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Billionaire entrepreneur Elon Musk pushes for increased transparency in central banking / AP Photo/Jose Luis Magana Elon Musk has once again sparked discussions about the need for greater scrutiny of the Federal Reserve, stating his intention to push for an audit of the central bank during a recent Conservative Political Action Conference. Although Musk did not provide specific details regarding his plans, he affirmed his commitment to the idea when questioned on stage. This marks the second occasion in February that Musk, who humorously refers to himself as the head of the Department of Government Efficiency (DOGE), has endorsed the notion of examining the Federal Reserve more closely. As an independent agency, the Fed is responsible for setting interest rates and regulating major banking institutions in the United States. Musk’s statements come on the heels of a recent executive order issued by the White House aimed at enhancing oversight of how the Federal Reserve manages large ban...

Government moves to protect domestic steel producers from cheaper competition South Korea is poised to introduce tariffs on specific imports of Chinese steel, reflecting concerns over an influx of lower-priced products undermining its domestic industry. This initiative follows similar actions taken by the Trump administration, which previously imposed tariffs on steel and aluminum products. According to the South Korean trade ministry, the move aims to protect local steelmakers from the adverse effects of cheap foreign competition, which has significantly impacted their operations. The trade ministry's statement indicated that a preliminary investigation revealed the detrimental effects of cheaper steel on South Korea's steel sector. The government is targeting a provisional tariff of up to 38.02% on hot-rolled steel plates imported from China. In addition, it seeks to impose tariffs of nearly 28% on Baoshan Iron & Steel Co. and approximately 38% on various suppliers, incl...

Airline integrates technology to improve lost luggage recovery /  Joe Raedle / Getty Images American Airlines has recently joined other major airlines in utilizing Apple AirTags to enhance its baggage tracking system. This integration aims to address the common issue of lost luggage and provides passengers with an easier way to track their delayed bags. The new feature, which works in conjunction with the airline’s existing systems, leverages Apple's AirTag technology to help passengers and airline staff locate misplaced luggage more efficiently. The new AirTag-based service is available for passengers on flights arriving in the U.S., Puerto Rico, and the U.S. Virgin Islands. By embedding an Apple AirTag inside their checked baggage, passengers now have the option to share their bag’s location with the airline in the event of a delay. This collaboration with Apple brings a much-needed improvement to baggage handling and ensures quicker returns for bags that may have been misplaced...

Vale Faces Significant Financial Setback While Implementing Shareholder Strategies / Reuters Vale S.A., a prominent player in the global mining industry, recently reported a considerable financial loss of $694 million in the fourth quarter. This figure starkly contrasts with the $2.4 billion profit it achieved during the same period last year and falls significantly short of analysts' expectations, which had predicted a profit of $1.95 billion according to a poll conducted by LSEG. In light of these challenging financial results, Vale has announced several strategic initiatives aimed at enhancing shareholder value. One key measure is the introduction of a share buyback program, which will allow the company to repurchase up to 200 million common shares, including American Depositary Receipts (ADRs). This represents approximately 4.1% of Vale's total outstanding shares and is set to be executed over the next 18 months, demonstrating the company's commitment to returning val...

Core Inflation Reaches Highest Levels Since April 2024 / EPA In January, the UK reported an unexpected rise in its consumer price index (CPI), which increased by 3% year-on-year, surpassing economists' forecasts of 2.8%. This marked the highest inflation rate since March of the previous year, reflecting significant upward pressure on prices driven by various factors. The Office for National Statistics (ONS) released this data, highlighting a broader trend in rising costs affecting the UK economy. The core inflation rate, excluding volatile categories such as energy, food, alcohol, and tobacco, recorded a notable increase of 3.7%, the highest level since April 2024. Core service prices surged by 5%, indicating strong inflationary trends that have raised concerns among economists and policymakers. Key contributors to this inflation include rising energy costs and food prices, which have outpaced the increases in service fees. Specifically, airline fares experienced substantial hike...

Strategies for Building Wealth Across Decades: Tips for Aspiring Millionaires / GettyImageBank In South Korea, households that belong to the top 1% of wealth are a rare segment, making up only around 1% of the total population. A new report on investment strategies and wealth-building techniques offers valuable insights into what sets these top earners apart. The research emphasizes that self-investment is one of the most effective ways to achieve financial success, and the path to becoming wealthy varies greatly depending on your stage in life. According to a report by Hanwha Investment & Securities, the definition of a "wealthy person" is subjective, but people commonly accepted as wealthy share a few key characteristics. These individuals are capable of covering their expenses through passive income, and once they have achieved significant wealth, they exhibit self-discipline and avoid excessive greed. Statistics from the National Statistical Office reveal that only ...

India's aerospace manufacturing sector sees rapid expansion as global firms seek alternative supply chains As Western supply chain disruptions continue to impact the aerospace industry, leading global companies such as Airbus, Collins Aerospace, Pratt & Whitney, and Rolls-Royce are increasingly turning to India to source critical aircraft components. This strategic shift is fueling rapid growth in India’s aerospace sector, compelling local manufacturers to scale up operations and enhance their technological capabilities. Bengaluru-based Hical Technologies and JJG Aero are among the Indian aerospace firms benefiting from this transition. Hical, which supplies to major global aviation giants like Raytheon Technologies and Boeing, is targeting a revenue increase from its aerospace division to 5 billion rupees ($57.57 million) within three years. According to Yashas Jaiveer Shashikiran, the company’s joint managing director, the demand surge is accelerating business expansion. Si...