British car production has continued to fall, with almost 100,000 fewer vehicles built in the first three months of 2022 compared with a year ago, new figures show. The Society of Motor Manufacturers and Traders (SMMT) said manufacturing declined by almost a third, with the industry still affected by the global shortage of semiconductors and other…
Wall Street Rises at Open as Meta Earnings Offset GDP Worries
Wall Street’s main indexes opened higher on Thursday as strong earnings from Meta Platforms lifted battered technology and growth stocks, offsetting concerns around data that showed U.S. economic growth unexpectedly contracted in the first quarter. The Dow Jones Industrial Average rose 124.0 points, or 0.37 percent, at the open to 33425.96. The S&P 500 rose…
Oil Prices Fluctuate in the Face of Supply and Demand Concerns
LONDON—Oil prices dipped but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China. Brent crude futures were down 63 cents, or 0.6 percent, at $104.69 a barrel by 1129 GMT. U.S. West Texas Intermediate crude lost 49 cents,…
EU Calls Russia Suspending Gas Supplies to Poland and Bulgaria ‘Blackmail’
April 28, 2022
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European leaders have condemned Russia’s move to cut off gas supplies to Poland and Bulgaria as “blackmail” after the two NATO members had supplies shut off for refusing to pay in rubles. Moscow’s state-owned energy corporation Gazprom confirmed in an April 27 statement it had fully halted gas exports to Polish gas company PGNiG and…
Energy Prices Bump German Inflation to Four-Decade High
BERLIN—German inflation hit its highest level in more than four decades in April, pushed higher by natural gas and mineral oil products that have significantly increased in price since Russia’s attack on Ukraine. Consumer prices, harmonized to make them comparable with inflation data from other European Union countries (HICP), rose an annual 7.8 percent, a…
US Economy Declines 1.4 Percent in the First Quarter
The U.S. economy contracted 1.4 percent in the first quarter, new Bureau of Economic Analysis (BEA) data show. The market had forecast growth of 1.1 percent. This is the first time the world’s largest economy experienced negative growth since the second quarter of 2020. According to the BEA, the decline in the GDP was driven…
US Economy Declines 1.4 Percent in 1st Quarter
The U.S. economy contracted at an annualized pace of 1.4 percent in the first quarter, well below market expectations of 1.1 percent growth. The gross domestic product (GDP) data, reported on April 28 by the U.S. Commerce Department, mark the first negative growth since the second quarter of 2020 and a dramatic reversal from a…
US Economy Unexpectedly Declines 1.4 Percent in the First Quarter
The U.S. economy contracted 1.4 percent in the first quarter, new Bureau of Economic Analysis (BEA) data show. The market had forecast growth of 1.1 percent. This is the first time the world’s largest economy experienced negative growth since the second quarter of 2020. According to the BEA, the decline in the GDP was driven…
Tech Earnings Buoy Stocks as Yen Slips to 20-year Low
LONDON—The dollar was on the cusp on Thursday of its highest in two decades after the Bank of Japan doubled down on its ultra loose monetary policy, while technology stocks gained on strong earnings, led by a rally in Facebook parent Meta Platforms. The yen dropped to a 20-year low and breached 131 per dollar,…
Elon Musk Wins $13 Billion Tesla Shareholder Lawsuit Over SolarCity Acquisition
A Delaware judge on Wednesday sided with Tesla CEO Elon Musk in a lawsuit brought by the electric vehicle maker’s shareholders that accused him of coercing the company’s board into buying SolarCity. Tesla acquired California-headquartered SolarCity for $2.6 billion in 2016 in a stock-for-stock merger. The company was founded in 2006 by Musk’s cousins, Peter and Lyndon Rive, and…
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