NEW YORK—The dollar hit a five-year high on Wednesday before the Federal Reserve next week is expected to hike rates, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region. The dollar has gained on expectations that the U.S. central bank will be more hawkish than peers….
Food Price Inflation Getting Worse, Farming on Idle Land Disallowed Due to Climate Goals: USDA
April 27, 2022
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Food price inflation is rising at an alarming rate, with the annual rate en route to be the highest in recent years, according to the U.S. Department of Agriculture (USDA). The Consumer Price Index (CPI) for all food rose by 1 percent from February to March 2022. When compared to March 2021, food prices were…
Wall Street Opens Higher After Tech Selloff
Wall Street’s main indexes opened higher on Wednesday on strong earnings from Microsoft and Visa, following a brutal selloff in the previous session that sent the tech-heavy Nasdaq to its lowest close since December 2020. The Dow Jones Industrial Average rose 210.7 points, or 0.63 percent, at the open to 33,450.92. The S&P 500 rose…
UK Government Accused of Being ‘Complacent’ Over COVID-19 Loans Fraud
The British government has been accused of complacency when it came to handing out £47 billion ($59 billion) in loans to businesses affected by the COVID-19 pandemic. The Public Accounts Committee said in a report published on April 27 that the Department for Business, Energy, and Industrial Strategy (BEIS) had been “complacent” in preventing fraud…
Is ESG Investing an Expensive Scam?
Commentary When you hear the acronym ESG, do your eyes glaze over? If so, you’re not alone. For some, ESG represents progress. For others, however, it’s nothing but a scam. Nevertheless, the ESG movement is picking up steam, with an increasing number of corporations jumping on board. The acronym, which stands for environmental, social, and…
Oil Prices Dip as Europe Turns Away From Russian Oil, Dollar Soars
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe’s biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China’s economic outlook. Erasing earlier gains, Brent crude futures dipped 54 cents, or 0.5 percent, to $104.45 a barrel by 1259 GMT. U.S….
Euro Hits 5-year Low After Russia Halts Gas; Stocks Stage Small Rebound
LONDON—The euro dropped to its weakest since 2017 on Wednesday after Russia halted gas supplies to Bulgaria and Poland amid rising investor concerns for the regional economy, while stocks staged a small rebound after a mixed bag of corporate earnings. Russia’s decision to cut the gas flow to Bulgaria and Poland for rejecting its demand…
Facebook Removes Video of Briton Captured by Russia Following Request From UK Minister
Facebook has removed “Russian misinformation” video of a British-Ukrainian soldier being questioned in handcuffs after the social media platform was approached by a British minister, Prime Minister Boris Johnson said. YouTube has taken down a video of Aiden Aslin—a 28-year-old British-born Ukrainian armed forces soldier captured by the Russians in the Ukrainian city of Mariupol—on Friday, but Aslin’s…
Russia’s Gazprom Cuts Gas Exports to Poland, Bulgaria After They ‘Failed to Pay in Roubles’
Poland and Bulgaria have had their gas supplies cut off by Russia’s energy giant Gazprom after the two E.U. countries did not pay in roubles, the state-owned company announced on Wednesday. “As of the end of the working day on 26 April, Gazprom Export had not received rouble payments for gas deliveries in April from the companies ‘Bulgargaz’…
Strong Demand Lets Mercedes-Benz Hike Prices to Offset Costs
BERLIN—Mercedes-Benz expects strong demand for high-end cars to allow it to offset rising raw material and transport costs with higher prices, forecasting a pick-up in deliveries once chip shortages ease. While the German automaker’s high pricing strategy is in part based on its luxury products being scarce, it could have sold more vehicles in the…
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