NEW YORK—The Dow and S&P 500 edged higher on Friday and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike. Athletic wear company Nike’s shares fell 6.3 percent and were the biggest drag on the Dow and the S&P 500 after it delivered a…
Dow, S&P 500 End With Gains up After Bumpy Week, but Nike Drags
September 25, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesDowEconomieseconomyLocal NewsMarketsMedia & Big TechNew YorkNikeNY NewsRegional-Local NewsS&P 500USUS NewsWall Street
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Yellen Cites Need for Compromise on Digital Service Taxes in Call With French Counterpart
WASHINGTON—U.S. Treasury Secretary Janet Yellen, in a call on Friday with French Finance Minister Bruno Le Maire, stressed the importance of reaching a compromise on the withdrawal of digital services taxes, the Treasury Department said in a statement. Yellen also conveyed appreciation for Le Maire’s dedication to the effort of reforming the global tax system,…
Britain Has 10 Days to Save Christmas, Retail Sector Says
LONDON—Britain’s retail industry warned the government on Friday that unless it moves to alleviate an acute shortage of truckers in the next 10 days then significant disruption was inevitable in the run-up to Christmas. As the world’s fifth-largest economy emerges from COVID-19 lockdowns, a spike in European natural gas prices and a post-Brexit shortage of…
US Oil Refiners Pick Iraqi, Canadian Crudes to Replace Storm Losses: Traders
HOUSTON—U.S. oil refiners hunting to replace crude lost after a storm hit the U.S. Gulf of Mexico last month have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders said. Royal Dutch Shell, the largest producer in the U.S. Gulf of Mexico, this…
Wall Street Eyes Four More Years for Powell at Fed
September 25, 2021
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Business & EconomyEconomieseconomyFederal Reserve Chairmanjerome powellMarket WatchMarketsUSWall Street
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Federal Reserve Chairman Jerome Powell remains favored for renomination by the White House, and if recent history repeats itself a decision may come at any time before the central bank meets again in early November. Wall Street expects Powell, who was nominated for the role by President Donald Trump in 2017 and confirmed by the…
White House Prods Companies on Chips Information Request
WASHINGTON—The White House pressed automakers, chip companies and others on Thursday to provide information on the ongoing semiconductor crisis that has forced cuts to U.S. auto production, and to take the lead in helping solve it. Secretary of Commerce Gina Raimondo, who along with Brian Deese, director of the National Economic Council, met on Thursday…
Global Money Market Funds See Biggest Inflow in Seven Weeks: Lipper
Global money market funds attracted large inflows in the week to Sept. 22, as expectations that the Federal Reserve might soon start tapering its stimulus measures made investors cautious. Troubles at property group China Evergrande also affected sentiment, raising concerns about spillover risks to other economies. Investors purchased a net $30.25 billion in global money…
Britain’s Sunak Accepts Call for Financial Reforms After Greensill Collapse
British finance minister Rishi Sunak has ordered two immediate reviews of the country’s financial regulation related to the collapse of supply chain finance firm Greensill Capital. In a letter to a parliamentary committee that issued a report in July related to Greensill’s collapse, released on Friday by the same committee, Sunak said he had accepted…
Soaring Gas Prices Ripple Through Heavy Industry, Supply Chains
LONDON—Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers. Some companies, including steel producers, fertilizer manufacturers, and glass makers, have…
Japan Factory Output Seen Down Again in August on Supply Chain Disruption: Poll
September 24, 2021
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Asia & PacificBusiness & EconomychainChinaChina Business & EconomyCompaniesdisruptiondownEconomiesfactoryJapanoutputpollsupplyWorld
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TOKYO—Japan’s factory output likely fell again in August as the country’s manufacturing sector faced supply chain disruptions driven by a global chip shortage and the spread of the Delta coronavirus variant in Southeast Asia. Retail sales also likely eased in August after a sharp rise in July, according to the poll, underscoring the fragility of…
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