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A “Robot Tax” to Fund Universal Basic Income? Pros and Cons
As automation and AI continue to transform the job market, there is growing concern about the impact on employment and income inequality. One proposed solution is the implementation of a “robot tax” to fund a universal basic income (UBI). The idea is to tax companies that use robots or AI in their operations and use…
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Right to repair movement gathers steam
U.S. set to follow Europe and U.K. by introducing legislation forcing manufacturers to give consumers more power to repair devices The Federal Trade Commission has announced that it intends to force manufacturers to make their products “repair friendly.” The FTC voted unanimously to adopt a new policy that gives them the power to investigate whether…
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Plainly speaking – a guide to the Federal Reserve
The Federal Reserve has been in the news a lot in recent months. They played a large role in helping the US through the darkest days of the pandemic and they continue to provide assistance and guidance as the recovery continues. But just what is the Federal Reserve? In this post, I set out to…
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Alibaba co-founder Jack Ma “lying low”
Chinese entrepreneur Jack Ma is said to be “avoiding the spotlight and lying low” according to Alibaba co-founder Joe Tsai. Mr. Ma has been conspicuous by his absence since he was pulled up in front of Chinese regulators earlier this year. Mr. Ma had been set to become China’s richest man with the stock market…
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U.S. home construction slumps
Despite a desperate shortage of homes for sale, housebuilders across the States are slowing down the production of new homes. Rapidly increasing raw material prices, land shortages, and a depleted labor pool are among the main factors that have caused single-family housing builds to drop by 13% in April. This slump, as reported by the…
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Uber Eats bookings more than double
Uber’s first-quarter bookings increased despite falling demand for its core ride-hailing business. The Covid-19 related slump that devastated its core business also brought a silver lining in the shape of a massive increase in its food delivery business. Overall Uber’s bookings grew 24% to $19.5 billion when compared to the same quarter from last year.…
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China’s economy soars 18% in post-pandemic recovery
The first quarter of this year saw China’s economy growing by an unprecedented 18.3% compared to the first quarter of last year. This is the biggest growth in China’s GDP since it began keeping quarterly records in the early nineties. The figures still did not match analyst expectations though, with a recent Reuters poll had…
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Bernie Madoff dies at 82
The US Bureau of Prisons has announced the death of disgraced financier Bernie Madoff. Mr. Madoff had been serving a 150-year sentence after pleading guilty in 2009 to running what was effectively a Ponzi scheme. Using this scheme, Mr. Madoff would pay off existing investors with money from new clients. The scheme collapsed in the…
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Cruise lines still in troubled waters
While a cautious world slowly emerges from the pandemic, some sectors are still facing a long wait before the recovery reaches them. The cruise industry in the U.S. is one such sector. Port Canaveral in Florida was once the world’s second-largest cruising port. Now it resembles a ghost town. Massive terminals sit empty, parking lots…