July 6, 2024
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Travel

City of London to Ease Restrictions on Black Taxis to Enhance Safety and Accessibility

Black taxis will soon return to the heart of the City of London following a decision by the Corporation of London’s governing body, the Court of Common Council, to roll back restrictions implemented seven years ago. These measures, initially adopted to improve safety for cyclists and pedestrians at the busy Bank Junction outside the Bank

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Economy News

US Mortgage Rates Fall to Two-Month Low of 6.87%

Mortgage rates in the United States have declined for the third consecutive week, reaching their lowest level since early April. According to Freddie Mac, the average rate for a 30-year fixed mortgage dropped to 6.87%, down from 6.95% the previous week. While this series of rate reductions offers some relief to potential homebuyers, many are

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Business

Strategic Bets Could Profit if Fed Cuts Interest Rates in July

On Wall Street, two significant wagers in the fed funds futures market have captured attention, reflecting a shift away from the market consensus on when the Federal Reserve might cut interest rates. These bets stand to benefit if expectations build that U.S. policymakers will reduce rates as early as July. While the likelihood of a

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China Travel

Ontario Premier Urges Trudeau to Impose Tariffs on Chinese Imports

Ontario Premier Doug Ford has urged Prime Minister Justin Trudeau to align with the Biden administration by imposing tariffs on Chinese imports, including a significant levy on electric vehicles (EVs). Ford’s proposal includes at least a 100% tariff on Chinese EVs to protect Canadian jobs and industries. Ford accused China of exploiting low labor standards

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Commodities

WTI Reaches Six-Week High Near $81 on Geopolitical Tensions and Fed Rate-Cut Expectations

West Texas Intermediate (WTI) futures on NYMEX surged to a six-week high, trading near $80.70 during Wednesday’s Asian session. The rise in oil prices is attributed to growing expectations of Federal Reserve rate cuts starting in September and escalating geopolitical tensions in the Middle East and Europe. Analysis: The CME FedWatch tool indicates a 67%

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China

China Sees Property Sector Stabilizing Amid Comparisons to Japan

China’s significant decline in new housing construction is sparking hopes that the property sector, long plagued by oversupply, may be finding its footing. However, without a comprehensive cleanup of bad assets, concerns about a Japan-like stagnation remain. Currently, China’s real estate situation mirrors that of the U.S. and Spain during their late 2000s property crises.

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United States

Wall Street Declines Amid Weaker Jobs Data and Profit-Taking

U.S. stock indexes edged lower on Tuesday as labor market data heightened concerns about economic weakness, compounded by profit-taking in some of Wall Street’s high-performing stocks. The Labor Department reported that job openings fell to 8.05 million in April, below the forecasted 8.35 million, ahead of the highly anticipated nonfarm payrolls figures for May, due

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United States

US Job Openings Decline in April as Labor Market Stabilizes

In April, U.S. job openings declined more than expected, reaching their lowest level in nearly three years. This development indicates a softening labor market, which could aid the Federal Reserve’s efforts to control inflation. The Labor Department’s Bureau of Labor Statistics reported in its Job Openings and Labor Turnover Survey (JOLTS) that job openings fell

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Automotive

Early Tesla Advocates Begin to Exit Amid Waning Growth Prospects

Some of Tesla’s institutional shareholders are starting to divest, convinced that the electric carmaker’s rapid growth phase might be over. Tesla’s shares have declined nearly 30% this year and over 50% since their 2021 peak, erasing about $600 billion in market value as CEO Elon Musk grapples with intense competition and decreasing sales. Although Tesla’s

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World

Biden Suggests Netanyahu May Be Prolonging Gaza Conflict for Political Gain

In a recent interview with Time magazine, U.S. President Joe Biden suggested that Israeli Prime Minister Benjamin Netanyahu might be delaying an end to the Gaza conflict for political purposes. The comments, made on May 28, come shortly before Biden unveiled a proposal for a Gaza ceasefire amidst growing political divisions within Israel. When asked

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