Author: News Room

Three months into his role as commissioner of the Social Security Administration, Martin O’Malley unveiled a new plan to tackle overpayment issues that have led the agency to demand some beneficiaries repay benefits.”We are no longer going to have that clawback cruelty of intercepting 100% of a payment if people do not respond to our notice,” O’Malley told the Senate Committee on Aging on Wednesday.The plan comes after some beneficiaries who received excess benefit payments have received letters from the Social Security Administration demanding repayment of those sums.More from Personal Finance:Millionaires may have hit their 2024 Social Security payroll tax…

The hoop and change president is enshrining his love for basketball in his presidential library. The Obama Presidential Center that will rise in Jackson Park in Chicago will feature an athletic complex with a full-size court that the ex-president describes in a new podcast. Its unorthodox inclusion in a presidential library complex will underscore how Obama’s love for the game was a key part of his image, his appeal to younger voters and a useful political tool. “It will also be the first presidential center in which there will be multiple All Star games on there,” Obama said on the…

The largest power plant in the world is under construction, and it’ll produce enough clean energy to fuel entire countries like Belgium, Chile, or Switzerland.It will cover 200 square miles — nearly the size of Chicago.Adani Green Energy Limited (AGEL) is building the solar and wind power plant in a salt desert in the western Indian state of Gujarat. AGEL is the clean energy unit of the Adani Group, the biggest coal miner and importer in India founded by billionaire Gautam Adani in 1988. Adani is currently the second richest person in Asia, according to Forbes. The Adani Group has…

Nvidia’s newest AI chip will cost anywhere from $30,000 to $40,000, CEO Jensen Huang told CNBC.The Blackwell chip, unveiled Monday, is a big step up from its predecessor, Hopper.Hopper could cost roughly $40,000 in high demand; the A100 before it cost much less at around $10,000. Nvidia showed off its latest innovation in AI chips this week, and the groundbreaking technology isn’t cheap. The new Blackwell chip, unveiled Monday, will cost anywhere between $30,000 and $40,000, CEO Jensen Huang said on CNBC’s “Squawk on the Street” on Tuesday. The chip has 208 billion transistors, 128 billion more than its Hopper…

By Tom Westbrook SINGAPORE (Reuters) – Asian shares bounced while gold prices and jumped to record highs on Thursday after the U.S. Federal Reserve indicated it would stick with plans for cutting interest rates. The U.S. dollar nudged lower and traders slightly increased their expectations for a U.S. rate cut in June. Japan’s Nikkei went up 1.5% to a fresh peak over 40,000 in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.6%. , an expected beneficiary of lower interest rates as yields on bonds come down, spiked to a record $2,222 an ounce. Overnight the Fed…

By Stephen Nellis SANTA CLARA, California (Reuters) -Intel is planning a $100-billion spending spree across four U.S. states to build and expand factories after securing $19.5 billion in federal grants and loans – and hopes to secure another $25 billion in tax breaks. The centerpiece of Intel (NASDAQ:)’s five-year spending plan is turning empty fields near Columbus, Ohio, into what CEO Pat Gelsinger described to reporters on Tuesday as “the largest AI chip manufacturing site in the world”, starting as soon as 2027. The U.S. government announced the federal funds to Intel under the CHIPS Act on Wednesday. Intel’s plan…

Investing.com– Gold prices hit a record high in Asian trade on Thursday, tracking a sharp drop in the dollar after the Federal Reserve kept interest rates steady and signaled that it was still considering rate cuts this year.  The slid after the Fed meeting, sinking 0.6% and buoying the broader commodity complex. Copper prices rose back towards 11-month highs, while other precious metal prices also rose. But gold was a standout performer, notching new highs on the prospect of lower interest rates in the coming months. rose as much as 1.2% to a record high of $2,222.14 an ounce, while…

Angela Chao, CEO of shipping company Foremost Group and sister of former US cabinet secretary Elaine Chao, was intoxicated at the time of a fatal car accident, according to a 62-page incident report released by the Blanco County Sheriff’s office. The report details the night of Feb. 10, when her friends and first responders worked to save Chao after she drove a Tesla into a pond while leaving her Johnson City family ranch. Chao had been at the ranch with friends, according to the report. The group had dinner and drinks at the guest lodge. At around 11:30 p.m., everyone began returning to their…

People’s Bank of China (PBOC) Deputy Governor said on Thursday that “there is still room for cutting the Reserve Requirement Ratio (RRR). Further comments Will promote effective investment, help resolve excess capacity. China’s monetary policy has ample room. Will keep Yuan basically stable. Expect China’s nominal economic growth to be around 8% in 2024. Will maintain appropriate growth in credit and total social financing. Central bank’s expected goal on 2024 total social financing growth implies bid to promote price rises. Will guide banks to lower deposit rates, lower financing costs. Will support consumption,, investment, promote rebound in prices. Market reaction At…

Months after completing phase 1 of its central bank digital currency (CBDC) pilot, Hong Kong is set to begin the second phase of experiments before a commercial rollout in 2025. In a disclosure, the Hong Kong Monetary Authority (HKMA) said the new iteration of the e-HKD is intended to explore new use cases for the CBDC in both retail and wholesale verticals. Phase 2 of the e-HKD Pilot Programme has been launched to explore the potential of a digital Hong Kong dollar in the areas of programmability, tokenisation and more. Do not miss out on this opportunity to make your…