Shanghai has now been locked down for a month under the Chinese communist regime’s “zero-COVID” policy. Daily life, manufacturing production, and supply chains have been severely disrupted. Recently, Shanghai authorities have been pushing for the resumption of production in manufacturing, but the progress has been slow, and some enterprises are having difficulty resuming work under…
Factories in Shanghai Struggling to Resume Production Under Lockdown
May 1, 2022
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Merck Raises 2022 Forecast as COVID Pill, Cancer Drug Fuels Profit Beat
April 29, 2022
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Merck & Co. on Thursday reported quarterly profit and sales that beat estimates and raised its full-year forecasts on strong demand for top-selling cancer drug Keytruda, its Gardasil vaccine and COVID-19 antiviral pill molnupiravir. The U.S. drugmaker’s shares rose 1.8 percent to $85.90 before the opening bell as revenue rose 50 percent to $15.9 billion,…
Sweden’s Central Bank Raises Interest Rate to Hit Inflation
April 29, 2022
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STOCKHOLM—Sweden’s central bank on Thursday raised a key interest rate from zero to 0.25 percent, citing the highest inflation level since the 1990s. Riksbanken said there had been “unusually large fluctuations in inflation in Sweden” and the rise last year “was largely due to rapid increases in energy prices.” The Consumer Price Index for March…
Global Inflation to Stay Stubbornly High as Wrecked Supply Chains Persist: Reuters Poll
April 29, 2022
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BENGALURU—The global streak of high inflation is far from over and aggressive monetary policy tightening will fall short in taming price pressures to mandated levels as broken supply chains are unlikely to mend anytime soon, Reuters polls showed. Inflation in most countries has soared to multi-year highs, driven by a rebound in economic activity and…
Meta Expanding Massive $1 Billion Illinois Data Center, Set to Power Everything From Facebook to Instagram Beginning Next Year
April 29, 2022
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By Robert Channick From Chicago Tribune Meta, the social media giant formerly known as Facebook, is expanding its massive $1 billion data center under construction in DeKalb to nearly 2.4 million square feet, putting the college town west of Chicago at the center of its metaverse. Slated to open next year, the five-building complex filled…
Reserve Bank of Australia Needs More Monetary Experts: Economist
April 29, 2022
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The Reserve Bank of Australia (RBA) needs more monetary experts on its board as part of a much needed structural reform, the chief economist at the Centre of Independent Studies said. Peter Tulip, who previously worked at the RBA, noted that while many media reports have suggested an external RBA review to focus on the…
US Auto Sales to Fall in April on Tight Inventories, Rising Rates: Data
April 28, 2022
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U.S. new vehicle sales is expected to fall in April, as low inventories and rising interest rates boost prices amid high demand, consultants J.D. Power and LMC Automotive said. U.S. retail sales of new vehicles in April could fall 23.8 percent to 1.1 million units from a year earlier, according to a report released by…
US Mortgage Interest Rates Rise Further, Loan Demand Ebbs
The average interest rate on the most popular U.S. home loan rose to its highest level since June 2009 last week and demand for mortgages ebbed as the impact of rising costs began to bite, Mortgage Bankers Association (MBA) data showed on Wednesday. The average contract rate on a 30-year fixed-rate mortgage increased to 5.37…
Fires at Food Processing Facilities Raise Concerns
On Thursday, April 21, a small plane crashed at a General Mills food processing complex in Covington, Georgia. The plane collided into four trailers in an isolated area several hundred yards from the main plant shortly after taking off from the nearby Covington Airport, killing the pilot and passenger but leaving the General Mills employees…
PepsiCo Raises Revenue Forecast on Boost From Price Increases
April 27, 2022
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PepsiCo Inc. beat estimates for quarterly revenue on Tuesday and raised its full-year forecast on steady demand for its sodas and snacks even in the face of several rounds of price increases. Pandemic-induced disruptions to the global supply chain and runaway inflation have sent costs soaring on everything from aluminum cans to labor and shipping,…
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