News Analysis The flow of credit in the Canadian economy is slowing. This is the effect of much higher interest rates—as engineered by the Bank of Canada—but the other component that could amplify the slowdown is more restrictive bank lending due to their lower risk appetites, concerns about clients’ creditworthiness, and regulatory supervision. Oxford Economics…
Wall Street Opens Lower on Mixed Earnings, Rising Yields
U.S. stocks fell at the open on Wednesday as Treasury yields rose on expectations that the Federal Reserve could keep interest rates higher for longer, while mixed earnings from regional banks and weakness in Tesla further dented sentiment. The Dow Jones Industrial Average fell 86.80 points, or 0.26 percent, at the open to 33,889.83. The…
Goldman Sachs Eyes Potential ‘Cannibalization’ From Apple’s New Savings Account
Goldman Sachs CEO David Solomon said he’s not concerned about Apple’s new savings account overshadowing his bank’s own Marcus savings accounts, though he’s watching closely for “cannibalization.” Solomon made the remarks in a recent earnings call, during which he was asked about Apple’s newly-announced savings account, which offers an annual percentage yield (APY) of 4.15 percent…
Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation
April 19, 2023
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…
United Airlines Loses $194 Million but Sees 2Q Turnaround
United Airlines said Tuesday that it lost $194 million in the first quarter, but its revenue soared compared with last year, and the airline said consumer demand remains strong despite economic uncertainty. United predicted that results in the April-through-June quarter will be slightly better than Wall Street expects. Like Delta Air Lines, which reported financial…
Transport Canada Says Hyundai Auto Canada Guilty of Safety Violation
Transport Canada said on Tuesday Hyundai Auto Canada Corp. pleaded guilty to six different counts of criminal charges for violating the Motor Vehicle Safety Act. Hyundai Auto Canada failed to send out notices of safety defect within the prescribed time period of 60 days, the statement said, and the company will pay a fine of…
J&J Talc Unit Asks Judge to Halt Cancer Lawsuits as It Pursues $8.9 Billion Settlement
A Johnson & Johnson subsidiary is again asking a U.S. judge to pause tens of thousands of lawsuits alleging the company’s baby powder and other talc products cause cancer, as it seeks to resolve the litigation in bankruptcy after a federal appeals court found its first attempt improper. At a Tuesday hearing in Trenton, New…
Companies Go Woke, Consumers Fight Back With Their Wallets
April 18, 2023
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As corporate culture goes woke, conservative Americans have punched back. Thanks to organizations like Consumers Research, which examines the actions of corporations and alerts customers if companies go woke, consumers can support businesses that respect and share their values. For example, Bud Light has recently experienced a loss in sales due to its transgender collaboration….
NTD Business (April 18): Default Risk for Office Building Mortgages? Musk Warns AI Could Destroy Civilization
April 18, 2023
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Elon Musk is again warning of dangers posed by artificial intelligence, saying it could destroy civilization. What’s he concerned about? A market veteran gives a new warning about the commercial real estate sector. He says we’ll see more loan defaults. Apple opens its first-ever store in India, underscoring the importance of the market. A second store in…
Bank of America First-Quarter Earnings Beat Expectations
April 18, 2023
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Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…
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