Beijing has attacked the retailer over Xinjiang, after similar moves against Intel, Adidas and H&M A New Year’s Eve salvo from Beijing accusing Walmart Inc. of “stupidity and shortsightedness” has driven home a stark challenge for Western businesses in one of their most promising markets: As governments ratchet up accusations of human-rights violations in China, … Read more
The US has exported more empty shipping containers this year than any single good, according to a MarketWatch report. Surging US import rates incentivized shippers to skip American-made exports and hurry back to Asia. Agriculture exports dropped 22% in 2021, increasing the US trade deficit to record highs. The US’ biggest export this year was … Read more
Democrats are about to include a massive tax cut for the wealthy in their social spending plan. The plan could deliver much larger benefits to high-earners compared to middle-income families. Democrats argue that passage of the SALT cap in the Trump tax law was punitive to blue-state voters. Rich Americans could come out much further … Read more
Treasury Sec. Janet Yellen said Congress has until October 18 to raise the debt limit. She previously said the government’s ability to pay its bills will run out sometime in October. The GOP struck down a bill that would have raised the limit on Monday, refusing to help Democrats. See more stories on Insider’s business … Read more
Billionaire hedge fund manager Bill Ackman told CNBC on Monday the economy will see a “massive” boom in the fall despite the coronavirus Delta variant. Ackman said trillions of dollars in federal stimulus, an increase in wages, pent-up savings, and the rise in vaccinations will lead to a “massive, massive economic boom.” The investor also … Read more
The Federal Reserve’s daily cash operations approached $1 trillion on Wednesday, as banks and other market participants drowning in cash look for somewhere to park their money. The Fed’s “reverse repo” facility, where financial institutions can deposit cash overnight, took in an all-time high of $992 billion on Wednesday, according to Fed data. Usage shot … Read more
The Fed is “carefully” watching the housing market as huge demand sends prices soaring, Chair Jerome Powell said. The central bank doesn’t see “the kind of financial stability concerns” that fueled the 2008 crash, he added. Powell said he hopes homebuilders react “and come up with more supply,” which would also boost job growth. See … Read more
President Biden this week proposed raising the capital gains tax rate to as high as 43.4% for wealthy Americans. The tax hike comes as a part of Biden’s second infrastructure bill, the “American Families Plan.” Experts say the plan is unlikely to pass into law with the proposed rate, but if it does, it could … Read more