A shortfall in second-quarter deliveries prompted one analyst to say Tesla stock may drop another 40%.
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The University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. "All components of the expectations index improved this month, particularly among low- and middle-income consumers for whom inflation is particularly salient," survey director Joanne Hsu said in a statement. Indeed, the survey's one-year inflation expectation fell to a six-month low of 5.0% from 5.2%, while its five-year inflation outlook edged up to 3.0% from 2.9%, holding within a range that has prevailed for the past year.
A lot of people seem to think so
More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
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Euro zone industrial production in June grew three times more than expected, data showed on Friday, mainly thanks to a jump in the output of capital goods. The European Union's statistics office Eurostat said industrial production in the 19 countries sharing the euro rose 0.7% month-on-month in June for a 2.4% year-on-year increase. Eurostat said that the production of capital goods, which include things like machinery, equipment, vehicles or tools, rose 2.6% on the month and 7.6% in annual terms.
Japanese vehicle maker Hino Motors Ltd and its parent, Toyota Motor Corp, have been accused of historical misconduct in a class action lawsuit brought in the United States, Hino said on Friday. The case, in the Southern District of Florida, has been filed on behalf of those who bought or leased 2004-2021 model year Hino trucks in the United States, the company said in a statement. An investigation report this month by a company-commissioned panel said Hino, Toyota's major affiliate, had falsified emissions data on some engines going back to at least 2003, or more than a decade earlier than previously indicated.
NEW YORK (AP) — Two Amazon-owned companies — Ring and Hollywood studio MGM — are teaming to create a TV show in the mold of “America’s Funniest Home Videos” using viral footage from Ring’s doorbell and smart-home cameras. The half-hour show, called “Ring Nation,” will be hosted by actor and comedian Wanda Sykes and premier in syndication on Sept. 26, MGM said. The studio noted audiences should expect to see the usual things that go viral — marriage proposals, neighbors saving neighbors and silly
Russia is considering buying the currencies of "friendly" countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros due to sanctions, the central bank said on Friday. The bank said it was sticking to the policy of a free-floating rouble exchange rate but highlighted that it was important to reinstate a budget rule which diverts excess oil revenues into the country's rainy day fund. In a report on its monetary policy for 2023-2025, the central bank said various options on how to return to the fiscal rule and replenish the NWF are now being discussed, taking into account the Western sanctions against Russia over its actions in Ukraine.
Several hospitals in Ontario closed emergency departments last weekend due to a severe staffing shortage. In Premier Doug Ford’s throne speech this week, the government said it is working with stakeholders to identify possible solutions to ease the pressure facing the healthcare system. “Your government is actively engaging with health-system partners to identify urgent, actionable solutions and will implement whatever measures are needed to help ease immediate pressures,” Lt.-Gov. Elizabeth Dowdeswell said in the throne speech delivered on behalf of the Ford government. While the immediate issues facing the healthcare system, such as temporary emergency department closures, need to be addressed, the Public Policy Forum’s Sean Speer said the government must also focus on the long-term, structural problems in the system. “We know because of aging demographics, pressure on our healthcare system is only going to grow,” Speer said. “It’s going to require more than a short-term push if we’re going to ensure not just that these emergency rooms reopen in the short term, but that they are actually capable of serving patients over the long term.” If you have any policy-related questions, or feedback about the show, please email alicja@yahoofinance.com.
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Top U.S. Gulf of Mexico oil producer Shell said on Thursday it halted production at three U.S. Gulf of Mexico deepwater platforms after a leak shut two pipelines connecting the platforms, adding it expected pipeline service to resume on Friday. A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A Shell spokesperson said the leak, approximately two barrels of oil, has been contained, and the company expects the Mars and Amberjack pipelines to return to service on Aug. 12.
MEXICO CITY (Reuters) -Mexican leasing firm Unifin's debt restructuring is credit negative and could reflect tight refinancing conditions for Mexican financial institutions, Moody's rating agency said on Friday. "Unifin's restructuring and cessation of principal and interest payments will negatively affect Mexico's smaller finance institutions, whose own liquidity profiles and funding sources are strained by heightened global volatility and investors wary of Mexico's," non-bank financial institution sector, Moody's said in its report. Unifin's shares were down 7.21% in late trading Friday.
Airlines canceled more than 600 flights in the United States on Thursday morning, as thunderstorms in Texas disrupted operations at one of the busiest airports in the country for a second straight day. The Federal Aviation Administration (FAA) said on Thursday that a mix of thunderstorms and clouds could delay flights at several hubs. More than 2,000 flights were delayed within, into, or out of the United States.
Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner. Pfizer's $5.4 billion acquisition of Global Blood Therapeutics, which was announced on Monday, is the fourth deal in the sector since the pharma giant bought Biohaven for $11.6 billion in May, adding to optimism that large drugmakers are back in the market to pick up cheaper firms. Industry experts predict biotech firms that are closer to getting their product to market or already have a drug approved are likely to become M&A targets for large drugmakers, some of whom are staring at patent expirations of their cash cow drugs.
Binance, the world's largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers. "Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation," said Maximiliano Hinz, who heads Binance in Latin America, during an interview in Lima. Hinz pointed to the example of Argentina, where annual inflation is at 90%.
Flight cancellations and delays by U.S. airlines in the first seven months of the year have surpassed the comparable 2019 period, data showed, as staff shortages and adverse weather pummel operations. U.S.-based carriers scrapped 128,934 flights from January to July, up about 11% from pre-pandemic levels, according to data from flight-tracking website FlightAware. Flight delays have also reached nearly a million this year.
MEXICO CITY (Reuters) -The Bank of Mexico hiked its benchmark interest rate by three-quarters of a percentage point to a record 8.5% on Thursday, mirroring the U.S. Federal Reserve's most recent policy decision as inflation surged to an over two-decade high. The five board members of Banxico, as the central bank is known, voted unanimously for the second 75 basis point hike in a row, saying the board would "assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions." Analysts said that language gave its forward guidance a slightly dovish bias, moderating the tone of its prior monetary policy statement on June 23 when it said the board intended to continue raising rates and would "evaluate taking the same forceful measures if conditions so require."
Brookfield Asset Management Inc. reported second-quarter net income attributable to common shareholders that was lower than the previous year, as revenue rose. The alternative asset manager, which keeps its books in U.S. dollars, says its net income attributable to common shareholders was US$590 million or 34 cents per diluted share for the quarter ended June 30, down from US$816 million or 49 cents per diluted share a year earlier. Revenue totalled US$23.26 billion, up from US$18.29 billion in
"Electricity and gas prices started to re-accelerate, while price hikes are becoming more prevalent in goods such as processed foods," said Takeshi Minami, chief economist at Norinchukin Research Institute. Economists estimate the nationwide core CPI, which excludes volatile fresh food costs but includes energy, was 2.4% higher last month than a year earlier. Excluding periods when the indicator was skewed by effects of higher sales tax, the expected core CPI rise for July would be the fastest since August 2008.
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