LONDON—BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil, and Chevron last week after energy prices…
Dow, S&P 500 Open Lower Ahead of Powell Comments
The Dow and the S&P 500 opened lower on Tuesday as investors await Federal Reserve Chair Jerome Powell’s remarks for further clues on how long the U.S. central bank will keep interest rates higher. The Dow Jones Industrial Average fell 121.24 points, or 0.36 percent, at the open to 33,769.78. The S&P 500 opened lower…
Global Stocks Mixed After Wall Street Sinks on Rate Fears
February 7, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets were mixed Tuesday as traders looked ahead to a speech by Federal Reserve Chair Jerome Powell for clues to interest rate plans after Japanese wages rose and Australia’s central bank hiked its key rate again. London and Shanghai gained. Frankfurt, Tokyo, and Wall Street futures declined. Oil prices rose. Last week’s unexpectedly…
Major Textile Factory in Haiti to Close Plant, Lay Off 3,500
SAN JUAN, Puerto Rico—One of Haiti’s biggest textile factories announced that it is closing an assembly plant and laying off 3,500 workers in yet another blow to the country’s crumbling economy. S&H Global, whose parent company is South Korean garment manufacturer Sae-A Trading Co. Ltd., said in a statement on Thursday that strikes and social…
US Seeks $1.1 Million United Airlines Fine Over Boeing 777 Preflight Checks
WASHINGTON—The Federal Aviation Administration (FAA) on Monday said it is proposing to fine United Airlines $1.1 million for allegedly conducting Boeing 777 flights without making required preflight fire system warning checks. The FAA said Chicago-based United is believed to have flown more than 102,000 flights of its Boeing 777 aircraft between June 2018 and April…
Putin Approves Sale of Mercedes-Benz Russian Finance Arm
MOSCOW—Russian President Vladimir Putin on Monday approved the sale of Mercedes-Benz’s local financial services division to Russian car dealer Avtodom, nudging the German automaker closer towards fully offloading its Russian assets. Mercedes-Benz suspended production at its factory in Russia and halted exports to the country last March, and said in October it would fully quit…
Public Storage Makes $11 Billion Hostile Bid for Life Storage
Public Storage, the largest U.S. operator of self-storage properties, on Sunday unveiled an $11 billion hostile bid for Life Storage Inc., ratcheting up attempts to buy its smaller rival after its earlier takeover attempts were rebuffed. Under the proposed all-stock deal, Life Storage shareholders would receive 0.4192 shares of Public Storage for each Life Storage…
Big Pharma Set to Hit Sales Cliff as Demand for COVID Vaccine Is Set to Plummet in 2023
February 6, 2023
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AMERICABig PharmaBusiness & MarketsCCP VirusCompaniesCOVIDeconomyMarketsPolicies & ImpactsUSVaccineVaccines & SafetyWorld
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Big Pharma is facing a reckoning as they face a sales cliff with demand for the COVID vaccine projected to plummet by the end of the year. The world’s largest pharmaceutical companies have raked in billions from the COVID-19 pandemic over the past two years, after governments around the world mandated vaccines for their populations….
Twitter on Track to Break Even Financially in 2023, Elon Musk Says
Twitter is on a path to financially break even, Elon Musk said in a Feb. 5 tweet, as the company implements several measures to boost declining revenues. The comment followed a December 2022 statement by Musk that he was optimistic about the company’s cash flow this year. “Last 3 months were extremely tough, as had…
Advisory Firm Innisfree Sues Musk’s Twitter for $1.9 Million in Unpaid Bills
U.S.-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year. “As of December 23, 2022, Twitter remains in default of its obligations to…
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