Sunday, May 26

Business

United Airlines Rises Slightly Higher Wall Street
Business, News, US

United Airlines Rises Slightly Higher Wall Street

On Wednesday, United Airlines was among the risers on the New York stock exchanges. The American airline posted significantly more profit last quarter thanks to the strong recovery in demand for tickets after the corona pandemic. The company is also optimistic about the course of business in the current quarter. The share was rewarded with a price gain of more than 1 percent. Investors also digested a flood of macroeconomic data. For example, US retail sales fell in December. In addition, producer prices in the US were lower last month than a month earlier. It was also announced that industrial production fell in the last month of 2022. Later in the day, the US central bank will publish its report on the state of the economy, the so-called Beige Book. Investors hope to find m...
Porsche Sold More Luxury Cars in Inflation Year 2022
Business, News

Porsche Sold More Luxury Cars in Inflation Year 2022

High inflation had little influence on the popularity of expensive cars last year. Sports car manufacturer Porsche sold more cars in 2022 than a year earlier. The brand grew, including in Europe, where energy prices rose sharply due to the Russian invasion of Ukraine. In addition, it was previously announced that another luxury brand from the Volkswagen group, Bentley, managed to sell more cars than a year earlier. Porsche delivered 309,884 cars last year, an increase of 3 percent compared to 2021. The company sold 7 percent more cars in European countries except for Germany. In North America, there was no increase or decrease, while in China, Porsche's largest sales market, sales fell by 2 percent due to corona problems. SUVs were most popular at Porsche, such as the Porsche...
H&M Pulls Justin Bieber Collection From Shelves After Controversy
Business, News, US

H&M Pulls Justin Bieber Collection From Shelves After Controversy

Retail chain H&M has removed items with Justin Bieber's face from the store after the singer had previously been critical of the merchandise. According to Bieber, he was not asked for permission to put pictures of his head on T-shirts, sweaters and bags, among other things. In its own words, the Swedish retailer has followed "the correct procedures" with regard to asking permission, "but out of respect for the collaboration and Justin Bieber, we have removed the articles". The Canadian singer previously said on social media that it was "junk" what H&M was selling and that he had not agreed to its sale. He urged his followers not to buy the stuff.
Fewer Waiting Oil Tankers at Turkish Strait Bosphorus
Business, News, Turkey

Fewer Waiting Oil Tankers at Turkish Strait Bosphorus

The congestion of waiting for oil tankers at the important Turkish strait Bosphorus is easing. Due to stricter requirements from Turkey for ships carrying oil from the Black Sea through its waters, many tankers were previously blocked at the Bosphorus. According to the Turkish shipping agency Tribeca, thirteen tankers are now waiting for permission to pass through the Bosphorus. That was seventeen on Sunday. That day, four ships with about 475,000 tons of crude oil passed through the route after showing the necessary insurance papers to the Turkish authorities. On Monday, five tankers would then go south through the Bosphorus. For over a week now, tankers carrying oil from Russia and Kazakhstan through Turkish waters have been required to show additional proof for insurance a...
Research: Less Investment in European Tech Companies
Business, Europe, News, Tech

Research: Less Investment in European Tech Companies

Investments in European tech companies have fallen this year, after the record year 2021. European tech investment company Atomico reports this based on research. According to Atomico, this year, 85 billion dollars (81 billion euros) was invested in European tech companies such as start-ups. That was $104 billion a year ago. According to the researchers, venture capitalists have become more cautious about investing in tech companies due to the weakening economic climate and rising interest rates. However, the figure for 2022 is still the second-highest level ever. Tom Wehmeier, the partner at Atomico, speaks of an excellent result despite all the economic uncertainty. During the corona pandemic, investments in start-ups increased sharply because many more things were arranged...
Employees Rivian: Car Company Ignores Safety Rules
Business, News, US

Employees Rivian: Car Company Ignores Safety Rules

Dozens of employees of the American electric car maker Rivian accuse the company of ignoring safety rules. According to the complaints filed with local regulators, Rivian ignores known hazards at its Illinois plant. As a result, several people suffered injuries such as bone fractures and a torn ear. According to the employees, the cars' safety is also at stake. As a result, higher production would be a higher priority. One employee said a manager fished out damaged electrical cables from the trash and instructed employees to use them. According to the complaint filed, safety protocols at the company are fading as pressure on production mounts. "Production involves a certain amount of risk. But I would have expected safety to be given a little more priority," said Don Jacks...
IMF CEO: Global Inflation Seems to Have Peaked
Business, News, World

IMF CEO: Global Inflation Seems to Have Peaked

Global inflation appears to have peaked. That's what top woman Kristalina Georgieva of the International Monetary Fund (IMF) said at the climate summit in Egypt. But, according to her, inflation will remain stubbornly high for the foreseeable future. Important inflation figures from the United States will be released later this week. This should indicate a further slowdown in inflation in the world's largest economy in October. Georgieva says she does not want to prejudge those numbers but thinks a peak may have been reached. She says that central banks are rightly united in fighting inflation by raising interest rates sharply. But it will be difficult to bring inflation down really quickly to the desired level of about 2 percent, the IMF director thinks. This is because e...
Kremlin: Grain Shipments are Much More Dangerous Without Russia
Business, News, Russia

Kremlin: Grain Shipments are Much More Dangerous Without Russia

Ukraine's grain deal can hardly be implemented now that Russia has decided to suspend the deal. Kremlin spokesman Dmitri Peskov told reporters on Monday. As a result, grain transport has become "much more dangerous", it is warned. Russia on Saturday suspended its participation in the agreement on the export of Ukrainian grain. Moscow was responding to a drone attack allegedly aimed at Russian ships in Crimea. Nevertheless, despite the Russian withdrawal, several grain freighters left Ukrainian ports on Monday through a secure corridor. Russia argues that grain transport has become much more dangerous, making it virtually impossible in practice to carry out the grain deal. "In circumstances where Russia talks about the impossibility of guaranteeing safe shipping in the areas indi...
Ministry Confirms Postponement of United Kingdom Budget Plan
Business, News, UK

Ministry Confirms Postponement of United Kingdom Budget Plan

The United Kingdom's new budget plans are taking longer than previously announced. The British Chancellor of the Exchequer, Jeremy Hunt, confirmed this after another minister had already hinted at the BBC. This is because the government of Prime Minister Rishi Sunak, who took office on Tuesday, needs more time to include the "most accurate economic estimates possible" in its budget plans. A statement on the budget plans should have come out next Monday. But the publication has now been postponed to November 17. The government also promises that the verdict of a British audit office, the Office for Budget Responsibility (OBR), will be announced immediately that day. Sunak and Hunt will explain in November how they want to reduce government debt and restore financial stability,...
Netflix Up Hard on Wall Street After Better-Than-Expected Figures
Business, News, US

Netflix Up Hard on Wall Street After Better-Than-Expected Figures

Netflix was worth more than 12 percent on the stock exchanges in New York on Wednesday. The streaming service gained many more subscribers in the past quarter than experts had expected. On the other hand, Netflix struggled with a contraction in the number of subscribers in the two previous quarters. Revenue and profit were also higher than analysts and investors had expected. As a result, JPMorgan analysts raised the recommendation for Netflix. However, the mood on Wall Street was somewhat hesitant after the strong recovery in recent days. Optimism about the better-than-expected quarterly figures of companies seems to be giving way again to concerns about high inflation. Investors fear that central banks worldwide will continue to raise interest rates sharply to contain the ongo...