NASHVILLE, Tenn.—Tennessee is poised to spend approximately $900 million of its tax revenues on incentives, infrastructure projects and more under an agreement with Ford Motor Co., which has announced plans to build an electric vehicle and battery plant near Memphis. The sweeping spending package must be approved by the Republican-led General Assembly, which began the…
Billionaire Supermarket Owner Warns: Food Prices Will Go Up ‘Tremendously’
The owner of a New York City supermarket chain predicted the food prices will increase sharply in the coming months, with some increasing 10 percent in the next two months. John Catsimatidis, the billionaire supermarket owner of Gristedes and D’Agostino Foods, warned that food giants such as Nabisco, PepsiCo, and Coca-Cola will prioritize raising prices on products….
US Homebuilder Confidence Unexpectedly Rises in October, Survey Shows
Confidence among U.S. single-family homebuilders rose by the most in nearly a year in October as customer traffic improved for a second straight month, although builders remain concerned that the shortages that are driving up materials prices will hurt home affordability. The National Association of Home Builders/Wells Fargo Housing Market Index rose 4 points—the most…
Life After COVID-19: EU Rethinks Budget Rules for New Era
BRUSSELS—So often the source of rows between its members, the European Union starts reviewing its rules for national budgets on Tuesday to fit a post-pandemic reality of higher public debt and the huge costs of transitioning to a zero-emissions economy. During the landmark review—likely to take until the end of 2022 at least—governments, economists, and…
Goldman Sachs Moves to Full Ownership of China Securities JV
October 18, 2021
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Goldman Sachs said on Sunday it received approval from China’s securities regulator to take full control of its mainland securities business. The U.S. bank said it would buy the remainder of Goldman Sachs Gao Hua Securities Company Ltd. (GSGH), and rename it as Goldman Sachs (China) Securities Company Ltd. The migration of its onshore business…
How Apple’s Privacy Policy Change Affected Advertising Business?
Apple Inc’s advertising business has more than tripled its market share in the six months after introducing privacy changes restricting rivals, including Facebook Inc, from targeting ads at consumers, the Financial Times reports. The in-house business, called Search Ads, offers sponsored slots in the App Store that appear above search results. EasyPark app doubled its spending with Apple…
US Manufacturing Output Declines in September
WASHINGTON—Production at U.S. factories unexpectedly fell in September as motor vehicle output slumped amid an ongoing global shortage of semiconductors. Manufacturing output dropped 0.7 percent last month, the Federal Reserve said on Monday. Data for August was revised down to show production falling 0.4 percent instead of rising 0.2 percent as previously reported. Economists polled…
Chip Shortages, Hurricane Ida Depress US Manufacturing Production
October 18, 2021
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WASHINGTON—Production at U.S. factories fell by the most in seven months in September as an ongoing global shortage of semiconductors depressed motor vehicle output, further evidence that supply constraints were hampering economic growth. Manufacturing production last month was also depressed by the lingering effects of Hurricane Ida, which also severely disrupted output at mines. The…
Wall Street Falls on Slowing China Growth, Inflation Worries
October 18, 2021
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Wall Street’s main indexes fell on Monday as economic growth in China slowed, while a relentless surge in oil prices fueled concerns about elevated inflation. Data showed China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector. “There is some…
New Construction in China Declines for 6th Month, Largest Downward Trend Since 2015
October 18, 2021
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Business & EconomyChinaChina Business & EconomyChina real estateconstructionCOVID-19 pandemicEconomiesevergrandeLiquidationMarkets
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China’s new construction starts declined for a sixth month in September, marking the longest downward trend since the March-August 2015 downturn. New construction starts in September fell 13.54 percent from the year prior, the third month of double-digit declines, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday. Property…
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