MILAN—World stocks rose on Tuesday and U.S. 10-year Treasury yields held above 3 percent as investors prepared for the Federal Reserve’s biggest rate hike since 2000. In a busy week for central bank meetings, Australia’s central bank raised its key rate by a bigger-than-expected 25 basis points on Tuesday, lifting the Aussie dollar as much…
Food Shortages Hit Record High in April, Prices Continue to Soar: S&P Global Survey
Food supply shortages hit a record high in April, as the ongoing Russia–Ukraine conflict continues to impact worldwide food exports, data from S&P Global published on Monday suggested. According to the survey, manufacturers worldwide reported sustained price and supply pressures during the last month, while the Global Supply Shortages Index signaled that shortages were just under…
Gold Falls to 2.5 Month Trough, Fed Rate Hike in Focus
Gold prices fell on Tuesday to their lowest level since mid-February as investors braced for more aggressive rate hikes from the U.S. central bank that have boosted the dollar and Treasury yields and lifted the opportunity cost of holding gold. Spot gold fell 0.3 percent to $1,857.48 per ounce by 09:42 GMT. Prices fell to…
White House Has Not Studied How Forgiving Student Loans May Impact Inflation: Psaki
May 3, 2022
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The Biden administration is weighing up using income to determine eligibility as part of a potential plan to cancel hundreds of millions of dollars of federal student loan debt but has not yet analyzed how it would impact inflation, the White House said Monday. Biden promised during his 2020 presidential campaign that he would cancel $10,000 debt for each borrower. An…
Arkansas State Attorney General Sues Family Dollar Over Rodent Infestation in Distribution Facility
The Arkansas state attorney general is suing Family Dollar over its “reckless” and “intentional” actions of selling products to customers despite a rodent infestation and unsanitary conditions at its West Memphis distribution center. Filed in Pulaski County Circuit Court on Thursday, the lawsuit (pdf) seeks actual and punitive damages, disgorgement, restitution, civil penalties, and injunctive relief against Family…
Truth Social App to Be Available via Web Browser ‘End of May’: CEO
Former U.S. President Donald Trump’s Truth Social app will launch on a web browser at the end of May, Chief Executive Devin Nunes said on Monday. In a post on the platform, Nunes also said Truth Social has not yet been approved for launch in the Google Playstore for Android devices. “End of May we…
AWS Still Leads Race, Google Grows Fastest: How Cloud Market Shaped Up in Q1
The worldwide cloud market grew at a robust clip in the first quarter, and the big three vendors dominated, according to a new report released by Canalys. Cloud Spending Maintains Red-Hot Pace First-quarter cloud infrastructure spending climbed 34 percent year-over-year and about 12 percent from the previous quarter to $55.9 billion, Canalys said. The top three…
You Ask, We Analyze: Why Shopify Looks Set for a Bounce Heading Into Q1 Earnings
On Sunday evening, Benzinga asked its followers on Twitter what they’re buying at the open on Monday. From the replies Benzinga selected one ticker for technical analysis. @EGT_AlAli, and @carlousa14 are buying Shopify Inc. Shopify is set to print its first-quarter earnings before the market open on Thursday. When the Ottawa-based e-commerce company reported its…
Moody’s Shares Drop on Mixed Q1 Results, FY22 Guidance Cut
Moody’s Corp. reported a first-quarter FY22 revenue decline of 5 percent year-on-year to $1.52 billion, beating the consensus of $1.51 billion. Revenue for MIS was $827 million, down 20 percent Y/Y as geopolitical concerns, rising yields, and elevated market uncertainty affected issuance in all asset classes. Foreign currency translation unfavorably impacted MIS revenue by 1 percent. Moody’s…
Lordstown, Foxconn Postponed Ohio Factory Sale Deadline
Lordstown Motors Corp. agreed to push back the deadline to sell its Ohio factory to Hon Hai Precision Industry Co. Ltd., operating as Foxconn, Bloomberg reports. The struggling EV startup needs to repay Foxconn if the deal does not close by May 14. Foxconn acknowledged that the two sides were still negotiating in a “positive and active…
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