SEATTLE—Boeing plans to make staffing cuts in the aerospace company’s finance and human resources departments in 2023, with a loss of around 2,000 jobs, the company said. “We expect about 2,000 reductions primarily in Finance and HR through a combination of attrition and layoffs,” Boeing said in a statement Monday. “While no one has been…
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…
IRS Proposes New Program for Reporting Tips Across Service Industry
February 7, 2023
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The Internal Revenue Service (IRS) on Feb. 6 issued proposed guidance for a voluntary tip-reporting program between the agency and employers across an array of service industries. Notice 2023-13 contains a proposed revenue procedure that would establish the “Service Industry Tip Compliance Agreement” (SITCA) program, which the IRS says would serve as the sole tip-reporting compliance program between…
Dollar Rally Pauses Ahead of Powell Speech; Aussie Lifted by Hawkish RBA
The dollar eased on Tuesday after its rally the previous day, but still hovered near a one-month peak as traders raised their bets on how high the U.S. Federal Reserve would need to raise interest rates to tame inflation. The big mover on Tuesday was the Australian dollar, which surged as much as 1 percent…
Oil Rises on China Outlook, Supply Worries After Turkey Earthquake
February 7, 2023
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Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.78, or 2.2 percent, to $82.77 per barrel at 1042 GMT, while West Texas…
Global Stocks Mixed After Wall Street Sinks on Rate Fears
February 7, 2023
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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…
House Financial Services Committee to Hold Hearing on Chinese Regime’s Economic and Geopolitical Threat
February 7, 2023
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As the world’s attention shifts heavily to Beijing’s role in the world in the aftermath of the shootdown of its spy balloon over U.S. territory on Feb. 4, a special hearing of the House Financial Services Committee will address subversion and aggression emanating from communist-ruled China and consider legislative proposals to counter these threats. A…
Japan Admits It Intervened in Forex Markets Twice Last October to Prop Up Yen
TOKYO—Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen ($48 billion) to support the yen currency, Ministry of Finance (MOF) data showed. The quarterly data showed a steep drop in the yen to a 32-year low of 151.94 to the dollar on…
Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry. The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its…
The Myth of Government Stimulus
February 6, 2023
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Politicians’ knee-jerk tendency is to spend money. They receive credit for accomplishing something while spending other people’s money. Economists often help politicians by promoting the myth that federal spending stimulates the economy. In fact, federal spending consistently weakens the economy, lowers living standards, and often creates serious problems. The stimulus myth does not apply to…
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