• Business

US blacklists dozens of Chinese entities due to security concerns

D.C. 11/25/21, 04:44

The Biden administration has added a dozen Chinese companies involved in supporting China’s military quantum computing applications to a trade blacklist. In a press release on Wednesday, Nov. 24, U.S. Commerce Department announced that its Bureau of Industry and Security (BIS) has issued a final rule adding 27 foreign entities and individuals to ...

Samsung invests $17 billion in Texas chip plant to curb supply chain issues

U.S. 11/24/21, 16:11

Texas will receive its largest-ever foreign direct investment from Samsung, as the South Korean electronics giant builds a $17 billion semiconductor factory in the Lone Star State. Gov. Greg Abbott's (R) office announced Samsung will build a new semiconductor manufacturing facility in Taylor, lifting the multinational's total investment in Texas to ...

US to release 50 million barrels from oil reserves to lower prices, challenges OPEC+

U.S. 11/24/21, 02:23

The Biden administration announced on Tuesday, Nov. 23, that it would tap the strategic oil reserve to cool down surging energy prices. “Today, I’m announcing that—the largest-ever release from the U.S. Strategic Petroleum Reserve to help provide the supply we need as we recover from this [COVID-19] pandemic,” President Joe Biden said ...

Apple and Amazon fined $225M for ‘antitrust’ lawsuit, Italian watchdog says

Europe 11/24/21, 01:54

On Tuesday, Nov. 23, the Italian Competition Authority (ICA) fined Apple and Amazon $225 million in an 'antitrust' lawsuit. According to the ICA, the two corporations' conduct violated European Union standards and harmed pricing competition. The fine is for Beats headphones, which Apple purchased for $3 billion in 2014. According to the BBC, ...

Target shuts its doors for Thanksgiving Day from 2021 onward

U.S. 11/23/21, 03:51

On Monday, Nov. 22, Target, like other retailers, announced that it will be closed for Thanksgiving Day and will continue to do so into the future. However, Target stated that some employees would be working in its distribution operations and call centers during holidays. "What started as a temporary measure driven by ...

Biden reappoints Jerome Powell as Fed Chair amid rising inflation

U.S. 11/22/21, 15:58

President Joe Biden on Monday nominated Jerome Powell to serve as chair of the Federal Reserve for a second term, expecting Powell would help contain inflation and bring the U.S. economy back to life "as we emerge from the pandemic", the White House announced in a statement on Nov. 22. Biden ...

Poll: Two-thirds of Americans disapprove of Biden’s handling of inflation

U.S. 11/21/21, 18:47

As inflation is biting into the households' budget, about two-thirds of Americans said that they disapproved of how President Biden is handling the inflation in a new poll. Recent government data showed that U.S. annual consumer prices in October climbed 6.2% from a year ago, marking the highest inflation rate since ...

China’s economy continues to exist by taking advantage of the US

U.S. 11/20/21, 17:30

Nathaniel Taplin, an economic and financial columnist for The Wall Street Journal, in an article titled "China's Economy Rests on Three Shaky Legs," analyzed China's economic troubles. Taplin said that the Chinese economy is suffering on all sides: power outages, heavy debt, challenging transportation routes, and the outbreak of Delta variant ...

Beijing heavily fines Alibaba and Baidu for failing to report old deals

Tech 11/20/21, 03:07

According to Reuters, China's market regulator on Saturday, Nov. 20, said it was fining companies including Alibaba, Baidu, and JD.com for violating anti-monopoly legislation, by not declaring 43 deals that date as far back as 2012 to authorities. Each enterprise involved in the cases would be fined $78,000, it said, the ...