NEW YORK—U.S. companies’ earnings woes are likely to extend beyond the weak fourth quarter, as a booming labor market weighing on margins looks set to hurt results in the first half of this year. Expectations for U.S. earnings to decline in the first and second quarter come amid weaker-than-expected fourth-quarter results for 2022, which Credit…
US Companies Face More Pain as Expected ‘Earnings Recession’ Looms
February 14, 2023
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Coca-Cola HBC’s Annual Profit Beats, Warns of Price Increases
Coca-Cola HBC AG on Tuesday reported better-than-expected full-year operating profit and said it will increase prices this year to tackle an increase in costs. Most companies have hiked prices in a bid to pass on some of these costs to their consumers. Although a cost of living crisis has seen a shift in consumer spending,…
Cruz Say’s He’s Using ‘Twitter Files’ as ‘Road Map’ to Investigate Other Big Tech Platforms
February 14, 2023
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Big TechBig Tech, Censorship, and SocialismBusiness & MarketsCompaniesFeatured TopicsMedia & Big TechplatformsPoliticsRepublicansSocial MediaTechTed CruzUSUS News
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Senator Ted Cruz (R-Texas) said he’s using the recent “Twitter Files” exposé series as a “road map” for investigating instances of political bias and manipulation in other big tech platforms. Cruz, who is the ranking member of the Senate Committee on Commerce, Science, and Transportation, announced he is starting an “oversight investigation” into major social…
Japan Names Academic Ueda as Next Central Bank Governor
February 14, 2023
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Asia & PacificbankBusiness & MarketsCompanieseconomic policieseconomygovernorinflationJapanMarketsUedaWorld
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TOKYO—Japan’s government named academic Kazuo Ueda as its pick to become next central bank governor, a surprise choice that could heighten the chance of an end to its unpopular yield control policy. Ueda, a 71-year-old former Bank of Japan (BOJ) policy board member, will succeed incumbent Haruhiko Kuroda, whose second, five-year term ends on April…
Ford to Cut 1 in 9 Jobs in Europe in Electric Revamp
BERLIN—Ford plans to cut one in nine jobs in Europe, axing 3,800 roles in product development and administration as part of a drive to lower costs in the region and concentrate engineering know-how in the United States, the automaker said on Tuesday The U.S. carmaker leads the European market for commercial vans, but has struggled…
Tesla Changes US Prices for 4th Time in 2 Months
Tesla has changed prices for one version of each of its Model 3 sedan and Model Y crossover, the fourth price adjustment by the electric vehicle maker since the start of the year. Tesla increased the price of its Model Y performance crossover by $1,000 to $58,990, its website showed. It cut the price of…
T-Mobile Outage Hits Users Across the US
T-Mobile users across the United States reported network outages late on Monday, according to an outage tracking website, as the company said it was quickly addressing a disruption that had affected some cellular services. The U.S. wireless carrier said it was working on resolving a problem that had caused intermittent issues with voice, messaging, and…
Warehouse Data Show Inflation Could Roar Back With a Vengeance
The latest warehouse data are showing signs that inflation could come back with a vengeance this year. As U.S. markets await the latest release of the Consumer Price Index (CPI) on Feb. 12, logistics managers are warning of growing signs of inflation in the supply chain, which may financially hurt consumers. The CPI for December saw…
White House Rule on Credit Card Late Fees Would Harm Consumers, Critics Warn
The Biden administration recently proposed a new rule that would slash credit card late fees “by 75 percent,” but critics argue this would harm consumers, including customers who pay their bills on time. The Consumer Financial Protection Bureau (CFPB), the federal government’s consumer protection watchdog, issued a measure to prohibit excessive credit card late fees….
Wall Street Slips at Open After Mixed Inflation Data
U.S. stock indexes opened lower on Tuesday after data showed consumer prices accelerated in January but the pace of annual increase slowed, likely keeping the Federal Reserve on a path of moderate interest rate hikes. The Dow Jones Industrial Average fell 51.84 points, or 0.15 percent, at the open to 34,194.09. The S&P 500 opened…
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