the environmental, social, and governance (ESG) movement, saying he would no longer use the term. “I’m not going to use the word ESG because it’s…
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