Category: News

The European Central Bank (ECB) is expected to lower its key interest rate during its upcoming meeting, with market data from LSEG indicating a near certainty — a 99% chance — of a 25-basis-point reduction. This would bring the ECB’s deposit facility rate down to 2%, half of its 2023 peak of 4%. The rate…

China has implemented a national tracking system for its rare earth magnet sector, a move that signals a deeper level of control over this critical industry. According to sources familiar with the matter, the system, introduced last week, mandates producers to report detailed data online, including trade volumes and client identities. This new requirement comes…

The Bureau of Labor Statistics (BLS), the agency responsible for producing key U.S. economic indicators, has reduced its data collection efforts due to staffing shortages. These shortages stem from a federal hiring freeze implemented by President Trump on January 20, upon his return to office. As a result, starting in April, the BLS scaled back…

Air Canada and Southwest Airlines have joined a growing list of carriers now charging passengers for checked-in luggage, a trend that has drawn widespread criticism. Politicians and consumer groups are voicing their frustrations over what they call “junk fees,” which significantly increase the total cost of flying. Travelers like Lauren Alexander and Sage Riley express…

Charlie Scharf, CEO of Wells Fargo, admitted to feeling unexpectedly emotional after regulators lifted a $1.95 trillion asset cap that had long constrained the bank. Known for his stern demeanor, Scharf described the moment as deeply personal, reflecting on the hardships endured by employees and the bank’s protracted struggle since the fake-accounts scandal emerged in…

U.S. stock markets delivered mixed results on Wednesday as investors weighed ongoing trade negotiations and anticipated Friday’s employment report. The Nasdaq edged higher thanks to tech sector gains, while the S&P 500 remained mostly flat and the Dow slipped slightly. Treasury yields dropped, providing some relief to equity markets, as analysts observed a potential cap…

U.S. Treasury yields initially fell on Tuesday but later pared gains as investors assessed the implications of downgraded U.S. economic growth forecasts. The 10-year Treasury yield edged up slightly by 1 basis point to 4.464%, after earlier falling more than 4 basis points. The 30-year yield, however, dipped by 1 basis point to 4.985%. Yields,…

Swedish fintech giant Klarna, widely recognized for its “buy now, pay later” (BNPL) services, is branching out by introducing a Visa-powered debit card in the U.S. This new product, called the Klarna Card, marks a strategic shift as the company moves to reduce its reliance on short-term credit offerings. Klarna is initially piloting the card…

The Food and Drug Administration (FDA) is testing a new artificial intelligence tool called CDRH-GPT, intended to streamline the approval of medical devices like pacemakers and insulin pumps. However, according to two individuals familiar with the tool, it is still in beta and plagued by technical issues. These include connectivity problems with internal FDA systems,…

The U.S. Food and Drug Administration (FDA) has raised the tomato recall involving three states to its highest risk category, Class I. This classification indicates a serious health threat, including the potential for death. The recall was officially upgraded on May 28 due to concerns over salmonella contamination. Williams Farms Recalls Tomatoes Supplied by H&C…