California governor: $98B surplus backs true pro-life state

California Gov. Gavin Newsom on Friday pledged to use the state's record-breaking $300 billion budget, including an unprecedented nearly $100 billion surplus, to “future proof” the state from the impacts of a volatile midterm election cycle that he fears will undermine abortion access, gun safety and privacy protections across the country. The first-term governor of the nation's most populous state — and a potential Democratic presidential candidate — used his budget presentation on Friday to prop up his progressive credentials while attacking his rivals in conservative states. With the U.S. Supreme Court poised to possibly overturn Roe v. Wade next month, Newsom pointed to a sign displaying California's lower COVID-19 death rate compared to the Republican-led states of Florida, Texas and Arizona, all of which are expected to further restrict or outlaw abortions if the court overturns Roe.

Biden, Democrats under fire for ‘flat-footed’ abortion response

Advocates are demanding that the White House and Democrats develop an immediate strategy for defending abortion rights with potentially only weeks remaining before the Supreme Court strikes down Roe v. Wade. Frustration among activists was palpable this week after a vote to advance a long-shot bill to codify Roe’s protections failed to garner even 50…

Sebastian Munoz breaks course record, becomes first PGA Tour player to shoot 60 or better twice in a season

Using a pair of eagles and a supremely hot putter, Munoz fired his second 60 of the season, grabbing the lead.

Suspicious Clarence Thomas Complains He's 'Looking Over' His Shoulder Since Leak

Thomas called the leak "tremendously bad" for the court and "kind of an infidelity."

Democrats criticize Stefanik for calling for halt to baby formula sent to southern border

View Post Multiple House Democrats on Friday criticized House Republican Conference Chairwoman Elise Stefanik (N.Y.) after she issued a tweet blasting the White House for sending baby formula to migrant families at the southern border amid a nationwide shortage. “Joe Biden continues to put America LAST by shipping pallets of baby formula to the southern…

‘There is no threat’: Cain Velasquez defense attorney Mark Geragos optimistic bail will be granted

The "Free Cain" support has been strong, but Velasquez remains behind bars. Attorney Mark Geragos hopes that changes Monday.

Here's why meme stocks are hinting at another flashy rally for `junk stocks`

We've seen this movie before only to watch dip-buyers get fleeced — but money managers are now warming to the idea of a material bounce in stocks.

'We want doctors without debt': Grant will allow some FAU medical students to graduate debt-free

A Boca Raton couple made a $28 million grant to Florida Atlantic University so some medical students can graduate debt-free. WPBF's Taylor Hernandez reports.

'You just have to follow your heart.' How Coldplay's Chris Martin learned to trust himself

Chris Martin reflects on embracing pop with BTS, Selena Gomez and Max Martin ahead of Glendale concert on the Coldplay Music of the Spheres 2022 tour.

Airbnb CEO on tech stocks crash: 'This might be the end of a moment'

Airbnb Co-Founder Brian Chesky launched his company in the midst of the 2008 financial crisis, born in part by a desire to make some extra cash with former roommate and co-founder Joe Gebbia.

The economy was so bad then, Chesky said Y Combinator Co-Founder Paul Graham warned him “there may be no investors” on Demo Day.

With technology stocks in the midst of their worst sell-off since 2008, Chesky said similar upstarts should brace for a correction “more profound” than the changes seen 14 years ago.

Inflation May Have Peaked in April — Producer Price Index Provides Glimmer of Hope for Your Wallet

Americans looking for relief from high inflation could see a tiny glimmer of hope this week if they squinted their eyes really hard, as a pair of reports showed that inflation in April eased slightly...

Inflection AI, led by LinkedIn and DeepMind co-founders, raises $225M to transform computer-human interactions

Inflection AI, the machine learning startup headed by LinkedIn co-founder Reid Hoffman and founding DeepMind member Mustafa Suleyman, has secured $225 million in equity financing, according to a filing with the U.S. Securities and Exchange Commission. The source of the capital isn't yet clear -- Inflection didn't immediately respond to a request for more information -- but the massive round suggests strong investor confidence in Suleyman, who serves as the company's CEO.

California Sees Record $97.5 Billion Surplus, Driven by the Rich

(Bloomberg) -- California Governor Gavin Newsom said Friday that his state has a record $97.5 billion operating surplus, as high tax rates on its wealthiest residents mean he has more cash to fund liberal priorities such as education and health care.Most Read from BloombergElon Musk Sows Doubt Over His $44 Billion Twitter TakeoverIndia Bans Wheat Exports as Food Security Comes Under ThreatSony PlayStation Staff Fume Over CEO’s Abortion CommentsApple Testing iPhones That Ditch Lightning Ports in

If Elon Musk Wants Out Of Twitter, He Has Several Good Excuses

Twitter stock dropped as Elon Musk put his acquisition on hold while he seeks to confirm that spam and fake accounts are less than 5% of users.

States Whose Economies Are Failing vs. States Whose Economies Are Thriving

The swiftness with which the coronavirus pandemic wiped out the U.S. economy in early 2020 was breathtaking. Seemingly overnight, the U.S. unemployment rate shot up to an all-time record of 14.7% in...

AUD/USD Weekly Price Forecast – Australian Dollar Breaks Through a Major Support Level

The Australian dollar has broken down significantly during the course of the trading week to slice through the 0.70 level. By doing so, it shows quite a bit of negativity.

Consumer sentiment hits ten-year low amid high prices, UMich survey finds

The University of Michigan’s gauge of consumer sentiment fell to 59.1 in May from a final April reading of 65.2, its lowest level in more than 10 years.

How the West can make Putin pay for what he's done to Ukraine

Sergey Lavrov, Vladimir Putin’s foreign minister, seemed outraged as he accused the EU of “theft”. The bloc’s officials were discussing the possibility of using frozen Russian state assets to fund the reconstruction of Ukraine.

U.S. consumer sentiment approaches 11-year low, monthly import prices unchanged

U.S. consumer sentiment slumped to its lowest level in nearly 11 years in early May as worries about inflation persisted, but household spending remains underpinned by a strong labor market and massive savings, which should keep the economy expanding. The University of Michigan's survey on Friday showed the deterioration in sentiment, which some economists said pushed it into recessionary territory, was across all demographics, as well as geographical and political affiliation. Gasoline prices and the stock market have a heavy weighting in the survey.

Taliban's first annual Afghan budget foresees $501 million deficit

Afghanistan faces a budget deficit of 44 billion Afghanis ($501 million) this financial year, the country's Taliban authorities said on Saturday without clarifying how the gap between expected revenues and planned spending will be met. Announcing the first annual national budget since the Taliban took over the war-torn country in August last year, Deputy Prime Minister Abdul Salam Hanafi said the government foresaw spending of 231.4 billion Afghanis and domestic revenue of 186.7 billion. "The revenues are collections from departments related to customs, ministries and mines," spokesman for the Finance Ministry Ahmad Wali Haqmal said.

U.S. economic outlook weakens, inflation set to persist - Philly Fed survey

Real GDP is forecast to grow at a 2.3% annual rate this quarter, down 1.9 percentage points from the last survey three months ago, with the annual rate seen falling to 2.3% next year and 2.0% in 2024, both lower than the previous estimate. The Philadelphia Fed's latest snapshot of the views of 34 leading economic forecasters also revealed they project current-quarter headline Consumer Price Index (CPI) inflation will average 7.1% at an annual rate, up from 3.8% at the time of the last survey. Forecasts for headline and core CPI and PCE inflation in 2022 and 2023 were also revised upward.

British Airways hit by pilot rebellion over pay cuts

British Airways’ pilots have rebelled over a controversial scheme that siphons off thousands of pounds of their salaries to pay for colleagues left out of work by the Covid crisis.

WRAPUP 3-U.S. consumer sentiment approaches 11-year low, monthly import prices unchanged

U.S. consumer sentiment slumped to its lowest level in nearly 11 years in early May as worries about inflation persisted, but household spending remains underpinned by a strong labor market and massive savings, which should keep the economy expanding. The University of Michigan's survey on Friday showed the deterioration in sentiment, which some economists said pushed it into recessionary territory, was across all demographics, as well as geographical and political affiliation. Gasoline prices and the stock market have a heavy weighting in the survey.

Consumer Sentiment Hits Lowest Level Since 2011

Consumers cited inflation as their No. 1 concern.

Why the Fed Will Go Back to Easy Money

Amid a recession and political paralysis, the Federal Reserve will have no choice but to revert to quantitative easing. What will that mean for cryptocurrencies like bitcoin?

Twitter CEO Parag Agrawal says he fired key execs due to 'challenging' economy

Twitter's new CEO Parag Agrawal has largely remained silent through the company's ongoing rollercoaster ride, even as its likely future owner Elon Musk continues to very much do the opposite. "The truth is that this isn’t how and when I imagined leaving Twitter, and this wasn’t my decision," Beykpour said of the surprise decision, which happened while he was out on paternity leave. Beykpour explained that Agrawal asked him to leave the company due to a desire to take the consumer team "in a different direction."

Powell: 'Soft' economic landing may be out of Fed's control

Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second term earlier in the day, acknowledged for the first time Thursday that high inflation and economic weakness overseas could thwart his efforts to avoid causing a recession. For weeks, Powell has portrayed the Fed's drive to raise interest rates as consistent with a so-called “soft landing” for the economy. Under that scenario, the Fed would manage to tighten borrowing costs enough to cool the economy and curb inflation without going so far as to tip the economy into recession.

India may be getting jittery about rising yields on government bonds

The Indian government seems worried that the interest, or yield, on the bonds it issues has surged way too much. Overall, the government’s interest outgo for the financial year 2023 is likely to be higher than the 9.4 lakh crore rupees ($121 billion) projected in this year’s budget. On May 4, the yield on its benchmark bond that matures in 10 years hit a three-year high of 7.4%, up 67 basis points since the beginning of this year.

Toyota’s ‘Unprecedented’ Cost Surge Casts Shadow Over Japan Inc.

(Bloomberg) -- Halfway through Japan’s reporting season, companies are mostly hitting their marks, but some high-profile cautious outlooks from blue chips like Toyota Motor Corp. risk sapping optimism for the rest of the financial year.Most Read from BloombergSony PlayStation Staff Fume Over CEO’s Abortion CommentsUkraine Latest: US Senator Delays Aid Vote; Russia Eyes BorderMore Than $200 Billion Wiped Off Cryptocurrency Market in a DayCrypto Billionaires’ Vast Fortunes Are Destroyed in WeeksTe

India bans wheat exports to deepen global food crisis

The Indian government has blocked all exports of wheat with immediate effect in a move that could intensify the global shortage exacerbated by the war in Ukraine.

Inflation views tilt the Fed's way, a bit

A survey of professional forecasters, meanwhile, seemed to endorse the Fed's hope it can tame inflation without killing millions of jobs in the process. Meanwhile the consensus view on the unemployment rate in the next two years ticked up to just 3.8% from the current 3.6%, an outcome that would enthuse Fed officials if it plays out. Policymakers, including Chair Jerome Powell, have been warning U.S. households that the large increases in interest rates they are planning to control the inflation that has soured the national mood are likely to be painful in and of themselves.

Small-Business Optimism Is Fading. Inflation is Problem No.1

Finding workers is also a challenge for many small-business managers. Plus, investment newsletter commentary on the housing market, the stock market selloff, the Bank of Japan, and higher defense spending.

Biden Calls On Local Governments To Use Unspent COVID Relief Money On Crime Prevention

President Joe Biden is asking cities and states to use unspent federal funds from the American Rescue Plan to invest in more cops, crisis responders, and mental health and substance abuse programs to curb crime, NBC News reports. The push comes from a recent Gallup poll where 53% of Americans now say they worry a “great deal” about lawbreaking.

G7 backs more aid, weapons to Ukraine in show of unity against Russia

WEISSENHAUS, Germany (Reuters) -Foreign ministers from the G7 group of rich nations backed giving more aid and weapons to Ukraine as they met on Friday in what Germany called a "powerful sign of unity" to deepen Russia's global isolation for invading its neighbour. The European Union's foreign policy chief Josep Borrell announced a further 500 million euros worth of military support that should be approved next week by EU members, and expressed confidence that the bloc will agree an embargo on Russian oil. British Foreign Minister Liz Truss announced new sanctions targeting Russian President Vladimir Putin's financial network and inner circle, including his ex-wife and cousins, and also called for ramping up weapons supplies to Ukraine.

Newsom’s California Budget Seeks $8 Billion More for Energy Push

(Bloomberg) -- California Governor Gavin Newsom proposed spending an additional $8 billion over five years to make sure the lights stay on and help consumers pay for rising electric bills.Most Read from BloombergElon Musk Sows Doubt Over His $44 Billion Twitter TakeoverIndia Bans Wheat Exports as Food Security Comes Under ThreatSony PlayStation Staff Fume Over CEO’s Abortion CommentsApple Testing iPhones That Ditch Lightning Ports in Favor of USB-CTerra $45 Billion Face Plant Creates Crowd of Cr

Senate Confirms Jerome Powell to Second Term Leading Federal Reserve

Jerome Powell’s nomination, approved on an 80-19 vote, had been on track for months to win bipartisan approval despite unease over inflation.

We’re Open For Business, President Said. Then Zimbabwe Shut

(Bloomberg) -- Emmerson Mnangagwa has stymied Zimbabwe’s economy, five years after he declared the country “Open for business.”Most Read from BloombergSony PlayStation Staff Fume Over CEO’s Abortion CommentsElon Musk Sows Doubt Over His $44 Billion Twitter TakeoverUkraine Latest: US Senator Delays Aid Vote; Russia Eyes BorderTerraform Again Halts Blockchain Behind UST Stablecoin, LunaMore Than $200 Billion Wiped Off Cryptocurrency Market in a DayFlanked by his finance minister and central bank g

China’s Credit Demand Slumps as Covid Lockdowns Curb Borrowing

(Bloomberg) -- China’s loan growth weakened sharply in April to the worst level in almost five years, with mortgage loans contracting again as Covid lockdowns and the property market slump disrupted economic activity and sapped borrowing demand.Most Read from BloombergElon Musk Sows Doubt Over His $44 Billion Twitter TakeoverSony PlayStation Staff Fume Over CEO’s Abortion CommentsUkraine Latest: US Senator Delays Aid Vote; Russia Eyes BorderTerraform Again Halts Blockchain Behind UST Stablecoin,

Asian shares rebound as investors shrug off inflation worries

Asian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.

California's minimum wage projected to rise to $15.50 under inflation trigger

California's minimum wage will rise to $15.50 an hour for workers at all businesses, large and small, on Jan. 1, 2023, under an automatic inflation trigger built into state law and never previously activated, the governor's office projected on Thursday. The announcement came a day before Governor Gavin Newsom, a first-term Democrat, was slated to present his revised budget plan to the state legislature controlled by his party, including a proposed $11.8 billion inflation-relief spending package. The economic stimulus proposal, similar to one enacted last year to help California recover from the COVID-19 pandemic, includes a plan Newsom previewed in recent weeks offering $400 tax rebates to vehicle owners to help offset escalating gasoline costs.