TOKYO—Rising prices of daily necessities could hurt household sentiment, Bank of Japan Governor Haruhiko Kuroda said on Friday, suggesting that mounting inflationary pressure is emerging as a risk to the country’s fragile economy. Japan’s core consumer inflation rose 2.1 percent year-on-year in April, exceeding the central bank’s 2 percent target for the first time in…
US Tech Sector Sees Highest Job Cuts in May Since Dec. 2020—Report
U.S. employers in the technology sector cut nearly nine times more jobs in May than in the first four months of the year as rising inflation and slowing demand force companies to cut corners. Though overall layoffs in the country reported by global outplacement firm Challenger, Gray & Christmas on Thursday fell 14.7 percent in…
Walmart Shareholders Reject Pro-Abortion Proposal, Say It’s ‘Unnecessary Distraction of Resources’
Shareholders at Walmart on Wednesday overwhelmingly rejected a vote to uphold a pro-abortion proposal as the debate regarding terminations rages on across the United States. The proposal, made by Clean Yield Asset Management (CYAM) on behalf of activist investor Julie Kalish, urged Walmart’s board to issue a public report detailing “any known and any potential risks and costs…
IRS Audit Rate Doubles Among Multiple Income Groups But Remains Historically Low
The Internal Revenue Service (IRS) has revealed that its audit rates among certain income groups have increased during recent months but still remain low when compared to around a decade back. The 2019 audit rates of taxpayers belonging to income categories above $50,000 have doubled or more than doubled in the last seven months, the…
German Exports Bounce Back in April From Ukraine War Impact
BERLIN—German exports rose more than forecast in April, as Europe’s biggest economy relied on trade with the United States and the euro area to recover from the initial impact of the war in Ukraine, government data showed on Friday. Exports rose 4.4 percent from the previous month, the Federal Statistical Office said, almost three times…
Russia Limits Exports of Noble Gases, a Key Ingredient for Making Chips
June 3, 2022
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Business & Economychipscommoditieseconomic policiesEuropeexportgaseskryptonMarketsneonnobleRussiaRussia-Ukraine WarsanctionsUkrainewarWorldxenon
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Sanctions-hit Russia has limited exports of noble gases such as neon, a key ingredient for making chips, until the end of 2022 to strengthen its market position, its trade ministry said on Thursday. Russia’s export curbs could worsen the supply crunch in the global chips market. Ukraine was one of the world’s largest suppliers of…
LeBron James Becomes First Active NBA Player to Score Billionaire Status: Report
LeBron James has become a billionaire, marking the first time a player still active in the NBA has achieved such a status, according to a recently published list by Forbes. The 18-time NBA all-star and two-time Olympic gold medalist has an estimated fortune of $1.2 billion in pretax earnings, Forbes reports, making him the first active NBA player to make the…
Wall Street Opens Lower After Strong Jobs Data; Apple, Tesla Weigh
U.S. stock indexes opened lower on Friday, dragged down by shares of Tesla and Apple, while a solid jobs report fanned worries over tighter monetary policy and soaring inflation. The Dow Jones Industrial Average fell 261.96 points, or 0.79 percent, at the open to 32,986.32. The S&P 500 opened lower by 39.25 points, or 0.94…
EU Formally Approves Embargo on Russia Oil
June 3, 2022
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BRUSSELS—The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months. It says that “a temporary exception is foreseen” for…
US Economy Added 390,000 Jobs in May as Employment Still Below Pre-Crisis Level
The U.S. economy added 390,000 jobs in May, topping the market estimate of 328,000. According to data from the Bureau of Labor Statistics (BLS), the unemployment rate remained unchanged at 3.6 percent. Average hourly earnings edged up 0.3 percent month-over-month, while annualized hourly early earnings increased by 5.2 percent. Average weekly hours stayed the same…
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