Exxon sues EU in move to block new windfall tax on oil companies

Exxon sues EU in move to block new windfall tax on oil companies

Dec 29 (Reuters) – U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have … Read more

Tesla used car price bubble pops, weighs on new car demand

Tesla used car price bubble pops, weighs on new car demand

SAN FRANCISCO, Dec 27 (Reuters) – Tesla buyers who waited months for their new car have had an unusual choice for much of the past two years: keep the new electric vehicle, or sell it at a profit to someone with less patience. But the days of the Tesla flip are numbered – a potential … Read more

CarMax results hit by ‘used-vehicle recession’; buyback paused

CarMax results hit by ‘used-vehicle recession’; buyback paused

Dec 22 (Reuters) – Used-car retailer CarMax Inc (KMX.N) said on Thursday it was pausing some hiring, halting share buybacks and cutting expenses after reporting an 86% drop in third-quarter profit as the industry struggles to offload inventory amid waning demand. The company’s shares fell as much as 12% to $52.10 and were at more … Read more

The world fears a new China COVID wave, ponders how to help Xi

The world fears a new China COVID wave, ponders how to help Xi

WASHINGTON, Dec 20 (Reuters) – Officials and global health experts outside China are anxiously watching a COVID-19 surge there, worried a nation of 1.4 billion people is inadequately vaccinated and may not have the healthcare tools to treat a wave of illness expected to kill more than one million people through 2023. Some U.S. and … Read more

China Covid ills go from bad to chronically worse

China Covid ills go from bad to chronically worse

HONG KONG, Nov 28 (Reuters Breakingviews) – Protests across China underscore a rising fear among people that President Xi Jinping’s stringent pandemic restrictions may be here to stay. Unfortunately, two squandered years to vaccinate vulnerable groups and bolster hospital resources validate those anxieties. Since the start of the pandemic, infections and deaths in the People’s … Read more

U.S. inflation subsiding as consumer prices rise moderately in boost to economy

U.S. inflation subsiding as consumer prices rise moderately in boost to economy

Consumer price index increases 0.1% in November CPI up 7.1% year-on-year, smallest gain in 11 months Core CPI climbs 0.2%, up 6.0% year-on-year WASHINGTON, Dec 13 (Reuters) – U.S. consumer prices rose less than expected for a second straight month in November amid decreases in the costs of gasoline and healthcare as well as used … Read more

Wall St surges as CPI data calms jitters over aggressive rate hikes

Wall St surges as CPI data calms jitters over aggressive rate hikes

Consumer prices rise moderately in Nov Growth stocks shoot up as yields fall Pinterest up on Piper Sandler rating upgrade Indexes up: Dow 1.73%, S&P 2.68%, Nasdaq 3.80% Dec 13 (Reuters) – Wall Street’s main indexes rallied on Tuesday, led by rate-sensitive growth stocks, after a smaller-than-expected rise in U.S. consumer prices raised hopes that … Read more

U.S. heading into shallow recession, no respite from rate hikes yet: Reuters poll

U.S. heading into shallow recession, no respite from rate hikes yet: Reuters poll

BENGALURU, Dec 9 (Reuters) – The U.S. economy is heading into a short and shallow recession over the coming year, according to economists polled by Reuters who unanimously expected the U.S. Federal Reserve to go for a smaller 50 basis point interest rate hike on Dec. 14. The Fed has another half-point at least to … Read more

U.S. labor market shrugs off recession fears; keeps Fed on tightening path

U.S. labor market shrugs off recession fears; keeps Fed on tightening path

Nonfarm payrolls increase 263,000 in November Unemployment rate steady at 3.7%; participation rate falls Average hourly earnings rise 0.6%; up 5.1% year-on-year WASHINGTON, Dec 2 (Reuters) – U.S. employers hired more workers than expected in November and increased wages, shrugging off mounting worries of a recession, but that will probably not stop the Federal Reserve … Read more

Wall Street ends down sharply, hit by Apple and China worries

Wall Street ends down sharply, hit by Apple and China worries

Cyber Monday spending to hit $11.6 bln – report Crypto shares fall on BlockFi bankruptcy filing Biogen down after death in Alzheimer drug trial Indexes end: S&P 500 -1.54%, Nasdaq -1.58%, Dow -1.45% Nov 28 (Reuters) – U.S. stocks ended sharply lower on Monday after protests in major Chinese cities against strict COVID-19 policies sparked … Read more