Category: Business & Markets

US Extends Public Input on GM, Ford Self-Driving Petitions

WASHINGTON—U.S. auto safety regulators will extend a deadline for public input on General Motors and Ford Motor petitions seeking to deploy a limited number of self-driving vehicles without human controls like steering wheels and brake pedals. The National Highway Traffic Safety Administration (NHTSA) on Thursday made the 30-day extension of the public comment on the…


Australian Government to Support Electric Vehicle Market

Australians will have a greater choice of electric vehicles as part of the federal government’s push to encourage more people to take up the low emissions cars. High prices, limited stock and long waitlists have excluded many from the market, but a new national plan could help change that, Climate Change Minister Chris Bowen has…


South Korea to Attend Preliminary Meeting of US-Led Chipmaker Group

SEOUL—South Korea is expected to attend a preliminary meeting for a U.S.-led group of major microchip manufacturers including Taiwan and Japan, South Korea’s foreign minister said on Thursday. Seoul’s participation in the preliminary meeting for the so-called “Chip 4” group could heighten the stakes for South Korea as it seeks to navigate the contest between…


Turkey Shocks Markets by Slashing Rates Despite Soaring Inflation, Currency Tumbles

The Turkish central bank is plowing ahead with more cuts to the national interest rate, even as the inflation of the Turkish lira continues to accelerate to unforeseen levels. On Thursday, Turkey shocked markets when it announced a new interest rate cut that would reduce the benchmark to only 13 percent, after seven months in…


Cisco Expects Revenue Growth as Supply Chain Pressures Ease

Cisco Systems Inc. gave a positive forecast for first-quarter sales as a COVID-19 recovery in China eases supply chain shortages and helps it meet demand for networking hardware, sending the company’s shares 5 percent higher in extended trading. The results announced on Wednesday suggest networking equipment makers have started overcoming the component crunch that had…


Oil Companies Work Around Jones Act to Supply US Fuel Markets

U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher. Traders are increasingly sending unfinished gasoline components from the Gulf Coast to Buckeye Partners…


Kohl’s Cuts 2022 Outlook, Closing Mixed Week for Retailers

Kohl’s slashed its expectations for the year after sales slumped in the second quarter, sending shares down 9 percent at the opening bell Thursday and closing out a mixed week for retailers. The company that owns Coach and Kate Spade also issued a sales outlook for the year that fell a bit short of Wall…


Coca-Cola and McDonald’s Left Russia—Their Brands Stayed Behind

NEW YORK/MOSCOW—Western companies with iconic brands like Coca-Cola that exit Russia face years of battling knockoffs and unauthorized imports clamoring to fill the void they leave behind, a risky bid as courts show little sympathy for firms that depart. Companies pulled back from Russia this spring after Moscow sent thousands of troops into Ukraine, in…


Australia’s Unemployment Rate Drops to 48-year Low

Australia’s unemployment rate fell again in July, hitting 3.4 percent–the lowest level in 48 years. While the unemployment rate for men slipped by 0.2 percent to 3.4 percent, women’s remained unchanged at 3.4 percent compared to June. In addition, data from the Australian Bureau of Statistics (ABS) indicated that the number of unemployed people in…


China’s Electricity Crisis Worsens as More Factories Suspend Operations During a Lingering Heatwave

China’s power crisis has worsened as more factories shutter while an extreme heatwave spreads across southwestern China, according to a report from Nikkei Asia on Aug. 17. The municipal authorities in Chongqing ordered all factories, including foreign-owned factories, to suspend operations through Aug. 24, in order to conserve power as the heatwave causes a surge…