US Set to Limit Scope of China Investment Ban With Revenue Rule
source link: https://finance.yahoo.com/news/us-set-limit-scope-china-213001388.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
US Set to Limit Scope of China Investment Ban With Revenue Rule
(Bloomberg) -- A US plan to restrict investment in China is likely to apply only to Chinese companies that get at least half of their revenue from cutting-edge sectors such as quantum computing and artificial intelligence, people familiar with the matter said.
Most Read from Bloomberg
The revenue provision would limit the scope of an executive order the Biden administration is expected to unveil in the coming days as part of a push to limit Chinese access to sensitive technology. The rule would allow US private equity and venture capital firms to put their money in larger Chinese conglomerates that may have artificial-intelligence divisions but get most of their revenue from other sources.
The people who detailed the current thinking about the order asked not to be identified discussing a proposal that has yet to be released. One of the people said the order will prohibit investments in AI for military end users while requiring notification for investments in other AI activity. It is expected to ban investments in some quantum computing activities, such as key encryption and sensing, as well as certain super-advanced semiconductors.
That person also said the order will take about a year to go into force given the time required for additional industry comments and rule-making. It won’t be retroactive so there wouldn’t be restrictions on investments made during that period.
Read more: US Plans Narrow China Tech Investment Limits, Likely by 2024
The White House declined to comment, and the Commerce and Treasury departments didn’t immediately respond to requests for comment.
US investors will be prohibited from investing in the most advanced semiconductors, specific areas of quantum computing, and AI activity designed for military end users, the person said. Investments in other AI activity in China will require notification, but won’t be prohibited.
The TelegraphCity watchdog investigates 'debanking' of customers in wake of Farage scandal
The City watchdog is to investigate the “debanking” of customers in wake of the Nigel Farage scandal.
16h ago
BloombergHSBC Qianhai on Raising China EV Price Targets
Yuqian Ding, Head of China Autos Research at HSBC Qianhai Securities, discusses her views on China's electric vehicle sector and development of autonomous driving after raising her price targets for Li Auto, Nio and XPeng. She speaks with Rishaad Salamat, Yvonne Man and David Ingles on "Bloomberg Markets Asia".
1d ago
Business InsiderGoldman Sachs wrestles with sanctions fallout as Moscow court freezes $36 million of the bank's assets
The Wall Street bank's shares in Russian companies including Gazprom and Sberbank were temporarily frozen over a swap contract dispute.
17h ago
American City Business JournalsUS energy secretary lauds $400M St. Louis battery factory in efforts against climate change (Photos)
The international conglomerate, which has its North American base in St. Louis, won a $197 million competitive grant through the Department of Energy as part of the American Battery Materials Initiative. U.S. Secretary of Energy Jennifer Granholm on Tuesday hailed the company's investment in a $400 million battery plant in St. Louis as critical to addressing climate change.
18h ago
Business InsiderChina's property sector is in dire straits as yet another developer reportedly runs into trouble
Enormous losses, heavy debt burdens, and low demand plague China's property sector – and firms keep failing.
16h ago
South China Morning PostFoxconn's Shenzhen-based subsidiary to 'exclusively' supply Apple with AI servers made in Vietnam: report
Foxconn Industrial Internet (FII), the Shenzhen-based subsidiary of Foxconn Technology Group, will "exclusively" supply Apple with made-in-Vietnam servers for training and testing artificial intelligence (AI) services, according to a report by Taiwan's Economic Daily News, as the world's most valuable company continues to diversify its manufacturing supply chain away from China. Foxconn, the world's largest electronics contract manufacturer and Apple's primary assembler of iPhones, is also the U
1d ago
ReutersStruggling Chinese graduates return to hometowns as job market sags
BEIJING (Reuters) -A growing number of Chinese graduates are abandoning the bright lights of the country's mega-cities, with state media reporting almost half are returning to their hometowns within six months of graduation amid a sagging job market. Feeling the pinch of rising housing costs and a slowing economy, the jobless graduates are forfeiting cities that have traditionally provided a stepping stone to middle-class wealth. China's youth jobless rate jumped to a record 21.3% in June as offers during the traditional job-hunting season proved limited as the economy struggled and regulatory clamp-downs left the property, tech and education sectors bruised.
5h ago
ReutersWeWork rival IWG's half-year profit surges on high demand, improved pricing
(Reuters) -Office rental firm IWG retained a "cautiously optimistic" outlook after posting a 48% surge in half-year profit on Tuesday, helped partly by high demand for its spaces and improved pricing. "Our outlook for the full year remains cautiously optimistic given the growing demand for hybrid working solutions tempered by FX headwinds and a challenging economic and competitive environment," the company said in a statement. The UK-listed owner of the Spaces and Regus brands said adjusted core profit from continuing operations for the six months ended June 30 jumped 48% on a constant currency basis to 198 million pounds ($252.6 million).
1d ago
AP FinanceFACT FOCUS: Zoom says it isn’t training AI on calls without consent. But other data is fair game
An update to Zoom’s terms of service is raising alarm bells on social media, with users claiming it reveals the videoconferencing company is now tapping their online doctor visits and virtual happy hours to train artificial intelligence models. “Zoom terms of service now require you to allow AI to train on ALL your data — audio, facial recognition, private conversations — unconditionally and irrevocably, with no opt out,” read one widely-shared tweet this week that has since been deleted. The company quickly responded with a blog post on Monday stressing that it “will not use audio, video, or chat customer content to train our artificial intelligence models without your consent,” and adding a line to the terms to make this clearer.
14h ago
BloombergIndia Fintech Startup Triples Valuation After Accel-Led Funding
(Bloomberg) -- Credgenics, an online service that helps banks collect on debt, raised $50 million in a funding round led by existing backers Accel and Westbridge Capital that tripled its valuation to $340 million.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exce
14h ago
The EconomistHow real is America’s chipmaking renaissance?
As the CHIPS Act turns one, semiconductor firms have mixed feelings
2d ago
ReutersAirbnb lawsuit to block NYC law on short-term rentals is dismissed
A New York judge on Tuesday dismissed Airbnb's lawsuit against New York City over legislation it called a "de facto ban" against short-term rentals on Tuesday. Justice Arlene Bluth of a state court in Manhattan said it was "inherently rational" for the city to require that hosts register with a local agency, as a means to reduce the thousands of illegal short-term rental listings. Airbnb sued New York in June, saying the city's enforcement of Local Law 18 would make it more difficult for hosts to do business, and effected "its most extreme and oppressive regulatory scheme yet, which operates as a de facto ban against short-term rentals."
18h ago
BloombergStocks Finish Well Off Lows as Dip Buyers Step In: Markets Wrap
(Bloomberg) -- Stocks trimmed losses as dip buyers emerged following a slide driven by worries about the financial system and the economy. Bonds rose.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exceed $2.5 BillionEquity declines waned in afternoon New York trad
16h ago
The TelegraphHow the end of ‘Made in China’ is crippling the world’s second-largest economy
A new social movement emerged during the pandemic in China. Tang ping – “lie flat” – became a widespread term for young professionals resisting the pressures of the rat race in a flagrant denial of President Xi Jingping’s “Chinese dream”.
9h ago
ReutersUS reports big interest in $52 billion semiconductor chips funding
The U.S. Commerce Department said on Wednesday that more than 460 companies have expressed interested in winning government semiconductor subsidy funding in a bid to boost the country's competitiveness with China's science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden's signing of the landmark "Chips for America" legislation providing $52.7 billion in subsidies for U.S. semiconductor production, research and workforce development. Biden said in a statement that companies have announced $166 billion in semiconductors and electronics manufacturing over the last year, adding the law will "make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains."
5h ago
Yahoo FinanceYahoo Finance Chartbook: 50 charts tell the story about markets and the economy right now
Yahoo Finance asked top analysts, economists, and other industry experts to submit a chart that they think best sums up what's going on in the economy and in markets today.
1d ago
BloombergRuble Weakens Toward 100 Per Dollar for First Time in 16 Months
(Bloomberg) -- The slump in Russia’s ruble shows little sign of abating amid high currency outflows and worsening foreign trade conditions as sanctions over the war in Ukraine take their toll on the economy.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exceed $2.
5h ago
ReutersChina tips into deflation as efforts to stoke recovery falter
BEIJING (Reuters) -China's consumer sector fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand and pressure mounted on Beijing to release more direct policy stimulus. Anxiety is rising that China is entering an era of much slower economic growth akin to the period of Japan's "lost decades", which saw consumer prices and wages stagnate for a generation, a stark contrast to the rapid inflation seen elsewhere. China's post-pandemic recovery has slowed after a brisk start in the first quarter as demand at home and abroad weakened and a flurry of policies to support the economy failed to shore up activity.
12h ago
The Fiscal TimesSocial Security Benefits Could Be Cut by $17,400 a Year When Trust Fund Runs Dry
A typical retired couple could face a loss of $17,400 in their annual Social Security benefits in 2033, when the retirement program’s main trust fund is projected to run dry. That estimate comes from the fiscal hawks at the Committee for a Responsible Federal Budget. The projected cut in benefits in 10 years would apply to a newly retired dual-income couple, while a typical, newly retired single-earner couple could see a cut of $13,100 per year. The 23% across-the-board reduction in benefits wil
15h ago
FortuneChina’s record high 21% youth unemployment could actually be as high as 46.5%. Blame fake jobs and 16 million workers ‘lying flat’
In an attempt to fix misleading unemployment data, China is cracking down on universities that fudge employment numbers for their graduates.
17h ago
The Wall Street JournalU.S.-Made Cluster Munitions Fuel Ukrainian Counteroffensive
The bombs are destroying Russian trenches and artillery systems in an area where Ukrainian troops had struggled to advance.
1d ago
The Wall Street JournalItalian Bank Stocks Rebound After Rome Caps Planned Windfall Tax
Italian bank stocks recovered some ground Wednesday, after the government partially walked back a [plan to tax lenders](https://www.wsj.com/livecoverage/stock-market-today-dow-jones-08-08-2023/card/italian-bank-stocks-fall-on-windfall-tax-plan-6DhvUiwI7R0uT81zFvrE?siteid=yhoof2&yptr=yahoo) on profits from rising interest rates.
4h ago
CBS MoneyWatchBiden to curb U.S. investment in Chinese tech sectors
The move is part of an effort to slow Beijing's development of next-generation technologies that could have military applications.
7h ago
The Wall Street JournalWind Industry in Crisis as Problems Mount
The wind business, viewed by governments as key to meeting climate targets and boosting electricity supplies, is facing a dangerous market squall. After months of warnings about rising prices and logistical hiccups, developers and would-be buyers of wind power are scrapping contracts, putting off projects and postponing investment decisions. The setbacks are piling up for both onshore and offshore projects, but the latter’s problems are more acute.
2d ago
BloombergGlobal Law Firm Retreats From China Ahead of Data Crackdown
(Bloomberg) -- Global law firm Dentons is splitting from its Chinese operations to comply with impending data regulations, one of the more significant withdrawals by a Western company as Beijing intensifies a campaign to curb leakages of valuable information.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million F
8h ago
ReutersIndia bars makers of military drones from using Chinese parts
India in recent months has barred domestic manufacturers of military drones from using components made in China over concerns about security vulnerabilities, according to four defence and industry officials and documents reviewed by Reuters. The measure comes amid tensions between the nuclear-armed neighbours and as New Delhi pursues a military modernisation that envisages greater use of unmanned quadcopters, long-endurance systems and other autonomous platforms. But as the nascent Indian industry looks to meet the military's needs, the defence and industry figures said India's security leaders were worried that intelligence-gathering could be compromised by Chinese-made parts in drones' communication functions, cameras, radio transmission and operating software.
1d ago
Yahoo FinanceChipmakers have plans for new US factories. But not enough workers to run them.
Chipmakers are investing $231 billion toward new plants. But there is a growing concern about whether enough workers will be there to run these plants once they are online.
1d ago
Business InsiderThe US government will add $5 billion to its debt pile every single day for the next ten years, says analyst
It's the equivalent of giving every single American citizen $15 each morning for a decade.
15h ago
InvestopediaInterest Rates May Have Reached Their Peak, Fed Official Says
If you’re feeling the financial pressure from today’s high interest rates on all kinds of loans, relief from a year and a half of rate increases may be on the way.
20h ago
BloombergChina Deflation Provides Limited Relief for Global Central Banks
(Bloomberg) -- China’s consumer and producer prices fell together for the first time since 2020, a deflation cycle that could give global central banks some help in fighting inflation in their own countries but signals a worsening outlook in the world’s second-largest economy. Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureWall Street WhatsApp, Texting Fines Exceed $2.5 BillionUS Bank Shares Drop as Moody’s C
5h ago
ReutersAnalysis-Latest China developer debt woes could spur policy aid, but industry downbeat
News that big developer Country Garden was not able to make $22 million in bond payments is an alarm call for China's government that more private property companies are close to a tipping point if financial support doesn’t materialise soon. As Country Garden was the largest developer in the country before this year, industry executives and analysts told Reuters its missed payments this week could prod regulators into rolling out stronger aid measures, but they had little faith such steps would turn the debt-laden sector around any time soon. Country Garden told Reuters on Tuesday it was not able to make $22.5 million in coupon payments due on Aug. 6 on two, dollar-denominated bonds, though both have 30-day grace periods.
2h ago
The Wall Street JournalU.S. to Ban Some Investments in China
President Biden plans to sign an executive order that will also require U.S. private-equity and venture-capital firms to disclose certain investments in the country.
9h ago
ReutersIndia passes data protection law amid surveillance concerns
Indian lawmakers on Wednesday passed a data protection law that will dictate how tech companies process users' data amid criticism that it will likely lead to increased surveillance by the government. The law will allow companies to transfer some users' data abroad while giving the government power to seek information from firms and issue directions to block content on the advice of a data protection board appointed by the federal government. The Digital Personal Data Protection Bill, 2023 gives the government powers to exempt state agencies from the law and gives users the right to correct or erase their personal data.
28m ago
FortuneChatGPT’s rise has China scrambling to catch up in an A.I. arms race that will determine global ‘wealth, power, and influence’
Beijing is battling the U.S. for supremacy in artificial intelligence and the spoils that come with it.
23h ago
BloombergPower-Plant Owners Blast Biden’s Emissions-Cutting Plan
(Bloomberg) -- The top lobbying group for US electric utilities is taking aim at the Biden administration’s plan for stifling greenhouse gas emissions from the nation’s power plants, saying proposed requirements are based on technology that isn’t ready for prime time.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksWall Street WhatsApp, Texting Fines Ex
18h ago
The Wall Street JournalSupreme Court Lets ‘Ghost Gun’ Regulations Stand
A 5-4 vote grants Biden administration’s request to continue treating weapons assembled from kits like other guns, while it appeals lower-court decisions.
18h ago
EngadgetChina reportedly had ‘deep, persistent access’ to Japanese networks for months
Late last year, Nikkei Asia reported that Japan was planning to add thousands of personnel to its military cyber defense unit. Now, we might know why — according to a report from the Washington Post, hackers in China had "deep, persistent access" to Japanese defense networks. When the National Security Agency is said to have first discovered the breach in late 2020, NSA Chief and Commander of US Cyber Command General Paul Nakasone flew to Japan with White House deputy national security advisor Matthew Pottinger to report the breach to officials.
2d ago
ReutersChina drafts rules for using facial recognition technology
China's cyberspace regulator said on Tuesday it has issued draft rules to oversee the security management of facial recognition technology in the country, following concerns raised in public about overuse of the technology. The Cyberspace Administration of China (CAC) said facial recognition technology can only be used to process facial information when there is a specific purpose and sufficient necessity, and with strict protective measures. The use of the technology will also require individual's consent, the CAC said in a statement.
2d ago
BloombergItaly Trims Bank Windfall Tax After $10 Billion Value Erased
(Bloomberg) -- The Italian government backtracked on part of its new windfall tax on banks, saying it would introduce a cap to limit the impact for many lenders as it tries to calm a rout that wiped out $10 billion from the banks’ market value. Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Str
5h ago
The Wall Street JournalChina Reassures Russia on Ukraine After Meeting on How to End the War
China’s foreign minister vowed that Beijing would remain “independent and impartial” in seeking solutions to the conflict.
1d ago
ReutersDeclining imports compress US trade deficit in June
The U.S. trade deficit narrowed sharply in June as businesses cut back on purchases of foreign-made capital goods, resulting in imports falling to the lowest level in more than 1-1/2 years. The decline in imports reported by the Commerce Department on Tuesday potentially signals a slowdown in business investment and overall domestic demand amid hefty interest rate hikes from the Federal Reserve. "Weakening consumer demand for goods and retreating inventory growth by businesses have softened imports this year, while exports continue to trend downward as the global economic backdrop softens," said Matthew Martin, a U.S. economist at Oxford Economics.
1d ago
Barrons.comAn Opportunity to Nudge Asia off Reliance on China
China is the key supplier of rare earths and critical minerals to much of the rest of the region. Thoughtful diplomacy could change that, write Kurt Tong and Charles Dunst.
2d ago
BloombergTSMC to Build $11 Billion German Plant With Other Chipmakers
(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. has agreed to build a €10 billion ($11 billion) plant in eastern Germany in partnership with Infineon Technologies AG, NXP Semiconductors NV and Robert Bosch GmbH.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines
23h ago
BloombergS&P Sees Long-Term Rating Risk to California as Home Insurers Retreat
(Bloomberg) -- With California’s population in decline, rising home insurance premiums threaten to intensify the exodus and further weaken state and local finances, S&P Global Ratings Inc. warns.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckEastern US Prepares for a ‘Potent’ Storm System: Weather WatchPayPal Launches a Stablecoin in Latest Crypto Payments PushTexas Power Prices to Surge 800% on Sunday Amid Searing HeatHSBC Executive Slams ‘Weak’ UK for Backi
2d ago
BloombergUK Heads for Five Years of Lost Growth as Leveling Up Fails
(Bloomberg) -- The UK is headed for five years of lost economic growth as the government fails in its goal to “level-up” the country’s regions and reduce inequality, an influential think tank says. Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exceed $2.5 Billion
3h ago
Barrons.comChina Consumer Prices Fall. It’s Not Quite Deflation but a Fresh Sign of a Faltering Economy.
The consumer price index dropped 0.3% from a year earlier in July, the first negative reading since 2021.
4h ago
ReutersBrazilian consumer prices seen virtually flat in July vs June: Reuters poll
Brazil's consumer prices barely rose on the month in July, a Reuters poll of economists estimated, with an expected drop in food costs countered by a probable rise in gasoline bills after the reinstatement of a federal tax on fuels. The IPCA inflation index, due Friday Aug. 11, is forecast to have edged up 0.07% last month, according to the median estimate of 21 economists polled Aug. 2-7, following a -0.08% reading in June. However, that expected pick-up is related to base effects rather than any reactivation of deeper inflationary pressures, in line with the Brazilian central bank's plan to carry on a string of moderate rate cuts after an initial move last week.
2h ago
ReutersExplainer-Why Germany's property sector is in the dumps
FRANKFURT (Reuters) -Germany has long benefited from an era of cheap money that fuelled a decade-long boom in real estate, but now the sector is grappling with a major turn of fortune. In the latest signs of stress in the sector, Germany's largest real estate group Vonovia posted multi-billion euro losses and writedowns, and job growth for construction workers has stagnated. WHY DO WE CARE ABOUT GERMANY?
8h ago
The Wall Street JournalAbortion-Rights Supporters Score Win as Ohio Voters Defeat Issue 1
The measure would have made it harder to pass amendments to the state constitution, including one on the November ballot guaranteeing abortion rights.
9h ago
ReutersJudge puts US, New York predatory lending lawsuit against Credit Acceptance on hold
A federal judge on Monday put on hold a predatory lending lawsuit against Credit Acceptance Corp by the U.S. Consumer Financial Protection Bureau and New York Attorney General Letitia James, over objections from both regulators. In staying the lawsuit, U.S. District Judge Jennifer Rearden in Manhattan cited a separate case before the U.S. Supreme Court over whether the CFPB's funding mechanism is constitutional. A ruling against the CFPB could imperil actions by the consumer watchdog since it was created as part of the Dodd-Frank Act in 2010, in response to the global financial crisis.
2d ago
The TelegraphSaudi Arabia falls back on state oil payout as deficit grows
Saudi Arabia’s state oil company will help plug the Gulf nation’s widening budget deficit after massively increasing its dividend payout despite falling revenues.
2d ago
BloombergUS Warned Japan of China Hacking Defense Networks, Officials Say
(Bloomberg) -- The US warned Japan over the course of a year that Chinese state hackers had infiltrated its defense networks before Tokyo took sufficient action to try to secure them, according to current and former US officials.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Te
17h ago
South China Morning PostShanghai homebuyers warn of mortgage boycott as property crisis spreads to mainland China's financial and commercial hub
Dozens of homebuyers in Shanghai have threatened to stop repaying mortgages as they protest against a developer's delay in handing over flats, evoking memories of a nationwide boycott about a year ago that spread to more than a hundred cities as builders were behind schedule due to tight funding and strict Covid-19 curbs. These warnings reflect the continued stress in China's property market as the government attempts to rebalance the sector, exposing developers to completion risk and marking th
1d ago
ReutersIndia's rice export ban could hit planting, farm income -farmers' body
Rice planting in India could fall by 5% as New Delhi's decision to ban non-basmati white rice exports will cut farm income and encourage growers to switch to other crops, a leading farmers' group with close ties to the ruling Bharatiya Janata Party said. The world's biggest rice exporter - accounting for more than 40% of global supplies of the staple - last month ordered a halt to non-basmati white rice exports, driving prices to multi-year highs. "The rice export ban was announced right in the middle of the current planting season, and that's why the decision has sent a wrong signal to farmers," Mohini Mohan Mishra, general secretary of the Bharatiya Kisan Sangh (BKS), or Indian Farmers' Union, told Reuters.
1d ago
Business InsiderThe most interesting part of China's stimulus announcement was the omission of a key phrase that ignited the 2020 crackdown on the real-estate sector
President Xi Jinping famously said "Houses are for living in and not for speculation" in October 2017, which kicked off measures to cool a red-hot property market.
2d ago
AP FinanceFAA warns of safety hazard from overheating engine housing on Boeing Max jets during anti-icing
U.S. regulators are warning airlines to limit the use of an anti-icing system on Boeing 737 Max jets in dry air to avoid overheating engine-housing parts, which could cause them to break away from the plane. The Federal Aviation Administration says the risk to the flying public is serious enough that it will put the order into effect in just 15 days, and without allowing public comment first. The FAA said if the engine inlet gets too hot, parts of the housing could come off and strike a window, causing decompression and a hazard to passengers in window seats.
1d ago
BloombergUkraine Recap: Latest UK Sanctions Target Russian Defense Sector
(Bloomberg) -- UK Foreign Secretary James Cleverly announced 25 new sanctions on individuals and businesses targeting the Kremlin’s access to foreign military equipment, part of efforts by Ukraine’s western allies to weaken Russia’s arsenal and choke its defense industry’s supply chains.Most Read from BloombergWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureEveryone Wants to Work at UPS After Teamsters DealUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksWall Street WhatsA
21h ago
BloombergECB Says Consumer Inflation Expectations Fell Further in June
(Bloomberg) -- Consumer expectations for euro-area inflation fell in June but remained above the European Central Bank’s 2% target as officials ponder whether to continue their unprecedented bout of interest-rate hikes.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksThe Global South Breaks Away From the US-Led World OrderWall Street’s New WhatsApp Fines Take Tab Past $2.5 BillionChina’s Trade Plunges M
1d ago
SmartAssetWill My 401(k) Retirement Withdrawals Affect My SSDI?
If you receive Social Security Disability Insurance (SSDI) payments, you might be wondering if you can supplement them with some money from your retirement accounts, such as a 401(k). While withdrawing from your retirement funds won't usually impact your disability … Continue reading → The post Does a 401(k) Withdrawal Impact SSDI? appeared first on SmartAsset Blog.
1d ago
BloombergItaly Surprises Markets With Tax on ‘Extra’ Profits of Banks
(Bloomberg) -- Italian Prime Minister Giorgia Meloni’s cabinet approved a surprise tax on the “extra profits” of banks this year.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksThe Global South Breaks Away From the US-Led World OrderEastern US Prepares for a ‘Potent’ Storm System: Weather WatchChina’s Trade Plunges More Than Forecast in Blow to RecoveryThe levy was slipped into a huge package of measur
1d ago
The Wall Street JournalTaiwan’s TSMC to Build First European Chip Plant in Germany
The move, which is backed by the German government, reflects Europe’s efforts to increase its resilience to geopolitical shocks.
22h ago
The Fiscal TimesTexas Rep. Chip Roy Says ‘No Border Security, No Funding’ for DHS
With Congress facing a time crunch to fund the government by the end of September — once it returns from its August recess, of course — Republican Rep. Chip Roy of Texas is reportedly circulating a letter threatening to withhold money for the Department of Homeland Security unless Congress enacts a Republican crackdown on the southern border. “No border security, no funding,” Roy, a leading member of the far-right House Freedom Caucus, says in his letter to colleagues. Roy argues that his state
15h ago
American City Business JournalsWells Fargo reiterates forecast of recession ahead
“Economists are growing broadly divided on the prospects of a near-term recession,” Wells Fargo economists said.
2d ago
CoinDeskA Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn’t it Proposed?
Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job.
2d ago
ReutersFed may be at point to 'hold rates steady,' Harker says
(Reuters) -Barring any abrupt change in the direction of recent economic data, the U.S. Federal Reserve may be at the stage where it can leave interest rates where they are, Philadelphia Fed President Patrick Harker said on Tuesday. “Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work,” Harker said in remarks prepared for delivery at an event in Philadelphia. Harker has a vote this year on the rate-setting Federal Open Market Committee and supported last month's rate increase.
1d ago
BloombergMaking Sense of China's Property Sector
Zhaopeng Xing, senior China strategist at ANZ, discusses China's property sector and his outlook for the housing market. He speaks on Bloomberg Television.
1d ago
AP FinanceBiden is pitching his economic policies as a key to a manufacturing jobs revival
Bringing back factory jobs is one of the most popular of White House promises — regardless of who happens to be the president. Donald Trump said he'd do it with tariffs. Barack Obama said companies would start “insourcing.” George W. Bush said tax cuts would do the trick.
10h ago
USA TODAYConsumer credit grows at moderate pace as Fed rate hikes take hold.
Consumer credit rose in June but at a slower pace, Fed data showed. Some economists wonder how much longer consumers can carry the economy.
2d ago
The Wall Street JournalAmerican Bar Association Votes to Amend Rule on Client Due Diligence
Supporters of the change hope the move will help ward off more stringent regulation from lawmakers concerned about the use of lawyers to facilitate financial crimes.
14h ago
The Wall Street JournalChinese Exports Fall at Steepest Pace Since February 2020
Slide in outbound shipments reflects China’s fraying trade ties with the Western world, even as exports to Russia boom.
20h ago
ReutersDollar eases as China deflation lures investors into risk assets
The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. "Against this background, any greenback losses will be limited as worries over the prospects of the global economy could soon reignite dollar demand," he said.
10h ago
Investor's Business DailyBiden Approval Rating Holds At Record Low As Americans Feel They're Falling Behind
President Joe Biden's approval rate held at a record low, according to the latest IBD/TIPP Poll. Americans' concerns about inflation are reviving.
2d ago
Business InsiderA $2 trillion corporate debt wall will spark job losses in 2024, Goldman Sachs says
"We find that for each additional dollar of interest expense, firms lower their capital expenditures by 10 cents and labor costs by 20 cents."
1d ago
CoinDeskCongress, Not the SEC, Should Set U.S. Digital Asset Policy
Thankfully those of us with a long-term vision finally have a market structure bill from Congress to look forward to. The SEC’s three-part mandate is to 1) protect investors, 2) maintain fair, orderly, and efficient markets and 3) facilitate capital formation. The SEC is supposed to be a disclosure-based regulator that is technology neutral, meaning they establish a framework for issuers to divulge pertinent information to investors, but do not unilaterally take a stance on which technologies ought to make it to market.
2d ago
The Wall Street JournalThe Legal Assault on Corporate Diversity Efforts Has Begun
Conservative groups challenge Amazon, Comcast and others using many of the same tools that helped kill affirmative-action programs in colleges.
1d ago
ReutersAnalysis-No decoupling, but West and China drift apart
China's unexpectedly poor export performance as revealed on Tuesday is still largely down to wider economic headwinds. Official data showed a 14.5% drop in July exports amid weak consumer demand in the world markets served by China - the fastest decline since the pandemic hit in 2020. For now, such cyclical factors outweigh any impact of calls by Western governments for companies to "de-risk" supply chains as a new era of distrust prompts the United States and Europe to cut trade reliance in strategic sectors with China.
23h ago
Business InsiderTop economist Paul Krugman says the US economy is growing too fast to spiral into a debt crisis
Though US debt has topped $32 trillion, some research suggests that amount doesn't matter at all, Paul Krugman said.
2d ago
InvestopediaWith Inflation Still Above Targets, Officials Leave Room For Another Hike
Despite data pointing to an economy approaching a soft landing, inflation rates are still above the Federal Reserve's target of 2%.
2d ago
FortuneMeet your new bartender: a teen
At least nine states in the U.S. have introduced bills to lower the alcohol service age since 2021.
22h ago
BloombergJapan Wage Growth Slows, Backing BOJ Ultra-Easy Policy Case
(Bloomberg) -- Growth in Japanese workers’ wages unexpectedly slowed in June, indicating the labor market may be losing some steam and clouding prospects for the Bank of Japan’s sustainable inflation goal.Most Read from BloombergMusk Says He May Need Surgery, Will Get MRI on Back and NeckEastern US Prepares for a ‘Potent’ Storm System: Weather WatchPayPal Launches a Stablecoin in Latest Crypto Payments PushThe Global South Breaks Away From the US-Led World OrderHSBC Executive Slams ‘Weak’ UK for
2d ago
The Wall Street JournalDonald Trump Faces Looming Threat of Racketeering Charges in Georgia Case
Legal observers expect Fulton County District Attorney Fani Willis to use a law meant to take down mafia bosses.
2d ago
AP FinanceChina's July exports tumble by double digits, adding to pressure to shore up flagging economy
China's exports plunged by 14.5% in July compared with a year earlier, adding to pressure on the ruling Communist Party to reverse an economic slump. Imports tumbled 12.4%, customs data showed Tuesday, in a blow to global exporters that look to China as one of the biggest markets for industrial materials, food and consumer goods. The country's global trade surplus narrowed by 20.4% from a record high a year ago to $80.6 billion.
1d ago
AP FinanceLocal businesses in northern Nigeria feel the sting of regional sanctions against neighboring Niger
A decision by a bloc of West African nations to shut down their borders with Niger as a way of sanctioning its coup plotters is harming local businesses in northern Nigeria, where a cross-border economy has boomed for years. The bloc known as ECOWAS restricted financial transactions and shut the borders between Niger and its member nations as part of measures to force the coup plotters to reinstate Nigerien President Mohamed Bazoum who was overthrown last month by soldiers in his Presidential Guard.
17h ago
ReutersPakistan to privatise loss-making national airline
ISLAMABAD (Reuters) -Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines, the government said on Monday, as the country also seeks to outsource its airport operations in line with an IMF deal. The privatisation decision was taken at a meeting of the Cabinet Committee of Privatisation chaired by Finance Minister Ishaq Dar. The committee "after deliberation decided to include Pakistan International Airlines Co. Ltd in the list of active privatisation projects of the ongoing privatisation programme, following an amendment in the law by the Parliament," a finance ministry statement said.
2d ago
ReutersExclusive-As US navigates summer of strikes, Biden's top labor adviser exits, source says
(Reuters) -President Joe Biden's top labor adviser, Celeste Drake, has stepped down, according to a source with direct knowledge of the matter, as the administration attempts to maintain labor peace and avoid threatened strikes during an election year. Drake is leaving the White House to serve as the Deputy Director-General of the International Labor Organization (ILO), based in Geneva, Switzerland, and starts in her new role on Aug. 14, according to the source, who did not wish to be named. Drake's departure comes at a critical time for an administration dealing with a summer of labor unrest, with estimates from national labor unions showing more than 650,000 U.S. workers were on or threatened strikes in the first half of 2023.
1d ago
BloombergLula Enlists Neighbors in Brazil’s Battle to Save the Amazon
(Bloomberg) -- The leaders of South America’s Amazon nations gathered in Brazil on Tuesday as President Luiz Inacio Lula da Silva pushes for a united strategy to save the world’s largest rainforest — and pressures the planet’s richest countries to help.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million Fortune
14h ago
AP FinanceWhite House holds first-ever summit on the ransomware crisis plaguing the nation's public schools
The White House on Tuesday held its first-ever cybersecurity “summit” on the ransomware attacks plaguing U.S. schools, in which criminal hackers have dumped online sensitive student data, including medical records, psychiatric evaluations and even sexual assault reports. “If we want to safeguard our children’s futures we must protect their personal data,” first lady Jill Biden, who is a teacher, told the gathering. “Every student deserves the opportunity to see a school counselor when they’re struggling and not worry that these conversations will be shared with the world.”
22h ago
News DirectSandy Barsky Appointed as Government Liaison for the Blockchain & Infrastructure, the Rise of AI Conference.
Washington, DC, July 10, 2023 (PlatoData via 500NewsWire) - The Government Blockchain Association (GBA) is thrilled to announce the appointment of Sandy Barsky as the Government Liaison for the upc...
14h ago
BloombergTrudeau Urged to Move Quickly on Carbon Pricing Backstop
(Bloomberg) -- Business and environmental groups are pushing Prime Minister Justin Trudeau’s government to quickly enact a program to guarantee carbon pricing revenue, or else lose out on the investments needed to reach Canada’s climate goals.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksWall Street WhatsApp, Texting Fines Exceed $2.5 BillionThe Glob
21h ago
AP FinanceUS inflation has steadily cooled. Getting it down to the Fed's target rate will be the toughest mile
Squeezing out the last bit of excess inflation and reducing it to the Federal Reserve's 2% target rate is expected to be a much harder and slower grind. A measure called “core” inflation, which excludes volatile food and energy prices, is even higher than overall inflation. The Fed pays particular attention to core prices as a signal of where inflation might be headed.
1d ago
TipRanks2 ‘Strong Buy’ Penny Stocks That Could Rally All the Way to $10 (or More)
Finding solid returns is the key to success in stock investing, but there are almost as many paths to that as there are investors. You can pack your portfolio with long-term stocks featuring slow appreciation; you can invest heavily in trending stocks that are riding a bubble, hoping to cash out at the right time; or you can buy into low-cost equities that feature high potential to boom. That last is the allure behind the penny stocks. Traditionally priced for a dollar or less per share, today t
1d ago
TipRanksThis Is the Biggest Investment in High-Speed Internet Ever — and These Stocks Are Set to Reap the Rewards
At the end of June, the Biden Administration unveiled an ambitious goal to ensure reliable broadband internet access for the entire US, even the most remote rural areas. The project will involve a federal outlay of $42 billion, allocated to the states over the next two years. The President touts the initiative as a move to close the ‘digital gap’ that separates the haves and have-nots in the world of high-speed connectivity. “It’s the biggest investment in high-speed internet ever, because for t
13h ago
FortuneMillennials and Gen Z are filled with financial regrets, and it’s sending them into a stress spiral
Nothing hurts like an empty nest egg.
18h ago
Barrons.comRivian Earnings Impressed. Wall Street Is Lifting Stock Price Targets.
Tuesday evening, electric-vehicle start-up Rivian reported strong second-quarter numbers, and increased production guidance. Analysts and investors are happy.
1h ago
AP FinanceUS investigating power-assisted steering failure complaints in older Ram pickup trucks
U.S. auto safety investigators have opened a probe into reports that some older Ram 1500 pickup trucks can lose power-steering assistance with little or no warning. Investigators say in documents posted Tuesday that if the power steering fails, it takes extra effort to steer the trucks and drivers could lose control. Stellantis, formerly Fiat Chrysler, recalled 440 pickups in 2016 to fix a power steering problem.
1d ago
BenzingaUber CEO Shocked By The Cost Of A 2.9-Mile Ride: 'Oh My God. Wow.' But Company Celebrates First-Ever Operating Profit Of $394 Million
Sometimes, regular riders may be shocked by the cost of an Uber ride, but it's not something you'd expect the company's CEO to encounter. But Wired Editor at Large Steven Levy recently took a 2.95-mile Uber ride in New York City to meet Uber Technologies Inc. CEO Dara Khosrowshahi. When Levy asked Khosrowshahi to estimate the ride's cost, he casually put it at $20. Much to everyone's surprise, the price turned out to be $51.69, including a tip for the driver. "Oh, my God. Wow," Khosrowshahi excl
1d ago
InvestopediaMoody's Downgrades Credit Ratings For 10 Banks, Puts Six Others On Notice
Ratings agency Moody's cut the credit ratings of several small and midsized banks late Monday and warned other big lenders, citing profitability challenges and funding risks.
22h ago
Investor's Business DailyJust 5 Stocks Produce 10% Of $75.7 Trillion Global Stock Market Wealth, Study Shows
5 stocks accounted for 10.3% of total global wealth created between 1990 and 2020. 159 stocks accounted for 50%.
23h ago
FortuneUPS drivers’ new $170k per year deal shows that unions (and Joe Biden) may just save the middle class after all
Bidenomics and a strong labor movement are in full effect as full-time UPS drivers win a high six figures.
16h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK