European Union regulators have accused Apple of breaking the law by stifling competition in markets for mobile wallets, a move that could lead to billions of dollars in fines. The European Commission (EC) said in a May 2 statement that it had sent a charge sheet known as a statement of objections to Apple, alleging…
Apple Accused of Breaking EU Competition Laws Over Digital Wallets
May 2, 2022
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Wall Street Inches Higher as Growth Stocks Rebound
U.S. stocks edged higher on Monday as growth stocks rebounded after April’s rout, with investor focus squarely on the Federal Reserve meeting this week where policymakers are widely expected to raise interest rates. Facebook-parent Meta Platforms climbed 4.1 percent after falling 9.8 percent last month, while Microsoft, Tesla, and Nvidia rose about 2 percent after sharp declines…
Vote Tally Begins in 2nd Amazon Union Election in NYC
A federal labor board on Monday will count ballots cast by warehouse workers in a second Amazon union election on Staten Island. The National Labor Relations Board is overseeing the election and expects to finish tallying the votes by Monday evening. A separate election held last month gave a nascent group of organizers known as…
MyPillow CEO Mike Lindell Rejoins Twitter, Suspended Again Hours Later
May 2, 2022
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MyPillow CEO Mike Lindell announced that he rejoined Twitter Sunday after his account was banned last year, but he was quickly reported and banned from the platform. “Hello, everyone at Twitter. This is Mike Lindell,” Lindell said in a Twitter video published on Sunday. “I’m here to tell you about my new account here, @MikeJLindell. That’s…
Japan’s April Factory Activity Expands at Slower Rate: PMI
TOKYO—Japan’s manufacturing activity grew at a slower pace from the previous month in April as supply chain disruptions and strict Chinese coronavirus lockdown measures hurt overseas demand. Activity in the sector was held up by resilience in output, overall orders, and optimism about the year ahead, even as producers grew more wary of persisting price…
Goldman Sachs Slashes Credit Exposure to Russia
Goldman Sachs Group Inc. reduced its total credit exposure to Russia to $260 million in March from $650 million at the end of 2021, the bank said in a regulatory filing on Monday. The bank said market exposure tied to Russia and total exposure to Ukraine were not material. In March, Goldman Sachs became the…
Apple’s Supply Chain Issues Are ‘Investor Distraction Vortex’ and ‘Blown Out of Proportion’: Analyst
Problems with Apple Inc.’s supply chain have been “blown out of proportion” according to Gene Munster, Apple analyst and co-founder and managing partner at Loup Funds. Munster said in a note published on April 29 that the tech giant’s supply chain issues are in fact an “investor distraction vortex” after the company predicted a decline in performance…
Russia Accuses US of Trying to ‘Split the Entire Architecture’ of the World
May 2, 2022
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Russian Foreign Minister Sergei Lavrov has accused the United States of trying to shatter the architecture of the existing world order via the manipulation of international bodies and alliances. Speaking on Russian state television’s Channel 1 on April 26, Lavrov accused the Biden administration and the West of no longer recognizing international law or the key…
Fed Meeting in Focus as Expectations Build for Sharp Rate Hike, QT to Fight Inflation
May 2, 2022
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A major focus point for investors this week is the two-day Federal Reserve policy meeting, with markets expecting the central bank to press ahead with a sharp rate hike and formally announce the launch of a much-anticipated balance sheet runoff. The Federal Open Market Committee (FOMC) is scheduled to meet on May 3–4, with remarks…
UK Passport Delays Could Cost £1.1 Billion in Cancelled Holidays
May 2, 2022
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Delays in processing new British passports could cost £1.1 billion ($1.38 billion) in cancelled holiday bookings this summer, according to new research by the Centre for Economics and Business Research (CEBR). It said there was a significant “pent-up” demand for travel after two summers which were virtually obliterated by the pandemic, but a backlog of new…
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