Businesses should do more to reduce prices in the coming months, the government’s cost of living tsar says. Britain battling cost-of-living levels not seen in decades. The inflation rate is expected to top 11% in October, the Bank of England predicts. UK minister warns of the risk of “unrealistic expectations” over pay. Finance Secretary Rebekah … Read more
General Motors raises the price of its Hummer EV pickup truck by $6,250 to $110,000. The increase comes as it seeks to mitigate higher commodity and shipping costs amid high demand for cars and trucks. The company has been able to offset $5 billion in higher supply chain costs by raising prices and cutting expenses, … Read more
Sovcomflot is a key shipper of Russian oil and liquefied natural gas (LNG) cargoes globally. Western insurers halted insurance cover for Russia’s biggest shipping group hit by sanctions. Russian replacement cover would likely be enough to keep Russian vessels sailing. “Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. Russia’s state-run Sovcomflot … Read more
Oil prices recover from the steep drop after Federal Reserve’s rate hike sparked fears of slower economic growth. Tight oil supply and peak summer consumption support prices. U.S. crude production rose last week to its highest level since April 2020, EIA data shows. Oil costs recuperated on Thursday from a lofty drop in the past … Read more
Manila is owned by subsidiaries of Japan’s Universal Entertainment Corp. Okada’s Filipino partners took physical control of the $3.3 billion casinos in May. Universal’s domestic unit, Tiger Resorts, has appealed that ruling and what it said was an “illegal and violent” takeover. The CEO of 26 Capital Acquisition Corp (ADER.O) said on Wednesday the unlimited … Read more
Net employment surged 60,600 in May from April when it edged up just 4,000. That far surpassed market forecasts of a 25,000 rise and brought gains for the year to 386,100. The jobless rate held at 3.9% in May, but only because the participation rate unexpectedly jumped to a record high. The Reserve Bank of … Read more
Toyota, Nissan and others are shouldering more of the burden of soaring raw materials prices. They are extending other help to hard-hit parts makers, executives say. Piecesmeal support highlights potential disruption from the dramatic weakening of the yen, now at its lowest in two decades. For a really long time, Japan’s strong automakers had a … Read more
Elon Musk, tsays he may support Florida Gov. Ron DeSantis for president in 2024. CEO predicts a “massive red wave” of Republican victories in midterm elections. Musk also tweeted that he voted for Mayra Flores, a Republican, for the first time. Tesla Inc Chief Executive Elon Musk said he might uphold Florida lead representative Ron … Read more
Oil prices fall after the Federal Reserve raises interest rates. Data shows a build in U.S. crude stocks and distillate inventories, while gasoline posts drawdown. A stronger dollar makes oil more expensive for holders of other currencies, curtailing demand. Drivers around the world were tolerating record-high prices for road fuels, data showed. Oil costs fell … Read more
The donation comprises about 14.4 million shares of Berkshire Hathaway stock. It is part of the billionaire’s pledge to give away nearly all of his net worth. Buffett, 91, has donated more than half of his Berkshire shares since 2006. He and Bill Gates pioneered “The Giving Pledge”. Warren Buffett on Tuesday gave about $4 … Read more
The S&P 500 rose more than 1% in choppy trade on Wednesday. The Federal Reserve raised interest rates to meet market expectations. The central bank is trying to fight rising inflation without tilting the economy into a recession. It projected a slowing economy and rising unemployment for months to come. The S&P 500 rose over … Read more
Motor vehicle purchases declined amid rampant shortages, and record high gasoline prices pulled spending away from other goods. Data for April was revised lower to show sales increasing 0.7% instead of 0.9% as previously reported. Weak retail sales did not divert the Federal Reserve from its aggressive monetary policy tightening path. Sales at service stations … Read more
Faraday CEO Carsten Breitfeld told that the company will need to raise capital in the second half of the year. Faraday said it would start delivery of its FF91 car in the third quarter this year and expects to make between 6,000 and 8,000 cars in 2023. Faraday Future Intelligent Electric (FFIE.O) will actually want … Read more
Energy executives urge shorter-term efficiency and conservation amid a fuel supply crunch. Companies must scramble to meet climate targets set for 2030. Ukraine crisis will help boost Europe’s transition away from fossil fuels, Enel CEO says. Renewable sources like wind and solar can be tapped domestically in European countries and abroad. Energy executives Energy chiefs … Read more
Confidence among Japanese manufacturers rose in June and was steady in the services sector. The Reuters Tankan closely correlates with the Bank of Japan’s quarterly tankan survey. The monthly poll of 499 large and mid-sized firms polled takes place between June 1-10. Certainty among Japanese manufacturers rose in June and was consistent in the administrations … Read more
Software firm MicroStrategy (MSTR.O) said it has not received a margin call against its bitcoin-backed borrowing on Wednesday. The company borrowed $205 million from crypto bank Silvergate Capital in March, mostly secured against bitcoin. On Tuesday bitcoin’s price briefly dropped below a level company officers had said could trigger extra capital requirements. Programming firm MicroStrategy … Read more
Apple and Major League Soccer announced a 10-year streaming rights deal. All MLS, Leagues Cup and select MLS NEXT Pro matches will be streamed on the Apple TV app. Financial Times reported the deal is worth $2.5 billion, citing people familiar with the matter. Major League Soccer and Apple TV (AAPL.O) declared an organization on … Read more
Warner Bros Discovery is looking to cut up to 30% or nearly 1,000 jobs in its global advertising sales team. The company’s finance chief Gunnar Wiedenfels in April reaffirmed its goal of achieving $3 billion in cost savings after a $43 billion merger. Warner Bros Discovery Inc (WBD.O)is hoping to slice up to 30% or … Read more
Stellantis NV (STLA.MI) said on Tuesday it will begin an indefinite layoff starting next week. The world’s fourth-largest carmaker did not specify the number of employees being laid off. Earlier this month, Stellantis stopped operations at its key Melfi plant in Italy for a week. Automaker Stellantis NV (STLA.MI) said on Tuesday it will start … Read more
Legislation aimed at reining in the market power of Big Tech platforms like Amazon. Representative David Cicilline, chair of a House antitrust subcommittee, says he is confident the bills will pass. Senator Amy Klobuchar said last week that she had enough support in the Senate to win passage. A top Democratic legislator on antitrust issues … Read more
Oil prices fall ahead of the U.S. Federal Reserve meeting. The central bank is expected to raise rates by at least 75 basis points. OPEC sees demand growth slowing next year, as oil prices help drive up inflation and act as a drag on the global economy. Oil prices dropped on Wednesday on stresses over fuel … Read more
Lynas is the world’s largest processor of rare earth outside China. Follows ‘Phase 1’ funding for a facility announced in July 2020. The project is expected to be built on the Texas Gulf Coast and be operational in 2025, the company said. The plant would be first outside China able to separate heavy rare elements. … Read more
Westpac-Melbourne Institute index of consumers in Australia sentiment slumps 4.5% in June from May when it dropped 5.6%. The drop follows the Reserve Bank of Australia’s (RBA) decision to raise interest rates by a surprisingly large 50 basis points. A proportion of consumers in Australia slid for a seventh consecutive month to match pandemic lows … Read more
Qatar Airways and Airbus are at loggerheads over the airworthiness of Europe’s newest long-haul jet. Damage to outer skin exposed a layer of lightning protection and prompted Qatar to ground more than 20 jets. European Union Aviation Safety Agency: “We saw no damage which could imply safety issues”. Europe’s top flying security controller said on … Read more
Netflix has greenlit “Squid Game: The Challenge”. The 10-episode reality competition will include games inspired by the original show, as well as new additions. It will be filmed in the UK and will feature 456 players vying for $4.56 million. Netflix Inc’s (NFLX.O) most-watched programme is as of now not simply a fictious network show … Read more
Petrobras management told the government on Monday that Brazil’s diesel and gasoline prices are lagging behind international markets. The final decision depends on factors like oil prices and the exchange rate, “but the idea is to hold,” a source says. Congress has approved a bill that caps the ICMS state tax on fuels and other … Read more
Executives insist fossil fuels, especially natural gas, are still needed at a time when global markets grapple with tight energy supplies and skyrocketing prices. Governments worldwide have shifted their focus from sustainability and the energy transition to concerns about a global supply crunch and demands for more oil and gas. Energy organization leaders at a … Read more
The study finds drugs not effective in reducing symptoms in standard-risk patients. The drug has emergency use authorization for high-risk groups. Data from Israel shows drug reduces hospitalization and death rates in vaccinated and unvaccinated patients 65 years and older, but was not found to prevent severe illness. Pfizer Inc (PFE.N) said on Tuesday it … Read more
