The European Union’s top court said Meta Platforms Inc. is still subject to consumer group lawsuits for possible violations of data protection rules, Bloomberg reports. In a dispute between the Federation of German Consumer Organizations and Meta’s Facebook, Germany’s top civil court sought the EU tribunal’s guidance on whether lawsuits to protect consumers from Big Tech were…
Meta Still Subject to Consumer Lawsuits for Breach of Data Protection Rules, EU Regulator Says
Netflix’s Crash Triggers Concerns for Spotify Too
Netflix, Inc’s share price crash has pulled down other media stocks emulating the streaming giant’s moves. Spotify Technology S.A. valuation is also losing its mojo even before Netflix’s crash, the Financial Times wrote. Spotify’s market capitalization is about twice its 2021 revenue, while Netflix’s market cap is about three times its 2021 revenue. Spotify and Netflix, pioneers of streaming in…
Southwest Airlines Faces Staffing Challenge as Travel Rebounds
Southwest Airlines Co on Thursday forecast a “solid” profit for the current quarter and full-year, but said staffing woes were making it harder to keep pace with booming travel demand. The company said a sharp recovery in travel bookings in March helped lift its monthly revenue above 2019 levels for the first time since the…
Sweden’s Central Bank Raises Interest Rate to Hit Inflation
April 29, 2022
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STOCKHOLM—Sweden’s central bank on Thursday raised a key interest rate from zero to 0.25 percent, citing the highest inflation level since the 1990s. Riksbanken said there had been “unusually large fluctuations in inflation in Sweden” and the rise last year “was largely due to rapid increases in energy prices.” The Consumer Price Index for March…
Congo Starts Ebola Vaccinations to Stem Outbreak in Northwest, WHO Says
DAKAR—The Democratic Republic of Congo has kicked off Ebola vaccinations to stem an outbreak in the northwest city of Mbandaka, the World Health Organization (WHO) said on Wednesday. Two people are known to have died so far in the city of over one million inhabitants where people live in close proximity to road, water, and…
Global Inflation to Stay Stubbornly High as Wrecked Supply Chains Persist: Reuters Poll
April 29, 2022
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Business & EconomyBusinesses in COVID-19CCP Viruseconomic policieseconomyEuropeglobalinflationINSIDE CHINAInternationalMarketsRussia-Ukraine Warsupply chainWorld
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BENGALURU—The global streak of high inflation is far from over and aggressive monetary policy tightening will fall short in taming price pressures to mandated levels as broken supply chains are unlikely to mend anytime soon, Reuters polls showed. Inflation in most countries has soared to multi-year highs, driven by a rebound in economic activity and…
Gold Holds Near 10-week Low on Robust Dollar, US Rate Hike Bets
Gold prices hovered near their lowest level in two months on Thursday, as expectations of aggressive U.S. policy tightening boosted the dollar and added pressure on non-yielding bullion. Spot gold fell 0.1 percent to $1,885.06 per ounce by 1:04 p.m. GMT. It hit $1,871.81, its lowest since Feb. 17 earlier in the session. U.S. gold…
Unilever Warns of More Price Hikes as Cost Pressures Build
Unilever raised prices by over 8 percent in the first quarter and warned more hikes were on the way as the maker of Dove soap and Ben & Jerry’s ice cream lifted its cost inflation forecast for the second half of the year due to the Ukraine conflict. The company said it now expected cost…
Elon Musk Sells $4 Billion Tesla Shares After Agreeing to Purchase Twitter, Says ‘No More Sales Planned’
Elon Musk sold nearly $4 billion worth of Tesla shares this week, just days after the billionaire agreed to purchase Twitter for $44 billion, according to filings with the Securities and Exchange Commission. According to the filings, the CEO offloaded about 4.4 million shares of the electric vehicle company for about $3.9 billion, with the majority of the…
Amazon Declines to Describe Search-Algorithm Data: Australian Regulator
SYDNEY—Amazon.com Inc. has declined to describe its product-search system to an Australian competition regulator that has heard complaints of large marketplace platforms giving preference to in-house wares. The company’s withholding of the information sets the scene for a possible repeat of Australia’s 2021 showdown with Facebook Inc. and Alphabet Inc.’s Google, which resulted in those…
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