Economy

China’s CATL to give TSLA a run for money with long-range EV battery

 China’s CATL to give TSLA a run for money with long-range EV battery

(CATL), the biggest electric-car battery maker in the world has developed a new EV battery with a range of 1,000 km on a single charge.

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US retail sales drop 0.3%, first time in 5 months as auto sales dip

US retail sales drop 0.3%, first time in 5 months as auto sales dip

Highlights: US retail sales dipped 0.3% in May as auto purchases fell sharply. Despite a drop in auto sales, spending in gas stations surged, pointing toward a rising fuel cost. Restaurant sales, the Commerce Department’s only services c...

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US home equity touches record level at US$27.8 trillion in Q1

US home equity touches record level at US$27.8 trillion in Q1

US homeowners have currently more equity, which has touched the highest level ever. A Federal Reserve data reveals that US home equity grew almost 20% in the first quarter of 2022 to US$27.8 shattering the previous record. Data showed that tappabl...

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Why sending parcels may cost Aussies more?

Why sending parcels may cost Aussies more?

Highlights Postal service providers, including Australia Post, have announced massive bumps to their surcharge fees. High fuel and transportation costs emanating from Russia-Ukraine war have made things tougher for postal service providers. Th...

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Fed door open to 0.75% hike after inflation data, market moves

Fed door open to 0.75% hike after inflation data, market moves

  • June 14, 2022 02:31 AM PDT
  • Reuters

Highlights: Eroding inflation data has opened the door to a three-quarter-percentage point interest rate increase. Fed officials had earlier said they were considering a second straight half-point rate increase at the June 14-15 policy meeting....

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US luxury-home sales plunge the most since Covid-19 outbreak

US luxury-home sales plunge the most since Covid-19 outbreak

Highlights: The sale of luxury homes in the US fell the most since the pandemic broke out. Wealthy buyers recoil due to inflation, economic uncertainty, and a bearish stock market. Nassau County on New York’s Long Island saw the biggest ...

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Soaring gasoline, food prices boost US consumer inflation in May

Soaring gasoline, food prices boost US consumer inflation in May

  • June 10, 2022 06:20 AM PDT
  • Reuters

U.S. consumer prices accelerated in May as gasoline prices hit a record high and the cost of services rose further, suggesting that the Federal Reserve could continue with its 50 basis points interest rate hikes through September to combat inflatio...

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Central banks double down in fight against 'galloping' inflation

Central banks double down in fight against 'galloping' inflation

  • June 09, 2022 11:24 PM PDT
  • Reuters

LONDON: Major central banks are racing to ditch post-pandemic stimulus and picking up the pace of interest rate hikes to get on top of surging inflation. The Reserve Bank of Australia on Tuesday became the latest to deliver a hawkish surprise with a...

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US retailers rush to slash prices to downsize inventory

US retailers rush to slash prices to downsize inventory

Highlights: US retailers cut prices to clear heavily stocked inventory. The services industry kept inflation hot as prices went above pre-pandemic levels. The CPI data to come out on Friday kept investors edgy. Amid the rising inflation i...

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US household wealth declines for first time since 2020

US household wealth declines for first time since 2020

US household wealth declines for first time since 2020 Highlights: US household wealth dropped in the first quarter of 2022, the first time since 2020. US household net worth fell to US$149.3 trillion from a historic US$149.8 trillion at the end...

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Crypto bank vs Fed: It is not Fed’s first brush with litigation

Crypto bank vs Fed: It is not Fed’s first brush with litigation

Highlights: Wyoming-based crypto bank, Custodia has sued the Federal Reserve for blocking its access to Fed’s Masters Accounts. The lawsuit states that the central bank sat on Custodia’s application for 19 months without taking any ...

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