TOKYO—Japan’s core consumer inflation hit a fresh 41-year high in January as companies passed on higher costs to households, data showed on Friday, keeping the central bank under pressure to phase out its massive stimulus program. The data underscores the dilemma policymakers face as soaring prices of fuel and daily necessities hit households, many of…
Japan’s Consumer Inflation Hits 41-year High, Keeps BOJ Under Pressure
Wall Street Tumbles at Open as Inflation Data Fuels Fed Worries
Wall Street’s main indexes opened sharply lower on Friday as a surge in consumer spending and inflation in January sparked concerns that the Federal Reserve will stick to its hawkish stance for longer. The Dow Jones Industrial Average fell 154.72 points, or 0.47 percent, at the open to 32,999.19. The S&P 500 opened lower by…
German Chemical Giant BASF to Close Factories Without Cheap Russian Gas
February 24, 2023
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BASFBusiness & MarketsCompanieseconomic policieseconomyenergyenergy pricesEuropeinflationInvestmentlayoffsMarketsRussia-Ukraine WarWorld
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The world’s largest chemical company is closing a number of its factories, as the era of cheap Russian gas grinds to a halt amid a deterioration in the global economy. BASF SE will cut 2,600 positions, about 2 percent of its global workforce, to save on operational costs, as the European Union’s biggest chemical firm is forced…
Core Inflation Soars to Record High in Eurozone
February 24, 2023
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Business & Marketseconomic policieseconomyEuropeEuropean Central BankeurozoneinflationInvestmentMarketsrecessionRussia-Ukraine WarWorld
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Core inflation soared to a record high in the eurozone in January, as the bloc’s energy crisis continues. The euro bloc is currently facing the worst energy crisis in decades, after the Russia–Ukraine war caused gas and oil prices to soar. Last month, Europe’s consumer price index showed inflation in the euro bloc hitting a…
‘Stubborn’ Food Inflation Leaves US Shoppers With Slim Appetite for Other Goods
As American shoppers stomach soaring food prices, they are cutting back on purchases of other goods, such as toys, clothing, and housewares, in a challenging trend for retailers. Commentary this week from executives at Walmart and other retailers shows how Americans are shifting their shopping habits and hunting for bargains in the face of the…
Dollar Rises to Fresh 7-week High on Rate Outlook; Yen Slides
LONDON—The dollar index rose to seven-week highs on Friday, as investors prepared for U.S. interest rates to stay higher for longer after a set of strong U.S. economic data. The yen fell after a volatile Asian trading session, with incoming Bank of Japan Governor Kazuo Ueda saying it was appropriate to keep ultra-loose monetary policy….
Oil Gains as Russian Output Cuts Offset Rising US Inventories
February 24, 2023
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LONDON—Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity. Brent crude futures rose 89 cents, or 1.1 percent, to $83.10 per barrel by 1042 GMT. On the anniversary of Russia’s invasion of Ukraine,…
Global Stocks Mixed After Wall Street Breaks Losing Streak
February 24, 2023
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BANGKOK—Shares rose in early European trading after closing mostly lower in Asia ahead of the release of consumer price data in the U.S. Benchmarks advanced in Paris, London, Tokyo, and Sydney but fell in Hong Kong, Shanghai, and Seoul. Oil prices rose while U.S. futures edged lower. Friday will bring the core U.S. personal consumption…
Mortgage Insurance Costs Being Cut by $800 for 850,000 Americans
February 23, 2023
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Business & Marketseconomic policieseconomyExecutive BranchFHAHUDMarketsmortgage insurancepersonal financePolicies & ImpactsPoliticsreal estateUSUS NewsUS Real Estate
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U.S. mortgage insurance costs are being cut by $800 for 850,000 Americans. Families buying their first home will be eligible to receive some relief from mortgage insurance payments, following an announcement by the White House on Feb. 23. Vice President Kamala Harris announced the new program during an event in Maryland on Feb. 23 along…
Diversity, Equity, Inclusion Hires Get Fired at Higher Rates Than Regular Workers, Says Research
February 23, 2023
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Workers engaged in diversity, equity, and inclusion (DEI) roles have lost jobs at a higher rate than other employees since 2020, with Amazon registering the most number of such terminations, according to workforce analytics firm Revolio Labs. Attrition rates for DEI roles at over 600 companies that have laid off workers since late 2020 outpaced…
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