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Business News

Location American Business News for 27 October 2022
With The Arrest of an Ex-Marine Corps Pilot, the 'Working with China' Problem Now Appears to be an American One Following the recent "threat alert" from British intelligence regarding 30 ex-RAF pilots working with the Chinese military, a Reuters report has confirmed what many suspected. The "working with China" problem is also lik...
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Economy Survives Technical Recession--But Worst Could Come Next Year, Experts Warn Despite a return to growth, the economy could shrink and lose millions of jobs next year.
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Meta fined $24.7M for campaign finance disclosure violations A Washington state judge has fined Facebook parent company Meta nearly $25 million for repeated, willful violations of campaign finance disclosure laws.
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JPMorgan CEO Jamie Dimon: US-China Tensions, Russia-Ukraine War 'Far More Concerning' Than Recession JPMorgan Chase CEO Jamie Dimon says the tensions between the U.S. and China and the Russia-Ukraine war are “far more concerning than whether there’s a mild or slightly severe recession.” He stressed: “I would wor...
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If you're looking for income, these investments have rarely been a better deal in recent years.
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What the IRS's New Tax Brackets Mean for You

Wall Street Journal - 27 Oct 2022 16:00
Changes to brackets, deductions and other benefits will lower some Americans' tax burden for 2023.
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U.S. Mortgage Rates Hit 7.08%, Highest in More Than 20 Years

Wall Street Journal - 27 Oct 2022 16:00
The rate on a 30-year fixed mortgage averaged 7.08% this week, according to a survey of lenders by mortgage giant Freddie Mac. Just seven weeks ago, the rate was below 6%. A year ago it was just over 3%.
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ECB Raises Interest Rates by 0.75 Point

Wall Street Journal - 27 Oct 2022 15:50
ECB Raises Interest Rates by 0.75 Point The European Central Bank increased interest rates by three-quarters of a percentage point for the second time in a row, moving briskly to quash record inflation even as the eurozone teeters close to recession.
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Hobby Lobby founder David Green credited his higher power as the "true source" of his success and chose to give away his company instead of profit.      
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During the quarter, Amazon held its annual Prime Day megasale, and also ratcheted up cost-cutting efforts amid rising expenses.
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Catching up to pledged global warming temperature limits requires a 45% emissions cut by 2030, United Nations officials say
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McDonald's Sales Growth Hit by Strong U.S. Dollar

Wall Street Journal - 27 Oct 2022 15:18
McDonald's Sales Growth Hit by Strong U.S. Dollar The burger giant says price increases and marketing boosted U.S. business, but its CEO has warned of a challenging outlook in 2023.
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The economy grew at an annual 2.6% pace in the third quarter, rebounding from two consecutive declines in the first half of the year that sparked debate about whether the U.S. had sunk into a recession.
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Dogecoin price jumps 40% on Elon Musk, Twitter's crypto wallet rumors DOGE could undergo a 20% price correction before the end of the year despite strong fundamentals.
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Stocks Have 4 Hurdles To Overcome To Move Significantly Higher There are at least four hurdles for the S&P 500 to continue to move higher. Two are fundamental related and two are technical.
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JPMorgan Exploring Digital Identity Wallets in Web3

Crypto News - 27 Oct 2022 15:00
JPMorgan Exploring Digital Identity Wallets in Web3 Major investment bank JPMorgan is exploring a future in "the new web" that would see users "freely traverse across digital realms in a trusted way, all using one digital identity in multiple places." More precisely, it i...
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A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance Some serious withdrawals are occurring on the world's biggest crypto exchange by volume.
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Argentina's Economy Minister Sergio Massa: From Buying Time To Running Out Of Time In one of the many ideological contradictions that characterize Argentina's ruling Frente de Todos coalition, Martín Guzmán was expelled from the Economy Ministry for trying to cut the deficit, only to be replaced by S...
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Jobless Claims Rose Slightly Last Week

Wall Street Journal - 27 Oct 2022 14:42
Jobless Claims Rose Slightly Last Week U.S. worker filings for jobless benefits, a proxy for layoffs, increased by 3,000 to 217,000, but remained near historically low levels.
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The US economy went back into growth mode in the third quarter of 2022, making an imminent recession less likely US gross domestic product rose at an annualized rate of 2.6% in the third quarter of 2022, beating the 2.4% growth estimate.
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Toronto-based Cinchy, which addresses the challenge of data integration for enterprises, has raised $14.5 million in series B funding.
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Apple Set to Report Record Revenue as Investors Watch for Sluggish Demand Sales of the latest iPhones have been strong for premium versions but slower for base models.
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