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A Business Perspective  


Small businesses impacted by the current economic tumult are filing for bankruptcy at levels last witnessed at the outset of the lockdown-induced recession, even as President Joe Biden touts an uptick in new business ventures.
Small businesses impacted by the current economic tumult are filing for bankruptcy at levels last witnessed at the outset of the lockdown-induced recession, even as President Joe Biden touts an uptick in new business ventures.
 
The Consumer Price Index (CPI) rose 0.1% in March after increasing 0.4% in February according to the latest release from the Bureau of Labor Statistics. On an annual basis, prices have increased 5.0%.
The Consumer Price Index (CPI) rose 0.1% in March after increasing 0.4% in February according to the latest release from the Bureau of Labor Statistics. On an annual basis, prices have increased 5.0%.
 
EPA officials provided the state of California authority on Friday to phase out heavy duty trucks powered by gasoline over the next two decades.
EPA officials provided the state of California authority on Friday to phase out heavy duty trucks powered by gasoline over the next two decades.
 
Artificial intelligence could replace as much as 7% of jobs in the United States, especially among white-collar professions, according to a report published this week by Goldman Sachs.
Artificial intelligence could replace as much as 7% of jobs in the United States, especially among white-collar professions, according to a report published this week by Goldman Sachs.
 
The Republican-led House passed an extensive bill Thursday that aims to increase domestic energy production and ease permitting restrictions.
The Republican-led House passed an extensive bill Thursday that aims to increase domestic energy production and ease permitting restrictions.
 
Former Starbucks CEO Howard Schultz asserted during a Senate hearing Wednesday that American cities have worrisome crime and homelessness problems which have impaired the company’s operations.
Former Starbucks CEO Howard Schultz asserted during a Senate hearing Wednesday that American cities have worrisome crime and homelessness problems which have impaired the company’s operations.
 
The 17 former branches of SVB opened Monday morning as branches of First Citizens.
The 17 former branches of SVB opened Monday morning as branches of First Citizens.
 
Swiss investment bank Credit Suisse has helped American families hide at least $700 million from tax authorities over the past nine years in violation of a plea agreement with regulators, Senate investigators said Wednesday.
Swiss investment bank Credit Suisse has helped American families hide at least $700 million from tax authorities over the past nine years in violation of a plea agreement with regulators, Senate investigators said Wednesday.
 
JPMorgan Chase CEO Jamie Dimon will be interviewed under oath about his company’s ties with deceased child sex predator and financier Jeffrey Epstein.
JPMorgan Chase CEO Jamie Dimon will be interviewed under oath about his company’s ties with deceased child sex predator and financier Jeffrey Epstein.
 
The monthly local jobs report reveals unemployment rates and related economic indicators at the county level.
 
Federal Deposit Insurance Corporation Chairman Martin Gruenberg revealed on Monday that the firm guaranteed as much as $13.3 billion in uninsured deposits for the 10 largest account holders at the defunct Silicon Valley Bank.
Federal Deposit Insurance Corporation Chairman Martin Gruenberg revealed on Monday that the firm guaranteed as much as $13.3 billion in uninsured deposits for the 10 largest account holders at the defunct Silicon Valley Bank.
 
Duke Energy Carolinas wants to increase residential rates for its customers between 16.2 and 16.6% by Sept. 1 and an additional 0.4% by Jan. 1. The utility is also seeking a rate hike for commercial and industrial customers. Rates would increase by 12.1% and 15.2%.
Duke Energy Carolinas wants to increase residential rates for its customers between 16.2 and 16.6% by Sept. 1 and an additional 0.4% by Jan. 1. The utility is also seeking a rate hike for commercial and industrial customers. Rates would increase by 12.1% and 15.2%.
 
As multiple banks implode, insurance deposit limit receives renewed scrutiny
As multiple banks implode, insurance deposit limit receives renewed scrutiny
 
Higher spending and lower revenue intake produced a $1.1 trillion budget deficit in the first six months of fiscal year 2023, according to a report released Monday by the Congressional Budget Office.
Higher spending and lower revenue intake produced a $1.1 trillion budget deficit in the first six months of fiscal year 2023, according to a report released Monday by the Congressional Budget Office.
 
One of Raleigh’s oldest banks is in the running to purchase the failed Silicon Valley Bank, also known as SVB.
One of Raleigh’s oldest banks is in the running to purchase the failed Silicon Valley Bank, also known as SVB.
 
Republican lawmakers at the state and federal levels have introduced multiple bills this week meant to prohibit or discourage the Federal Reserve from creating a central bank digital currency, also known as a CBDC.
Republican lawmakers at the state and federal levels have introduced multiple bills this week meant to prohibit or discourage the Federal Reserve from creating a central bank digital currency, also known as a CBDC.
 
Members of the House failed Thursday to override the veto issued by President Joe Biden which overturned their resolution to nix a Labor Department rule supportive of the environmental, social, and corporate governance movement, also known as ESG.
Members of the House failed Thursday to override the veto issued by President Joe Biden which overturned their resolution to nix a Labor Department rule supportive of the environmental, social, and corporate governance movement, also known as ESG.
 
North Carolina’s state pension system was among the victims of the recent collapse of two large Silicon Valley, California banks, with the loss of millions in stock at both banks.
North Carolina’s state pension system was among the victims of the recent collapse of two large Silicon Valley, California banks, with the loss of millions in stock at both banks.
 
A top TikTok executive attacked the House Energy and Commerce committee hearing on TikTok, accusing members of “xenophobia.”
A top TikTok executive attacked the House Energy and Commerce committee hearing on TikTok, accusing members of “xenophobia.”
 
My latest piece at the American Institute for Economic Research discusses the particularly harmful impact progressive income taxes have on productivity and the poor.
My latest piece at the American Institute for Economic Research discusses the particularly harmful impact progressive income taxes have on productivity and the poor.
 
Treasury Secretary Janet Yellen prompted unease among investors after she appeared to walk back comments indicating that financial authorities would guarantee large bank deposits.
Treasury Secretary Janet Yellen prompted unease among investors after she appeared to walk back comments indicating that financial authorities would guarantee large bank deposits.
 
TikTok CEO Shou Zi Chew neglected to provide a clear answer on whether individuals associated with ByteDance, the social media platform’s Chinese parent company, helped him prepare for a Thursday morning hearing before the House Energy and Commerce Committee.
TikTok CEO Shou Zi Chew neglected to provide a clear answer on whether individuals associated with ByteDance, the social media platform’s Chinese parent company, helped him prepare for a Thursday morning hearing before the House Energy and Commerce Committee.
 
Few Americans have trust in the nation’s banking sector following the recent collapses of Silicon Valley Bank and Signature Bank.
Few Americans have trust in the nation’s banking sector following the recent collapses of Silicon Valley Bank and Signature Bank.
 
Economic volatility over the past year has severely impacted retirement savings, with more than half of households falling short of the savings trajectory needed to retire at their desired level.
Economic volatility over the past year has severely impacted retirement savings, with more than half of households falling short of the savings trajectory needed to retire at their desired level.
 
Sen. Ted Cruz (R-TX) introduced a bill on Tuesday that would prevent the Federal Reserve and the Biden administration from establishing a central bank digital currency.
Sen. Ted Cruz (R-TX) introduced a bill on Tuesday that would prevent the Federal Reserve and the Biden administration from establishing a central bank digital currency.
 
On Wednesday, the North Carolina House passed a bill that would prohibit local governments from blocking consumers from certain types of energy sources, by a vote of 76-38.
On Wednesday, the North Carolina House passed a bill that would prohibit local governments from blocking consumers from certain types of energy sources, by a vote of 76-38.
 
Stocks slid after officials at the Federal Reserve announced a 0.25% increase in the target federal funds rate on Wednesday, continuing a slowdown from previous rate hikes meant to combat inflation and marking caution from policymakers given recent tumult in the banking sector.
Stocks slid after officials at the Federal Reserve announced a 0.25% increase in the target federal funds rate on Wednesday, continuing a slowdown from previous rate hikes meant to combat inflation and marking caution from policymakers given recent tumult in the banking sector.
 
H.B. 130 passes the N.C. House, now in the N.C. Senate
 
Republican state attorneys general rebuked senior financial authorities on Tuesday over the role that left-wing regulatory priorities allegedly played in the recent collapse of Silicon Valley Bank.
Republican state attorneys general rebuked senior financial authorities on Tuesday over the role that left-wing regulatory priorities allegedly played in the recent collapse of Silicon Valley Bank.
 
Declining Labor Force, Wages, and Work Hours Cause for Concern
 
Treasury Secretary Janet Yellen commented on Tuesday that deposit withdrawals from regional banks have stabilized and affirmed that authorities will protect smaller financial institutions.
Treasury Secretary Janet Yellen commented on Tuesday that deposit withdrawals from regional banks have stabilized and affirmed that authorities will protect smaller financial institutions.
 
At this time, the abbreviation 'NC' stands for 'no crisis.'” - State Treasurer Dale Folwell
At this time, the abbreviation 'NC' stands for 'no crisis.'” - State Treasurer Dale Folwell
 
Fayetteville native Brian Tyree Henry was among those nominated for an Oscar in this year’s 95th Annual Academy Awards. He was recognized for his role as James in the film “Causeway.”
Fayetteville native Brian Tyree Henry was among those nominated for an Oscar in this year’s 95th Annual Academy Awards. He was recognized for his role as James in the film “Causeway.”
 
Amazon announced on Monday that the company would dismiss some 9,000 employees amid efforts to become more efficient.
Amazon announced on Monday that the company would dismiss some 9,000 employees amid efforts to become more efficient.
 
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