Category: Business & Economy

FDA Expands Collaboration With Danone to Boost Baby Formula Supply

The Food and Drug Administration (FDA) said on Thursday it has expanded its collaboration with Danone’s Nutricia business to boost supplies of specialized medical baby formula bottles to address its shortage among infants with certain allergies or critical health conditions. The health regulator said about 500,000 additional cans manufactured by Danone would be sent to…


Bank of Japan Governor Kuroda Says Japan Inflation to Stay Around 2 Percent for a Year

TOKYO—Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Friday the country’s core consumer inflation will likely remain around the central bank’s 2 percent target for 12 months unless energy prices drop sharply. But he told parliament that prices likely would not rise “sustainably and stably” unless accompanied by wage hikes, suggesting the recent increase…


China’s Industrial Profits Slump in April as COVID-19 Curbs Squeeze Firms

BEIJING—Profits at China’s industrial firms fell at their fastest pace in two years in April as high raw material prices and supply chain chaos caused by COVID-19 curbs squeezed margins and disrupted factory activity. Profits shrank 8.5 percent from a year earlier, swinging from a 12.2 percent gain in March, according to Reuters’ calculations based on…


US, South Korea Strengthen Economic Ties Through ‘Semiconductor Alliance’

New Analysis South Korea-U.S. economic ties are changing amid supply chain worries, high-tech competition, and concerns over national security. Having China as its largest trading partner, South Korea had, for over a decade, managed to mostly maintain balanced economic ties between the two powerhouses. However, recently, Seoul has made a clear shift in cementing a…


Southwest, JetBlue Give Upbeat Revenue Outlooks Despite Inflation Worries

Southwest Airlines Co. and JetBlue Airways Corp. on Thursday gave upbeat revenue forecasts for the current quarter on strong travel demand, despite concerns that rising inflation may weigh on consumer spending. U.S. airlines have been buoyed, and in some cases surprised, by how quickly travel snapped back from the depths of the COVID-19 pandemic, leaving…


Toyota Cuts June Output Plan Again as China Lockdowns Bite

TOKYO—Toyota Motor Corp. on Friday cut its global production plan for June for the second time this week and signaled its full-year output estimate could be lowered, highlighting the pain from the supply chain crunch and China lockdown. Global automakers’ production has been hit by the microchip shortage and also by China’s COVID-19 lockdowns. The…


Murkowski ‘Chief Enabling Officer’ of Biden Agenda: Kelly Tshibaka

Kelly Tshibaka, the Republican candidate for Sen. Lisa Murkowski’s (R-Alaska) seat endorsed by Trump, claimed Murkowski’s vote confirming Deb Haaland as Interior Secretary has weakened Alaska, contributing to skyrocketing gas prices and foreign dependence by impeding the production of oil, gas, rare earths, and other vital commodities. “Who’s directing this assault on us? Joe Biden….


Apple Defends App Store Policies

Apple Inc., facing mounting criticism of its App Store policies, has defended the platform on Wednesday citing the small-business jobs and revenue it generates, Bloomberg reports. The App Store is under intense scrutiny from government officials in the United States and Europe, which also have been after Meta Platforms Inc. and Alphabet Inc.. An Apple commissioned study found developers who earned…


China Property Market Slumps on Developers’ Debt Crisis, Weak Buyer Sentiment

HONG KONG—China’s property market, a key pillar of the country’s economy, has weakened sharply in the past year as a result of the Chinese regime’s clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown. Related CoverageChina’s Lockdown of Nearly 400 Million Set to Strike an Economic Blow So far this year, more than…


Macy’s Raises Profit Outlook as Demand for High Fashion Picks Up

Macy’s Inc. raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power. Macy’s joined rival Nordstrom Inc. in bucking a trend of profit warnings from major retailers who are seeing consumers prioritize spending on…