Monday, February 6

Tag: economy

Politics

House approves bill to prevent rail workers strike in bipartisan vote

Washington — Congress is moving swiftly to prevent a looming U.S. rail workers strike, reluctantly intervening in a labor dispute to stop what would surely be a devastating blow to the nation's economy if the transportation of fuel, food and other critical goods were disrupted. The House on Wednesday approved a bill that would impose a compromise labor agreement that was brokered by the Biden administration but rejected by four of 12 rail unions. The unions have threatened to strike if an agreement can't be reached before a Dec. 9 deadline. President Biden had urged Congress to intervene. The House vote to impose the contract was 290 to 137, with 79 Republicans joining 211 Democrats in voting to approve the measure. Eight Democrats and 129 Republicans voted against the legislation....
Business

Shoppers expected to spend more at small businesses this holiday season: “It looks more prosperous than last year”

The National Retail Federation estimates a record 166 million people will shop from Thanksgiving through Cyber Monday. Don Queen, who owns the store Classic Toys in Los Angeles, California, is gearing up for the holiday rush by stocking up his shelves with toys from the past. "It looks more prosperous than last year," Queen said.  A recent survey shows 63% of small retailers expect to see higher profits this holiday season, according to technology firm Capterra. It is estimated that more gift buyers are likely to shop on Small Business Saturday than Black Friday this year, according to Bankrate. The annual event dedicated to small businesses began in 2010. It's a welcome relief for mom-and-pop stores that cannot compete with sales at big box reta...
“Zombie Debt”: Homeowners face foreclosure on old mortgages
Business

“Zombie Debt”: Homeowners face foreclosure on old mortgages

Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000."I was shocked," said Prophete, who refinanced her two-family home in 2006, six years after arriving from Haiti. "I don't even know these people because they never contacted me. They never called me."Prophete is part of a wave of homeowners who say they were blindsided by the start of foreclosure actions on their homes over second loans that were taken out more than a decade ago. The trusts and mortgage loan servicers behind the actions say the loans were defaulted on years ago. Some of these homeowners say they weren't even aware they had a second mortgage because of confusing loa...
UK Politics Timeline | Barron’s
Politics

UK Politics Timeline | Barron’s

This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit By JOHN SAEKI October 20, 2022 Order Reprints Print Article UK politics timeline JOHN SAEKI ...
Buttigieg calls employment numbers “strong as hell” in defense of Biden economic policies
Politics

Buttigieg calls employment numbers “strong as hell” in defense of Biden economic policies

Transportation Secretary Pete Buttigieg on Sunday defended President Joe Biden's economic policies, saying the Biden administration's "top economic priority" is fighting inflation amid rising costs in food, housing and health care. But Buttigieg also touted the administration's COVID-19 recovery package, which he credited with having "rescued the economy" and said without it, "we would not have had the 10 million jobs created with this president with the lowest unemployment numbers in history.""Look, I don't think anybody could argue that, for example, our unemplyment numbers are anything but strong as hell," he said later in the interview. But more than two-thirds of registered U.S. voters say the Biden administration could be doing more to address inflation and the price increase...
Gaming

Stonkbros Are Angry Over Netflix’s GameStop Documentary Trailer

Image: Epic / Google / KotakuBack in January of 2021 GameStop’s stock price exploded as Reddit trolls went to war with old-school investors after the latter bet on the company failing. Reddit et al called their bluff, and well, it’s now the stuff of documentary films. Speaking of, Netflix just released a new trailer for its upcoming documentary about the wild “gamestonks” saga, and it’s made some of the trollish Redditors who were involved in all this very mad. So mad, they’re threatening to cancel their streaming subscriptions.Let’s rewind real quick to (briefly) explain what the hell happened back in January 2021.At the beginning of the year, GameStop’s stock was trading at under $20 a share, and the brick-and-mortar retail chain it was attached to was in desperate need of a Plan B. But ...
Politics in Air as Biden Visits Future Intel Plant in Ohio
Politics

Politics in Air as Biden Visits Future Intel Plant in Ohio

By AAMER MADHANI, JOSH BOAK and ANDREW WELSH-HUGGINS, Associated PressNEW ALBANY, Ohio (AP) — President Joe Biden steered clear of partisan politics at Friday's groundbreaking celebration for a huge new computer chip facility in Ohio — as a tough Senate contest in that state and a Democratic candidate seeking to distance himself from Biden reflected the challenge of translating White House policy wins into political gains.Biden, a major force behind the legislation that helped lure Intel, went to suburban Columbus to take a victory lap just as voters in the state are starting to tune in to the Senate race between Democratic Rep. Tim Ryan and Republican author and venture capital executive JD Vance. They're competing in a former swing state that has trended Republican over the past decade.R...
Senate passes Democrats’ sweeping climate, health and tax bill, delivering win for Biden
Politics

Senate passes Democrats’ sweeping climate, health and tax bill, delivering win for Biden

Washington — The Senate on Sunday passed Democrats' sweeping economic package designed to combat climate change, address health care costs and raise taxes on large corporations, marking a crucial achievement for President Biden and his party as they look to maintain their hold on Congress in the November midterm elections.The plan, called the Inflation Reduction Act, cleared the upper chamber by a vote of 51 to 50 along party lines, with Vice President Kamala Harris providing the tie-breaking vote in the evenly divided Senate. Democrats used a fast-track legislative process known as reconciliation to pass the measure in the face of unanimous opposition from Republicans."It's been a long, tough and winding road but at last, at last, we have arrived," Senate Majority Leader Chuck Sch...
Indonesia’s PayPal, Yahoo bans cast cloud over tech hub dream | Technology
Science

Indonesia’s PayPal, Yahoo bans cast cloud over tech hub dream | Technology

Jakarta, Indonesia – Indonesia’s temporary ban on major websites including PayPal has exposed the difficult balancing act Jakarta faces as it seeks to both tighten control of the internet and become Southeast Asia’s next tech hub. Indonesian President Joko “Jokowi” Widodo has listed digital infrastructure as a priority under his Making Indonesia 4.0 roadmap aimed at lifting his country into the ranks of the world’s top 10 economies. But even as Widodo has pushed the digital economy, overseeing Indonesia’s rise to become Southeast Asia’s second-largest recipient of venture capital and home to 13 tech unicorns valued at more than $1bn, his administration has sought to rein in the influence of internet companies among the country’s more than 270 million people. Those efforts have included the...