New York (CNN Business) The American economy didn't get the memo that it's supposed to already be in a recession. The brutal GDP report released on July 28, showing the economy had contracted for a second quarter in a row, led some to insist the much-feared recession had already arrived. The good, the bad and the unknown of the inflation news And in some ways that makes sense: Since 1948, every period of back-to-back quarters of negative growth coincided with a recession. But the recession-is-already-here argument has been severely undermined since that GDP report came out. A series of events in the past 10 days suggest those recession calls are, at a minimum, premature. Yes, the economy is cooling off after last year's gangbusters growth. But no, it does not appear to be suffering the kind of downfall that would qualify as a recession. Read More Consider the following developments: The economy added more than … [Read more...] about American recession fears collide with reality
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THE DOLLAR’S DEMISE? … WSJ : Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia. The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said. The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year. EXAMINER : In blow to Biden, Saudi … [Read more...] about Editor Daily Rundown: Will Americans Face The Dollar’s Demise?
BIDEN SHOULDERS THE BLAME… ‘When Will This End?’: Sen. Manchin Goes After Biden Admin Over Inflation Democratic West Virginia Sen. Joe Manchin blamed the Biden administration for record-high inflation Tuesday as the president and his staff continue to claim that it is Russian President Vladimir Putin’s fault. “Inflation is a tax and today’s historic inflation data tells another chilling story about how these taxes on Americans are completely out of control,” Manchin said in a statement. “When will this end? It is a disservice to the American people to act as if inflation is a new phenomenon,” the senator continued. “The Federal Reserve and the Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country. Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame.” … AND THE BIRD POOP … … [Read more...] about Editor Daily Rundown: Vulnerable Dems Start To Sweat And Abbott Sends Illegals To Washington
- A + A KUALA LUMPUR (Aug 15): Kelington Group Bhd posted an 84.4% jump in net profit to RM13.56 million for the second quarter ended June 30, 2022 (2QFY22) against RM7.35 million recorded for the same quarter a year ago, thanks to higher project completion in Malaysia and Singapore. Quarterly revenue was at a record high of RM312.4 million, a 147.2% surge from RM126.39 million. The integrated engineering solutions provider's performance for the first half ended June 30, 2022 (1HFY22) also touched record highs with net profit jumping 69.5% to RM21.86 million from RM12.9 million and revenue jumping 110.1% to RM485.73 million from RM231.21 million. The group proposed to declare a one-sen dividend amounting to RM6.43 million, to be payable on Sept 22. Kelington told Bursa Malaysia on Monday (Aug 15) that the ultra-high purity (UHP) division remained as the primary revenue contributor, contributing to 63% of the group's total revenue in 1HFY22. Compared with the … [Read more...] about Kelington’s 2Q net profit surges 84% on higher project completion in Malaysia, Singapore
(CNN) The House of Representatives voted Friday to pass Democrats' $750 billion health care, energy and climate bill, in a significant victory for President Joe Biden and his party. The final vote was 220-207, along party lines. Four Republicans did not vote. Now that the Democratic-controlled House has approved the bill, it will next go to Biden to be signed into law. Final passage of the bill marks a milestone for Democrats and gives the party a chance to achieve long-sought policy objectives ahead of the upcoming midterm elections. It comes at a critical time as Democrats are fighting to retain control of narrow majorities in Congress. The sweeping bill -- named the Inflation Reduction Act -- would represent the largest climate investment in US history and make major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for … [Read more...] about House passes Democrats’ health care and climate bill, clearing measure for Biden’s signature
Be it an app or a new employee policy, changes are rarely welcome with open arms. Still, while they may not be a fan favourite, changes are a key component of any successful business. Just like social norms, a business has to evolve if it’s to remain afloat. This statement may be most true of small businesses – companies without the backing of tech giants and investment firms. To remain relevant, they have to remain visible and this means rebranding. However, keeping up with the revolving door of business trends is no easy feat – one misstep could cost you everything. Fortunately, there are still a few sound rebranding steps out there and this article just happens to have them all! First things first – find the root of the problem Similar to sophomore mathematics, not every business obstacle can be solved on the spot. Rather, a solid business approach requires getting to the root of the problem before attempting to fix it. So, before rolling out a rebranding strategy, … [Read more...] about 4 Easy Steps for Rebranding Your Small Business