When it comes to fighting inflation, Federal Reserve Chair Jerome Powell has said, “We will keep at it until we are confident the job is done.” Samuel Corum/Getty Images hide caption toggle caption Samuel Corum/Getty Images When it comes to fighting inflation, Federal Reserve Chair Jerome Powell has said, “We […]
Finance
2 parts of the sprawling Inflation Reduction Act are getting all the attention
The Inflation Reduction Act (IRA) will send hundreds of billions of dollars towards efforts ranging from fighting climate change to reducing the deficit to changing how big corporations pay taxes. But you wouldn’t know that by listening to Democratic and Republican lawmakers in recent weeks. Both parties are ready to […]
Australia’s house prices fall, interest rates rise but analysts say no crash yet
Newly built houses in the Denham Court suburb of Sydney, Australia. Mortgage rates have fallen to below 2% in recent years, but interest rates are rising rapidly in Australia. Bloomberg | Bloomberg | Getty Images SYDNEY — In a country where real estate ownership dominates barbecue conversations and dinner parties, […]
Bank of England delays bond sales, launches temporary purchase program
LONDON — The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called mini-budget. Yields on U.K. government bonds, known as “gilts,” were on course for their […]
China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst
Chinese President Xi Jinping.Kevin Frayer/Getty Images Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency. The move could stem the yuan’s fall, as it remains on track for its largest annual loss against the […]
Stocks crater as Apple leads losses in broad market sell-off
U.S. stocks cascaded Thursday — with Apple leading the way down — as renewed recession jitters permeated Wall Street and wiped gains from a fleeting relief bounce in the previous session. The S&P 500 plummeted 2.1% to a fresh 2022 low, while the Dow Jones Industrial Average erased more than […]
4 ways House Republicans want to reshape the US economy in 2023
The rollout this week of the House Republicans’ “Commitment to America” intentionally echoed its famous predecessor, 1994’s “Contract with America.” Back then, Newt Gingrich, who would go on to become Speaker of the House, stood alongside fellow Republicans and outlined his promises on Sept. 27, 1994. While Gingrich’s proposal included […]
Crypto bankruptcies could put some customers at the ‘bottom of the totem pole’
For the first time in the short life of cryptocurrency, major crypto platforms have turned to US bankruptcy law to salvage their insolvent businesses. Now it’s largely up to bankruptcy courts to determine how to divvy up customers’ frozen crypto assets. So far this year, crypto platforms Celsius and Voyager […]
Costco banking on loyalty amid inflation, recession fears
Costco (COST) customers seem to be swallowing the cost of membership fees to gain access to the wholesale retailer. In the company’s fiscal fourth-quarter earnings report, it beat on both the top and bottom line with reported revenue of $72.09 billion dollars, slightly higher than Bloomberg estimates of $71.89 billion, […]
AT&T CEO slams T-Mobile for its senior discounts marketing campaign
AT&T (T) CEO John Stankey has a message to rival T-Mobile: Cut the nonsense when advertising to seniors. “They issued some statements and went out into the market with some communications that were inaccurate and not true,” Stankey told Yahoo Finance Live at the Goldman Sachs Communacopia + Technology Conference […]
Why it’s particularly crucial to have women in product roles
On a recent episode of “Influencers with Andy Serwer,” Ancestry.com CEO Deborah Liu stressed the importance of bringing more diverse talent — including more women — into product roles at tech companies in the U.S. “Product management is important in that it decides exactly what products we use as a […]
Tech giants have bigger problems than rising interest rates: Morning Brief
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Friday, September 16, 2022 Today’s newsletter is by Julie Hyman, anchor and correspondent at Yahoo Finance. Follow Julie on Twitter @juleshyman. Another day, another […]
Is China reexporting Russian gas to Europe? | Business | Economy and finance news from a German perspective | DW
As China and Russia meet to consider wider issues, reports indicate that exports of Russian gas are finding their way into Europe – via China. “The global liquefied natural gas (LNG) market is increasingly well-integrated, and regional demand shifts can help balance otherwise tight markets. This redirection of flows serves […]
FedEx shares plunge after profit warning linked to gloomy economy
FedEx shares chalked up their biggest daily drop on record after the company warned on its outlook and said it would close offices, freeze hiring and park aircraft in response to a decline in package shipping volumes. The update, from a company considered a bellwether of global economic growth because […]
As FedEx stock crashes after brutal profit warning, analyst points to a lurking Amazon
FedEx has blown three tires before the peak holiday shipping season, and chatter on the Street is that mighty Amazon may have played a role. “It makes sense to see Amazon to trade off with this but there could also be a competitive element going on here too,” JPMorgan’s Jack […]
This week in Bidenomics: Fooled by gas prices
America’s mood is improving, as gas prices decline. Pump prices have fallen by $1.30 per gallon since June, to a somewhat manageable national average of $3.70. Consumer confidence fell during the first half of the year, as gas prices were soaring, but confidence has improved since July. There’s no better […]
FedEx issues ominous warning about the global economy, shares tumble
FedEx (FDX) withdrew its full year earnings guidance and reported preliminary first quarter results that fell short of Wall Street estimates, sending shares tumbling in extended trading on Thursday. “Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.” FedEx CEO Raj […]
ETH holders may come out of the Merge with an extra token. What investors should know.
As Ethereum (ETH-USD) prepares to complete its Merge upgrade at least one group is planning to fork its codebase. And as often happens in crypto, this move will likely confuse some holders, encourage some fraudsters to emerge, and may not be executed in a uniform manner. Ethereum’s transition from proof […]
Russia’s budget surplus evaporates as energy revenues shrink
Russia’s budget surplus for 2022 has almost evaporated after a sharp drop in energy exports during August led to a monthly deficit of as much as Rbs360bn ($5.9bn). Russia recorded a surplus of almost Rbs500bn in the first seven months of the year. But the cumulative total fell to only […]
America is doing better than you think
Americans are in a foul mood. Consumer confidence is at recessionary levels, even though there’s no recession. Seventy percent of Americans think the nation is heading in the wrong direction, with only 23% saying it’s on the right track. Okay, fine. Inflation is a pain. Politics are toxic. COVID may […]