PARIS—French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector’s bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies’ fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake…
America’s Trade Deficit Surged in 2022, Nearing $1 Trillion
February 8, 2023
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Business & MarketsChinaChina Business & EconomyCompanieseconomic policieseconomyexportsimportsinflationMarketsPolicies & ImpactsU.S. trade deficitUSUS-China relationsWorld
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The U.S. trade deficit hit close to record levels in 2022, nearing a total of $1 trillion. American consumers continued to spend heavily on foreign-made goods last year, widening the overall trade deficit even further by 12.2 percent, or $103 billion, in 2021. As of the beginning of the year, the goods and services deficit now…
eBay to Lay Off 500 Employees
E-commerce firm eBay Inc. said on Tuesday it will lay off 500 employees globally, representing 4 percent of its total workforce. Shares of the San Jose, California-based company rose about 1 percent in aftermarket trade. “This shift gives us additional space to invest and create new roles in high-potential areas—new technologies, customer innovations, and key…
Dollar Slips After Powell Strikes Balanced Tone on Inflation
LONDON/SINGAPORE—The dollar fell on Wednesday after Federal Reserve Chair Jerome Powell declined to meaningfully harden his tone on inflation, despite very strong U.S. jobs numbers last week. In a question-and-answer session before the Economic Club of Washington on Tuesday, Powell said interest rates might need to move higher than expected if the U.S. economy remained…
Oil Rises for 3rd Day as Rate Hike Concerns Ease
February 8, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar….
US Banks Race to Attract Consumer Deposits After Record-High Exodus
February 8, 2023
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banksBusiness & MarketsCompaniesconsumer depositseconomic policieseconomyinflationInvestmentMarketspersonal financeUSUS News
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American banks are chasing consumers to open new accounts, after a massive exodus of deposits over the past year led to a drain in capital. U.S. banks borrowed a total of $120 billion through the federal funds market on Jan. 27, the largest single day record since 2016, The Wall Street Journal reported. The problem began…
Shares Rise, Dollar Wobbles After Market Sees Powell Comments as Dovish
February 8, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Shares globally jumped and most currencies rose against the dollar on Wednesday, as investors discerned a dovish tone in comments from Fed Chair Jerome Powell, though a policy tweak by the ECB meant European bonds sat out the rally. MSCI’s world share index rose 0.37 percent, heading back towards the nine-month high it hit in…
Biden Pushes Billionaire Tax, Quadrupling Stock Buyback Levy in State of the Union Address
February 8, 2023
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billionaire taxBusiness & Marketscongresseconomic policieseconomyExecutive BranchPoliticsState of the Unionstock buybackUS
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In his second State of the Union address on Feb. 7, President Joe Biden urged billionaires and corporations to “pay their fair share,” repeating the administration’s concept of “reward work, not just wealth.” The president proposed instituting a minimum tax on billionaires and quadrupling the stock buyback tax. “Let’s finish the job. Reward…
Strong January Jobs Report Means Fed Raises Rates Higher Than Forecast, Says Atlanta Fed Chief
February 7, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratejobs reportMarketsPolicies & ImpactsRaphael BosticrecessionUS
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It appears that the stronger-than-expected U.S. jobs report last week likely means that the Federal Reserve may be open to raising the interest rate higher than planned, said a member of the Fed board. Federal Reserve Bank of Atlanta president Raphael Bostic, in an exclusive interview with Bloomberg News on Jan. 6, said that the…
US Farmers Plan to Go ‘Heavy on Corn’ in 2023 Despite Risks
CHICAGO—U.S. farmers are planning to boost corn acreage in 2023, eyeing lower prices of fertilizer needed to grow the crop and hoping for a bumper crop after a late season drought withered last year’s grain harvest and left U.S. corn supplies near a decade low. Plans for the upcoming season were made even as doubts…
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