Business Update – 21 June 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Biden gambles that delaying sanctions and playing down espionage will improve China relations
The Biden administration has delayed punitive economic measures against China and played down Beijing’s intensifying intelligence-gathering to avoid jeopardizing its efforts to revive diplomatic talks between the two governments, according to former U.S. officials, congressional aides, Western diplomats and regional experts.
If Biden’s student loan forgiveness plan is struck down, what’s Plan B?
Each passing day brings the country closer to knowing if the Supreme Court will kill President Joe Biden’s student loan forgiveness plan and halt relief for the more than 40 million Americans who could have some of their debt erased. Advocates see another path – if the administration is willing to take it.
UPS strike: Union employees move one step closer to a massive walkout this summer
Unionized UPS workers voted overwhelmingly Friday to authorize a strike, setting the stage for the largest U.S. labor walkout since the 1950s. Teamsters, the union representing more than 340,000 package delivery drivers and warehouse workers, said 97% of employees voted to approve a work stoppage if the company and employees can’t agree to a new contract by midnight on July 31.
Americans continue spending as inflation cools
Americans are continuing to spend despite a cooling of inflation. Still, there are some troubling economic signs. Mark Strassmann breaks it all down.
Drivers getting some relief at the pump this summer
Drivers are getting some relief at the pump this summer due to the drop in oil prices. Though still high, the price of gas is down significantly from what it was a year ago. The national average for a gallon of regular Saturday was $3.58, according to AAA. This time last year, it was more than $5. Michael George has more.
How the Debt Ceiling impacts interest rates
While the impacts of a U.S. debt default has been widely analyzed, there has been little published on how it might impact interest rates on savings accounts at banks and credit unions. Read more about the potential impacts.
Microsoft says early June disruptions to Outlook, cloud platform, were cyberattacks
Microsoft reported that its Outlook cloud platform experienced disruptions in early June due to cyberattacks.
What you need to know about West Coast Port labor negotiations
The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) reached a tentative agreement in the West Coast labor dispute on June 14. The tentative agreement lasts for six years and covers the 29 ports responsible for most U.S. imports.
Everyone with a Louisiana or Oregon Driver’s License caught in one of the largest data breaches ever
The Oregon Department of Transportation (ODOT) and Louisiana’s Office of Motor Vehicles (OMV) are among the many victims affected by a massive data breach resulting from a global hack targeting the data transfer software MOVEit Transfer. This breach has compromised personal information for millions of individuals holding driver’s licenses or IDs in both states.
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