Author: Staff Contributor

Oil prices rose on Monday due to optimism about China’s demand, more production cuts by major suppliers, and Russian supply cuts. Brent Crude Oil increased by $1.16, or 1.4%, to $84.16 a barrel at 13:53 GMT. U.S. West Texas Intermediate (WTI) Crude for March, which expires on Tuesday, rose $1.09, or 1.4%, to $77.43. While Benchmarks fell $2 on Friday, down 4% for the week, as the US reported higher crude oil and gasoline supplies. In October, OPEC and its partners, including Russia, agreed to decrease oil output by 2 million bpd by 2023. After Western pricing restrictions on oil…

Oil prices fell sharply on Friday and throughout the week, as traders grew concerned about the potential impact of future U.S. interest rate hikes on demand and mounting evidence of abundant crude and fuel supplies. Brent crude ended the day down $2.14, or 2.5%, at $83 per barrel; West Texas Intermediate (WTI) U.S. crude ended the day down $2.15, or 2.7%, at $76.34 per barrel. “Rate hike jitters have returned with a vengeance,” PVM oil broker Stephen Brennock said. The news that Russian producers have no plans to reduce exports added to market pressure. While U.S. inventories rose to their…

CBS Network owner Paramount Pictures (PARA.O) missed Wall Street quarterly revenue estimates on Thursday. This is due to a wider advertising market slump. Even though its streaming platform gained millions of subscribers. Media shares fell 8% before the opening bell. Stock prices rose 45% from 2023 to Wednesday’s close. Businesses have cut their advertising budgets due to inflation, rising borrowing costs, falling consumer demand across product categories, and geopolitical unrest. Despite a boost from political advertising after the 2018 US midterm elections, TV advertising revenue fell 7% in the three months ending in December. The streaming release of “Top Gun:…

According to a statement released by Lactalis on Thursday, French authorities are investigating allegations that the dairy giant improperly implemented product recalls and withdrawals. As well as allegations of fraud and negligent bodily harm. France investigates dairy giant Lactalis for recall failure, negligence, and a lack of transparency. The company says it will participate fully in the legal process. According to French media reports, the investigation is related to a 2017 scandal involving the contamination of infant formula with salmonella. In the coming weeks, Lactalis will have “access to all case materials”. It will be able to “respond specifically to…

U.S. retail sales increased significantly after two consecutive months of monthly declines. Implying that the Federal Reserve will maintain higher interest rates for some time. Last month, retail sales increased 3.0% in the U.S. . As previously reported, data for December did not reflect a change in sales of 1.1%. Economists surveyed by Reuters predicted a 1.8% increase in sales, with estimates ranging from 0.5% to 3.0%. To 133.91 yen, the dollar rose 0.6% against the yen. In the meantime, the euro extended its losses against the dollar, trading at $1.0692, down 0.4%. Additionally, the dollar index increased by 0.5%…

Kering (PRTP.PA),(PRTP.PA), a French luxury goods conglomerate, saw its most valuable brand, Gucci, lose 7% of sales in the fourth quarter due to COVID-19 lockdowns in China and lower demand in the US due to the stronger dollar. Kering shares rose 0.6% on Wednesday despite disappointing results. Gucci’s revenue fell 14% to 2.73 billion euros ($2.92 billion) from the previous quarter, missing the consensus estimate of 11%. The conglomerate, which includes Yves Saint Laurent, Bottega Veneta, and Balenciaga, expected a 3% drop in comparable sales. Gucci’s CFO Jean-Marc Duplaix said 2022 “did not meet our expectations”. Although, the company is…

Official data showed that UK consumer price inflation fell more than expected in January to 10.1% from 10.5%. The Bank of England monitors underlying inflation, which fell. A Reuters poll of economists predicted that the annual CPI rate would fall to 10.3% in January from October’s 41-year high of 11.1%. Hence, eroding household living standards. The Office of National Statistics reported Wednesday that core CPI, which excludes energy, food, alcohol, and tobacco, fell to 5.8% in January from 6.3% in December. The pound fell against the dollar and euro after the data was released. After seeing signs that consumer prices…

Tesla makes its fourth U.S. price change in two months. One Model 3 sedan and Model Y crossover from Tesla (TSLA.O) has been reduced in price. The electric vehicle manufacturer has adjusted prices four times this year. Tesla’s Model Y performance crossover now costs $58,990. Rear-wheel drive vehicles cost less. The company’s most affordable Model 3 sedan dropped $500 to $42,990, according to its website. Both vehicles receive $7,500 federal tax credits. It cut prices across its product line and major markets in January.t Furthermore, the company has changed prices online frequently for an industry that still uses “sticker prices” on…

Lael Brainard will leave the Federal Reserve next week to become one of President Joe Biden’s top economic advisors, leaving a political and intellectual hole at a time when inflation is decreasing but remains high, the labor market is too tight, and the economy may not have a “soft landing.” The Federal Reserve announced Brainard’s resignation “on or around” February 20 after the White House’s selection of her as NEC chairman on Tuesday. Analysts and Fed watchers have explored Biden’s Democratic Senate economists as possible Fed successors. The job requires an economics PhD, and it is unclear how quickly the…

The Federal Reserve recognized on Tuesday that the U.S. central bank must gradually raise interest rates to fight inflation. They suggested that a healthy labour market and persistently increasing prices may raise borrowing costs. John Williams, New York Fed president, told reporters, “With the employment market strength, inflation may stay higher than expected. We may need to raise rates “than forecasts. As of December, most central bankers had suggested that 5.1% would indeed be “adequately stringent” to bring down inflation. Although, the Fed’s policy rate is now at 4.50%-4.75%. On Tuesday, Williams said “ending 2023 with the baseline overnight interest rate…

Berkshire increases Apple shares and decreases BNY Mellon. Berkshire Hathaway Inc (BRKa.N) upped its wagers on Apple Inc (AAPL.O) by more than $3 billion in the fourth quarter, according to a regulatory filing published on Tuesday. In contrast, Berkshire Hathaway considerably reduced its stake in Bank of New York. According to the report, Buffett’s business acquired an additional 20,8 million Apple’s shares for $3.2 billion, bringing its total ownership to 5.8%. Apple’s stock price has increased roughly 18% this year. Additionally, it reported a fresh $84 million investment in the construction materials business Louisiana-Pacific Corp. (LPX.N). Buffett’s conglomerate reduced its…

Joe Biden pushed Republicans on Tuesday to present a budget blueprint and let Americans make decision. Decision on whether they want to keep the path with his economic strategy or follow policies that he thinks will drive up the national debt. Initially, Biden opposes placing constraints on a debt ceiling rise required to support already-approved expenditures and tax cuts. He has now pressed Republicans for specifics on the budget cutbacks they want. This in exchange for raising the federal debt ceiling. The president told a group of county leaders in Washington that he had requested House Speaker Kevin McCarthy to…

Ford Motor Co (F.N) said on Tuesday that it has halted manufacturing and shipments of its F-150 Lightning electric truck after the discovery of a possible battery problem during pre-delivery inspections. The company’s spokesman Emma Bergg wrote in an email, “We are not informed of any field incidents involving this concern.” The production halt was ordered at the beginning of last week, she said. The motor company also said it was researching the situation, which had been reported by CNBC and Motor Authority before. The automaker’s stock fell 1% in afternoon trading. It did not specify a restart timeframe. Ford…

Air India has agreed to buy 250 jets from Airbus (AIR.PA), as part of a mega-deal for 470 planes. The deal is expected to include 220 Boeing (BA.N) jets. Air India will use the 210 A320neo narrowbody aircraft and 40 A350 widebody aircraft to travel “ultra-long routes throughout the globe,” according to Tata Chairman N Chandrasekaran. The combined order of 470 jets is the largest placed by a single airline. Air India plans to lease an additional 25 Airbus aircraft to satisfy its immediate needs. Bringing its fleet to 500 aircraft, confirming a figure first reported by Reuters in December.…

Nestle to compensate an ex manager with 2 million ($2.2 million) as reported by The Tages-Anzeiger. This was after a Swiss court validated her allegation of workplace abuse. On Saturday, the newspaper reported that a court in Vaud  had given Yasmine Motarjemi the compensation, after a 12-year legal fight. According to the article, the 67-year-old former who was head of global food safety complained for several years that she felt ridiculed and degraded by Nestle colleagues. Hence, having suffered such psychological harm, she had to seek for occupational disability pension at age 55. Motarjemi’s said “My case against Nestle never…

The Florida legislature awarded Republican Governor Ron DeSantis complete power over the board that controls building near Walt Disney Company’s (DIS.N) Florida theme parks on Friday. When Disney publicly clashed with DeSantis a year ago over a measure that restricts the teaching of sexuality and gender identity in schools, sometimes known as the “Do not truly Say Gay” bill, the firm became a target of state Republicans. On Friday, the Florida legislature passed a bill that would form the Reedy Creek Improvement District, a semi agency with the ability to manage the 25,000 acres around the Walt Disney World resort.…

Death toll has risen to 23,700 days after earthquake and children are still being pulled from the wreckage. Rescue workers pulled many people from the rubble of a building, including a mother and her 10-day-old baby. Four days after the region’s deadliest earthquake in two decades, the death toll in southwestern Syria and southern Turkey has risen to about 23,700. Tens of thousands were hungry, and countless more were forced to relocate, all because of the brutal winter. The leaders of both nations have come under fire for their handling of the situation. On Friday, Turkish President Recep Tayyip Erdogan…

Iran drones appear to be armed with modified explosives designed to cause maximum damage to Ukrainian infrastructure. According to a new investigative report obtained exclusively by CNN, Iran appears to be modifying the attack drones it provides to Russia. So that the explosive warheads can cause the greatest damage on infrastructure targets inside Ukraine. Iran has provided Russia with hundreds of drones to use in its war in Ukraine. Many of which have been used to devastating effect. Against Ukraine’s power grid and energy facilities. During the freezing winter months, drone attacks and Russian missile barrages have left Ukrainian civilians…

Apple supplier says its January monthly sales hit a record high as it recovered from Covid-19 disruptions in China. In a sales update on Sunday, the Taiwanese manufacturing giant reported revenue of 660.4 billion Taiwan dollars ($22 billion) in January. This is 48% more than the same period a year ago. Likewise, it’s highest-ever level for that month. Revenue was up nearly 5% compared to the previous month. The company attributed its performance to a strong rebound at its sprawling campus in Zhengzhou, Central China. According to Foxconn, operations are “returning to normal”. And product shipments have increased. The company also stated…

Russian President, Vladimir Putin approved the sale of Mercedes Benz’s local financial services division, to Avtodom, on Monday. And this brought the German Auto maker a step closer, to selling all of its Russian assets. In March, Mercedes-Benz suspended production at its Russian factory while halting exports to Russia. Furthermore, in October it announced an exit from the Russian market entirely,  while selling off its Russian assets to a local investor. Its departure is part of a global exit of companies from Russia. Under Russian law, Putin must approve sale of stakes in Russian ventures, but deals with firms from…

On Tuesday, rescuers worked in a “race against time” to pull people from the rubble of collapsed buildings after an earthquake struck Turkey and Syria earlier that day. The death toll from the 7.8 magnitude quake surpassed 5,000. With thousands of buildings, hospitals and schools destroyed and tens of thousands of people injured in several Turkish and Syrian cities. President, Tayyip Erdogan announced ten provinces as disaster area, ordering a three-month state of emergency in these regions. According to a United Nations official, thousands of children may have died. The harsh winter weather slowed search efforts and aid delivery, worsening…

As it battles a slowdown in the personal computer industry and prepares for a potential recession, Dell Technologies Inc. (DELL.N) is laying off 6,650 employees worldwide, or 5% of its total staff. With its move on Monday, Dell has joined a number of American companies.  Such as Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), in laying off thousands of workers in an effort to deal with a drop in demand brought on by high inflation and rising interest rates this year. Dell has previously implemented cost-cutting measures including a hiring stop and travel bans in order to deal with a post pandemic decline in PC sales, which generate morethan half of its income. However, co-Chief Operating Officer Jeff Clarke stated in a note to staff that those actions are “no longer enough.” “What we do know is that market circumstances are deteriorating. And that the future is unpredictable,” Clarke remarked. Dell expects to record the costs associated with the layoffs in its January fiscal fourth quarter. Competitor HP Inc (HPQ.N) has…