The latest on the Russia–Ukraine crisis, May 7. Click here for updates from May 6. Missiles Hit Ukraine’s Coastal City Odesa: Regional Administration Several missiles hit the southern Ukrainian port city of Odesa on Saturday, the regional administration’s spokesman Serhiy Bratchuk said in televised remarks. Bratchuk said the strikes hit the city after targets in…
LIVE UPDATES: Russia–Ukraine War (May 7): Missiles Hit Ukraine’s Coastal City Odesa: Regional Administration
LIVE UPDATES: Ukraine Says All Women and Children Now Evacuated From Mariupol Steel Mill
The latest on the Russia–Ukraine crisis, May 7. Click here for updates from May 6. Ukraine Says All Women and Children Now Evacuated From Mariupol Steel Mill All women, children, and elderly civilians have been evacuated from the Azovstal steel mill in Mariupol, Ukraine’s deputy prime minister said on Saturday, despite what military officers said…
Federal Basic Income in America Is Not an Option
Commentary I have studied universal basic income (UBI) for years. In fact, at one time I was considering a research project about the benefits of UBI. I thought basic income was worthwhile with important core tenants (healthcare for children, poverty alleviation, etc.), but over time I realized I was wrong. Basic income in America is…
History Shows The Fed Would Be Cutting Rates By Now
Commentary It is a study in confoundingly sharp contrasts. On the one side, last week the U.S. Bureau of Economic Analysis (BEA) “shocked” the media, anyway, by releasing its estimate for U.S. real GDP during 2022’s first three months. Disaster. Negative. A sickly economy already showing signs of the demand destruction markets have been pricing…
Musk, Twitter Sued by Florida Pension Fund Seeking to Delay $44 Billion Takeover
A Florida pension fund has sued Tesla CEO Elon Musk and Twitter Inc. in a bid to halt the self-avowed “free speech absolutist” from finalizing his $44 billion takeover bid of the social media platform. In the proposed class-action lawsuit, brought by the Orlando Police Pension Fund and filed in Delaware Chancery Court, the plaintiffs…
JPMorgan CEO Says Russia’s War on Ukraine Is Bigger Risk to Economy Than Interest Rates
JPMorgan CEO Jamie Dimon said on Wednesday that markets should be prepared for the war between Russia and Ukraine to last for years to come, suggesting that the conflict posed a greater risk to the American economy than the prospect of hikes on the key interest rate from the Federal Reserve. In an interview with…
ING Misses Q1 Profit Estimates as Russia Provisions Hit Earnings
AMSTERDAM—ING Groep NV, the largest Dutch bank, reported on Friday a worse-than-expected quarterly net income of 429 million euros ($452 million), including a surge in provisions for bad loans due to its exposure in Russia and Ukraine. Analysts had forecast first-quarter net income at 679 million euros, according to Refinitiv data, while ING reported a…
British Airways-Owner IAG Scales Back Summer Ramp-Up to Avoid Disruptions
LONDON—British Airways-owner IAG cut back plans to ramp up short-haul flights to avoid disruption at Heathrow airport this summer, sending its shares skidding 8 percent on Friday after admitting it doesn’t have enough staff to cope. The company, which also owns Iberia, Vueling and Aer Lingus, has struggled with crew absences caused by the Omicron-variant…
US Summer Travelers Can Expect Long Lines, Higher Prices as COVID-19 Restrictions Ease
With more U.S. travelers expected to take to the skies and the roads this summer as COVID-19 restrictions ease, unbridled demand will strain capacity in the leisure and travel industry and push prices even higher. Airlines, hotels, rental car companies, and booking sites all reported a surge in demand for their services in the latest…
Investor Sentiment Weakens Amid Violent Market Selloff
Sentiment among Wall Street investors weakened in April, following a slump bump in February and March, according to a new Goldman Sachs poll. The Global Markets Division’s Marquee QuickPoll of institutional investors reported that the net sentiment of institutional investors toward risky assets fell below -50 percent. The monthly survey has been steadily declining since…
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