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Swiss central bank cuts its main interest rate by 1/4 point, citing easing inflationary pressures
( ) -q-25- UNDATED (Correspondent Jeremy House) “watchers by surprise.”
The Swiss National Bank says it has lowered its main policy rate by a quarter of a percentage point
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: In lowering the rate to 1.25-percent from 1.5-percent, the bank cited a drop in “underlying inflationary pressure.” This, despite an uptick in some costs like rents, tourism services and oil products. The central bank became the first among counterparts in major financial centers this spring to cut interest rates, with a similar quarter-point reduction in March that caught many market watchers by surprise.
EU criticizes France for excessive debt, putting pressure on Macron during election campaign
( ) -q-23- UNDATED (Correspondent Jeremy House) “take corrective action.”
The European Union’s executive arm is criticizing France for running up excessive debt.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: It’s a stinging rebuke at the height of France’s election campaign where President Emmanuel Macron is fighting off challenges of the right and the left. France was among seven nations that were warranted by the E-U Commission to face a so-called “excessive deficit procedure.” It is the step in a long process before any member state can be hemmed in and moved to take corrective action.
Trump-Endorsed Conservative Hung Cao Captures VA Senate Primary
Senator Ted Cruz Halts Bill That Would Give Free Broadband To Illegals
Doug Burgum: Trump Himself A “Deterrent” To Foreign Aggression
Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
( ) -q-25- UNDATED (Correspondent Jeremy House) “increased Medicaid spending.”
The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher.
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TAG: Correspondent Jeremy House reporting. One other factor was higher spending on FDIC insurance after the agency had not yet recovered payments it made after the banking crises of 2023 and 2024.
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VERBATIM: The latest projection represents a 27% increase compared to the CBO’s original estimate released in February. The major drivers of the change include: higher costs from the supplemental spending package signed in April that provides military aid to Ukraine and Israel. Other factors include higher than estimated costs of reducing student loan borrower balances and increased Medicaid spending.
McDonald’s is ending its test run of AI-powered drive-thrus with IBM
( ) -q-31- UNDATED (Correspondent Jeremy House) “down the road.”
Ever get your McDonald’s order mixed up at an AI-powered drive-thru?
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TAG: Correspondent Jeremy House reporting. Meanwhile, scores of other fast food chains have also begun exploring the implementation of AI in their drive-thru lanes — including Wendy’s, White Castle, Panera and Popeyes.
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VERBATIM: The experiment behind the fast food giant’s current automated order taker will soon be coming to a close. McDonald’s confirmed that it’s decided to end a global partnership with IBM, which has been testing this artifical intelligence technology at select McDonald’s drive-thrus since 2021. While the IBM partnership for McDonald’s current automated order taker is winding down, the Chicago-based company seemed to suggest that it wasn’t ruling other any other AI-related drive-thru plans down the road.
UK inflation falls to Bank of England’s 2% target rate for first time in nearly 3 years
( ) -v-32- UNDATED (Correspondent Jeremy House) “std.”
Inflation in the U.K. has returned to the Bank of England’s target rate of 2% for the first time in nearly three years. Correspondent Jeremy House reports.
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VERBATIM: Britain’s Office for National Statistics says inflation fell to 2% in the year to May from 2.3% the month before with food prices providing the biggest downward contribution. The latest figure is being touted by the governing Conservative Party. which notes its economic plan is “working” ahead of the general election in just over two weeks. Meanwhile, the main opposition Labor Party say working people are “worse off,” with mortgage rates higher than they have been for years and taxes at a 70-year high.
China shifts its aim in an investigation from Germany to European farmers
( ) -q-19- UNDATED (Correspondent Jeremy House) “on electric cars.”
The Chinese government is taking aim at European farmers instead of German automakers by launching an investigation into European Union pork imports.
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TAG: Correspondent Jeremy House reporting. The investigation of EU pork imports will cover various products including fresh and frozen pork meat and several internal organs. It is expected to take one year.
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VERBATIM: Just days ago, the E.U. said it plans to impose provisional tariffs on China-made electric vehicles. China’s Commerce Ministry didn’t mention the EV tariffs when it announced that it is opening an anti-dumping investigation into pork from Europe. But the move is widely seen as a response to the EU move on electric cars.
Majority of Americans favor forgiving medical debt, AP-NORC poll finds
( ) -q-27- UNDATED (Correspondent Jeremy House) “a government priority.”
Majorities of Americans favor forgiving all or some of an individual’s medical debt if the person is facing hardships.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: That’s according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. It finds that about half of Americans say it’s extremely or very important for the U.S. government to provide debt relief for those who have yet to pay off medical treatments. While reducing student loan debt has been a focus for President Biden, the poll found that Americans are more likely to say medical debt relief should be a government priority.
Grandson of Toyota founder wins shareholders’ approval to stay in leadership
Toyota shareholders have voted in support of all of the company’s proposals at their annual meeting.
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Out-cue: or safety problems]
TAG: Correspondent Jeremy House reporting. A shareholder proposal requesting that Toyota issue an annual report on its climate-related lobbying activities was rejected.
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VERBATIM: One proposal included keeping Akio Toyoda, the grandson of the Japanese automaker’s founder, as chairman of the board. The annual meeting has drawn attention because Toyota and other major domestic makers have been embroiled in a scandal centered around fraudulent certification tests for vehicles. The cheating did not result in recalls or safety problems.
Schumer Mocked For Fathers’ Day Grilling Post Fail
A new airport could spark the economy in a rural part of Florida
( ) -q-24- UNDATED (Correspondent Jeremy House) “in adult education.”
A rural Florida county is hoping a new $300 million airport will transform its economy and create more than 1,400 new, high-skilled jobs.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: To make good on its promise however, Hendry County’s educators will have to overcome some harsh realities. A third of Hendry County’s working-age adults lack a high school diploma, while almost half speak a language other than English at home, among the highest in Florida. As the airport project pursues approval, community groups and schools are working to fill teacher shortages and making investments in adult education.
The high cost of living is still biting the UK during PM campaign
( ) -q-25- UNDATED (Correspondent Jeremy House) “Labor Party wins.”
Since calling a general election for July 4, British Prime Minister Rishi Sunak has been at pains to repeat a key message on the campaign trail.
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TAG: Correspondent Jeremy House reporting. While Sunak’s Conservatives are widely expected to lose after 14 years in power, the dire state of the economy and a deep disillusionment with politics and politicians means that the prevailing mood ahead of the election is one of malaise.
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VERBATIM: The message…The economy is turning a corner. Inflation is down. And things are looking up. But that’s not the reality for millions across the U.K. still feeling the squeeze from high food, energy and housing prices. The persistent cost-of-living crisis is a top concern for voters in the parliamentary election. There isn’t much excitement or hope for change, even if the opposition Labor Party wins.
A year after deadly submersible implosion, deep-sea exploration continues
( ) -q-20- UNDATED (Correspondent Jeremy House) “and four others.”
The deadly implosion of an experimental submersible en route to the deep-sea grave of the Titanic last June has not dulled the desire for ocean exploration.
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TAG: Correspondent Jeremy House reporting. Family, friends and fellow sea explorers plan to hold both public and private ceremonies this week to honor the victims.
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VERBATIM: Tuesday marks one year since the Titan vanished on its way to the historic wreckage site. The U.S. Coast Guard quickly convened a high-level investigation into the disaster, but officials said no results will be released for at least another two months. The implosion killed the submersible’s operator, Stockton Rush, and four others.
WALL STREET BUSINESS REPORT 6-17
WALL STREET BUSINESS REPORT 6-17
Listen DownloadVOYAGER I
NASA’s Voyager 1 spacecraft is sending science data again.
Listen DownloadABORTION LAWSUIT
A judge has dismissed a lawsuit challenging federal rules to accommodate abortions.
Listen DownloadBiden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor
( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”
President Biden will nominate Christy Goldsmith Romero to replace Martin Gruenberg as head of the Federal Deposit Insurance Corporation. Correspondent Jeremy House has more on the story.
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VERBATIM: The announcement from the White House came after Gruenberg’s tenure became marred by allegations of workplace abuse that led to him to resign. Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator. Gruenberg last month said he would resign from the FDIC after an independent report by a law firm found incidents of stalking, harassment, homophobia and other violations of employment regulations, based on more than 500 complaints from employees…JH reporting.
Yellen says China’s trade policies could ‘interfere significantly’ with US bilateral relationship
( ) -q-28- UNDATED (Correspondent Jeremy House) “among other issues.”
Treasury Secretary Janet Yellen says Chinese “overconcentrated supply chains” pose a threat to U.S. jobs and recent investments meant to build up the U.S. green energy sector.
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TAG: Correspondent Jeremy House reporting. Yellen spoke Thursday at the Economic Club of New York.
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VERBATIM: The treasury secretary says there is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Inflation Reduction Act that President Biden signed into law in August 2022. Yellen pointed to the share of Chinese manufacturing firms losing money. She also cited high savings rates for China in comparison to other OECD countries and restrictive investment policies, among other issues.
Supreme Court, siding with Starbucks, makes it harder for NLRB to win court orders in labor disputes
( ) -q-27- UNDATED (Correspondent Jeremy House) “orders, or injunctions.”
The Supreme Court has made it harder for the federal government to win court orders when it suspects a company of interfering in unionization campaigns.
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TAG: Correspondent Jeremy House reporting.
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VERBATIM: The high court was acting on a case that stemmed from a labor dispute with Starbucks. The justices tightened the standards for when a federal court should issue an order to protect the jobs of workers during a union organizing campaign. The court rejected a rule that some courts had applied to orders sought by the National Labor Relations Board in favor of a higher threshold, sought by Starbucks, that must be met in most other fights over court orders, or injunctions.
