Thursday, September 29

Tag: economy

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...
Federal Reserve hikes interest rates for the fourth time this year
Politics

Federal Reserve hikes interest rates for the fourth time this year

The Federal Reserve took an aggressive step on Wednesday to combat soaring inflation with the announcement of another larger than usual, three-quarters of a percentage point interest rate hike. The increase comes as central banking officials face a tough balancing act: bringing down rising prices amid growing concerns of an economic downturn.The latest increase brings the federal funds rate to between 2.25% and 2.50%, which is where it was at its most recent high in summer 2019 before the coronavirus pandemic. This marks the fourth interest rate hike of the year as consumer prices have risen at the fastest pace in more than 40 years. Five months ago, the federal funds rate was near zero percent. At its June meeting, the Federal Open Market Committee raised the federal funds rate by...
Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News
Business

Asian Stocks up After US Inflation Fuels Rate Hike Fears | Business News

By JOE McDONALD, AP Business WriterBEIJING (AP) — Asian stock markets rose Thursday after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth.Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street futures edged lower. Oil prices advanced.Wall Street's benchmark S&P 500 index lost 0.4% on Wednesday after data showed U.S. consumer inflation accelerated to 9.1% in June over a year earlier from May's 8.6%. That was despite three rate hikes this year by the Federal Reserve.Investors worry aggressive action by the Fed and other central banks to cool inflation that is at four-decade highs might derail global growth.Political Cartoons“Growth fears are hitting the markets harder than inflation concerns,” said Stephen Innes of SPI Ass...
Sri Lankan president flees the country amid economic crisis
Politics

Sri Lankan president flees the country amid economic crisis

The president of Sri Lanka fled the country early Wednesday, days after protesters stormed his home and office and the official residence of his prime minister amid a three-month economic crisis that triggered severe shortages of food and fuel.President Gotabaya Rajapaksa, his wife and two bodyguards left aboard a Sri Lankan Air Force plane bound for the city of Male, the capital of the Maldives, according to an immigration official who spoke on the condition of anonymity because of the sensitivity of the situation.Rajapaksa had agreed to step down under pressure. Prime Minister Ranil Wickremesinghe said he would leave once a new government was in place. Lawmakers agreed to elect a new president next week but struggled Tuesday to decide on the ma...
I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe | Politics News
Politics

I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe | Politics News

Colombo, Sri Lanka – Ranil Wickremesinghe, the newly appointed prime minister of crisis-hit Sri Lanka, has said he is confident he can turn the economy around – but cautioned it will take 18 months before stability returns. “The year 2023 is going to be difficult, but by 2024 things should pick up,” Wickremesinghe told Al Jazeera last week [Thursday] in a wide-ranging interview at his official residence in the capital, Colombo. The 73-year-old leader, who in May became prime minister for the sixth time, said that he took up the job under extraordinary circumstances. “We had nearly two days without a government; things were getting out of hand,” he said, recalling the mass protests over shortages of fuel and electricity that forced Mahinda Rajapaksa, his predecessor and the brother of Presi...
Add Rent to the Rising Costs Bedeviling Small Businesses | Business News
Business

Add Rent to the Rising Costs Bedeviling Small Businesses | Business News

By MAE ANDERSON, AP Business WriterNEW YORK (AP) — The rent has come due for America’s small businesses and at a very inopportune time.Landlords were lenient about rent payments during the first two years of the pandemic. Now, many are asking for back rent, and some are raising the current rent as well. Meanwhile, most of the government aid programs that helped small businesses get through the pandemic have ended while inflation has sharply pushed up the cost of supplies, shipping, and labor.Martin Garcia, owner of gift and décor store Gramercy Gift Gallery in San Antonio, Texas, survived the first part of the pandemic in part by paying his landlord whatever rent he could each month. Then in August 2021, after the federal moratorium on evictions ended, his landlord asked for the full amoun...
WTO Ministers Reach Deals on Fisheries, Food, COVID Vaccines | Business News
Business

WTO Ministers Reach Deals on Fisheries, Food, COVID Vaccines | Business News

By JAMEY KEATEN, Associated PressGENEVA (AP) — After all-night talks, members of the World Trade Organization early Friday reached a string of deals and commitments aimed to limit overfishing, broaden production of COVID-19 vaccines in the developing world, improve food security and reform a 27-year-old trade body that has been back on its heels in recent years.WTO Director-General Nzogi Okonjo-Iweala, after a pair of sleepless nights in rugged negotiations, concluded the WTO’s first ministerial conference in 4-1/2 years by trumpeting a new sense of cooperation at a time when the world faces crises like Russia's war in Ukraine and a once-in-a-century pandemic that has taken millions of lives.“The package agreements you have reached will make a difference to the lives of people around the w...