The CEO of the United States Chamber of Commerce has spoken out against Democratic Sen. Elizabeth Warren’s (Mass.) repeated claims that corporations are to blame for higher inflation, saying instead that inflation is primarily due to market factors. “They’re just plain wrong,” said Chamber of Commerce CEO Suzanne Clark. “We’ve had decades of low inflation….
Chamber of Commerce CEO Says Elizabeth Warren Is ‘Just Plain Wrong’ About Inflation
Natural Gas Prices In Europe Rise After Ukraine Cuts Russian Pipeline Supply
May 12, 2022
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Business & EconomycommoditieseconomyEuropeMarketsNatural gasRussia-Ukraine crisisRussia-Ukraine WarWorld
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Natural gas prices in Europe jumped after Ukraine’s state-owned pipelined operator cut the flow of Russian gas at the Sokhranivka entry point on the border between the Luhansk region of Donbas on May 11. Ukraine’s Gas TSO announced the previous day, that due to the lack of physical control of its pipeline in Russian-controlled areas…
Prologis Offers to Buy Duke Realty in $23.7 Billion Deal as Warehouse Demand Soars
Prologis Inc., a warehouse real estate company, said on Tuesday it had offered to buy its smaller peer Duke Realty Corp in an all-stock deal valued at $23.7 billion, as it looks to benefit from the booming demand for industrial space. The deal comes at a time when Prologis is struggling to keep up with…
LIVE UPDATES: Russian Forces Have Blocked All Evacuation Routes Out of City: Mariupol Official
The latest on the Russia–Ukraine crisis, May 12. Click here for updates from May 11. Russian Forces Have Blocked All Evacuation Routes Out of City: Mariupol Official An adviser to the Mariupol mayor said on Wednesday that Russian forces have blocked all evacuation routes out of the city. The adviser, Petro Andriushchenko, said there were…
Peloton Headwinds Stiffen as People Break Pandemic Routines
Peloton’s uphill ride to get more sales is getting rougher as more people return to gyms and other pre-pandemic exercise routines and embrace cheaper options. The maker of high-end exercise bikes and treadmills, once highflying in the early days of the pandemic, on Tuesday reported mounting losses and slowing sale. It also offered a bleak…
Novavax’s 22 Percent Post-Earnings Plunge: 5 Factors That Took Toll
May 11, 2022
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Business & EconomyBusinesses in COVID-19CCP VirusCompaniesEarningeconomyNovavaxSharesVaccines & SafetyWorld
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Novavax, Inc. shares slumped 22.27 percent after-hours on Monday, reacting to its quarterly financial report. What would have been a trophy quarter to flaunt, given COVID-19 revenue only just began to trickle in, turned out to be a big disappointment. Here’re five reasons why the COVID-19 vaccine maker’s report triggered a negative reaction: 1. Vaccine…
More Australians Expect Interest Rates to Rise Sharply Over the Next year
May 11, 2022
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AustraliaBusiness & EconomyCreditorWatcheconomic policieseconomyinflationNational Skills CommissionReserve Bank of AustraliaWorld
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An increasing number of Australians are mentally prepared for a significant interest rate hike after the Reserve Bank of Australia (RBA) lifted the cash rate for the first time in more than a decade. According to the Westpac-Melbourne Institute consumer sentiment survey for May, over three in four respondents (77 percent) anticipated mortgage interest rates…
Prominent VC Warns Markets Could Fall ‘Quite A Bit More’
After a nice upward move on the day of the Fed rate hike, the market has retreated sharply in the three subsequent sessions. The sell-off isn’t quite done yet, according to Redpoint Ventures. Fall Between Wednesday and Monday, the SPDR S&P 500 ETF Trust has lost over 7 percent. The weakness is starker when we consider the all-time high…
US Household Debt Hits Fresh Record High of Nearly $16 Trillion, NY Fed Says
Total U.S. household debt surged to a fresh all-time high of nearly $16 trillion to kick off 2022, the latest Federal Reserve Bank of New York (FRBNY) data showed. According to the Quarterly Report on Household Debt and Credit, household borrowing surged by $266 billion, or 1.7 percent, in the first quarter to $15.84 trillion….
Hyundai Recalls 215,000 Sonatas, Faulty Hoses Can Leak Fuel
DETROIT—Hyundai is recalling more than 215,000 midsize cars in the United States—most for a second time—because fuel hoses can leak in the engine compartment and cause fires. The recall covers certain 2013 and 2014 Sonata sedans, many of which were recalled for the same problem in 2020. The Korean automaker says in documents posted Wednesday…
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