Some economists believe the world’s largest economy will contract for a second straight quarter. Personal spending climbed by only 1.8% in the first three months of the year, down from previous estimate of 3.1%. Annualized GDP projections have been reduced to 1% from 2.7% previously. Several economists slashed their second-quarter US GDP forecasts in the … Read more
Public Investment Fund of Saudi Arabia is in discussions to acquire a stake in Aston Martin. The PIF already owns stakes in Lucid Motors and McLaren. Aston’s owner, Lawrence Stroll, has said that the company does not require further investment. According to four sources, the Public Investment Fund of Saudi Arabia is in negotiations with … Read more
Leon Black failed to convince a court. Ex-rival Josh Harris conspired with model Guzel Ganieva to spread false charges of sexual abuse against him. Both parties agree that the billionaire paid her millions of dollars over a number of years in exchange for her silence. Leon Black, a wealthy financier, failed to convince a court … Read more
US Supreme Court has curtailed the capacity of America’s top environmental regulator. The decision is a blow to the Biden administration’s efforts to combat climate change. At issue is the extent to which the EPA should be permitted to interpret parts of the 1970 Clean Air Act. In a major decision, the US Supreme Court … Read more
US Vice President Joe Biden has asked all Gulf governments to increase oil production. He has not singled out Saudi Arabia for increased production. Biden will not be traveling to Saudi Arabia next month to request an increase in oil production, he stated on a visit to the Middle East. Joe Biden The US president … Read more
US consumer spending fell in May as Americans struggled with historically high inflation levels. Personal incomes increased by 0.5%, but decreased when adjusted for inflation and taxes. The savings rate inched up to 5.4%, but is significantly lower than its pandemic-era peak of over 30%. Last month, US consumer spending fell more than anticipated as … Read more
EU and New Zealand conclude a trade agreement covering trade and investment. Agreement will eliminate nearly all tariffs on EU exports to New Zealand. Trade deal is the first Brussels has reached in three years, following resistance from member states to reductions in trade barrier reductions A trade agreement between the EU and New Zealand … Read more
The number of new claims for unemployment assistance in the United States decreased last week. While labour markets remain extremely tight, layoff reports are increasing. This week, over 200 employees on Tesla’s autopilot team in California were laid go. The Fed’s aggressive rate raise campaign would have a significant negative impact on the economy. Despite … Read more
US stocks lose $9tn in 2022 as investors flee the world’s largest equity market. Fed’s efforts to reign in out-of-control inflation spooks investors. S&P 500 index has declined 21.2% in 2022, on track for worst first-half performance since 1962. This year, US stocks have lost more than $9tn as investors flee the world’s largest equity … Read more
The era of low interest rates and moderate inflation has come to an end. The pandemic and Ukraine conflict are undoing the effects of more than a decade of ultra-low inflation in the majority of industrialised economies. They warned that the fragmentation of the global economy posed a threat to supply chains, productivity, costs, and … Read more
Avanti West Coast staff vote “overwhelmingly” for strike action in dispute over wages, job security, and working conditions. Balloting will end at a number of other train companies next Monday. Communication Workers Union conducting vote among its 115,000 members at Royal Mail. Following votes in favour of industrial action at Royal Mail and train firm … Read more
US pfizer’s Omicron approves $3.2 billion deal to purchase 105 million doses of the BioNTech/Pfizer vaccine. The deal includes a planned new vaccine targeting the Omicron strain for the fall booster campaign. An additional 195 million vaccines have not yet been approved by the FDA. Pfizer’s Omicron: The Biden Administration has approved a $3.2 billion … Read more
The S&P 500 has declined nearly 20% so far this year. The Federal Reserve’s current benchmark goal range is 1.50-1.75 percent. Futures markets indicate that investors anticipate the rate to rise to 3.5% by early 2023. Us Stocks: Wednesday’s Wall Street trading was choppy as traders evaluated recent indications of an impending economic downturn. Tuesday’s … Read more
Crypto Hedge three Arrows was unable to meet lenders’ demands for additional funds earlier this month. Liquidation comes as global investors dump speculative assets amid slowing global growth. The hedge fund was run by Su Zhu and co-founder Kyle Davies, and recognised for its leveraged bets on cryptocurrency prices. The crypto hedge fund Three Arrows … Read more
A congressional committee has learned that Trump intended to announce his intention to pardon the rioters. Several Trump advisers expressed fear that the 25th amendment, which would remove the president Trump did deliver a speech in which pardons were not mentioned. A congressional committee has learned that on the day following the incident on January … Read more
StockX, an online retailer of athletic footwear, will lay off 8% of its workforce. The company primarily functions as a platform for resellers to trade rare or coveted shoes. StockX was valued at $3.8 billion in 2021, and the business has considered going public. StockX, an online retailer of athletic footwear, stated on Tuesday that … Read more
Disney Plus’s streaming business has also risen fast during his tenure. The duration of the three-year contract is from July 1 through 2025. Some in Hollywood viewed Rice’s departure as an attempt to eliminate a potential candidate for the position. The Walt Disney Company’s board unanimously opted to extend Bob Chapek’s term as chief executive … Read more
FDA has voted to alter Covid-19 vaccinations to target Omicron variant. New booster campaign is intended at preventing an anticipated increase in infections this fall. The decision sets the way for Moderna and Pfizer to transition to a new generation of vaccinations. Experts claim they will provide superior protection against most extensively circulating Covid strains. FDA: … Read more
Nasdaq Composite fell 3% and S&P 500 closed 2% lower. Hong Kong-listed technology firms led the loss, with the Hang Seng Tech index falling up to 2.4%. Japan’s Topix fell by 0.9%, South Korea’s Kospi plunged 1.9%. Asian stocks followed US equities lower on Wednesday after a disappointing US consumer sentiment survey eroded investor confidence. … Read more
Philippine Securities and Exchange Commission has ordered the closure of Rappler. The news website is owned by Nobel winner Maria Ressa. In January, the SEC cancelled Rappler’s licence for allegedly violating the country’s constitution. Its licence was revoked over foreign ownership of media outlets. The Philippine Securities and Exchange Commission has ordered the closure of … Read more
Crypto mining equipment company Compass Mining has lost both its CEO & CFO. The news follows the group’s announcement that it planned to sell equipment worth millions of dollars in Russia, The collapse of cryptocurrency markets due to falling prices and a liquidity constraint. Compass Mining, a company based in the United States that sells … Read more
US government has placed five Chinese firms on an export blacklist for allegedly assisting Russia’s military. US is concerned about the deepening connections between Beijing and Moscow. According to US sources, there is no proof that China has offered military support to Russia before or during Ukraine crisis. The US government has placed five Chinese … Read more
Committee heard that Meadows had a “lack of reaction” to January 6 incident. White House counsel Pat Cipollone warned Donald Trump’s chief of staff that “blood will be on your hands” in the event of any violence at the US Capitol. Hutchinson stated that Meadows told Cipollone that the president did not wish to intervene in … Read more
Turkey has lifted its objections to Finland and Sweden joining NATO, paving the door for the Nordic countries to join the alliance. Turkish President Recep Tayyip Erdoan will tout this as a political victory at home ahead of elections that must be held by June of next year. Turkey accuses the Gülen organization of planning … Read more
Committee heard that Trump intended to pardon supporters after January 6 incident. Trump did deliver a speech in which pardons for rioters were not mentioned. Several Trump advisers expressed fear that the 25th amendment, which would remove the president and replace him with the vice president could be used. A congressional committee has learned that … Read more
US consumer confidence reached its lowest level in more than a year due to rising food and fuel prices. Discretionary expenditure is anticipated to decline in the coming months. Consumers were more negative about present business conditions and the labour market, but more concerned about the prospects for the next six months. According to a … Read more
Prices in ten big cities rose 19.7 percent annually, compared to 19.5 percent a month earlier. Average 30-year mortgage rate was 5.8% last week, up from 3.2% at beginning of year. Tampa, Miami, and Phoenix led all other cities in annual home price gains. Higher mortgage rates may have impacted purchasers’ finances and begun to … Read more
Ivanhoe Electric priced the sale of 14.39 million shares at $11.75 per share on Monday night. Company’s New York &Toronto Stock Exchange-listed shares were down 1.7%, giving it a market capitalization of slightly over $1 billion. In North America, only $1,8 billion has been raised through fresh issuance during the past three months. Robert Friedland, … Read more
