A number of states are feeling financial strain as they deal with lower income tax revenues for April compared to last year, but Fitch Ratings says most remain on track to meet or exceed year-end budget forecasts thanks in part to conservative revenue projections and prior-year surpluses that boosted reserves. April is a key month…
Airbnb Posts $117 Million Profit, but Q2 Outlook Disappoints
Airbnb said that it earned $117 million in the first quarter as revenue rose during the ongoing recovery in travel, but the company’s outlook for late spring and early summer disappointed investors. The San Francisco-based company’s shares fell nearly 12 percent in extended trading hours after Airbnb posted the forecast on Tuesday. The weak outlook…
Japan’s Honda Records Lower Profit, Projects Recovery Ahead on Sales Rebound
TOKYO—Honda’s profit for the fiscal year that ended in March dropped 1.7 percent as sales took a hit from a semiconductor shortage and restrictions in China related to the coronavirus pandemic. But the Japanese automaker said Thursday that recovery was on the way, forecasting record sales and operating profitability for the current fiscal year. Net…
Buffett’s Dairy Queen Sees Taiwan Among Possible New Markets, While Mindful of Geopolitics
Berkshire Hathaway-owned Dairy Queen is exploring options to expand in new markets, perhaps including Taiwan, the company’s CEO said, even as geopolitical concerns with China simmer. Owned by Warren Buffett’s Berkshire Hathaway since 1998, the fast-food chain counts China as its second-largest market, operating more than 1,250 stores there out of more than 7,000 worldwide….
Recession Odds Rise to Highest in 40 Years: Fed
The odds that the United States will fall into a recession at some point over the next 12 months have risen to a 40-year high, according to a probability model from the New York Federal Reserve. The probability that the country will enter a recession within the next year has risen to 68.2 percent, according…
Judge Orders FDA to Speed Up Release of COVID-19 Vaccine Trial Data From 23.5 Years to Just 2
May 13, 2023
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AMERICABusiness & MarketsCCP VirusCompaniesCOVID-19 vaccineFDAModernaPfizerUSUS NewsVaccines & Safety
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A federal judge in Texas this week ordered the Food and Drug Administration (FDA) to make public data it relied on to license COVID-19 vaccines—Moderna’s for adults and Pfizer’s for children—at an accelerated rate, requiring all documents to be made public by mid-2025 rather than, as the FDA wanted, over the course of around 23.5…
Stock Market Today: Wall Street Slips as Households Get More Nervous
NEW YORK—Another seemingly listless week on Wall Street came to a quiet close on Wall Street Friday, but big worries continue to roil under the surface. The S&P 500 dipped 6.54 points, or 0.2 percent, to 4,124.08 to cap a sixth straight week where it moved by less than 1 percent. The Dow Jones Industrial…
‘Congestion Pricing’ To Toll Drivers Moves Closer to Reality In New York
May 12, 2023
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Business & Marketscongestion pricingDemocratseconomic policieseconomyManhattanMetropolitan Transit AuthorityNew YorkNew York CityNY NewsNY PoliticsNYC City LifePolicies & ImpactsPoliticsRegional & State NewsRegional NewsState NewsUSUS News
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New York City may start charging drivers traveling below Midtown Manhattan extra fees for congestion as early as April 2024. After years of heated debate, the NYC congestion pricing plan is expected to get final approval from the federal government next month. Urban commuter fees have been a pet project for environmentalists, urban planners and…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 12)
May 12, 2023
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Benchmark U.S. crude oil for June delivery fell 83 cents to $70.04 a barrel Friday. Brent crude for July delivery fell 81 cents to $74.17 a barrel. Wholesale gasoline for June delivery fell 3 cents $2.43 a gallon. June heating oil fell 4 cents to $2.31 a gallon. June natural gas rose 8 cents to…
Business Leaders Oppose Biden’s New Power Plant Rules, Which Set Lofty Climate Goals
The Biden administration released its toughest-ever rules for power plants, drawing backlash from the country’s largest business organization. The U.S. Chamber of Commerce issued a statement on Thursday urging the administration to propose more reasonable carbon reduction goals for power plants to avoid disrupting the future power supply. The Environmental Protection Agency’s proposed power plant…
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