– Crude oil remains below $100 a barrel after plunging on Tuesday
– New CPI inflation reportshows that inflation was at 9.1% in June, highest rate for 41 years
– Initial unemployment claims hit 244,000 last week, an increase of 9,000 from the previous week's level.
– Euro loses against the dollar, with the two currencies reaching parity this week.
– Inflation rose 1.3 percent in June, leading to a year over year increase of 9.1 percent
– Fears over looming recession lead crude oil prices to continue their slump
– Those on Social Security await news of historic COLA increase in 2023
– How much has the CPI increased over the last year?
– Which States receive the most Social Security?
LATEST NEWS
What are the latest Social Security COLA predictions for 2023 after the June CPI?
Latest News
What does euro dollar parity mean for businesses and consumers?
FINANCIAL NEWS
How high is inflation in the US? New CPI reports outlines 9.1% annualised price increase for June
US NEWS
What does the CPI inflation report for June mean?
LATEST NEWS
Dollar exchange rate with major currencies and crude oil prices today, 14 July
US NEWS
$2,000 Child Tax Credit 2022: who is eligible for payment?
US NEWS
Bill Gates analyzes the coming economic crisis
Seven US Bitcoin miners gobble as much electricity as Houston
The current carbon footprint from mining Bitcoin alone is massive and until the recent crash of Cryptocurrencies had been growing. According an online calculator that tracks energy consumption created by the University of Cambridge, Bitcoin mining uses as much electricity as Sweden. A campaign called Change the Code Not the Climate cites a report in the journal Nature Climate Change that if it doesn’t change how it verifies its blockchain that Bitcoin alone could raise global temperature by 2 degrees Celsius if it became widely adopted.
An investigation by congressional Democrats released Friday found that seven of the largest Bitcoin mining companies in the US can consume as much electricity as homes in Houston. This drain on the electric grid has caused the price of electricity to rise for local residents and small businesses and stressed infrastructure for delivering energy.
CRYPTOCURRENCIES
How much electricity does a supercomputer dedicated to cryptocurrency mining consume?
Cheap power is driving the expansion of the cryptocurrency and other digital asset universe and, as the industry grows, more and more is gobbled up. Unfortunately, not all that energy comes from clean sources creating an ever-growing carbon footprint.
The reason is the computing power needed to verify transactions, and cooling systems to keep constantly running computers from melting, to add them to the blockchain in the decentralized network. However, there are calls to change the way that transactions are verified which could greatly reduce the staggering amount of energy needed.
Read more
LATEST NEWS
Dollar exchange rate with major currencies and crude oil prices today, 15 July
The June consumer price index report for the United States dashed hopes that inflation had peaked the month before jumping half a percent to 9.1 percent. The Federal Reserve may now contemplate going beyond a three-quarters of a percentage rate hike and raise interest rates by a full one percent for the first time since 1981.
“Everything is in play,” according to Atlanta Federal Reserve Bank President Raphael Bostic when the US central bank policymakers meet later this month to take further steps to put the brakes on rising prices. But the aggressive moves could trigger a recession, but that is considered the lesser of two evils. This along with other factors is surging the dollar and weakening the price of oil,at least for now.
LATEST NEWS
Twitter sues Elon Musk: How much will he have to pay if he loses?
The huge bid made by Elon Musk to buy out Twitter, considered by many analysts to be an offer too big to refuse, has broken down into a large squabble between one of the world’s richest men and a social media giant. Musk alleges that Twitter broke its part of the bargain, while Twitter argues that Musk has unfairly pulled out of their arrangement.
Expect a long legal battle.
Likely outcome of Twitter's lawsuit to force Elon Musk to buy the social media platform
Elon Musk offered to buy Twitter lock, stock and barrel for $44 billion this spring. But while the summer heats up the CEO of Tesla has gotten cold feet and said he's backing out of the agreement, putting him on the hook for a $1 billion break-up penalty.
Twitter, which originally tried to block Musk from taking over the social media platform, has now taken him to court to follow through with the deal. So how will the legal battle play out? It could take months or even years for there to be a resolution but Brian Stelter says that Twitter will want to get this over with as soon as possible.
Adding that they'll be looking perhaps not to have the world's richest man take over the company for the agreed price but get more than just the $1 billion penalty.
US NEWS
$2,000 Child Tax Credit 2022: who is eligible for payment?
The Child Tax Credit in 2022 will return to the conditions offered by the IRS before the American Rescue Plan expanded it. The amount of the credit is smaller, and eligibility is more restricted than last year under the rules which were established through the 2017 Tax Cuts and Jobs Act (TCJA). These changes will be in effect through the 2025 fiscal year, if no action is taken by Congress to modify the credit before then.
A big change that helped many families last year, instead of receiving monthly installments on the credit as they did from July to December in 2021, the money will be distributed in the form of a single tax credit which will either reduce the size of the recipient’s tax bill or increase their tax refund.
Get the full details
Latest News
What does euro dollar parity mean for businesses and consumers?
For the first time in two decades, the Euro and the US Dollar have reached parity, meaning that they are exchanging at the same rate. Between the two currencies, around six trillion dollars/euros are traded on the international market each day. The last time the two currencies reached parity was in 2002, when the paper and coin forms of the Euro were released. Since then, the Euro has maintained its position as the second most sought-after currency in the world.
The economies of the United States and the European Union are deeply intertwined and when trouble begins to bring in one, it is likely to appear in the other.
Read more.
Crypto lender Celsius files Chapter 11 as 'crypto winter' deepens
The value of crypto currencies plunged after peaking late last year, Bitcoin worth less than 30 percent of its peak value. The drop in values and collapse of stablecoin TerraUSD in May has wiped out small investors and is now taking a toll on crypto firms.
Less than two weeks after crypto lender Voyager suspended withdrawals and deposits then filed for bankruptcy, another has begun the process. New Jersey-based Celsius filed Chapter 11 on Wednesday. Its 1.7 million customers have been unable to redeem their assets after the crypto lender froze withdrawals and transfers last month citing "extreme" market conditions.
US NEWS
How to invest in cryptocurrencies according to the experts
Cryptocurrency has only been around for a little more than a decade with the advent of Bitcoin in 2009. Since then, the range of options to invest in digital coins and non-fungible tokens (NFT) has exploded. Crypto has its advocates saying its a great investment, and detractors who liken it to gambling or a Ponzi scheme.
The extremely volatile digital assets have been on a rollercoaster ride since just prior to the onset of the covid-19 pandemic with values soaring only to plummet just as fast. The crypto market capitalization has lost over two thirds of its value since it peaked over $2.9 trillion in November 2021. It should go without saying then that anyone planning on investing in Bitcoin or other digital assets should keep in mind their risk tolerance, financial health and whether their mental health can handle the whiplash of cryptocurrency swings.
Full details
FINANCIAL NEWS
How high is inflation in the US? New CPI reports outlines 9.1% annualised price increase for June
Today's CPI report outlines the rapid rate of price rises in the United States throughout the month of June. Price increases have been felt by consumers all across the country but the figures really put that into perspective as the annualised rate of inflation reached the highest level since 1981.
Here's everything you need to know about the worrying trend and which sectors have seen the most rapid price increases…
Read more
US NEWS
What does the CPI inflation report for June mean?
It’s another month of bleak economic news for Americans. Building upon May’s 8.6 percent increase, June has exceeded expectations to deliver a staggering 9.1 percent interest rate. This makes it the fastest increase in 41 years and it could continue to increase.
While the raw data looks bad, the price increases are nearly all driven by aspects outside of governemnt control: oil, fuel, and gas. While the government could expand US production, this is not a quick fix and would take many months before any impact were felt.
Read more
Netflix surprises industry chosing Microsoft to offer cheaper plan with ads
Netflix announced in April that it would be creating a fourth ad-supported subscription plan for consumers available at a lower price, along with its existing ads-free basic, standard, and premium plans. The streaming giant reports that it has teamed up with Microsoft to implement that plan.
”It’s very early days and we have much to work through. But our long-term goal is clear: More choice for consumers and a premium, better-than-linear TV brand experience for advertisers,” Netflix COO Greg Peters said. "We’re excited to work with Microsoft as we bring this new service to life.”
Chosing the company behind Windows took the ad industry by surprise which is used to seeing other tech firms that dominate technology for delivery adverts. Microsoft,often overlooked, had something the others the others tech giants couldn't offer, 'neutrality'.
Good to see companies working together and stepping up in the national effort to build a network of EV charging stations across the country. These types of partnerships will help us bring the benefits of EVs to every town and city.
GM plans to install fast EV chargers ever 50 miles along US highways
GM is teaming up with PiltoCo and EVgo to set up a network of EV fast chargers at intervals of 50 miles along US highways. The project will involve 500 Pilot and Flying J highway travel centers where a total of 2000 fast EV chargers will be installed in conjunction with the EVgo network.
They plan to have the majority up and running by 2023.
Financial News Live Feed
Hello and welcome to AS USA! We will be bringing you all the latest financial news and information from the US.
The June consumer price index report surpassed expectations, increasing bets that Fed will double down on rate hikes driving stocks down.
Recession fears in major economies and worries covid will cause slowdown in China push crude prices to lowest level since February.
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