The Federal Reserve signaled on Wednesday that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped fuel a swift rebound from the pandemic recession. Fed’s policymakers forecast that they would raise their benchmark short-term rate twice by late 2023. They had previously estimated that no rate hike would occur before 2024.
The US and the EU reached a deal Tuesday to end a damaging dispute over subsidies to rival plane makers Boeing and Airbus and phase out billions of dollars in punitive tariffs. US Trade Rep Katherine Tai said the two sides have come to terms on a five-year agreement to suspend the tariffs at the center of the dispute. Airbus welcomed the agreement.
’Doge,’ the image of an excited-looking Shiba Inu considered one of the internet’s most iconic and renown memes, has sold as an NFT for $4 million, making it the most expensive meme NFT of all time. Auction winner @pleasrdao placed a willing bid of 1,696.9 of the cryptocurrency Ethereum. The meme was first put up for auction on Tuesday by Atsuko Sato, the owner of Kabosu, the dog from the image.
Fast-rising housing costs have helped to push inflation to a 13-year high. But the way government statisticians track the price of consumer goods may be missing just how explosive home-price growth has been in recent months. According to the US Bureau of Labor Statistics, housing prices were up 2.2% over last year. This rise accounted for over a quarter of the overall increase in inflation in May.
Headline consumer prices in the US rose 5% year over year in May 2021, the fastest pace since August 2008 and higher than Wall Street expectations. The 3.8% rise in the core inflation rate, which excludes food and energy prices, was the sharpest increase in nearly three decades. Surging used car prices helped drive much of the inflation gains.
JBS, world’s largest meat company, paid a $11M ransom to hackers who shut down its processing facilities. The company paid the cybercriminals in Bitcoin, after last week’s attack temporarily disrupted plants that process half the US’ meat supply. ’It was very painful to pay the criminals, but we did the right thing for our customers,’ CEO Nogueira reportedly said.
El Salvador’s congress at midnight on Tuesday approved a proposal from President Bukele for a law to classify bitcoin as legal tender, making the country the first in the world to do so. A majority of lawmakers voted in favor of the initiative to create a law that will formally embrace the cryptocurrency. Approximately 70% of El Salvador does not have access to traditional financial services.
The G7 group of wealthy nations have signed a landmark deal to tackle tax abuses by some of the world’s biggest multinationals and establish a minimum global corporation tax for the first time. Finance ministers from the world’s richest economies agreed the historic deal on Saturday as part of talks held in London. Multinational corporations would face taxes in all countries they operate in.
Google’s head of diversity is slammed for saying ’Jews have insatiable appetite for war and killing’ in blog post which argued they should have more ’compassion’ because of the Holocaust
According to the WSJ, the SEC told Tesla last year that CEO Musk had twice violated a settlement requiring his tweets to be pre-approved by company lawyers. Musk and the SEC agreed in 2019 that the EV maker would vet any material public communications Musk made regarding Tesla. The SEC alleges that tweets Musk wrote about solar roof production volumes and its stock price were not pre-approved.
The US Chamber of Commerce on Monday announced a nationwide initiative to address the worker shortage in the US. The initiative, labeled ’America Works,’ aims to mobilize industry and government to ’swiftly address America’s deepening worker shortage crisis.’ ’The worker shortage is real — and it’s getting worse by the day,’ US Chamber of Commerce President and CEO Suzanne Clark said.
Major cyber attacks have led to Australia’s largest meatworks company JBS Foods shutting down, as well as their facilities in the US and Canada. The company said it was working to resolve the incident. CEO Eastwood said he was not able to say how long the stoppage would last. It is unclear who carried out the cyberattack. JBS has operations in 15 countries and has customers in about 100 countries.
Amazon has offered employees the chance to use a small booth to wind down from stress at work. The move has been criticized, with many seeing it as insulting, and reflecting a culture of ignoring the health of their staff. Controversy has been steadily growing over many years, with staff complaining of bad conditions and little respect from the company’s management.
New applications for regular unemployment benefits fell in late May for the fourth week in a row in the US. Initial jobless claims sank 38,000 to 406,000 in the week ended May 22. That’s the fewest number of requests for compensation since the onset of the pandemic nearly 15 months ago. New requests for compensation are down sharply from about 900,000 in early January.
A shareholder vote at ExxonMobil put two nominees from climate-activist investor ’Engine No. 1’ on the energy giant’s board. The San Francisco hedge fund hopes to make the Texas based integrated energy giant more active in combating climate change. The fund is part of the Coalition United for a Responsible Exxon, which is a group of 135 institutions focused on sustainability and long-term returns
A civil court in the Netherlands has ruled in a landmark case that the oil giant Shell must reduce its emissions. Shell must cut its CO2 emissions by 45% before 2030 as compared to 2019 levels, the court ruled. The Shell group is now responsible for its own CO2 emissions and also its suppliers. It is the first time a company has been legally obliged to align its policies with the Paris agreement.
The 97 year old Metro Goldwyn Mayer film & TV company has been acquired by online retail giant Amazon, corporate officials announced on Wednesday. The $8.45 billion deal adds around 4,000 films & 17,000 hours of TV to Amazon’s property & comes at a time of great consolidation in Hollywood film empires. MGM is known by its roaring lion trademark & has produced multiple blockbuster films since 1924.
Elon Musk tweeted Saturday that he supports crypto over traditional fiat currency. In recent days, Musk has faced a backlash online after he announced his company would no longer accept bitcoin as payment for their electric vehicles. Cryptocurrencies have seen a dramatic slump in the wake of his comments. ’The true battle is between fiat & crypto. On balance, I support the latter,’ Musk tweeted.
The US Treasury said that corporations around the world should pay at least a 15% tax on their earnings, as part of its push for a global minimum for businesses. The Treasury release that said the 15% minimum is a ’floor and that discussions should continue to be ambitious and push that rate higher.’ Treasury Secy. Yellen said that such a tax would discourage companies from relocating domiciles.