In Today's Digital Newspaper President Joe Biden's team are seeking to make"Bidenomics" a thing. Their argument: Three signature pieces of legislation stepping up federal spending on infrastructure, the semiconductor industry and the green transition mark a turning point after decades of underinvestment. Republicans stress the economy remains plagued by high inflation because of Biden's first big package — a $1.
Senate Republican leader Mitch McConnell nearly dismissed the possibility of extra funding for the upcoming 2023 farm bill. McConnell pointed out that new spending might be challenging, especially as the early-month debt limit agreement imposed a cap on expenditure. Sen.
USDA… dubbed the U.S. Department of Announcements… continues to live up to that banner with several announcements yesterday detailing millions of dollars for several programs. More in Policy section. FDA Commissioner Robert Califf announced updates to the proposed creation of the Human Foods Program.
• Persistent High Temperatures: Adding to the severity is the fact that temperatures, even during the night, are not dropping sufficiently, providing little to no cooling relief especially for those without access to air conditioning. There are expectations that up to 180 nighttime heat records may be potentially broken in the coming days.
The tech-heavy Nasdaq index is up 29% this year through Tuesday's close, on pace for its best first-half performance since 1983.Australia CPI inflation eases to 13-month low. The Consumer Price Index in Australia saw a year-on-year increase of 5.6% in May 2023, a deceleration compared to the 6.8% growth reported for April 2023. This figure came in lower than market expectations, which predicted an increase of 6.1%.
• UPS labor contract talks. With less than five weeks to go before the expiration of a UPS labor contract, talks to renew the agreement have moved into a critical phase as negotiators begin hammering out pay raises for about 340,000 workers. Prigozhin's initial plan was to capture Defense Minister Sergei Shoigu and Gen. Valery Gerasimov, the Chief of Russia's General Staff, during a visit to a region bordering Ukraine. However, the FSB discovered the conspiracy two days in advance leading Prigozhin to develop an alternative course of action.
The rebellion ended in a standoff, mediated by Belarusian President Alexander Lukashenko, who offered to host the Wagner troops as a form of personal security against possible Russian aggression. The stationing of Wagner troops in Belarus is believed to be a guarantee for Lukashenko's security. CHINA UPDATE — China is increasingly concerned about the potential instability in Russia after the recent Wagner paramilitary group uprising. The Chinese special envoy for Ukraine visited the country for talks with officials, reportedly to gauge the determination of Kyiv's counteroffensive, as even limited success could trigger further destabilization in Russia.
— The Biden administration. is planning to tighten technology restrictions on China by potentially requiring chip makers to obtain licenses before shipping advanced chips to China and other nations deemed a concern, the Wall Street Journal reports . The move, anticipated to take place as early as next month, could hinder China's progress in AI technology development.
High-profile figures like Bernard Arnault, CEO of LVMH, JPMorgan Chase & Co. CEO Jamie Dimon, Tesla's Elon Musk, and Apple's Tim Cook have recently visited China, highlighting renewed business interest. The clean energy sector witnessed significant growth by adding 114,000 jobs. The battery electric vehicle sector saw the most rapid growth, with an increase of 28,400 jobs, a 27% rise, affirming it as the fastest-growing sector in energy technology.
Bottom line: It's apparent that while lab-grown meat is an innovative development, there are several significant hurdles to overcome to make it a legitimate alternative to conventional meat sources. This goes beyond obtaining regulatory approval to factors such as cost, taste, health implications, environmental impact, and economic disparities.
Reaction: Senior Vice President of Regulatory and Scientific Affairs for the International Dairy Foods Association , Joseph Scimeca, applauded the announced changes. The revisions, he said, are particularly welcomed for focusing on inspections, outbreak investigations, and reducing duplicated efforts. The IDFA is also urging FDA to reassign relevant cooperative program staff, specifically those overseeing the Grade A dairy program, to the new Human Foods Program.
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