Economy Archives - Page 2 of 50

Biden: Silicon Valley Bank Investors Will ‘Lose Their Money’

President Joe Biden has said that investors in the collapsed Silicon Valley Bank will "lose their money" because "that's how capitalism works." In a prepared address, Biden assured the American people that he has confidence that the U.S. banking system is safe. The president outlined his administration’s plan surrounding Silicon…

New York’s Signature Bank Closed Down by Regulators over ‘Systemic Risk’

Regulators have shut down New York's cryptocurrency-focused Signature Bank in an effort to prevent the banking crisis from spreading. The banking regulators cited "systemic risk" in a statement announcing the move on Sunday evening. "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York,…

Taxpayer Funding for Ford’s New Battery Plant Rejected by Michigan State Legislators

A plan to use taxpayer money to help fund the new Ford electric vehicle battery plant in Michigan has been rejected by state legislators. On Saturday, the Michigan House Freedom Caucus held a press conference to object to using tax dollars to fund the plant. The construction of the new…

Dutch Government Blocks Chinese Government from Access to Key Semiconductor Technology

The Dutch government agreed to block the Chinese Communist Party (CCP) from gaining access to chip manufacturing technology. The move heats up a longstanding conflict over semiconductors with China. CCP authorities have slammed The Hague over the move and accused the European Union state of siding with the United States…

U.S Economy Adds 311,000 New Jobs as Labor Growth Continues

The U.S. economy added 311,000 new jobs in February, according to the latest figures. Economists had projected 205,000 new positions last month. However, the number was down from 504,000 in January, according to the Bureau of Labor Statistics (BLS). The unemployment rate climbed to 3.6 percent, up from 3.4 percent,…

Elon Musk Responds after FTC Makes 350 Demands for Internal Twitter Information

The Federal Trade Commission (FTC) has allegedly demanded that Elon Musk hands over internal information about Twitter. The federal agency has reportedly demanded internal communications and information about layoffs, according to a House Judiciary Committee report. The demands were made as part of an FTC investigation into the social media…

Biden Admin Reverses Course, Gives Congress Green Light to Pass Bill Banning TikTok

President Joe Biden's administration has reversed course this week by announcing that it would support a Senate bill to outlaw the Chinese app TikTok in the United States. The Biden admin had been at a standstill for two years over how to deal with the threat to national security posed…

Congress Tackles ChatGPT amid AI Revolution

This week, senators and representatives have held separate hearings regarding the perils and promises of artificial intelligence (AI). The move signals lawmakers’ growing regulatory appetite in the wake of actions on the technology from the Biden administration. "AI is no longer a matter of science fiction nor is it a…

Senior Intelligence Official Warns of TikTok’s Influence on American Children

U.S. National Security Agency Director Paul Nakasone has warned that the Chinese Communist Party-linked social media app TikTok is influencing American children. During testimony delivered before the Senate Armed Services Committee on March 7, Nakasone said he is concerned about what data TikTok may be collecting on U.S. users. Nakasone…

Railroad Offers Temporary Help to East Palestine Residents Impacted by Toxic Train Derailment

Norfolk Southern Railway, the railroad company that owns the train that derailed in Ohio last month, has offered temporary help to the residents of East Palestine who are impacted by the toxic disaster. As cleanup continues more than a month after one of its freight trains derailed in the small…