Economy Archives - Page 22 of 56

Elon Musk Confirms Tesla to Build Lithium Refinery in Texas

Tesla CEO Elon Musk has confirmed that the electric vehicle company is pressing ahead with plans to build a lithium refinery in Texas. The move aims to boost domestic production of the key commodity used in electric vehicle batteries. Musk made the remarks during a Tesla earnings call on Wednesday.…

Jeff Bezos Issues Grim Warning on the Economy: ‘Batten Down the Hatches’

Amazon founder Jeff Bezos has issued a grim warning about where the economy is heading. Despite denials from the Biden administration, the United States economy has met the rule-of-thumb definition of a recession - two consecutive quarters of negative growth. The economy contracted at a 1.6% annualized rate in the first…

Pelosi Admits Biden’s Policies Partly Caused Inflation

House Speaker Nancy Pelosi (D-CA) has admitted that President Joe Biden's policies are partly responsible for America's red-hot inflation. On Tuesday, Pelosi admitted that part of what’s behind the sky-high inflation is Biden’s policies on job creation. Pelosi made the admission during Tuesday's broadcast of MSNBC’s “Andrea Mitchell Reports.” The…

EU Considers Paying for Elon Musk’s Starlink Internet for Ukraine

The European Union is considering plans to pay for Elon Musk's Starlink to continue providing Internet access for Ukraine, according to reports. A Lithuanian official reportedly told Politico that EU countries are now discussing covering the costs. The news comes as Elon Musk’s aerospace company SpaceX continues to pay for…

Elon Musk: Starlink Adding Donation Feature after Ukraine Funding Controversy

Tech entrepreneur Elon Musk has announced that SpaceX would be rolling out a feature to let people donate Starlink satellite internet units to places in need. The move comes after Musk said that the aerospace company could no longer continue to fund Starlink in Ukraine “indefinitely.” In a Monday post…

General Motors Secures LandMark Deal with Australian Critical Minerals Company

Automotive giant General Motors (GM) has signed a landmark deal with an Australian critical minerals company. The agreement will secure the future production and supply of critical minerals for batteries used in electric vehicles (EVs). The deal is critical to secure “all battery raw material to support GM’s goal of…

IMF: Higher Inflation Requires ‘More’ Monetary Policy Tightening in Asia

The International Monetary Fund (IMF) has warned that Asia’s central banks must tighten monetary policy further to ensure that inflation returns to target levels. The warning from the IMF comes as currencies across the region weaken. The director of the IMF’s Asia and Pacific Department, Krishna Srinivasan, said that a…

India Increases Festival Spending despite Red-Hot Inflation Concerns

Consumer spending is increasing in India during the Hindu festival season, despite major concerns about red-hot and rising inflation. The festival season started began in September, with sales already exceeding pre-Covid spending. Online and offline sales are projected to exceed $27 billion in November. Offline festival sales have totaled nearly…

Trump’s Truth Social App Approved on Google Play Store after Months of Deliberations

President Donald Trump's social media platform Truth Social has finally had its app approved for distribution on the Google Play Store. The 45th president founded the company under his Trump Media & Technology Group (TMTG). Truth Social's app approval comes after months of back-and-forth pertaining to the platform’s content moderation…

Federal Budget Deficit Hits $1.4 Trillion, Despite Shrinking: CBO

By the end of the fiscal year 2022, the U.S. federal budget deficit was a staggering $1.4 trillion, despite shrinking, according to estimates published by the Congressional Budget Office (CBO). For this past fiscal year, which ended September 30, the deficit was around half of the prior year. For the…