BUSINESS
Fed and BOE prepare 75 basis-point salvos on inflation
The transatlantic double act illustrates the trade-off confronting central banks as evidence of an impending global economic contraction becomes harder to ignore, even as inflation lingers.
BUSINESS
Emerging stocks are flashing a 2008 financial crisis signal
The price-earnings ratio of the benchmark MSCI Emerging Markets Index, based on trailing 12-month profits, has fallen below its price-earnings ratio based on estimated earnings for the next 12 months, showing that analysts expect earnings to fall faster in the future than currently.
COMMODITIES
Oil set for monthly gain before OPEC+ begins cutting output
Crude has shed a quarter of its value since June as concerns of a global slowdown and tight monetary policy threatened to curtail demand
ECONOMY
Sunak faces dose of reality as economic and political woes mount
The new premier’s economic policy is set to face scrutiny as the Bank of England delivers what could be its biggest interest-rate hike in more than 30 years, and the government looks to fill the multi-billion hole in the nation’s finances
ECONOMY
Global food security on the edge as Russia exits grain deal
How much of a price jump is harder to predict since the safe-passage deal was already set to expire in mid-November if no agreement is reached to extend it
MARKETS
Tech’s Terrible Week, in 10 Charts
Most of the biggest tech names managed to regain some ground Friday, propelled by Apple’s comparatively healthy performance. But the overall mood remained glum.
BUSINESS
Musk’s role as 'chief twit' knocks $10 billion from fortune
Six months after Elon Musk announced he would buy the company, his offer looks very expensive. Shares of social media companies have crashed as economic uncertainty and interest rate increases curb market speculation and advertiser spending.
WORLD
Fed seen aggressively hiking to 5%, triggering global recession
The Federal Open Market Committee will raise rates by 75 basis points for a fourth consecutive meeting when policymakers announce their decision at 2 p.m. in Washington on Wednesday
BUSINESS
Appliance maker Electrolux to cut up to 8% of 50,000 staff
The job cuts of 3,500 to 4,000 employees form part of a cost reduction problem that was announced alongside Electrolux’s third-quarter earnings.
BUSINESS
Modi plan to unlock gold gets new focus with trade gap near record
Prime Minister Narendra Modi and his government have been trying to convince gold-obsessed citizens — who collectively own the biggest private holding of bullion in the world — to deposit their treasures with banks and earn interest.
BUSINESS
'Fantastic' Earnings could give Indian Banking Stocks a Boost
Banks and shadow lenders have a more than one-third weight in the broader S&P BSE Sensex, which is up more than 2.5% so far in 2022, beating benchmarks in all markets with a total value of at least $1 trillion, except Saudi Arabia.
BUSINESS
Amazon shares plunge on forecast for sluggish holiday sales
The Seattle-based company, which reaped record profits during the pandemic, said sales during the current period will rise just 2% to 8% as shoppers reduce their spending in the face of economic uncertainty.
BUSINESS
Apple dodges tech rout, even while warning of holiday slowdown
The company said that growth wouldn’t be as strong during the current period, but investors found enough optimism to send the stock higher in late trading Thursday.
BUSINESS
Twitter CEO among top Executives departing as Musk takes over
Also leaving are Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012
BUSINESS
Meta plummets 25% as Zuckerberg’s plea for ‘patience’ falls flat
The Facebook parent’s market value has collapsed by a whopping $677 billion this year, removing it from the ranks of the 20 largest US companies.
BUSINESS
'Fantastic' earnings could give Indian banking stocks a boost
Five of the nation’s six biggest banks have reported earnings for the latest quarter that either matched or exceeded consensus expectations.
COMMODITIES
Oil advances for third day on record US exports weaker dollar
The weaker dollar also helped buoy crude. A Bloomberg gauge of the greenback -- which hit a record last month -- has dropped to a three-week low, making raw materials priced in the US currency cheaper for overseas buyers
WORLD
Rishi Sunak risks fresh Braverman row over UK-India visa deal
Rishi Sunak’s UK government is in talks with India over whether to increase the number of business visas granted to Indian nationals as part of a potential trade deal, a stance that risks causing friction in the new prime minster’s top team.
ECONOMY
US dollar drops to three-week low as traders weigh a Fed pivot
A slew of US data on manufacturing, home prices and consumer confidence have all fallen short of economist estimates, underscoring the toll of Fed tightening
BUSINESS
Dove, other Unilever dry shampoos recalled over cancer risk
Unilever’s recall pertains to products made prior to October 2021.
WORLD
New Visa to Let Tourists With $130,000 Live in Bali for 10 Years
The country is offering “second home” visas for five years and 10 years to those with at least 2 billion rupiah ($130,000) in their bank accounts, according to a new regulation issued on Tuesday. The policy takes effect on Christmas, or 60 days after the issuance of the new rule.
POLITICS
Markets didn’t oust Truss, the Bank of England did
Truss won the leadership of the Conservative Party, which the UK electorate had voted into power, by promising a range of deep tax cuts and government spending increases. Whatever one might think of her policies, they were her mandate.
BUSINESS
Most NFTs Are More Like Baseball Cards Than Fine Art
Celebrities often crave the notoriety that comes with head-scratching spending sprees, but it’s still fair to ask: Ape caricatures? What on earth are they thinking?
TECHNOLOGY
Get ready to relearn how to use the internet
Facebook, Google and Twitter remain recognizable versions of their earlier selves. The browser retains its central role. Video has risen in importance, but that hardly represents a major shift in how things work.
