Retail spending in the United States stalled in April, coming in at a below-expectations zero percent after surging over 10 percent in March, when a round of stimulus checks hit bank accounts and Americans went on a shopping spree. The U.S. Census Bureau said in a Friday release (pdf) that U.S. retail spending remained flat…
April Retail Spending Stalls after Stimulus-Fueled March Shopping Spree
Samsung Boosts Non-Memory Chip Investment to $151 Billion as South Korea Offers Bigger Tax Breaks
Samsung Electronics on Thursday raised its planned investment in non-memory chips to 171 trillion won ($151 billion) through 2030, joining a rush of firms ramping up investments amid a global semiconductor shortage. Countries have also been working to bolster chip supply chains as the chip shortage affects production in industries such as autos. South Korea…
Weekly Jobless Claims at 14-month Low; Inflation Heating Up
WASHINGTON—The number of Americans filing new claims for unemployment benefits dropped to a 14-month low last week as companies held onto their workers amid a growing labor shortage that helped to curb employment growth in April. The scramble for workers comes as the reopening economy is experiencing a boom in demand, resulting in widespread shortages…
UK Builders to Construct Bigger Homes as More People Work From Home
British house builders are set to construct more detached and semi-detached homes, as the demand grows for properties with space to work from home, an industry body has said. The National House Building Council (NHBC), a warranty and insurance provider, said the housing sector has “bounced back” following the disruption caused by the COVID-19 pandemic,…
Tesla Suddenly Stops Accepting Bitcoin as Payment
Tesla will no longer accept the cryptocurrency bitcoin as payment, the company’s CEO Elon Musk announced on Wednesday. Musk said the abrupt move came because of worries over how much energy bitcoin mining, or production, consumes. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has…
US Will Remove Xiaomi From Blacklist, Reversing Action by Trump
May 12, 2021
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WASHINGTON—The U.S. Defense Department will remove China’s Xiaomi from a government blacklist, a court filing showed, marking a reversal by the Biden administration of one of former President Donald Trump’s last actions aimed at Beijing before exiting office. The court filing said the company and the U.S. government would agree to resolve their ongoing litigation,…
Amazon Wins $303 Million Court Fight in Blow to EU Tax Crusade
BRUSSELS—Amazon won its fight against an EU order to pay about 250 million euros ($303 million) in back taxes to Luxembourg in another blow to competition chief Margrethe Vestager’s crusade against preferential deals. The bloc failed to show that Luxembourg had given the U.S. online retailer special treatment in violation of state-aid rules, the EU’s…
Mall Traffic Hits Post-Pandemic High as Retail Recovery Continues
American shoppers continued to flock to the nation’s malls in greater numbers in April, with the foot traffic gap nearly halving in just two months, reinforcing the view of a retail recovery gaining traction. Foot traffic at a sample of 50 malls in April showed that, compared to the pre-pandemic April 2019 level, it was…
Inflation Surges 4.2 Percent Annually to a 13-Year High in April
U.S. consumer prices have soared above economists’ predictions and by the most in over a decade, as fiscal stimulus and booming demand pushed against supply constraints, potentially fueling market fears of a prolonged bout of higher inflation. The year-over-year consumer price index (CPI) jumped by 4.2 percent in April after rising 2.6 percent in March, the…
Consumer Prices Surges 4.2 Percent Annually to a 13-Year High in April
U.S. consumer prices have soared above economists’ predictions and by the most in more than a decade, as fiscal stimulus and booming demand pushed against supply constraints, potentially fueling market fears of a prolonged bout of higher inflation. The year-over-year consumer price index (CPI) jumped by 4.2 percent for the 12 months ending in April, compared…
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