Tesla Inc. boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy. The company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed…
Musk Says Tesla Likely to Launch Full Self-Drive Technology ‘This Year’
SAN FRANCISCO—Elon Musk said on Wednesday that electric vehicle (EV) giant Tesla likely will launch full self-drive technology this year and generate significant profits that offset some of the margin pressure it’s facing due to aggressive price cuts. “I hesitate to say this but I think we’ll do it this year,” said Tesla CEO Musk,…
Housing Agency Rules Will Force Homeowners With Good Credit to Subsidize High-Risk Borrowers
April 20, 2023
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Business & MarketsCompaniesCredit Scoreseconomic policieseconomyequityExecutive BranchFederal Housing Finance AgencyinflationInvestmentMarketsmortgagespersonal financePolicies & ImpactsPoliticsreal estaterecessionUSUS Real Estate
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The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores. Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The…
‘Privacy Is a Top Concern’: Fed Governor Warns About CBDC Risks
April 20, 2023
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Business & MarketsCentral Bank Digital Currency (CBDC)economic policieseconomyFederal ReserveMarketsPolicies & ImpactsUS
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The use of Central Bank Digital Currencies (CBDC) poses considerable risks to the privacy of Americans, potentially even limiting how citizens can use their own money, Federal Reserve Governor Michelle W. Bowman warned during a recent speech. “In my view, safeguarding privacy is a top concern and is also often identified as a top concern…
Economic Stress Rises as Access to Credit Tightens: Fed’s Beige Book
Economic stresses have increased over the past several weeks, according to a new report from the Federal Reserve, which noted softening in consumer spending, continued inflation pressure, and more evidence of a pullback in bank lending. The Fed’s latest “Beige Book,” a compendium of surveys and interviews carried out across its 12 districts, showed that…
US Home Prices See Biggest Annual Drop in Over a Decade
April 20, 2023
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Business & Marketseconomic confidenceeconomyMarketsmortgage applicationsmortgage ratesreal estateU.S. home pricesUSUS Real Estate
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Home prices have registered their biggest annual decline in over 10 years, according to real estate brokerage Redfin, with price drops led by “pandemic boomtowns and pricey Bay Area markets.” Median U.S. home price declined by 3.3 percent in March to $400,528—the biggest year-over-year drop since 2012—per an April 19 Redfin press release. The largest…
US Unemployment Claims Tick Up to 245,000, but Still Low
WASHINGTON—The number of Americans applying for unemployment benefits rose last week but remains low by historic standards. U.S. jobless claims rose by 5,000 to 245,000, the Labor Department reported Thursday. The four-week moving average of claims, which evens out week-to-week ups and downs, fell by 500 to 239,750. At the start of the year, weekly…
Wall Street Opens Lower on Downbeat Earnings, Rate Jitters
U.S. stock indexes opened lower on Thursday as disappointing results from Tesla, AT&T and some regional banks dented investor sentiment already soured by prospects of further U.S. interest rate hikes. The Dow Jones Industrial Average fell 156.41 points, or 0.46 percent, at the open to 33,740.60. The S&P 500 opened lower by 24.04 points, or…
Branson’s Virgin Orbit Files Chapter 11 Bankruptcy Plan
Richard Branson’s Virgin Orbit Holdings Inc. and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to…
Fed’s Williams: Inflation Still ‘Too High,’ Fed Will Act to Lower It
NEW YORK—Federal Reserve Bank of New York President John Williams said Wednesday that inflation is still at problematic levels and the U.S. central bank will act to lower it, in comments that noted recent stress in the banking sector will likely weigh on economic activity. “Inflation is still too high, and we will use our…
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