Wall Street’s main indexes eked out gains at the open on Thursday on optimism sparked by passage of a bill by lawmakers to suspend the nation’s debt ceiling, while dismal earnings from Salesforce kept gains in check. The Dow Jones Industrial Average rose 21.58 points, or 0.07 percent, at the open to 32,929.85. The S&P…
Aust-First Deal Limits Uber Charges in Train Meltdowns
Getting home when public transport grinds to a halt will be cheaper after New South Wales (NSW) and Uber struck an Australian-first deal on surcharges. The rideshare operator has agreed to limit surge pricing when disruptions happen until alternative public transport options are in place and passenger demand reduces. Transport Minister Jo Haylen announced the…
Amazon Reaches $30.8 Million Settlement in FTC Complaints Over Ring Doorbell Surveillance, Use of Children’s Voice Recordings
Amazon has agreed to pay the Federal Trade Commission (FTC) $30.8 million to settle claims that it allowed employees and third-party contractors of its Ring video camera doorbell unit to surveil customers in their homes and illegally retained children’s voice recordings through its Alexa app. According to an FTC press release, Amazon’s Ring doorbell company was charged with compromising…
Euro Steadies Near 2-month Low as Inflation Drops in Relief for ECB
LONDON—The euro steadied on Thursday near a two-month low after data showed eurozone inflation eased more than expected last month, backing arguments for only cautious further rate hikes by the European Central Bank (ECB). Inflation in the 20 nations sharing the euro eased to 6.1 percent in May from 7.0 percent in April, below expectations…
Oil Steadies on a Potential Pause in US Interest Rate Hikes and Passing Debt Limit Deal
LONDON—Oil steadied on Thursday on a potential pause in U.S. interest rate hikes and the passing of a crucial vote on the U.S. debt ceiling bill. U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government’s debt…
Shares Gain on US Debt Bill Passage, Fed Pause Talk
June 1, 2023
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LONDON/TOKYO—Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling—and avert a catastrophic default—with majority support from…
Japan Is Back, yet Still Far From Its Old Days
Commentary The sudden bull of the Japanese stock market in May called for a thorough review of Japan. Japan used to be excluded from Asia in the past decades, but concentrating on industrialization, its stock market expanded exponentially in the latter half of the 1980s. The recent Japanese stock index (whether Nikkei or Topix) is…
China Factory Activity Slows, Adding to Economic Strains
June 1, 2023
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BEIJING—China’s manufacturing slowdown deepened in May as consumer and export demand weakened, a survey showed Wednesday, adding to signs an economic rebound following the end of anti-virus controls is slowing. Chinese leaders are under pressure to shore up the recovery after a survey found a record 1 in 5 young workers in cities were unemployed….
American Airlines Says It Will Appeal a Ruling That Would Break up a Partnership With JetBlue
DALLAS—American Airlines said Wednesday it will appeal a court decision that would force the airline to break up its partnership with JetBlue Airways in the Northeast. American and JetBlue face a late-June deadline to end the agreement in which they coordinate flights and share revenue. The Justice Department sued to block the alliance, and a…
Finnish Company Admares Plans $750 Million Modular Housing Factory in US, Hiring 1,400
WAYCROSS, Ga.—Finnish company Admares plans to invest $750 million to build a modular housing factory in the U.S. state of Georgia, hiring 1,400 people, officials announced Wednesday. The company plans to mass produce housing using heavily automated factories. Admares, which was founded in Turku, Finland, said it’s in the process of relocating its headquarters to…
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