The S&P 500 and the Nasdaq opened lower on Tuesday as concerns about interest rate hikes persisted after Federal Reserve Chair Jerome Powell’s comments did not provide further clarity on the monetary policy outlook. The S&P 500 opened lower by 3.52 points, or 0.09 percent, at 3,888.57, while the Nasdaq Composite dropped 27.93 points, or…
BMW Sales Recover in 4th Quarter as Supply Chain Issues Ease
BERLIN—BMW fourth-quarter group sales rose 10.6 percent, the carmaker said on Tuesday, helped by easing supply chain bottlenecks in a year that has been plagued by war in Ukraine and lockdowns in China. Full-year deliveries were down 4.8 percent, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the…
Dollar Stabilizes Near 7-Month Lows
SINGAPORE/LONDON—The dollar steadied near its softest in seven months against the euro on Tuesday after more hawkish comments overnight from two U.S. Federal officials helped it to stem its recent losses ahead of remarks by Fed chair Jerome Powell due later in the day. The euro was at $1.0736, little changed on the day, trading…
Oil Steady as Market Awaits Clarity on Fed Rate Hike
January 10, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices were stable on Tuesday as the market awaited the Federal Reserve’s plans for rate hikes to gauge the impact on the economy and fuel demand. Brent futures for March were up 15 cents, or 0.19 percent, to $79.80 a barrel by 1036 GMT. U.S. West Texas Intermediate crude rose 32 cents, or 0.43…
Global Shares Ease After Fed Officials Dent Optimism
January 10, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares eased on Tuesday as investors took profit on the gains from the past two weeks after comments from two Federal Reserve officials injected a note of caution over the U.S. rate outlook, knocking equities, commodities, and other risk assets. The MSCI All-World index eased 0.1 percent, but remained in sight of Monday’s three-week…
Small Meatpackers Get $12 Million in Grants From Biden Administration
January 9, 2023
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CHICAGO—The Biden administration said on Monday it was awarding another $12 million in grants to upgrade and expand three meat and poultry processing facilities in the U.S. Midwest, as part of a broader $1 billion effort to encourage competition in a highly consolidated industry. The three projects, funded by the U.S. Department of Agriculture (USDA),…
Western Australia Allocates Land for $70 Billion Worth of Renewables-Related Projects
The Western Australian (WA) government will allocate land to seven projects, most of which are related to renewable energy production, with a collective investment of $70 billion (US$48.5 billion). On Jan. 6, the WA government announced that it would allot land from the Boodarie and Ashburton North Strategic Industrial Areas (SIAs) to seven projects backed…
UN Chief ‘Deeply Frustrated’ People Aren’t Buying Into Climate Panic
January 9, 2023
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Asia & PacificBusiness & Marketsclimate changeeconomic policiesInternationalinternational monetary systemPakistanUnited NationsWorld
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The Secretary General of the United Nations said that he was ‘deeply frustrated’ that wealthy nations are not really into fighting global warming. U.N. Secretary General Antonio Guterres called for a major reform of the international financial system, so that more advanced nations could send their wealth to poorer countries, to combat their vulnerability to climate…
Federal Government’s Digital Dollar Seen as Threat to Personal Liberty
January 9, 2023
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banking secrecyBusiness & MarketsCentral Bank Digital Currency (CBDC)digital dollareconomic policieseconomyNew York Federal ReserveUS
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As the federal government advances its plans to create a central bank digital currency (CBDC), critics are sounding the alarm about how much power a digital dollar would place in the hands of federal agencies. The latest step toward a CBDC, called “Project Cedar,” was launched by the Federal Reserve Bank of New York last…
Thousands of NYC Nurses Officially on Strike After Negotiations Collapse
January 9, 2023
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Business & Marketseconomic policieseconomyLocal NewsNew YorkNew York CityNY NewsNY PoliticsRegional-Local NewsstrikeUSUS News
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Negotiations between a large New York nursing union and two major New York City hospitals fell through on Monday as more than 7,000 nurses went on strike. “After bargaining late into the night at Montefiore and Mount Sinai Hospital yesterday, no tentative agreements were reached,” the New York State Nurses Association (NYSNA) said in a…
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