China’s factory, consumer activity weakens in May

( ) -q-24- UNDATED (Correspondent Jeremy House) “not yet solid.'”

China’s factory and consumer activity weakened further in May.

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TAG: Correspondent Jeremy House reporting. China’s economic activity rebounded after the ruling Communist Party in December lifted controls that cut off access to major cities for weeks at a time and blocked most international travel. But consumers, uneasy about the economic outlook and possible job losses, returned to shops and restaurants less quickly than expected.

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VERBATIM: Meanwhile, surging unemployment among young people in cities broke the previous month’s record as an economic rebound following the end of anti-virus controls slowed. The Chinese government reported surveys found more than a fifth of potential workers in cities aged 16-to-24 were unemployed. That’s up slightly from April. The government says the recovery is “not yet solid.”

Toyota shareholders reject proposal demanding better performance on climate change

( ) -q-19- UNDATED (Correspondent Jeremy House) “internal combustion engines.”

Toyota’s shareholders have rejected demands from some investors that the automaker do a better job on fighting climate change.

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TAG: Correspondent Jeremy House reporting. The rejection at the shareholders’ meeting was widely expected. The majority of Toyota shares are held by the company and its group companies, retired employees and others sympathetic to the company’s perspective.

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VERBATIM: They also endorsed Akio Toyoda’s reappointment as chairman of the automaker. The investor proposal was initiated by a $20 billion Danish investment fund. It accused Toyota of lobbying to weaken efforts by governments around the world to phase out gas and diesel-fueled internal combustion engines.

EU: Google must break up digital ad business over competition concerns

European Union antitrust regulators are taking aim at Google’s lucrative digital advertising business.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The regulators say the tech giant must sell off some of its ad business to address competition concerns. The European Commission says its preliminary view after an investigation is that “only the mandatory divestment by Google of part of its services” would satisfy the concerns. The European Union has led the global movement to crack down on Big Tech companies, but rather than splitting up businesses it has previously issued blockbuster fines.

Shell ditches lower oil production target but insists it’s committed to cutting emissions

( ) -q-25- UNDATED (Correspondent Jeremy House) “decarbonizing its operations.”

Shell has effectively abandoned a plan to cut oil production by 1-2% per year until the end of the decade.

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TAG: Correspondent Jeremy House reporting. Shell and other oil giants have faced increasing pressure to do more to fight emissions from climate activists.

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VERBATIM: Europe’s largest energy company argued that it had already met the target it had set for itself in 2021 through asset sales. It says it has seen its production drop from 1.9 million barrels of oil equivalent per day in 2019 to 1.5 million last year. Shell’s new chief executive insists that the company was still committed to decarbonizing its operations.

Consumer price growth slowed in May, but underlying inflation stayed high

( ) -q-20- UNDATED (Correspondent Jeremy House) “and other items.”

Consumer prices in the United States cooled last month, rising just 0.1% from April to May.

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TAG: Correspondent Jeremy House reporting. The drop-off in overall inflation isn’t likely to convince the Federal Reserve’s policymakers that they’re close to curbing the high inflation that has gripped the nation for two years.

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VERBATIM: Despite the slowdown, some measures of underlying price pressures remained high. Measured year over year, inflation slowed to just 4% in May, well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, smaller increases in grocery prices, and other items.

Toyota responds to charges it’s not doing its part to deal with climate change

( ) -q-20- UNDATED (Correspondent Jeremy House) “minutes or less.”

Toyota says it plans to make an all solid-state battery as part of ambitious plans for battery electric vehicles.

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TAG: Correspondent Jeremy House reporting. Toyota plans to deliver 1.5 million EVs in 2026, by expanding its battery EV lineup and developing technology. Company President Koji Sato has said the company must play catchup after falling behind in EVs.

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VERBATIM: Toyota’s announcement comes amid mounting criticism Japan’s top automaker needs to do more to fight climate change. Toyota says it is aiming for a commercial next-generation battery as soon as 2027. Charging time, one of the main drawbacks of electric vehicles, will get shortened to 10 minutes or less.

Microsoft’s media literacy program aims to combat online misinformation

( ) -q-21- UNDATED (Correspondent Jeremy House) “spot misinformation themselves.”

A new effort to promote internet and media literacy by Microsoft has shown promising results in the fight against online misinformation.

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TAG: Correspondent Jeremy House reporting. New regulations are frequently floated as a solution to the problem of online misinformation but researchers say media literacy could be an even more practical and effective strategy.

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VERBATIM: The tech company worked with the nonprofit Trust Project late last year to create short advertisements. They directed viewers to a list of ways to quickly distinguish reliable news sources from sites peddling falsehoods and conspiracy theories. After seeing the list, people expressed greater confidence in their ability to spot misinformation themselves.

UK wages rise sharply in April, which could prompt further rate hikes

( ) -q-23- UNDATED (Correspondent Jeremy House) “recorded for January.”

Official figures show that wages in the U.K. spiked sharply in April.

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TAG: Correspondent Jeremy House reporting. Though wages are still lagging the headline rate of inflation, the increase is likely to feature heavily in next week’s deliberations among rate-setters at the Bank of England.

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VERBATIM: It’s a development that is set to cement expectations that the Bank of England will raise interest rates once again next week. The Office for National Statistics found that people’s regular pay packets were up 7.2% in the three months to April from the same period the year before. That’s up from the equivalent 6.6% year-on-year increase recorded for January.

China struggles with weak post-COVID economic recovery

( ) -q-23- UNDATED (Correspondent Jeremy House) “already be past.”

China’s manufacturing and consumer spending are weakening after a strong start to 2023, after anti-virus controls ended.

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TAG: Correspondent Jeremy House reporting. The Yizhuan Automobile Company, which makes trash and dump trucks, says sales are up only by single-digit percentages from last year’s depressed level. Retail spending is weaker than expected at a time when many consumers fret over the economic outlook and their jobs.

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VERBATIM: Automakers and other companies are struggling to rebuild sales and sending salespeople abroad to revive their export businesses following a three-year gap. China’s economic growth accelerated to 4.5% over a year earlier in the three months ending in March from the previous quarter’s 2.9%, but forecasters say the peak of that recovery might already be past.

Nasdaq to buy financial software company Adenza for $10.5 billion

( ) -q-28- UNDATED (Correspondent Jeremy House) “and compliance software.”

Nasdaq is buying software company Adenza  from software investment company Thoma Bravo in a cash-and-stock deal valued at $10.5 billion.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The transaction includes $5.75 billion in cash and 85.6 million shares of Nasdaq common stock. Adenza was created through the combination of Calypso and AxiomSL. Calypso serves capital markets participants with end-to-end treasury, risk, and collateral management workflows. AxiomSL supports financial institutions with leading regulatory and compliance software.

How billions in COVID-19 relief aid was stolen or wasted

( ) -q-22- UNDATED (Correspondent Jeremy House) “in multiple states.”

An Associated Press analysis found that fraudsters potentially stole more than $280 billion in COVID-19 relief funding.

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TAG: Correspondent Jeremy House reporting. In addition, federal loan applicants weren’t cross-checked against a Treasury Department database that would have raised red flags about sketchy borrowers. All of it led to the greatest grift in U.S. history.

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VERBATIM: The report says another $123 billion was wasted or misspent. Combined, the loss represents 10% of the $4.2 trillion the U.S. government has disbursed in COVID relief aid. Fraudsters used Social Security numbers of dead people to get unemployment checks. Cheaters collected benefits in multiple states.

Barnes & Noble in Manhattan’s Union Square votes to unionize

Workers at the Barnes & Noble in Manhattan’s Union Square, one of the retail chain’s signature stores, have voted to unionize

VERBATIM:

They join employees at a handful of other Barnes & Noble stores in the Northeast who have affiliated with unions in recent weeks. The move follows a wave of union activity over the past few years at independent booksellers. The Union Square employees are now part of the the Retail, Wholesale and Department Store Union. The union cited issues at the Union Square store from harassment to favoritism. Barnes & Noble said it looks forward to a new contract with the store’s workers.

Jury returns $63M verdict after finding Chevron covered up toxic pit on California land

( ) -q-22- UNDATED (Correspondent Jeremy House) “in the ground.”

A California jury has returned a $63 million verdict against Chevron.

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TAG: Correspondent Jeremy House reporting. The victim’s lawyer called the case a “blatant example of environmental pollution and corporate malfeasance.” Chevron said it disagreed with the judgment and would appeal.

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VERBATIM: The verdict comes after the jurists found the oil giant covered up a toxic chemical pit on land purchased by a man who built a house on it and was later diagnosed with a blood cancer. The lawsuit said a Chevron subsidiary had used the property as a sump pit for oil and gas production. It’s a process that left the carcinogenic chemical benzene in the ground.

‘Dollarization’ of North Korean economy threatens Kim’s rule

( ) -q-27- UNDATED (Correspondent Jeremy House) “angering the public.”

North Korea has tolerated the widespread use of more stable foreign currencies like U.S. dollars and the Chinese yuan since a bungled revaluation of the won in 2009 triggered runway inflation and public unrest.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The so-called  “dollarization” phenomenon helped ease inflation and stabilize foreign exchange rates. But experts say the currency substitution may hurt leader Kim Jong Un’s authority by undermining the government’s control of the money supply and its ability to set monetary policies. Now, observers say Kim may be trying to roll back use of the foreign currencies to tighten his grip on the economy, a move that could backfire by just confusing and angering the public.

Biden picks longtime transportation official as acting head of FAA

( ) -q-23- UNDATED (Correspondent Jeremy House) “Secretary Pete Buttigieg.”

The Federal Aviation Administration has another acting leader at the controls.

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TAG: Correspondent Jeremy House reporting. Trottenberg also headed the New York City Transportation Department and worked on Capitol Hill as a Senate staffer. The FAA has been without a permanent administrator for more than a year.

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VERBATIM: The White House says President Biden has picked longtime government official Polly Trottenberg to run the FAA. She replaces another acting administrator, Billy Nolen, who announced in April that he would leave soon. Trottenberg held a high-ranking job in the Transportation Department in the Obama administration. Most recently, she has been deputy to Transportation Secretary Pete Buttigieg.

US applications for jobless benefits highest since October 2021

( ) -q-22- UNDATED (Correspondent Jeremy House) “7,500 to 237-thousand, 250.”

The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021.

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TAG: Correspondent Jeremy House reporting. Overall, 1.76 million people were collecting unemployment benefits the week that ended May 27.

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VERBATIM: The Labor Department reports U.S. applications for jobless claims were 261,000 for the week ending June 3. That’s an increase of 28,000 from the previous week. Weekly jobless claims are considered representative of U.S. layoffs. The four-week moving average of claims rose by 7,500 to 237,250.

Leaders gather in Paris to accelerate wringing more out of every ounce of fuel

( ) -q-26- UNDATED (Correspondent Jeremy House) “growth in emissions.”

As 30 environment and trade ministers, and 50 CEOs gather in Paris for the 8th international conference on energy efficiency, the International Energy Agency is taking stock.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The conference brings together world leaders on energy, business, environment and climate to accelerate progress on energy efficiency globally. The agency just released a report that shows significant strides in improving energy efficiency. Investment increased 15% globally in one year to $600 billion. The report also notes growth is not leading to the traditional parallel growth in emissions.

Europe’s economy shrank. For households that are hurting, it’s just numbers

( ) -q-25- UNDATED (Correspondent Jeremy House) “definition of recession.”

The European economy has contracted slightly at the end of last year and beginning of 2023.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The revised figures from the European Union’s statistics agency underline the impact of the loss of Russian natural gas and high inflation on consumer spending. Economic output in the 20 countries that use the euro currency dropped 0.1% in both the final three months of 2022 and first three months of this year from the previous quarters. Two consecutive quarters of declining output is one definition of recession.

Debt ceiling debate worries U.S. consumers

Debt ceiling debate worries U.S. consumers

British PM Sunak to discuss Ukraine, economy and AI with Biden this week

( ) -q-18- UNDATED (Correspondent Jeremy House) “with President Biden.”

The war in Ukraine is top of British Prime Minister Rishi Sunak’s agenda as he starts a two-day trip to Washington.

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TAG: Correspondent Jeremy House reporting. The breaching of a major dam in southern Ukraine has given the subject added urgency. Sunak said that if Moscow was responsible it would “demonstrate the new lows that we would have seen from Russian aggression.” Sunak also wants to discuss closer economic ties and artificial intelligence during the trip.

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VERBATIM: Sunak is carrying the message that post-Brexit Britain remains an essential American ally in a world of emboldened authoritarian states. The U.S. and U.K. are the two biggest military donors to Ukraine. The war will be the focus of Sunak’s meeting Thursday at the White House with President Biden.

China trade tumbles in May, adding to signs economic recovery is slowing

( ) -q-27- UNDATED (Correspondent Jeremy House) “travel and commerce.”

China’s exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic recovery is slowing.

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TAG: Correspondent Jeremy House reporting. Retail spending is lower than expected as consumers worry about the economic outlook and possible job losses. Manufacturing activity has been contracting as interest rate hikes in the United States and Europe chill demand for exports.

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VERBATIM: Customs data show exports slid to $283.5 billion, reversing from April’s unexpectedly strong 8.5% growth. Imports fell to $217.7 billion, moderating from the previous month’s 7.9% contraction. Trade weakness adds to signs of a slowing of China’s rebound following the lifting in December of anti-virus controls that disrupted travel and commerce.

Federal Reserve won’t likely raise rates next week but maybe next month

( ) -v-35- UNDATED (Correspondent Jeremy House) “std.”

When the Federal Reserve meets next week, Chairman Jerome Powell will need to forge a consensus. Correspondent Jeremy House has more on the story.

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VERBATIM: One group of officials would like to pause their rate increases after 10 straight hikes to allow time to assess whether higher borrowing rates are slowing inflation. But a second group worries that inflation is still too high and thinks the Fed should continue hiking at least once or twice more — beginning next week. Some analysts believe Powell will turn what previously was considered a “pause” into a “skip.” A “pause” might suggest that the Fed won’t necessarily raise its benchmark rate again. A “skip” implies that it probably will — just not now…JH, Washington

U.S. sues Binance over mishandled funds, securities law violations

The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds. In a lawsuit filed by the SEC, Binance is also accused of operating as an unregistered exchange and violating a slew of U.S. securities laws. Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit lists thirteen charges against the firm. Binance is a Cayman Islands limited liability company founded by Zhao.

German factory orders dipped again as 2nd quarter started

Official figures show that German factory orders, an important indicator for Europe’s biggest economy, dipped in April after a big drop in March. The data pointed to a disappointing start to the second quarter. Germany’s Economy Ministry said orders were down 0.4% compared with the previous month. That followed a painful 10.9% drop in March. Economists had expected an increase in April, but the ministry said the figure was influenced in part by fluctuations in bulk orders.