President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans and their investments to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal said.
Households around the globe have accumulated $5.4 trillion in additional savings compared with 2019's spending patterns, Moody’s has said. That equates to more than 6% of global gross domestic product.
America has turned into a consumption economy, according to veteran stockbroker Peter Schiff, who points out that economies can’t run on consumption because then they become “bubble economies.”
Bloomberg quickly polled several Wall Street traders who focused on the policy’s implications for investing, and concluded that while it was too soon to panic, prospects of a higher levy on stock profits could spark near-term selling as investors look to skirt a higher rate.
Direct exports from China’s northwestern Xinjiang region to the US surged 113% year-on-year in the first quarter of 2021 despite Washington’s import ban on cotton and other products.
The United States and Japan are teaming up to invest $4.5 billion in 6G technology. The goal is to create an alternative to a Beijing-led 5G data network.
Taiwan electronics manufacturer Foxconn has all but bailed on a $10 billion factory in Wisconsin which was supposed to employ 13,000 workers - only to have been plagued with setbacks and confusion from the start.
U.S. stocks closed lower on Monday, slipping from last week's record levels, as investors awaited guidance from first-quarter earnings to justify high valuations, while Tesla Inc shares fell after a fatal car crash.
