A record number of American workers quit their jobs as of the last business day in March while the number of job openings rose to an all-time high, pointing to a tight labor market as businesses struggled to hire enough workers to meet demand. The Labor Department said in its monthly Job Openings and Labor Turnover…
Job Openings and Quits Hit Record Highs as Hiring Woes Continue
May 3, 2022
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Business & EconomyeconomyinflationInvestmentjob openingslabor marketMarketspersonal financequitsUSUS News
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Major South Korean Industries Face Production Cuts and Shutdowns Amid China’s Lockdowns
May 3, 2022
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Asia & PacificBusiness & EconomyBusinesses in COVID-19ChinaChina Business & Economychinese importsHyundaiKiaLGlockdownsSamsungSouth Koreasupply chainWorld
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South Korea’s major industries are experiencing supply disruptions in core components as the pandemic lockdowns in China show no end in sight. With the country’s high dependence on Chinese imports, any disruption in the supply chain would threaten the South Korean economy, according to a recent study. Under the severe disruptions to the Chinese supply…
Oil Prices Fall From China Worries, Support Comes From European Embargo
May 3, 2022
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Business & EconomycommoditiesEuropeeuropean sanctions on russiaglobal oil pricesMarketsRussian Oil BanRussian Oil TradeWorld
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Crude oil prices declined on Tuesday trading due to demand worries from China and the country’s weak manufacturing activity data even though prices are getting support from a possible European Union ban on Russian oil. Brent crude oil July futures were trading at $106.10 per barrel on May 3 as of 09:57 UTC after hitting…
Wall Street Mixed at Open as Earnings Disappoint
U.S. stock indexes were mixed at the open on Tuesday after a slew of underwhelming earnings reports, while investors braced for a big interest rate hike by the Federal Reserve this week to tame surging prices. The Dow Jones Industrial Average rose 24.59 points, or 0.07 percent, at the open to 33,086.09. The S&P 500…
Swiss National Bank Opposed to Holding Bitcoin as a Reserve Currency
ZURICH—The Swiss National Bank is against buying and holding bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank’s annual general meeting on Friday. “Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan said. “We can…
Citigroup Says Human Error Caused ‘Flash Crash’ Hit to European Shares
Citigroup Inc. said on May 2 that a so-called “flash crash” in European stock markets occurred when one of its traders made an error. The acknowledgment came just hours after the stock market experienced an extremely rapid decline in the price of a number of assets, something that traders often refer to as a “flash crash” and which…
Euro Holds Near Five-Year Low as Potential Fed Hike Nears
LONDON—The euro held close to a five-year low against the U.S. dollar on Tuesday with the Federal Reserve expected to hike rates this week, while traders wait for European Central Bank President Christine Lagarde to give clues on her monetary policy plans. The Fed has taken an increasingly aggressive approach to monetary policy as inflation…
Producer Prices Surge to Record High in Euro Area as Stagflation Risk Rises
Producer price inflation in the eurozone surged to a record high in the year through March, the European Union’s statistical agency reported, delivering a fresh sign that inflationary pressures continue to bedevil economies around the world and reinforcing concerns about stagflation. The European Union’s statistics office Eurostat said in a May 3 statement (pdf) that the euro…
Burger King, Tim Hortons Sales Power Earnings Beat for Parent Restaurant Brands
Restaurant Brands International Inc., beat estimates for quarterly results on Tuesday, boosted by higher prices and strong demand at its Burger King and Tim Hortons chains. Same-store sales at Burger King and Tim Hortons jumped with more people ordering their sandwiches and coffees as they resumed their pre-pandemic routine. While restaurant sales are on a…
Stellantis Buys Car-Sharing Business as BMW, Mercedes Take Different Route
FRANKFURT/MILAN—Stellantis has agreed to buy the Share Now car sharing business from BMW and Mercedes-Benz as the two German groups focus more on the software part of their mobility alliance. Formed last year through the merger of Fiat Chrysler and Peugeot maker PSA, Stellantis wants to become a global leader in car-sharing, using this acquisition…
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