Wall Street stocks shrugged off early weakness and pushed higher Wednesday as they followed European bourses upward after strong US economic data.. The gains by stocks "suggests perhaps that buyers were influenced more by the hopeful economic implications of the January retail sales data than its potentially adverse implications for monetary policy," said Briefing.com.
US lawmakers issued subpoenas to top Silicon Valley executives on Wednesday as Republicans seek to establish an unproven conspiracy theory that Big Tech and the government have colluded to suppress conservatives' free speech.. "Congress has an important role in protecting and advancing fundamental free speech principles, including by examining how private actors coordinate with the government to suppress First Amendment-protected speech."
Ford plans to suspend production of its F-150 Lightning electric pickup truck through "at least" the end of next week, a company spokeswoman said Wednesday.. "By the end of next week, we expect to conclude our investigation and apply what we learn to the truck's battery production process; this could take a few weeks."
World Bank chief David Malpass announced Wednesday he would step down nearly a year early from his position heading the development lender, amid questions over his climate stance.. The head of the World Bank is traditionally an American, while the leader of the other major international lender in Washington, the International Monetary Fund, tends to be European.
World Bank chief David Malpass announced Wednesday he would step down by the end of June from his position heading the development lender.. In a note to staff seen by AFP, Malpass said: "Developing countries around the world are facing unprecedented crises and I'm proud that the Bank Group has continued to respond with speed, scale, innovation, and impact."
US aviation officials have taken steps to avert a repeat of January's emergency grounding, but a top regulator said Wednesday that a meaningful system upgrade won't be ready before 2025.. Billy Nolen, acting head of the Federal Aviation Administration, attributed the nationwide January 11 grounding of commercial planes to a mistake by a contract employee, who deleted computer files needed for a key air safety system.
The United States risks defaulting on payment obligations as soon as July, if lawmakers fail to resolve a gridlock and raise the federal borrowing limit, according to Congressional Budget Office estimates Wednesday.. "If the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government would be unable to pay its obligations fully," the CBO warned Wednesday.
Shares in Barclays slumped as much as 10 percent Wednesday after the British bank announced a surge in bad loans alongside a drop in annual profits linked to US litigation charges.. Barclays booked a charge of £500 million ($605 million) in the final quarter on soured loans linked to "macroeconomic deterioration".
Urban planners are fending off abuse fuelled by conspiracy theories about their "15-minute city" regeneration projects which suspicious social media users claim are the road to "climate lockdowns".. Social media users shared an article that falsely claimed residents would be "confined to their local neighbourhood and have to ask permission to leave it, all to 'save the planet'."
Retail sales in the United States rebounded in January, said government data released Wednesday, logging the biggest gain since 2021 as policymakers watch for signs that consumer demand is cooling in the longer run.. The surge in January was the biggest monthly rise since early 2021, according to official data.
