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☆ Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year's record-setting increase
▼ + stars: | 2023-10-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Jozef Polc / 500Px | 500Px Plus | Getty ImagesSocial Security beneficiaries will see a 3.2% boost to their benefits in 2024, the Social Security Administration announced on Thursday. The annual cost-of-living adjustment for 2024 will affect more than 71 million Social Security and Supplemental Security Income beneficiaries. Typically, Medicare Part B premium payments are deducted from Social Security checks. How the 2024 COLA comparesThe 2024 benefit increase is much lower than record 8.7% cost-of-living adjustment Social Security beneficiaries saw this year, the biggest boost in four decades in response to record high inflation. Older Americans 'still feeling the sting' of inflationThe 2024 adjustment comes as many retirees are still struggling with higher prices.

Persons: Jozef Polc, Jo Ann Jenkins, Jenkins, Tracey Gronniger, Gronniger Organizations: Social, Social Security Administration, Social Security, Senior Citizens League, Consumer, Urban, Clerical Workers, AARP, Justice, COLA, Security

☆ EU sees 'convergence' with Japan on AI - official
▼ + stars: | 2023-10-09 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Oct 9 (Reuters) - The European Union sees "convergence" with Japan on thinking about generative artificial intelligence (AI), a senior official said on Monday. "I see a lot of convergence in how we look at AI and generative AI," European Commission Vice-President for Values and Transparency Vera Jourova told Reuters in an interview. The EU and Japan are deepening cooperation over technology such as AI, cybersecurity and chips seen as important for economic security. The Group of Seven industrial powers are discussing guidelines for generative AI, a technology being met with excitement and concern, under a process established in Hiroshima.

Persons: Dado Ruvic, Vera Jourova, Jourova, Sam Nussey, Michael Perry 私 Organizations: REUTERS, Rights, European, Values, Reuters, The Locations: Japan, EU, China, Kyoto, Hiroshima

☆ EU leaders to debate economic security amid global tensions
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The EU executive plans to work with the 27 EU members to assess by the end of the year whether there are any risks to the bloc's economic security linked to advanced semiconductors, artificial intelligence, quantum technology and biotechnology. It is part of the European Economic Security Strategy unveiled by the Commission in June that calls for strengthening the EU's own internal market, fostering research, forging alliances with reliable partner and using existing trade defence tools and considering new ones. Part of the debate will centre on the degree to which countries are willing to harmonise their policies on national security and transfer certain powers to Brussels. Countries such as Sweden and the Netherlands want more open markets, while others such as France has more focus on protecting domestic producers.

Persons: Jon Nazca, Charles Michel, Russia's, Philip Blenkinsop, Andrew Heavens Organizations: REUTERS, Rights, Union, Commission, EU, European Economic Security, Thomson Locations: Granada, Spain, Rights GRANADA, China, Ukraine, Europe, Brussels, Sweden, Netherlands, France

☆ With eye on China, EU maps out de-risking, economic security strategies
▼ + stars: | 2023-10-05 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

EU also relied on China during the COVID pandemic for protective equipment and now for medicines and pharmaceutical raw materials. ECONOMIC SECURITY STRATEGYA reassessment of risk due to rising geopolitical tensions is also a key part of the European Economic Security Strategy unveiled in June. The strategy focuses on risks to supply chain resilience, physical and cyber security of critical infrastructure, technology security and leakage and weaponisation of economic dependencies or economic coercion. However, while the economic strategy does not name China, it talks of partnering with link-minded countries and de-risking, its policy of reducing reliance on China. The Commission, which oversees EU trade policy, has said the strategy, including the assessments, will be carried out with EU governments.

Persons: Philip Blenkinsop, Nick Macfie Organizations: European Union, EU, European Economic Security, European Commission, Commission, The, Thomson Locations: BRUSSELS, China, Ukraine, U.S, Russia, EU, Moscow, Brussels

☆ Choppy waters as Europe navigates China-US rivalry
▼ + stars: | 2023-10-04 | by ( Mark John | ) www.reuters.com time to read: +6 min

The fracturing of the rules and bonds tying the global economy together - so-called "geo-economic fragmentation" - seemed implausible only a few years ago. Nowhere is it more pressing than for Europe, whose wealth has always relied on trade, from its rapacious colonial history through to its reinvention as self-styled champion of WTO rules. Both the United States and Europe have been hardening their stance towards Beijing while stressing the rules of world trade must be fairly applied. The main EU concern is that the U.S. proposals could break WTO rules by discriminating against third parties. "And we really hope ... that after the election in the United States this is going to continue."

Persons: Jon Nazca, Gordon Brown, Brown, Brad Setser, Biden, Joe Biden, Donald Trump, Trump, Wang Huiyao, Petra Sigmund, Philip Blenkinsop, Joe Cash, Belen Carreno, Mark John, Catherine Evans Organizations: Triple, Majestic, APM, REUTERS, Trade Organization, USA, International Monetary, European, Reuters, for, Thomson Locations: Algeciras, Spain, China, Europe, America, American, United States, Moroccan, Marrakech, Beijing, Washington, Brussels, U.S, EU, for China, IMF, Madrid

☆ EU to assess tech security risks and consider controls
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The European Commission said on Tuesday it had established a list of four technologies, as well a further six to look into later, as part of the European Economic Security Strategy it unveiled in June. The Commission stresses that it must first carry out a risk assessment with the EU's 27 members and consulting companies before determining any measures. "The risk assessment will be country agnostic, but we will take into account geopolitical factors to determine how severe those risks are," an EU official said. In advanced semiconductor technologies, areas of focus include microelectronics and chip-making equipment, in AI data analytics and object recognition, and for quantum cryptography, communications and sensing. The EU has previously carried out an assessment of the security of its 5G networks, which has led some EU countries to restrict use of equipment made by China's Huawei and ZTE.

Persons: China's, Philip Blenkinsop, Jan Harvey Organizations: European Union, European, European Economic Security, EU, China's Huawei, ZTE, Thomson Locations: BRUSSELS, China, EU, U.S, Japan, Britain, Australia

BRUSSELS, Oct 2 (Reuters) - The European Commission will assess the risks of four critical technologies, including semiconductors and artificial intelligence, being weaponised by countries not aligned with its values and will take measures next year to tackle the issue, an EU official said on Monday. The other two critical technologies on the EU list are quantum technologies and biotechnologies such as vaccines and genome sequencing. "The Commission will do risk assessments of these four technologies with member states. The next step is to mitigate the risks next year," the official told Reuters on condition of anonymity. Commission Vice President Vera Jourova and EU industry chief Thierry Breton will hold a press conference on the issue at 1330 GMT on Tuesday.

Persons: Vera Jourova, Thierry Breton, Foo Yun Chee, Richard Chang Organizations: European, EU, Reuters, Thomson Locations: BRUSSELS, United States, Australia, China, Ukraine

☆ New Zealand farmers set for right-wing protest vote over climate change policies
▼ + stars: | 2023-09-27 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Warning that livelihoods are at stake, farmers are looking to conservative candidates who will unwind or delay these Labour policies. The two will travel the length of New Zealand over 10 days to encourage rural communities to vote for a change. Farmers in New Zealand have staged several protests in the past two years against growing regulations and agricultural emission schemes. New Zealand will also become the first country in the world to tax farmer for methane from animals from 2025. Wayne Langford, president of farmer lobby group Federated Farmers, said recent policies had been impractical, difficult to implement and caused significant frustrations.

Persons: Praveen Menon, Bryce McKenzie, Laurie Paterson, John Deere, ”, McKenzie, Chris Hipkins, James Shaw, Wayne Langford, it's, Langford, Lucy Craymer, Michael Perry Organizations: REUTERS, Rights, New Zealand Labour Party, Farmers, ACT, Taxpayers, Union, Curia, National, Labour, Green Party, Federated Farmers, New Zealand, Thomson Locations: Hawke's Bay , New Zealand, Southland, New Zealand, Rural, Zealanders, Netherlands, Zealand

☆ Chipmaker GlobalFoundries seeks funding under CHIPS Act
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

A signage at U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore, September 12, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsSept 25 (Reuters) - Contract chipmaker GlobalFoundries (GFS.O) said on Monday it has submitted applications for funding under the U.S. CHIPS act to expand capacity and modernize its local manufacturing facilities. The CHIPS and Science Act provides a total of $52.7 billion in subsidies for U.S. semiconductor production, research and workforce development. It also includes a 25% investment tax credit for building chip plants estimated to be worth $24 billion. Malta, New York-based GlobalFoundries makes wireless connectivity chips used in mobile phones, WiFi routers and radio towers.

Persons: chipmaker, Edgar Su, Steven Grasso, Lockheed Martin, Jaspreet Singh, Shilpi Majumdar Organizations: REUTERS, U.S . Commerce Department, Lockheed, Thomson Locations: Singapore, U.S, Malta , New York, Bengaluru

☆ South Korea Hosts Japan, China as US Allies Try to Reassure Beijing
▼ + stars: | 2023-09-25 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Japan and South Korea have an interest in avoiding conflicts and maintaining a stable security relationship with China, and Beijing's assistance in slowing down, if not halting, North Korea's extensive nuclear development program, he added. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Josh Smith, Hyonhee Shin, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean, Carnegie Endowment, International Peace Locations: Hyonhee Shin SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

Those talks were suspended amid legal, diplomatic, and trade disputes between Seoul and Tokyo over issues dating to Japan's 1910-1945 occupation of Korea. A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Park Jin, Japan Takehiro Funakoshi, Foreign Affairs of China Nong Rong, Jung Byung, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Josh Smith, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean Foreign, Foreign Affairs, Japan, Foreign Affairs of, Political Affairs, South Korean, Carnegie Endowment, International Peace, Thomson Locations: Foreign Affairs of China Nong, SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

☆ CreditNinja, which has charged loan customers an interest rate of 447%, is complaining that their $1 million PPP loan forgiveness request was rejected
▼ + stars: | 2023-09-23 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Short-term lending company CreditNinja is mad about the SBA denying them loan forgiveness. The company charges interest rates as high as 447% in Texas, per KHOU. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. According to Forbes, Kanye West's fashion company Yeezy received over $2 million in PPP loans. Artist Jeff Koons, also notably rich, received a $1.1 million PPP loan in April 2020, according to ProPublica.

Persons: Seamus Hughes's CourtWatch, CreditNinja, CreditNinja wasn't, —, Kanye, Yeezy, Jeff Koons Organizations: SBA, Service, Court, Southern Division, Small Business Association, Relief, Economic, Forbes Locations: Texas, Wall, Silicon, Illinois

☆ Student-loan borrowers aren't waiting for payments to resume to start paying off their debt
▼ + stars: | 2023-09-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Treasury recorded a $1 billion cash flow into the Education Department on September 1. Borrowers are already starting to make payments before bills are due next month. On September 1, interest began accruing on millions of federal student-loan borrowers' balances, marking the end of the over three-year payment pause introduced at the start of the pandemic. AdvertisementAdvertisementWhile the influx of cash into the Education Department might not solely be from student-loan payments, it's clear it was a major contributor this month, based on Treasury data. While some borrowers have been using the time to prepare for repayment, the Education Department previously said 4 million borrowers are enrolled in the new SAVE income-driven repayment plan, intended to lower monthly payments.

Persons: James Kvaal, Kvaal, Bobby Scott Organizations: Treasury, Education Department, Service, Politico, Republican Locations: Wall, Silicon

☆ The Rise of Single-Parent Families Is Not a Good Thing - The New York Times
▼ + stars: | 2023-09-17 | by ( Melissa S. Kearney | ) www.nytimes.com time to read: +3 min

College-educated adults have seen their earnings rise over recent decades, and they have continued to get married at relatively high rates, typically to one another. One-parent homes generally do not have the same income as two-parent homes, even when we compare the homes of mothers of the same age, education level, race and state of residence. What are the odds that the government will start providing one-parent families with, say, benefits equal to the median earnings of an adult with a high school degree, which comes to around $44,000 a year? As long as that’s the case, income gaps between one- and two-parent homes will be substantial, and income matters a lot for kids’ prospects and futures. But again, it is highly unlikely that government or community programs could ever provide children from one-parent homes with a comparable amount of the supervision, nurturing, guidance or help that children from healthy two-parent homes receive.

Locations: United States

Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China August 28, 2018. "This will skyrocket our demand for lithium-ion batteries, fuel cells and electrolysers, which is expected to multiply between 10 and 30 times in the coming years," the paper, prepared by the Spanish presidency of the EU, said. While the EU has a strong position in the intermediate and assembly phases of making electrolysers, with a more than 50% global market share, it relies heavily on China for fuel cells and lithium-ion batteries crucial for electric vehicles. Lithium-ion batteries and fuel cells were not the only area of EU vulnerability, the Spanish presidency paper said. "The EU has a relatively strong position in the latter, but it shows significant weaknesses in the other areas," it said.

Persons: Stringer, Jan Strupczewski, Conor Humphries Organizations: REUTERS, Rights, European, EU, Reuters, European Commission, European Central Bank, Thomson Locations: Huzhou, Zhejiang province, China, Rights MADRID, Russia, Ukraine, Granada, Spain, Europe, Africa, Latin America, Spanish

☆ New allegation against detained Ukrainian magnate Kolomoisky, official says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Ihor Kolomoisky, a Ukrainian business tycoon and one of Ukraine's most prominent billionaires, arrives at court in Kyiv, September 2, 2023. REUTERS/Vladyslav Musiienko/File Photo Acquire Licensing RightsSept 14 (Reuters) - Detained Ukrainian business magnate Ihor Kolomoisky, already facing fraud charges, has been served with notice of a third set of allegations, a Ukrainian official said on Thursday. Leshchenko said the new allegations resulted from an investigation by Ukraine's Bureau of Economic Security. They included forging documents, illegal takeovers of property by an organised group and property acquisition in questionable circumstances. Kolomoisky is among the tycoons who built their fortunes in the ashes of the Soviet Union and amassed political power in Ukraine's fragile democracy.

Persons: Ihor, Vladyslav, Ihor Kolomoisky, Serhiy Leshchenko, Volodymyr Zelenskiy's, Kolomoisky, Leshchenko, Ron Popeski, Nick Starkov, Lincoln Organizations: REUTERS, Ukraine's Bureau of Economic Security, of Economic Security, National, European Union, Soviet Union, Thomson Locations: Ukrainian, Kyiv, Privatbank, Ukraine, PrivatBank, Soviet, U.S

☆ Ukraine security agency confirms new allegations against magnate Kolomoisky
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Ukrainian business tycoon and one of Ukraine's most prominent billionaires Ihor Kolomoisky appears at a court session about a preventive measure against him, amid Russia's attack on Ukraine, in Kyiv September 2, 2023. REUTERS/Vladyslav Musiienko/File Photo Acquire Licensing RightsKYIV, Sept 15 (Reuters) - Ukrainian business magnate Ihor Kolomoisky has been served with notice of a third set of allegations following his detention on suspicion of fraud and money laundering, the Security Service of Ukraine (SBU) said on Friday. Kolomoisky is suspected of having set up an organised group, which comprised employees of the bank, to obtain the funds from 2013 to 2014, it said. Reuters could not immediately reach Kolomoisky or his lawyers for comment on the new allegations. Zelenskiy is trying to root our corruption and restrict the influence of business magnates as Ukraine strives for membership of the European Union.

Persons: Ihor Kolomoisky, Vladyslav, Serhiy Leshchenko, Volodymyr Zelenskiy's, Kolomoisky, Zelenskiy, Anna Pruchnicka, Timothy Heritage, Mark Potter Organizations: REUTERS, Rights, Security Service of Ukraine, Ukraine's Economic Security Bureau, Reuters, Soviet Union, National, European Union, Thomson Locations: Ukraine, Kyiv, Soviet, U.S, Kolomoisky, Ukrainian, PrivatBank

☆ The GOP is moving forward with a bill that would force student-loan borrowers into 'payments they can't afford' by blocking Biden's new repayment plan, a top Democrat says
▼ + stars: | 2023-09-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Republicans began marking up a bill that would overturn Biden's new SAVE income-driven repayment plan. Over 4 million borrowers are already enrolled in the plan, the Education Department said. In his opening statement during the markup, he said that the GOP bill would "undermine the economic security of millions of student borrowers." AdvertisementAdvertisement"With the return to student loan repayment underway, student loan borrowers and their families are already anxious," he said. Student-loan payments are resuming in October, and the Education Department has touted its SAVE plan as an option for borrowers who are worried about affording their monthly payments.

Persons: Bobby Scott, Joe Biden's, isn't, Biden, Sen, Bill Cassidy Organizations: Democratic, Education Department, Service, Republicans, Senate, GOP, SAVE, Republican Locations: Wall, Silicon

☆ Japan PM to Include Five Women in Cabinet - Media
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida's cabinet will include five female ministers, the same number as in two previous administrations, Japanese media reported on Wednesday, as the premier seeks to boost his sagging ratings with fresh faces. About 43% of respondents disapproved of Kishida's leadership while 36% approved, according to a poll by public broadcaster NHK conducted last week. Yoko Kamikawa, a former justice minister who oversaw the execution of the Aum Shinrikyo doomsday cult that carried out a deadly sarin gas attack on the Tokyo subway in 1995, will become foreign minister, the media outlets said. The number of women in cabinet is the same as previous cabinets led by former premiers Junichiro Koizumi and Shinzo Abe. Kishida has also appointed pro-Taiwan politician Minoru Kihara to head the defence ministry, while retaining Shunichi Suzuki as finance minister and Yasutoshi Nishimura as economic minister, the media outlets said.

Persons: Fumio Kishida's, Kishida, Yoko Kamikawa, Sanae, Junichiro Koizumi, Shinzo Abe, Minoru Kihara, Suzuki, Yasutoshi Nishimura, Sakura Murakami, Miral Fahmy Organizations: NHK Locations: TOKYO, Tokyo, Taiwan

☆ GlobalFoundries opens $4 billion Singapore expansion fab to meet 'demand for essential semiconductor chips'
▼ + stars: | 2023-09-12 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

A robotic arm moves 300 mm silicon semiconductor wafers inside a sorting machine in a cleanroom at a Globalfoundries Inc. semiconductor fabrication plant. Liesa Johannssen | Bloomberg | Getty ImagesU.S.-headquartered GlobalFoundries announced Tuesday the opening of its $4 billion expansion fabrication plant in Singapore as the contract chipmaker expects "growth in demand for essential semiconductor chips." Singapore supplies 11% of the world's semiconductors, according to the Singapore Semiconductor Industry Association. GlobalFoundries acquired Singapore's Chartered Semiconductor Manufacturing and took over its fabs in 2010. The following June, the Nasdaq-listed semiconductor manufacturer said its first tool had been moved into the Singapore facility.

Persons: Johannssen, GlobalFoundries, chipmaker, Thomas Caulfield, Caulfield, CNBC's Organizations: Inc, Bloomberg, Getty, CNBC, Qualcomm, MediaTek, NXP Semiconductors, 5G, Singapore Semiconductor Industry Association, Partnership, Samsung, Semiconductor Manufacturing, Economic, Board, Nasdaq, CNBC's Sri Locations: Singapore, U.S, Germany

☆ US jobless aid programs bilked of up to $135 bln during COVID, watchdog says
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. After several extensions, the PUA - which provided benefits to jobless individuals who would not typically have been eligible for them - expired in September 2021. Fraudulent claims activity has periodically distorted the data reported weekly by the Labor Department, befuddling economists who count on the data for gauging the wherewithal of the job market. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: REUTERS, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department, Thomson Locations: Manhattan, New York City , New York, U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ AOC calls out Republicans for threatening to shut down the government and disrupt 'everyday people's paychecks'
▼ + stars: | 2023-09-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Conservative lawmakers are threatening a government shutdown over a range of demands. Rep. Ocasio-Cortez called out the lawmakers for risking Americans' paychecks with their conditions. Congress has until September 30 to reach an agreement on government funding before a shutdown. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. However, some Senate Republicans think opening this inquiry might just be what it takes to keep the government funding conversation moving.

Persons: Cortez, Alexandria Ocasio, Cortez isn't, Joe Biden's, holdouts, Biden, Kevin McCarthy, Matt Gaetz, McCarthy, paychecks, Don Bacon, GOP Sen, Mike Braun, Ralph Norman Organizations: Service, Lawmakers, Social Security, SNAP, Democratic, Republicans, GOP, Politico, Caucus Locations: Wall, Silicon, Alexandria

☆ US Jobless Aid Programs Bilked of up to $135 Billion During COVID, Watchdog Says
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

(Reuters) - Up to $135 billion of jobless benefits paid out by U.S. states during the coronavirus pandemic may have arisen from fraudulent claims, Washington's top government watchdog said on Tuesday in a report suggesting the problem is much bigger than previously estimated. But a new General Accountability Office report estimates the problem is much bigger: Between $100 billion and $135 billion of the roughly $900 billion in jobless benefits payouts from April 2020 through May 2023 may have been fraudulent. At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: Reuters, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department Locations: U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ The G7 is least bad group for a troubled world
▼ + stars: | 2023-09-04 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

In this troubled world, the Group of Seven rich democracies is the best bet for keeping the peace and protecting the planet. The Group of 20 large economies and the United Nations, both of which hold summits this month, are broken. India and Brazil may also be out of place in an expanded group which China seems to be dominating. G7 BY DEFAULTThat leaves the G7, which brings together the U.S., Japan, Germany, the United Kingdom, France, Italy and Canada. But to see off challenges from other groups, the G7 needs a more ambitious offer for the Global South.

Persons: Joe Biden, Volodymyr Zelenskiy, Vladimir Putin, Lehman Brothers, Narendra Modi, What’s, Putin won’t, Xi Jinping, haven’t, Donald Trump’s, Joe Biden’s, Putin, Peter Thal Larsen, Thomas Shum Organizations: Reuters, U.S, United Nations, UN, Security, Lehman, Indian, United, International Monetary Fund, Freedom House, U.S ., American, European Union, Global, Thomson Locations: Ukraine, Hiroshima, Japan, China, U.S, Soviet Union, Russia, United Kingdom, France, New Delhi, India, loggerheads, Brazil, South Africa, Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, United Arab Emirates, UAE, Mexico, Indonesia, Turkey, Thailand, Nigeria, Vietnam, Malaysia, Philippines, Bangladesh, Germany, Italy, Canada, Iraq, Britain, Europe, Asia, South Korea, Australia

CNN —One of Ukraine’s most powerful oligarchs has been arrested in a fraud investigation, state media in the country are reporting. A Kyiv court on Saturday ordered Ihor Kolomoisky, a key supporter of Ukrainian President Volodymyr Zelensky’s 2019 presidential campaign, to 60 days in pre-trial detention while authorities investigate fraud charges against him, reported Ukrinform. Kolomoisky’s media and banking businesses have made him one of the richest men in Ukraine. Video and photos showed Kolomoisky being led away from the district court in Kyiv. Earlier this year Zelensky fired a slew of senior Ukrainian officials over a corruption scandal linked to the procurement of war-time supplies.

Persons: Ihor Kolomoisky, Volodymyr Zelensky’s, Kolomoisky, Ukrinform, –, ”, Vasyl Maliuk, Zelensky, Arsen Avakov, Avakov Organizations: CNN, US State Department, State Department, Security Service of Ukraine, of Economic Security, General’s, Kolomoisky, “ Locations: Ukraine, Shevchenkivskyi, Kyiv, Europe, Russia

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