Business Update – 5 July 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Federal Reserve Board releases results of annual bank stress test
The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.
United gives 30,000 frequent flyer miles to travelers hit by flight delays, CEO says schedule cuts needed
United Airlines is offering 30,000 frequent flyer miles to customers affected by flight disruptions. The airline had outsize flight delays over the past week that kicked off with bad weather.
West Coast port workers in Canada officially begin strike
West Coast port workers in Canada have officially gone on strike, an action that could have ripple effects reaching beyond the U.S.’s northern neighbor.
Malaria Reemerges in the US for the First Time in 20 Years
Malaria, an infectious disease once a leading cause of death in the United States, was eradicated in the 1950s. However, a recent health warning issued by the U.S. Centers for Disease Control and Prevention (CDC) has raised concerns about a potential resurgence of this deadly mosquito-borne disease.
White House announces $42 billion plan to expand high-Speed broadband access across the US
The White House has announced a plan to distribute $42 billion among all 50 states in order to improve access to high-speed broadband by 2030.
Supreme Court votes against Biden Student loan Forgiveness Program
The Supreme Court voted 6–3 on June 30 to strike down President Joe Biden’s controversial plan to partially forgive student loans.
IRS rescinds COVID relief for HDHP plans
The Treasury and the Internal Revenue Service have rescinded pandemic-era guidance that allowed high-deductible health plans to cover COVID costs.
4 volunteers just entered a virtual “Mars” made by NASA. They won’t come back for one year.
Four volunteers entered a simulated Mars habitat where they are expected to remain for 378 days while facing a range of challenges designed to anticipate a real-life human mission to the red planet.
Crypto lobbyists ask SEC for info on Prometheum, the mysterious ‘regulated’ crypto firm
Blockchain Association lawyer Marissa Coppel announced that the trade group had filed a Freedom of Information Act request with the U.S. Securities and Exchange Commission (SEC), seeking records relevant to Prometheum, a crypto broker. Prometheum co-CEO and a founder Aaron Kaplan spoke before the House Financial Services Committee on Tuesday, broadly in support of the Gary Gensler SEC’s positions on crypto regulation.
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