Stock markets dropped across the globe on Friday and the dollar leapt to six-week highs as jobs data revived expectations the U.S. central bank would stick to its monetary tightening path. Data from the U.S. Labor Department overnight showed monthly producer prices had accelerated in January and the number of Americans filing new claims for unemployment […]
Boeing said on Thursday it is absorbing its decades-old aircraft-financing arm into its commercial airplanes unit as part of a push to simplify its corporate structure. After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would “realign” the financing arm within the commercial airplane unit while maintaining “strong coordination” […]
Oil fell 3% on Friday and was on course for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply. Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations […]
Twitter Inc has closed two of its three offices in India, Bloomberg News reported on Friday, citing people familiar with the matter. The social media company shut down offices in New Delhi and Mumbai but continues to operate its office in the southern tech hub of Bengaluru that mostly houses engineers, the report added. Twitter, under new […]
Mercedes-Benz Group on Friday warned of lower earnings this year amid economic uncertainty, and said it would look to sell more vehicles directly in major markets such as Britain and Germany as it continues to target high margins on flat volume. The premium automaker expects a lower adjusted return of 12%-14% on sales for its […]
Virgin Group won its trademark case against Alaska Airlines Inc for approximately $160 million on Thursday, with a judge in London ruling that it is entitled to royalties even though the U.S. airline no longer uses the Virgin brand. Virgin units Virgin Aviation TM Ltd and Virgin Enterprises Ltd argued Alaska is liable to pay […]
Two Federal Reserve officials said on Thursday the U.S. central bank likely should have lifted interest rates more than it did early this month, and warned that additional hikes in borrowing costs are essential to lower inflation back to desired levels. The Fed “has come an appreciable way in bringing policy from a very accommodative […]
NatWest warned on Friday that rising interest rates may not deliver the long-lasting earnings bonanza investors hope for, even though profit jumped by 33% last year. Shares in the bank fell as much as 9% as investors digested forecasts for profitability and costs for 2023, even as the bank reported annual pretax profit rose to 5.1 […]
Tech giants including Facebook, Google, Twitter and TikTok face stricter online content rules in the European Union due to their huge number of users. The new rules, known as the Digital Services Act (DSA), classify companies with more than 45 million users as very large online platforms (VLOPs) and require them to do risk management […]
Investors turned more cautious in the week to Wednesday, according to data from Bank of America, as a run of data prompted many to raise their forecasts for how high the U.S. Federal Reserve will take interest rates. BofA Global Research’s weekly “Flow Show”, released on Friday, showed the largest outflows from technology funds since […]
