Germany’s economy narrowly avoided a recession in the first quarter as the Ukraine war and the lingering effects of pandemic restrictions weighed on economic activity, but with enough wiggle room for Europe’s biggest economy to eke out a 0.2 percent pace of growth. Data released on May 25 by Germany’s Federal Statistics Office showed that Germany’s…
Germany Narrowly Avoids Recession as War, Pandemic Weigh on Economy
May 25, 2022
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Business & EconomyeconomyEuropeGermanyinflationInternationalInvestmentMarketsrecessionRussia-Ukraine WarWorld
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Sales of New Homes Sink Over 16 Percent as High Prices, Rising Mortgage Rates Weigh on Buyers
New home sales in the United States fell over 16 percent from March to April, well below analysts’ forecasts as rising mortgage rates and high prices discouraged buyers from taking the plunge. New home sales tumbled 16.6 percent to a seasonally adjusted annual rate of 591,000 units last month, the lowest level since April 2020,…
JPMorgan CEO Speaks of ‘Big Storm Clouds’ Over US Economy
JPMorgan Chase CEO Jamie Dimon spoke to investors on Monday at the company’s first investor day since the outbreak of the CCP (Chinese Communist Party) virus, taking stock of the troubles that threaten the U.S. economy while also highlighting reasons for optimism under the circumstances. In his remarks, Dimon described a “strong economy” with “big…
Biden Wraps Visit to South Korea, Highlights Hyundai’s Major US Investment Pledge
May 23, 2022
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Asia & PacificbidenBusiness & EconomyCompanieseconomyEDSCGExecutive BranchGeorgiaHyundaiInvestmentIPEFPolicies & ImpactsPoliticssemiconductorSouth KoreaUSWorldYoon Suk-yeol
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President Joe Biden wrapped up his South Korea visit by highlighting Hyundai Motor’s pledge to invest at least $10 billion in electric vehicles and related technologies in the United States. The three-day Biden-Yoon summit tended to various business and security interests, from supply chains to North Korea. On Sunday, May 22, the last day of…
Australian Share Performance Improves As Labor Gets Closer to A Majority Government
Australian shares edged higher on the morning of May 23 after election results showed that the centre-left Labor party was getting closer to achieving the 76 seats needed to form a majority government. As of noon on May 23, the benchmark S&P/ASX 200 stood at 7,165.4, representing a gain of 19.8 points or 0.28 percent….
As China’s Sales Slump, Luxury Industry Looks to US Market
May 22, 2022
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Business & EconomyBusinesses in COVID-19ChinaChina Business & EconomyChina economyCompanieseconomyInternationalInvestmentluxury goodsMarketsU.S. marketUSUS NewsWorld
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Affected by the COVID-19 lockdown measures, sales of luxury goods in the Chinese market have suffered significant setbacks. Global luxury industry leaders said recently that the booming U.S. market and emerging markets have the potential to help offset the negative impact of the Chinese market. Before the outbreak of the CCP (Chinese Communist Party) virus…
Apple Projects Billions in Revenue Loss Over Supply Constraints from China Amid Lockdowns
May 22, 2022
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appleBusiness & EconomyChinaChina Business & EconomyCompanieseconomyInvestmentiPhonelockdownMedia & Big TechPegatronShanghaisupply chaintechnologyUSUS News
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Beijing’s strict COVID-19 control policies have significantly limited Apple’s consumer product output, according to one of its suppliers. In April, the iPhone maker predicted that supply constraints would cost the company up to $8 billion in revenue for the current quarter. Taiwanese contract manufacturer Pegatron, one of Apple’s largest suppliers for specific iPhone models, on…
If You Bought $1,000 in Apple Stock When the iPod Was Released, Here’s How Much You’d Have Now
Apple Inc. will discontinue making the iPod, a music player that was first launched in 2001. Here’s a look at how the stock has performed since the music player was launched. What Happened Apple released the iPod in 2001 as one of its first personal electronics products. The first iPod was released on Oct. 23, 2001. Later…
Lagarde Calls for Crypto Crackdown, Says They’re ‘Based on Nothing’
May 21, 2022
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bitcoinBusiness & EconomyChristine LagardecryptocurrencyeconomyInvestmentMarketspersonal financeUSWorld
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European Central Bank President Christine Lagarde has taken aim at cryptocurrencies, arguing in an interview on Dutch television that they’re essentially “worth nothing” as they lack underlying assets “as an anchor to safety” while calling for them to be regulated. Lagarde made the remarks in an interview on the Dutch television program “College Tour,” due…
Federal Judge Dismisses Fraud and Defamation Lawsuit Against Elon Musk Amid a Week of Controversy
May 20, 2022
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Business & EconomyCompanieseconomyElon MuskElon Musk TwitterInvestmentlawsuitMedia & Big TechRegional NewsRegional-Local NewsSpaceXTesla IncUSWorld
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A federal judge in California dismissed a securities fraud and defamation lawsuit filed by a Tesla investor against Tesla Inc., the company’s CEO Elon Musk, and a Musk supporter on May 19. Judge James Donato threw out the lawsuit by the investor, Aaron Greenspan, a legal document website owner, after noting that the lawsuit had no…
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