NEW YORK—Stocks are slumping on Wall Street, erasing a rally from a day earlier, as markets assess the looming fallout from the Federal Reserve’s stepped-up fight against inflation. On Wednesday, the Fed raised its benchmark interest rate by half a percentage point as part of an effort to slow consumer borrowing and tamp down inflation,…
UK Government Resists Renewed Push for Windfall Tax as Oil Companies Announce Unexpected Profits
The UK government has resisted a new wave of calls to impose more tax on oil and gas companies to help deal with the cost of living crisis. Without ruling out the idea, a Treasury spokesperson said on Thursday that it could deter “billions worth of investment,” and compromise the UK’s energy and job security….
Elon Musk and Cathie Wood Say Passive Investing Has Gone ‘Too Far’
May 5, 2022
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Business & EconomyCathie WoodCompaniesElon MuskInvestmentMarketsMedia & Big Techpassive investingpersonal finance
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Tesla chief Elon Musk and Ark Invest founder Cathie Wood touted the benefits of active portfolio management while taking aim at the rise of passive investing, with the duo arguing in a series of tweets that the passive trend has gone too far, leading to market distortions and weaker returns for investors. Musk waded into…
Elon Musk Raises $7 Billion Additional Funding for His Twitter Deal
May 5, 2022
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Business & EconomyCompanieseconomic policiesElon MuskLarry EllisonSaudi PrinceTwitterUncategorizedUSUS News
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Tech billionaire Elon Musk secured fresh financing from a group of investors including a Saudi Prince and Oracle co-founder Larry Ellison for his $44 billion buyout of Twitter, according to a new securities filing on Thursday. The world’s richest man received equity commitment letters from 19 investors, committing to pay $7.14 billion in cash or…
Bank of England Hikes Rates to 13-Year High as Inflation Expected to Hit Double Digits
Britain’s central bank has raised its key interest rate to 1.00 percent, the highest level in 13 years, as policymakers scramble to curb soaring inflation that has risen faster than wages and eroded the purchasing power of many households. The Bank of England announced on Thursday that its rate-setting body, the Monetary Policy Committee (MPC),…
Credit Suisse Froze $10.6 Billion Worth of Sanctioned Assets in Q1
ZURICH—Credit Suisse froze 10.4 billion Swiss francs ($10.63 billion) of wealthy clients’ assets in the first quarter under sanctions imposed in connection with Russia’s invasion of Ukraine, the bank’s financial report showed on Thursday. The Swiss bank’s financial report gave more details of its first-quarter results, which were originally published last week. “In 1Q22, CHF…
Shell Posts Record Profit on High Energy Prices and Trading Boost
LONDON—Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The last of the energy majors to report results, Shell joins sector rivals, including BP and TotalEnergies in making big profits from the commodity price volatility…
Inflation Surges 70 Percent in Turkey on Higher Energy Prices and Weakening Lira
Inflation in Turkey hit a 20-year-high in April as the country continued to battle rising rates, further exacerbated by the conflict in Ukraine and supply chain issues, according to data published by the Turkish Statistical Institute on May 5. Consumer price inflation soared to 69.97 percent per year in April, and 7.25 percent monthly, driven by high…
Janet Yellen: Biden’s Spending ‘Did Feed’ Inflation
May 5, 2022
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Business & EconomyeconomyExecutive BranchFedinflationJanet YellenPoliticsThe Federal ReserveUSUS Features
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President Joe Biden’s $1.9 trillion American Rescue Plan did contributed to inflation, Treasury Secretary Janet Yellen conceded on Wednesday. Speaking in an interview with Matt Murray, editor-in-chief of The Wall Street Journal, the former head of the Federal Reserve admitted that the White House’s enormous spending had played a role in today’s inflationary environment, adding…
Uber Loses Nearly $6 Billion on Investments in Didi, Grab
May 5, 2022
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Business & EconomyBusinesses in COVID-19CompaniesDidieconomygrabMarketsMedia & Big TechUberUSUS News
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Uber reported losses of nearly $6 billion for the first three months of the year, driven by its investments in other companies, the ride-sharing company announced on Wednesday. The California-headquartered company reported a first-quarter net loss of $5.9 billion, or $3.04 a share, compared with a loss of $108 million, or 6 cents a share, during…
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