Jonathan Wong
The Latest
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Netflix's Strategic Shifts Pay Off: Basic Plan Axed, Password-Sharing Crackdown, and a Surge in Subscribers
In a strategic move that has paid off, Netflix has stopped offering its basic membership plan in the US and has begun to crack down on password sharing. These changes have led to a surge in new subscribers, with the company adding 5.9 million new paid subscribers in the second quarter, beating Wall Street expectations. 
In a strategic move that has paid off, Netflix has stopped offering its basic membership plan in the US and has begun to crack down on password sharing. These changes have led to a surge in new subscribers, with the company adding 5.9 million new paid subscribers in the second quarter, beating Wall Street expectations. -
U.S. Strategic Oil Reserves at 40-Year Low, Refilling Could Be Costly and Time-Consuming
Simultaneously, given that the U.S.'s strategic oil reserves are at a forty-year low, the American economy may be more susceptible to shocks from oil price fluctuations. Some analysts assert this means that, should domestic crude oil supply shrink, the U.S. could become largely dependent on oil exporting countries such as Saudi Arabia and Russia. 
Simultaneously, given that the U.S.'s strategic oil reserves are at a forty-year low, the American economy may be more susceptible to shocks from oil price fluctuations. Some analysts assert this means that, should domestic crude oil supply shrink, the U.S. could become largely dependent on oil exporting countries such as Saudi Arabia and Russia. -
SEC Chair Warns of AI Risk to Financial Stability, Urges Regulatory Revisions
SEC Chair Gary Gensler cautioned on Monday that artificial intelligence (AI) poses a risk to financial stability. He suggested that the proliferation of AI could necessitate governments worldwide to substantially revise regulations to maintain global financial stability. Regulatory bodies must address the challenges emerging technologies bring. Gensler affirmed that the SEC staff is weighing the need for new rules. 
SEC Chair Gary Gensler cautioned on Monday that artificial intelligence (AI) poses a risk to financial stability. He suggested that the proliferation of AI could necessitate governments worldwide to substantially revise regulations to maintain global financial stability. Regulatory bodies must address the challenges emerging technologies bring. Gensler affirmed that the SEC staff is weighing the need for new rules. -
A Divided House: The Controversial Defense Bill and the Battle Over Social Policies
In a move that has sparked controversy and highlighted the deep divisions in American politics, the House of Representatives, led by the Republican majority, has passed a significant defense policy bill. The legislation, which authorizes a national defense budget of $886 billion for fiscal 2024, has been met with opposition due to the inclusion of several contentious social policy amendments. 
In a move that has sparked controversy and highlighted the deep divisions in American politics, the House of Representatives, led by the Republican majority, has passed a significant defense policy bill. The legislation, which authorizes a national defense budget of $886 billion for fiscal 2024, has been met with opposition due to the inclusion of several contentious social policy amendments. -
Dollar Dips Amid Cooling Inflation: A Game Changer on Wall Street
New data from the U.S. Bureau of Labor Statistics shows that the year-on-year increase in the U.S. Consumer Price Index (CPI) in June continued to fall from 4% in May to 3%, lower than the predicted 3.1%. This marked a 12-month decline and the lowest point since March 2021. The year-on-year growth rate of the Producer Price Index (PPI) in June slowed down from 1.1% in the previous month to almost no growth at 0.1%, lower than the anticipated 0.4% and a record low since August 2020. 
New data from the U.S. Bureau of Labor Statistics shows that the year-on-year increase in the U.S. Consumer Price Index (CPI) in June continued to fall from 4% in May to 3%, lower than the predicted 3.1%. This marked a 12-month decline and the lowest point since March 2021. The year-on-year growth rate of the Producer Price Index (PPI) in June slowed down from 1.1% in the previous month to almost no growth at 0.1%, lower than the anticipated 0.4% and a record low since August 2020. -
OpenAI's ChatGPT Under Official Investigation by U.S. Regulators for the First Time
OpenAI, the creator of the chatbot, ChatGPT, is now facing an investigation by the U.S. Federal Trade Commission (FTC), according to media reports on Thursday. This probe, initiated through a civil investigative demand (CID) letter sent to OpenAI, mainly focuses on whether the chatbot has caused harm to individuals by disseminating false information and how OpenAI has managed such risks. 
OpenAI, the creator of the chatbot, ChatGPT, is now facing an investigation by the U.S. Federal Trade Commission (FTC), according to media reports on Thursday. This probe, initiated through a civil investigative demand (CID) letter sent to OpenAI, mainly focuses on whether the chatbot has caused harm to individuals by disseminating false information and how OpenAI has managed such risks. -
St. Louis Fed President James Bullard to Step Down, Set to Helm Purdue's Business School
In a significant development that marks the end of an era at the Federal Reserve Bank of St. Louis, President James Bullard has announced his decision to step down from his role. Bullard, who has been at the helm of the St. Louis Fed since 2008, will transition to academia as the inaugural dean of Purdue University's Mitchell E. Daniels, Jr. School of Business. 
In a significant development that marks the end of an era at the Federal Reserve Bank of St. Louis, President James Bullard has announced his decision to step down from his role. Bullard, who has been at the helm of the St. Louis Fed since 2008, will transition to academia as the inaugural dean of Purdue University's Mitchell E. Daniels, Jr. School of Business. -
FTC's Defeat Against Microsoft: A Dark Horizon for New Era Antitrust Enforcement, But the Fight Is Far From Over
This Tuesday, a judge in San Francisco dealt a heavy blow to the Federal Trade Commission (FTC), the United States antitrust regulator, by rejecting its injunction request. The decision allows Microsoft to proceed with the largest acquisition in the history of the video game industry, that of Activision Blizzard. 
This Tuesday, a judge in San Francisco dealt a heavy blow to the Federal Trade Commission (FTC), the United States antitrust regulator, by rejecting its injunction request. The decision allows Microsoft to proceed with the largest acquisition in the history of the video game industry, that of Activision Blizzard. -
Trump's Immunity Claim Rejected: E. Jean Carroll's Defamation Case Moves Forward
In a significant development, the U.S. Department of Justice (DOJ) has reversed its stance on the immunity of former President Donald Trump from a defamation lawsuit filed by writer E. Jean Carroll. The lawsuit pertains to Trump's denial of Carroll's sexual assault allegations while he was in office. 
In a significant development, the U.S. Department of Justice (DOJ) has reversed its stance on the immunity of former President Donald Trump from a defamation lawsuit filed by writer E. Jean Carroll. The lawsuit pertains to Trump's denial of Carroll's sexual assault allegations while he was in office. -
FBI Director Wray Stands Firm Amidst GOP Criticism in House Judiciary Hearing
In a recent House Judiciary Committee hearing, FBI Director Christopher Wray faced a barrage of criticism from House Republicans, who outlined a series of grievances. Despite the onslaught, Wray remained resolute, defending the FBI's work and its commitment to impartiality. 
In a recent House Judiciary Committee hearing, FBI Director Christopher Wray faced a barrage of criticism from House Republicans, who outlined a series of grievances. Despite the onslaught, Wray remained resolute, defending the FBI's work and its commitment to impartiality.
