That percentage exceeded
the Dow Jones estimate of 2.3%.
President Biden took to Twitter
after the report was released.
.
However, NBC News reports that the increase is largely attributed to a narrowing trade deficit which economists don't expect to see again in future quarters.
Increased consumer and government spending, as well as nonresidential fixed investment, propped up gains too.
.
Increased consumer and government spending, as well as nonresidential fixed investment, propped up gains too.
.
But gains were offset by drops in private inventories and residential fixed investment.
.
Overall, while the 2.6% rebound in the third quarter more than reversed the decline in the first half of the year, we donāt expect this strength to be sustained, Paul Ashworth, chief North America economist at Capital Economics, via CNBC.
Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates.
We expect the economy to enter a mild recession in the first half of next year, Paul Ashworth, chief North America economist at Capital Economics, via CNBC
Marvel's Deadpool & Wolverine netted $205m (Ā£159.5m) at the box office in its debut weekend in North America - securing a spot in the top 10 openings of all.. Sky News
Phil Parkinson believes his Wrexham side should have beaten "billion-pound team" Chelsea after drawing 2-2 on their pre-season tour of north America. BBC Sport
'Beetlejuice Beetlejuice' starring Michael Keaton, Winona Ryder, Catherine O'Hara and Jenna Ortega will kick off this year's Venice International Film Festival. This will mark the world premiere for Tim Burton's hotly-anticipated sequel to his 1988 comedy-horror hit. The film will premiere in Venice on August 28th, screening out of competition. The Warner Bros. release hits the big screen in North America on September 6th and internationally beginning September 4th.
Credit: The Hollywood Reporter Duration: 01:18Published
Cyndi Lauper , Announces Farewell Tour.
The 70-year-old singer has announced the "Girls Just Wanna Have Fun Farewell Tour," CNN reports.
Lauper will play in 23 North American cities.
The tour kicks off on Oct. 18 in Montreal.
It will end on Dec. 5 in Chicago.
Pre-sale tickets will be available on June 4.
General sale tickets will be available on June 7.
Lauper is scheduled to talk about her upcoming
tour on 'Jimmy Kimmel Live!' on June 5.
Meanwhile, a documentary about Lauper
will debut on Paramount+ on June 4.
It is titled, 'Let the Canary Sing'
and is directed by Alison Ellwood.
According to a press release, 'Let the Canary Sing' , "chronicles Lauperās meteoric ascent to stardom
and her profound impact on generations through
her music, ever-evolving punk style, unwavering
feminism and tireless advocacy.".
The documentary takes the
audience on an engaging
exploration of a renowned and
pioneering artist who has left a
remarkable legacy with her art, Via press release
Credit: Wibbitz Top Stories Duration: 01:30Published
Kamala Harris pressed Israeli Prime Minister Benjamin Netanyahu on the dire humanitarian situation in Gaza, signaling a potential shift from President Biden's approach. Harris expressed serious concern and emphasized the need for Israel to consider the impact of its actions. This came amid ongoing efforts for a ceasefire in Gaza. Bidenās recent endorsement of Harris for the 2024 presidential nomination adds a new dynamic to U.S. policy in the region.
#Netanyahu #KamalaHarris #IsraeliPMNetanyahu #NetanyahuHarris #BidenNetanyahu #IsraelGazawar #IsraelHamas #Hamaswarlive #IsraelGazalive #Gazanews #Warnews #Worldnews #Oneindia #Oneindianews
~PR.320~ED.102~HT.334~
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported. .
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economyās core ā private
domestic sales to domestic
purchasers ā showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend. .
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2. .
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%. .
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
Credit: Wibbitz Top Stories Duration: 01:30Published
Walgreens Plans , āSignificantā Store Closures.
On June 27, Walgreens announced quarterly earnings
that were poorer than expected, NBC News reports.
The company's stock fell 15% in pre-market trading.
CEO Tim Wentworth issued a press release.
We continue to face a difficult operating
environment, including persistent
pressures on the U.S. consumer and the
impact of recent marketplace dynamics
which have eroded pharmacy margins, Tim Wentworth, Walgreens CEO, via press release.
Our results and outlook
reflect these headwinds, Tim Wentworth, Walgreens CEO, via press release.
Wentworth elaborated in an interview with CNBC.
The consumer is absolutely stunned by
the absolute prices of things, and the
fact that some of them may not be
inflating doesnāt actually change their
resistance to the current pricing, Tim Wentworth, Walgreens CEO, via CNBC.
On a call with analysts, Wentworth said that Walgreens' strategy will have to "include the closure of a significant portion of these underperforming stores.".
75% of our stores drive 100% of our
profitability today. What that means is
the others we take a hard look at, we are
going to finalize a number that we will close, Tim Wentworth, Walgreens CEO, via call with analysts.
The pharmacy chain currently
operates about 8,600 stores
Credit: Wibbitz Top Stories Duration: 01:30Published
US Water System May Be , Vulnerable to Cyberattack, by China, Russia and Iran.
CNBC reports that the United States
water system has been the target of a series
of cyberattacks over the past few years. .
In response, the Environmental Protection Agency
(EPA) has been forced to issue an alert warning
that 70% of water systems do not comply
with the Safe Drinking Water Act.
According to the EPA, some have āalarming
cybersecurity vulnerabilities,ā including
unchanged default passwords and former
employees who retain access to vital systems.
In February, the FBI issued a warning to
Congress that Chinese hackers have embedded
themselves into the U.S. cyber infrastructure. .
Those hackers have targeted water treatment
plants, the electrical grid, transportation
systems and other vital infrastructure.
Those hackers have targeted water treatment
plants, the electrical grid, transportation
systems and other vital infrastructure.
Water is among
the least mature
in terms of security, Adam Isles, head of cybersecurity
practice for Chertoff Group, via CNBC.
Stuart Madnick, an MIT professor of engineering
systems and co-founder of Cybersecurity at
MIT Sloan, warns that an attack that shuts off
water to the population is the main concern.
We have demonstrated in our
lab how operations, such as
a water plant, could be shut
down not just for hours or
days, but for weeks, Adam Isles, head of cybersecurity
practice for Chertoff Group, via CNBC.
Recently, EPA Administrator Michael Regan and
National Security Adviser Jake Sullivan sent a letter
to governors stressing the urgency of the threat. .
Recently, EPA Administrator Michael Regan and
National Security Adviser Jake Sullivan sent a letter
to governors stressing the urgency of the threat. .
CNBC reports that budgets, outdated
infrastructure and an overall reluctance to take
action may prevent necessary fixes from
being made before a serious attack.
Credit: Wibbitz Top Stories Duration: 01:31Published
European Union Announces , Higher Tariffs on Chinese EVs.
On June 12, the EU said it will
impose higher tariffs on imports of
Chinese electric vehicles (EVs), CNBC reports. .
The increase in tariffs is the result of a
probe launched by the EU in October.
According to the EU, the Chinese imports benefit "heavily from unfair subsidies" and threaten "economic injury" to European EV producers.
The influx of subsidized Chinese imports
at artificially low prices therefore
presents a threat of clearly foreseeable
and imminent injury to EU industry, European Commission, via statement.
A 38.1% tariff will be imposed on battery electric vehicle producers who refused to cooperate with the bloc's investigation.
A 21% tariff will be implemented for carmakers in China who complied
but have yet to be "sampled.".
On June 11, a spokesperson for China's Ministry of Commerce called the higher
tariffs a "protectionist act.".
The findings disclosed in the EU
ruling lack factual and legal basis, Spokesperson for China's Ministry of Commerce, via statement.
This is a naked protectionist act,
creating and escalating trade
frictions, and 'destroying fair
competition' in the name of
'maintaining fair competition.' , Spokesperson for China's Ministry of Commerce, via statement.
This move by the EU not only damages the
legitimate rights and interests of Chinaās
electric vehicle industry, but will also disrupt
and distort the global automotive industry
chain supply chain, including the EU, Spokesperson for China's Ministry of Commerce, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Elon Musk Drops Lawsuit , Against OpenAI.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
In February of this year, Musk filed a lawsuit against OpenAI and two of its co-founders, Sam Altman and Greg Brockman.
The suit alleged that OpenAI initially worked
to develop artificial general intelligence
"for the benefit of humanity" but later strayed
from that goal to become a for-profit entity. .
Musk, who had a hand in launching
OpenAI, was suing "for breach of contract
and fiduciary duty," CNBC reports.
In March, experts told CNBC that the suit had a murky legal foundation because there was no formal written agreement signed by each party.
On June 11, Musk dropped the lawsuit.
It was dismissed without prejudice.
His decision to drop the lawsuit comes
one day after he threatened Apple over
its new partnership with OpenAI.
His decision to drop the lawsuit comes
one day after he threatened Apple over
its new partnership with OpenAI.
He called the partnership "an unacceptable security violation" since Apple has
"no clue what's actually going on.".
Itās patently absurd that Apple isnāt
smart enough to make their own
AI, yet is somehow capable of
ensuring that OpenAI will protect
your security & privacy!, Elon Musk, via X.
Musk went on to say that if Apple
"integrates OpenAI at the OS level," the company's devices will be banned at his businesses.
Credit: Wibbitz Top Stories Duration: 01:31Published
Apple Is Reportedly Building , a Dedicated Passwords App.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
On June 6, Mark Gurman from 'Bloomberg' reported that Apple intends to build next-gen iPhones and Macs with a built-in password management app.
The new app will be called Passwords, Engadget reports.
The app will be revealed at the
Worldwide Developers Conference in June.
While Apple already offers password
services via the iCloud Keychain.
it can be tedious to find
or change passwords with it.
A dedicated passwords app would make the whole process easier and likely encourage some people to stick with Apple.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Similarly to subscription password managers 1Password and LastPass, Apple's app will
split passwords into categories.
Such categories include "accounts, WiFi networks and Passkeys," CNBC reports. .
Users will be able to
import passwords from other apps.
Two-factor verification codes
will also be supported.
It's not clear if Passwords will let you
store files and images as its rivals do.
Credit: Wibbitz Top Stories Duration: 01:30Published
RBI on Friday cut its GDP forecast for 2022-23 to 7% from 7.2% but retained the inflation projection... IndiaTimes - Published Also reported by •Zee News •newKerala.com
GDP grows 2.6% as midterms approach; New Uvalde bodycam footage fuels anger over law enforcement response; Putin blames West for war in Ukraine; and more on tonightās broadcast.
The Central Bank of Russia (BCR) has improved its GDP forecasts for the Russian economy this year, predicting a less severe recession than it previously thought.
Credit: euronews (in English) Duration: 01:15Published
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