Why an FAA system failure stopped flights in the United States
After previously forcing all aircraft in the United States to be grounded due to a malfunction of the system that warns pilots of any obstructions before take-off, the Federal Aviation Administration (FAA) has now allowed some flights to resume.By early Wednesday morning, the outage had caused more than 600 cancelled flights and almost 4,000 delayed…
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Investors in U.S. stocks are fearful about a downturn as 2022 closes
As investors prepare for the anticipated recession in 2023, a difficult year for American equities is coming to a close. However, the market’s suffering may not be finished just yet.The benchmark S&P 500 index (.SPX) is dropped 19.8% year so far and is on track for its largest annual fall since 2008 as the Federal…
U.S. judge believes Celsius Network owns the majority of consumer cryptocurrency deposits
The majority of Celsius Network’s customers would be last in queue for reimbursement in the crypto lender’s bankruptcy, according to a U.S. bankruptcy judge’s ruling on Wednesday that Celsius Network controls the majority of the cryptocurrency that users placed into its online platform.About 600,000 accounts that included assets worth $4.2 billion before Celsius filed bankruptcy…
Tesla deploys its Shanghai chief and staff to boost US production
At a time when CEO Elon Musk has been preoccupied with Twitter, Tom Zhu of Tesla Inc. (TSLA.O) and a team of his subordinates have been called in to solve production concerns in the United States, stoking talk among colleagues that he is being prepared for a bigger position.Two persons with access to the situation…
In 2023, the United States is expected to start exporting crude oil
Over the past few years, the United States has emerged as a major exporter of crude oil, but since World War II, exports have not kept pace with imports. Next year, that might change.A record 3.4 million bpd – barrels per day of U.S. oil are being exported to other countries, along with around 3…
Faced with U.S. sanctions, China is preparing a $143 billion plan for its chip companies
Three sources claimed that China is putting up a $143 billion support plan for its semiconductor industry as part of a major effort to become self-sufficient in chips and to fend off American efforts to stall its technical advancements.The sources unveiled that Beijing intends to implement one of its largest fiscal incentive schemes over the…
U.S. faces a slew of CPI data, Wall St races front; Fed meetings
As investors get ready for the year’s final Federal Reserve meeting and a crucial inflation report, a double dose of possibly market-sensitive U.S. events take place the following week. This could establish the tone for asset prices throughout the rest of 2022 and beyond.In the past week, the S&P 500’s (.SPX) most recent recovery came…
U.S. lawmakers reduce proposed restrictions on Chinese semiconductors
According to a recent draught, U.S. senators have backed down from a proposal that would have imposed new restrictions on the use of Chinese chips by the U.S. administration and its contractors in response to opposition from trade associations like the U.S. Chamber of Commerce.The action is the most recent illustration of the industry’s attempts…
For any OPEC supply gaps, Europe cannot rely on the U.S. shale
Over the previous two decades, American shale oil drillers went from being ragtag wildcatters to multimillionaires, helping the country become the world’s top producer. However, they are currently running out of room to expand.The increase in oil output is slowing, and executives from several of the biggest companies are issuing warnings about potential future losses…
Black Friday for U.S. retailing shares was numbed as Christmas shopping begins
In a day when rising interest rates and inflation are having a significant impact on Main Street, investors monitored holiday spending to get a sense of consumer confidence. U.S. retail stocks maintained steady on Friday.Consumer discretionary stocks saw a marginal increase of less than 0.1%, as indicated by the S&P 500 Consumer Discretionary sector, which…