AMSTERDAM—Philips’ new CEO announced plans on Monday to cut around 4,000 jobs following falling sales and after a massive recall slashed around 70 percent off the Dutch medical equipment maker’s market value in the past year. “We have now had five quarters of declining sales, declining profit, and now … (in the third quarter) we…
Philips to Cut 5 Percent of Workforce as New CEO Acts to Counter Falling Sales
Dollar Shrugs Off Suspected Japan Intervention; Pound Eyes UK Politics
LONDON—A blast of suspected intervention by the Bank of Japan (BOJ) on Monday to boost the yen did little to tame the dollar, while the pound see-sawed as former finance minister Rishi Sunak emerged as the front-runner to be the next British prime minister. The yen hit a low of 149.70 per dollar overnight before…
Oil Prices Drop as China Demand Data Disappoints
October 24, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices slid 2 percent on Monday after Chinese data showed that demand from the world’s largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption. Brent crude futures for December settlement fell $1.67, or 1.8 percent, to $91.83 a barrel by 0855 GMT after rising 2 percent…
Global Shares Mixed After China Economy Slows, Hong Kong Down 6.4 Percent
October 24, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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TOKYO—Global shares were mixed, while Hong Kong’s benchmark plunged 6.4 percent on Monday as dismay over a lack of fresh policy initiatives from a Chinese Communist Party congress overshadowed a report that the No. 2 economy grew at a faster pace in the last quarter. The dollar rose to nearly 150 yen, a day after…
Black Farmers Association Chief Accuses Biden of Breaking Promises
October 24, 2022
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American Rescue Plan ActBusiness & MarketsChinese purchases of American farmlandeconomic policieseconomyExecutive Branchfarmer subsidiesfarmers of colorNational Black Farmers AssociationPolicies & ImpactsPoliticsUSUS News
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John Boyd, president of the National Black Farmers Association (NBFA), is accusing the Biden administration of going back on its promises given to minority farmers and not doing enough to assuage the challenges they are facing. In an interview with NTD’s “Capitol Report,” Boyd criticized the administration for repealing a $4 billion debt relief program…
Pelosi Has ‘No Regrets’ Over Trillions in ‘Necessary’ COVID-19 Aid Despite Soaring Inflation
October 24, 2022
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American Rescue Plan ActBusiness & MarketscongressCOVID-19economic policieseconomyinflationNancy PelosiPoliticsUSUS News
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House Speaker Nancy Pelosi (D-Calif.) has defended the trillions of dollars in COVID-19 pandemic aid passed by Democrats amid claims by Republican lawmakers and experts that it fueled the current cost-of-living crisis. In an interview with CBS’ “Face the Nation” on Sunday, when asked if she had any regrets over the unprecedented levels of fiscal and monetary spending,…
Australia Joins UN Methane Reduction Scheme, Pledges Funding for Flatulence Pill
October 23, 2022
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AustraliaBusiness & MarketsChris Boweneconomic policiesenergyInternationallivestockmethanemethane emissionsWorld
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The Australian Labor government has signed on to the United Nation’s Global Methane Pledge that commits to cutting emissions of gas by 30 percent by 2030. The move follows in the footsteps of 120 other countries, including the United States, the United Kingdom, and the European Union. Under the voluntary pledge, the government will roll…
Yellen Says Chips, Research Investments Will Boost US Economic Capacity
HERNDON, Va.—Treasury Secretary Janet Yellen said on Friday that domestic investments in semiconductors and research would help reverse a longstanding innovation deficit and increase the productive capacity of the U.S. economy. Yellen, speaking at a business incubator in the Washington area’s Dulles technology corridor, said that the U.S. lead in technology innovation has increasingly come…
Fed Playing a ‘Dangerous Game’ That May Lead to ‘Significant Recession’: Invesco Strategist
October 22, 2022
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Business & Marketseconomic policieseconomic recessioneconomyFederal Reservehigh inflationinflationrecessionU.S. interest rate hikesUS
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As the Federal Reserve keeps raising interest rates in its attempt to bring down inflation, it’s running the risk of triggering a considerable economic slowdown, according to Invesco’s chief global market strategist Kristina Hooper. “When you are raising rates in 75-basis-point increments and you’re not giving any time for it to process through and make…
Victorian Labor Pledges $1 Billion to Revive State-Owned Energy Giant to Fast Track Net-Zero Push
October 21, 2022
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AustraliaBusiness & Marketsdaniel andrewseconomic policiesenergyInternationalMELBOURNEnet zerovictoriaWorld
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Weeks prior to the state’s election, the Labor government is pledging $1 billion (US$628 million) to revive Victoria’s State Electricity Commission (SEC) to fast-track the state’s net-zero push. Under the plan, the SEC will be directed to spend that money on building renewable energy projects to provide 4.5 gigawatts of power aimed at replacing the…
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