WASHINGTON—U.S. single-family homebuilding and permits tumbled in March as soaring mortgage rates increased costs, but residential construction remains underpinned by a severe shortage of houses. The report from the Commerce Department on Tuesday also showed a record backlog of homes approved for construction, but yet to be started. It followed on the heels of news…
US Single-Family Starts Tumble; Construction Backlog at Record High
April 21, 2022
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backlogBusiness & EconomyconstructionDistrict of ColumbiaeconomyinflationLocal NewsMarketsRegional-Local Newssingle-familyUSUS News
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Japan Posts Trade Gap Far Wider Than Forecasts as China Exports Slow, Energy Imports Soar
April 21, 2022
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Asia & PacificBusiness & Economyeconomic policieseconomyEuropeJapanMarketsRussia-Ukraine Wartrade deficitWorld
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TOKYO—Japan recorded a trade deficit in March that was more than four times wider than market forecasts, as China-bound exports slowed sharply while soaring energy prices raised the cost of imports, adding to economic challenges brought by conflict in Ukraine. Outgoing trade was restrained by a decline in car exports and a slowdown in the…
Is There a Case for the Pre-1914 Gold Standard? Yes, If You Believe Inflation Is a Bad Thing
Commentary The Russian central bank recently announced that it will stop buying gold at a fixed rate and will instead buy it at the negotiated rate from banks. Following the numerous sanctions imposed on Russia, the ruble had fallen tremendously against the U.S. dollar, to get out of such a situation it had announced that it would buy gold…
Union Seeking to Organize Amazon Site in New Jersey Withdraws Petition for Vote
A labor group seeking to represent Amazon.com Inc workers in a small warehouse in New Jersey has withdrawn its petition for a unionization vote, a spokesperson for the U.S. National Labor Relations Board (NLRB) said on Tuesday. The move came a day after the NLRB said the group, Local 713 International Brotherhood of the Trade…
Fed’s Evans: Comfortable With Two 50 Bps Point Increases
Chicago Federal Reserve Bank President Charles Evans said Tuesday that he’s “comfortable” with a round of rate hikes this year that includes two 50 basis-point increases and reaches a neutral setting by year end, but he does not see the need for bigger hikes. “We should be looking for clear progress of easing inflationary pressures…
Fed’s Bostic Says Slowing Global Growth a Reason for Fed to Be ‘Cautious’: CNBC
WASHINGTON—The potential for a global economic slowdown is the reason for the Fed “to be cautious” as it raises interest rates in coming months, Atlanta Fed President Raphael Bostic said in comments Tuesday to CNBC. “I don’t think it is easy to know for sure how strong the economy is going to continue to be…
Continental Restarts Tyre Making at Russian Plant to Protect Workers
April 21, 2022
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Business & EconomyCompaniesContinentaleconomic policieseconomyEuropeMarketsRussiaRussia-Ukraine WarsanctionsUkraineWorld
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FRANKFURT—German car parts supplier Continental AG has temporarily resumed tyre production for passenger cars at its Russian plant in Kaluga, it said on Tuesday, to protect local workers who could otherwise face criminal charges. Continental said the move was aimed at meeting local demand and in line with sanctions imposed on Moscow for its invasion…
Analyst Cuts Price Target on Shopify but Still Sees 37 Percent Upside: What You Should Know
Shares of Shopify, Inc. have shed about 58 percent value since the start of the year and an analyst at Piper Sandler is pointing towards incremental risk for the Canadian ecommerce company over the remainder of the year. The Shopify Analyst Brent Bracelin maintained an Overweight rating on Shopify shares but reduced the price target from $900 to $800, implying…
Rolls-Royce Expecting UK Approval for Mini Nuclear Reactor by Mid-2024
A Rolls-Royce design for a small modular nuclear reactor (SMR) will likely receive UK regulatory approval by mid-2024 and be able to produce grid power by 2029, Paul Stein, chairman of Rolls-Royce Small Modular Reactors, told Reuters. The British government asked its nuclear regulator to start the approval process in March, having backed Rolls-Royce’s $546…
What We Can Learn From Japan About the Real Economic Risks to the World
April 20, 2022
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AnalysisBusiness & EconomyBusiness Columnistseconomic policieseconomyinflationJapanOpinionViewpoints
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Commentary The economy is red-hot, at least according to most. After all, why else would the U.S. Federal Reserve publicly announce a near-historic rush to hike its benchmark rates? Consumer prices have been painfully rampaging for a year, and the stated purpose of hiking is to cool everything down in order to regain control over…
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