The Rapid City council on Tuesday will consider a proposal to ban TikTok from city-owned devices and networks, and to prohibit city agencies from using the app. Championing the idea is a councilman-and potential mayoral candidate-who calls TikTok a security threat.
Twitter Sued Over Rent Payment in San Francisco
Twitter Inc. was accused of not paying its rent in a lawsuit filed by the landlord for one of its offices in San Francisco.
The landlord, Columbia Reit-650 California LLC, alleges that the social-media company has failed to pay $136,260 of rent due on the office space at 650 California St., according to the lawsuit filed Thursday.
Soaring Costs Threaten U.S. Offshore-Wind Buildout
Offshore wind developers are facing financial challenges that threaten to derail several East Coast projects critical to reaching the Biden administration's near-term clean-energy targets.
Supply-chain snarls, rising interest rates and inflationary pressures are making projects far more expensive to build. Now, some developers are looking to renegotiate financing agreements to keep their projects under way.
Shift to EVs Triggers Biggest Auto-Factory Building Boom in Decades
The U.S. auto industry is entering one of its biggest factory-building booms in years, a surge of spending largely driven by the shift to electric vehicles and new federal subsidies aimed at boosting U.S. battery manufacturing.
Through November, about $33 billion in new auto-factory investment has been pledged in the U.S., including money for the construction of new assembly plants and battery-making facilities, according to the Center for Automotive Research, a nonprofit organization based in Michigan.
Startups End a Bruising 2022, Stare Down Another Challenging Year
Startups had a dismal year by nearly every measurement in 2022, from plummeting investment to scarce public listings, and data point to a 2023 that could be even more difficult.
As markets tanked in early 2022, many startup executives and investors were confident that a record amount of venture capital waiting to be spent-known as dry powder-and a lingering enthusiasm for new tech trends would buffer Silicon Valley.
Wheat, Soybean, Corn Prices Expected to Have Choppy 2023
Russia's invasion of Ukraine sent U.S. grain futures soaring early in 2022 before their recent retreat. The new year promises to be another volatile one.
Futures for wheat and soybeans reached record highs earlier in 2022, and corn futures notched their highest level in more than a decade. The war stifled supply, and so did dry weather in many crop-growing areas.
Tech Layoffs Are Happening Faster Than at Any Time During the Pandemic
Technology-driven companies across industries have been laying off workers at the fastest pace since the Covid-19 pandemic shocked the global economy in 2020, according to one data tracker.
Collectively, employers in the slumping tech sector cut more than 150,000 jobs in 2022, based on estimates from Layoffs.fyi, a website that tracks the events as they surface in media reports and company releases.
China December Caixin Manufacturing PMI Slips Further Into Contraction
A private gauge of activity in China's manufacturing sector was in contractionary territory for a fifth straight month in December, as waves of infections following Beijing's abrupt reversal of its zero-Covid strategy last month disrupted businesses and dented demand.
The China Caixin manufacturing purchasing managers index dropped to 49.0 in December from 49.4 in November, according to data released Tuesday by Caixin Media Co. and S&P Global. The 50 mark separates expansion from contraction.
Investors Brace for More Market Tumult as Interest Rates Keep Rising
The stock market just finished a bruising year. Many market players don't expect things to get better any time soon.
Analysts at some of the biggest U.S. banks predict the stock market will retest its 2022 lows in the first half of the new year before beginning to rebound. Many investors say the ramifications of the Federal Reserve's higher rates are just beginning to ripple through markets.
Big Banks Predict Recession, Fed Pivot in 2023
Big banks are predicting that an economic downturn is fast approaching.
More than two-thirds of the economists at 23 large financial institutions that do business directly with the Federal Reserve are betting the U.S. will have a recession in 2023. Two others are predicting a recession in 2024.
For Battered Bonds, Threats of Further Losses Linger
The year 2022 marked a truly historic bust for the U.S. bond market. The question now is whether 2023 will produce any kind of meaningful rebound.
Normally a safe investment, U.S. bonds delivered losses over the past 12 months that far exceeded anything investors have seen in their careers. The Bloomberg U.S. Aggregate bond index dropped 13%, easily outdoing its previous worst year in data going back to the 1970s, when it declined 2.9% in 1994.
Get Ready for the Richcession
Economic downturns are usually horrible for poor people, bad for the middle class and an inconvenience for the rich. But if the economy enters a recession in 2023, or even if it manages to narrowly evade one, it might be the well-heeled who take a bigger hit than usual.
Call it the richcession.
Robust Job and Wage Growth Showed Signs of Cooling in Late 2022
The labor market proved to be a resilient stabilizer in 2022 for a U.S. economy facing the highest inflation in four decades.
With the Federal Reserve having raised interest rates at the fastest pace since the early 1980s to fight inflation, however, the economy has slowed, and effects of that are filtering into hiring and wages.
South Korea-U.S. Military Drills Could Use Nuclear Assets, President Yoon Suk-yeol Says
SEOUL-South Korea's president said the country is discussing conducting joint exercises with the U.S. using nuclear assets, although President Biden played down the claim.
Yoon Suk-yeol told a South Korean newspaper that the aim of the drills would be to practice the implementation of extended deterrence. South Korea doesn't have its own nuclear weapons, but is protected under what is known as the U.S. nuclear umbrella.
House Republicans Plan to Make Changes to Ethics Office
WASHINGTON-House Republicans plan to change the rules of the ethics office charged with investigating lawmakers when the new session of Congress begins on Tuesday.
The House-rules package that incoming GOP leadership negotiated with members would impose changes on the Office of Congressional Ethics, or OCE, regarding its board and hiring new staff, potentially limiting the office's ability to investigate lawmakers. The new rules would also allow the House Ethics Committee to take complaints directly from the public.
Ukraine Has Digitized Its Fighting Forces on a Shoestring
Ukraine has achieved a cut-price version of what the Pentagon has spent decades and billions of dollars striving to accomplish: digitally networked fighters, intelligence and weapons.
Kyiv's improvised web of drones, fighters and weapons, linked through satellite communications and custom software, is giving its soldiers a level of intelligence, coordination and accuracy that has allowed the initially outnumbered and outgunned forces to run circles around Russia's massive but lumbering armies.
Kevin McCarthy's House Speaker Bid Teeters Ahead of Tuesday Vote
WASHINGTON-Republican leader Kevin McCarthy worked Monday to lock down support to become House speaker, but his bid remained up in the air as some conservative lawmakers threatened to turn Tuesday's leadership vote into the most unpredictable in a century.
The speaker vote is set for midday, and comes after Mr. McCarthy spent the weekend scrambling to get the votes necessary from House Republicans to win the gavel. He acquiesced on requested rules changes that give rank-and-file members more power, including making it easier to oust a speaker, but a significant number of GOP lawmakers said they remained opposed to the Californian's bid.
Chinese Health Official Raises Covid Alarm Ahead of Lunar New Year Holiday
HONG KONG-A top Chinese public-health official warned of widespread Covid-19 outbreaks across the country's more vulnerable rural areas as millions of citizens prepare to travel home for the coming Lunar New Year holiday.
Infections have exploded across China after authorities in November and December abruptly scrapped almost all of the country's stringent pandemic controls amid a sharp economic downturn and rare nationwide protests against the zero-Covid policy that has governed daily life for the past three years.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Calendar (ET):
0930 Dec Canada Manufacturing PMI
Expected Major Events for Tuesday
06:30/GER: Dec North Rhine Westphalia CPI
08:55/GER: Dec Labour market statistics (incl unemployment)
09:00/GER: Dec Hesse CPI
09:00/GER: Dec Brandenburg CPI
09:00/GER: Dec Baden-Wuerttemberg CPI
09:00/GER: Dec Bavaria CPI
09:30/UK: Dec S&P Global / CIPS UK Manufacturing PMI
10:00/GER: Dec Saxony CPI
13:00/GER: Dec Provisional CPI
14:30/CAN: Dec Canada Manufacturing PMI
14:45/US: Dec US Manufacturing PMI
15:00/US: Nov Construction Spending - Construction Put in Place
16:00/US: Dec Global Manufacturing PMI
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Tuesday
Anixa Biosciences Inc (ANIX) is expected to report for 4Q.
California First Leasing Corp (CFNB) is expected to report for 1Q.
Cenntro Electric Group Ltd (CENN) is expected to report for 3Q.
FTI Consulting (FCN) is expected to report $1.32 for 4Q.
Qualstar Corp (QBAK) is expected to report for 3Q.
Riley Exploration Permian Inc (REPX) is expected to report for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
01-03-23 0615ET
