Sen. Bill Hagerty of Tennessee has warned against the dangers of implementing a central bank digital currency. Bitcoin.com reports: U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase, which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws. Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central … [Read more...]
The End Has Come for Credit Suisse
UBS has completed its takeover of embattled bank Credit Suisse. The consolidation of the two Swiss banks is the biggest banking deal since the financial crisis, reports Noele Illien in Reuters. She writes: UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. Announcing the biggest banking deal since the 2008 global financial crisis, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said it would create … [Read more...]
FINALLY: Auto Parts Shortages Subside, Deliveries Accelerate
After enduring years of parts shortages, Japanese automobile manufacturers are speeding up deliveries in response to better parts availability. Hirofumi Yamanaka reports for Nikkei Asia, writing: Japanese automakers are making progress in reducing delivery times for new cars, thanks to easing chip shortages sparked by the COVID pandemic, according to a recent Nikkei survey of dealerships in Japan. For mainstay Toyota and Nissan models, delivery times have been cut in half from six months ago, the survey shows. Take Toyota's Yaris subcompact. In November, it took up to six months for a … [Read more...]
West Coast Bracing for Shipping Strikes
Just when the ports on the West Coast had moved beyond the backlog spike of 2021, negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association (which negotiates for the owners and operators of the ports along the West Coast) look like they could break down. Fox Business's Eric Revell reports: Disruptions at West Coast ports, particularly the major California hubs at the Ports of Long Beach and Los Angeles, and ongoing labor negotiations have raised concerns about supply chain woes hitting the U.S. economy during the peak shipping season. The … [Read more...]
Republican Congressman Moves to Outlaw CBDC Tests in America
A bill introduced by Congressman Alex X. Mooney (R-WV) would "prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.” Mooney's press release introducing the bill follows: WASHINGTON, DC – Rep. Alex X. Mooney introduced H.R. 3712, the Digital Dollar Pilot Prevention Act to close the Federal Reserve’s Central Bank Digital Currency (CBDC) pilot program loophole. Specifically, this bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability … [Read more...]
Semiconductor Equipment Sales to China Tank after Export Restrictions
The value of semiconductor equipment sold to China in the first quarter dropped by 23% compared to the year before after the Biden administration imposed restrictions on the export of certain technologies to the country. Dylan BUtts and Ann Cao report in the South China Morning Post: Semiconductor equipment sales to China fell in the first three months of the year – a sharp contrast to increased shipments to North America and global markets in the same period – as the world’s second-largest economy grapples with intensified trade restrictions imposed by Washington and its allies. During … [Read more...]
Two Year High for Jobless Claims
Weekly initial jobless claims surprised analysts on Thursday as they were higher than expected. At 261,000, the number of claims was the highest in two years. MarketWatch's Jeffry Bartash reports: The numbers: The number of people who applied for U.S. unemployment benefits in early June jumped to a nearly two-year high of 261,000, but most of the increase took place in just two states: Ohio and California. New jobless claims in the seven days ended June 3 climbed by 28,000 from the prior week, the Labor Department said Thursday. The figures are seasonally adjusted. Layoffs rose early in … [Read more...]
What Do You Know About Vanguard’s Wellesley Income Fund?
I was recently asked some questions about Vanguard's Wellesley Income Fund by a business associate. Below is a short summary of the questions and my answers. The first question was, "Who manages Wellesley Income Fund?" The answer is Wellington Management Company, which I have had dealings with from my earliest days in the industry at Model Roland & Co. on Federal St. in Boston, where I began work in August of 1971. Wellington was founded in 1928 in Boston, and is one of America's oldest institutional money managers. The two Wellington managers currently tasked with managing the … [Read more...]
China Factory Slowdown Depresses Energy Demand
Not even a heatwave in China can make up for the slowing industrial economy cooling demand for energy in the country. Coal prices are falling and LNG imports are slowing as manufacturers slow output. Reuters's Muyu Xu, Emily Chow, and Chen Aizhu report: An ongoing heatwave in China is boosting power demand for cooling, but tepid industrial demand and record high coal inventories are keeping prices at two-year lows and limiting spot liquefied natural gas (LNG) imports. Analysts do not see coal prices rising or spot LNG imports picking up anytime soon as a sluggish domestic recovery from … [Read more...]
Is the Regulation Reaper Coming for Crypto?
Is regulation about to kill cryptocurrency? No one knows, but it is obvious regulators are ramping up the attention they're paying to crypto after the SEC accused Binance and Coinbase Global of violating the law. Barron's Jack Denton reports: Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. This week provided another opportunity after the Securities and Exchange Commission accused two leading exchanges of violating a slew of U.S. laws. The crackdown against Binance and Coinbase Global COIN +1.41% (ticker: COIN) darkens long-term prospects … [Read more...]
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