Elon Musk, the billionaire head of Tesla, Space X, and Twitter, on Thursday predicted a “serious recession” in 2023 and promised not to sell Tesla stock next year “under any circumstances.” Speaking in a Twitter Spaces audio forum, Musk also assured investors Tesla hadn’t “skipped a beat on execution” since he took over Twitter. Twitter required an…
Elon Musk Says He Won’t Sell Tesla Stock for 2 Years, Predicts ‘Serious Recession’ in 2023
Oil Rises 2 Percent on Russian Supply Worries; US Storm Impact in Focus
December 23, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose 2 percent on Friday on expectations of a drop in Russian crude supply, which helped offset worries of a hit to U.S. transport fuel demand growth as a looming Arctic storm threatens travel during the holiday season. Brent crude was up by $1.40, or 1.70 percent, to $82.38 a barrel at 1044…
World Shares Mixed Before Updates on Spending, Durable Goods
December 23, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—Shares rose in Europe on Friday after a retreat in Asia ahead of updates on U.S. consumer spending and durable goods orders. Benchmarks climbed in London and Paris but fell in Hong Kong, Tokyo, and Seoul. Oil prices surged more than $1 a barrel. Japan reported its core inflation rate, excluding volatile fresh foods, rose…
Survey: 1 in 3 Americans Want to Save More With New Year’s Resolutions
Inflation remains one of their top concerns for Americans heading into 2023, according to a new WalletHub survey. Prices on a range of goods and services have increased by more than 7 percent since November 2021, according to the Consumer Price Index. Nearly one in three respondents from the Wallethub survey said they planned on…
Where Have the Small Businesses Gone?
December 22, 2022
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Business & MarketsBusiness ColumnistsinflationOpinionrecessionSmall BusinessesU.S. economyViewpoints
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Commentary For the last two years in the United States, the number of business formations have fallen by about 3 percent per month. They recovered briefly after the devastation of lockdowns, during which as many as a third of small businesses shut forever, but that recovery has come to an end and we are in…
UK Economy Shrank by More Than Previously Thought in 3rd Quarter
The UK economy contracted by more than previously thought between July and September and growth has been weaker than estimated throughout much of the past year, official data has revealed. According to new figures released by the Office for National Statistics (ONS) on Dec. 22, the UK’s GDP fell by 0.3 percent in the third…
Wall Street Opens Lower as Economic Data Renews Rate Hike Worries
Wall Street’s main indexes opened lower on Thursday as fresh data underscored strength in the U.S. economy and aggravated concerns over the Federal Reserve’s continued policy tightening. The Dow Jones Industrial Average fell 143.13 points, or 0.43 percent, at the open to 33,233.35. The S&P 500 opened lower by 25.18 points, or 0.65 percent, at…
Yen Rises, Underpinned by BOJ Policy Tweak; Dollar Retreats
SINGAPORE—The yen firmed on Thursday, returning towards a four-month peak against the dollar hit earlier in the week after the Bank of Japan’s surprise tweak to its bond yield control spurred bullish yen bets, while the dollar moved broadly lower. The yen rose about 0.5 percent to 131.85 per dollar, after surging to a four-month…
Oil Rises on Tight US Stocks as Winter Blast Hits
December 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices climbed for a fourth straight day and hit their highest in two and a half weeks on Thursday with U.S. crude, heating oil, and jet fuel stocks growing tighter just as a wintry blast hits the United States. Brent crude futures gained $1.17, or 1.4 percent, to trade at $83.37 at 1235 GMT,…
World Shares Mixed, Oil Jumps Following Rally on Wall Street
December 22, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mixed Thursday after a rally on Wall Street as investors welcomed a report showing U.S. consumer confidence is holding up despite the Federal Reserve’s campaign to fight inflation by raising interest rates. Germany’s DAX edged 0.1 percent lower to 14,081.26. The CAC 40 in Paris also lost 0.1 percent, to 6,578.93. Britain’s…
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