Economy Archives - DigitalMedia

Meta Stuns Street With Lower Costs, Big Buyback, Upbeat Sales

2Feb

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Economy

Meta Stuns Street With Lower Costs, Big Buyback, Upbeat Sales

Meta Platforms Inc's stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the "Year of Efficiency." The parent of Instagram and Facebook (NASDAQ:META), which has fallen on hard times amid a broad post-pandemic slump in digital ads, is focused on improving its content recommendations powered by artificial intelligence and its ad targeting systems to keep users clicking. Meanwhile, it will cut costs in 2023 by $5 billion to a range of $89 billion to $95 billion, a steep drop from the $94 billion to $100 billion it previously forecast, and it projected first-quarter sales that could beat Wall Street estimates. Meta stock surged nearly 19% in after-hours trade. If gains hold on Thursday, it would set up the sh...

UBS has No Desire to Buy Credit Suisse, Chairman Tells Newspaper

14Jan

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Economy

UBS has No Desire to Buy Credit Suisse, Chairman Tells Newspaper

UBS has no interest in buying fellow Swiss lender Credit Suisse, the bank's Chairman Colm Kelleher said in a interview published on Saturday. The former Morgan Stanley (NYSE:MS) president said he was focused on organic growth rather than acquisitions and expanding its business in the United States as he ruled out any move to buy his bank's embattled cross-town rival. "We have no desire to buy Credit Suisse," Kelleher told the Neue Zuercher Zeitung. "There are always scenarios, but none that are convincing," he said when asked if there were any situations where a UBS takeover of Credit Suisse made sense. The former chairmen of Credit Suisse and UBS supported a merger between the two banks, and held talks in the first half of 2020, Swiss media reported two years ago. The discussions eventual...

Dollar Weakens in Wake of CPI Release; Yen Climbs Ahead Of BOJ

13Jan

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Economy

Dollar Weakens in Wake of CPI Release; Yen Climbs Ahead Of BOJ

The U.S. dollar edged lower in early European trade Friday, continuing the previous session’s selloff after cooling U.S. inflation opened the way for the Federal Reserve to ease the pace of its interest rate hikes. At 03:05 ET (08:05 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 0.1% to 101.965, having slipped to its lowest level since June earlier in the session. The index is headed for a 1.6% decline this week, its worst performance since early November. The greenback has been on the backfoot since late last year after the Federal Reserve eased back the pace of interest increases, and this weakness was ramped up on Thursday after data showed that U.S. CPI inflation eased in December. This will likely herald a further tapering in t...

Dow Futures Trade Steady, After Nasdaq Posts 3-Session Win Streak

11Jan

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Economy

Dow Futures Trade Steady, After Nasdaq Posts 3-Session Win Streak

U.S. stock futures were trading in a tight range during Tuesday’s evening session, after major benchmark averages finished higher as investors continue their rotation toward tech stocks ahead of key CPI data and major bank earnings later this week. By 18:30 ET (23:30 GMT) Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures were each trading in a range of 0.1%. In extended deals, Ichor Holdings (NASDAQ:ICHR) shed 16% after the company forecast Q4 revenues of $300 million to $302 million versus $335M previously expected. During Tuesday’s regular trade, the Dow Jones Industrial Average added 186.5 points or 0.6% to 33,704.1, the S&P 500 added 27.2 points or 0.7% to 3,919.3, and the NASDAQ Composite lifted 107 points or 1% to 10,742.6, posting its third consecutive session of ga...

GM Wants U.S. Treasury to Reconsider tax Credits for Cadillac Lyriq EV

7Jan

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Economy

GM Wants U.S. Treasury to Reconsider tax Credits for Cadillac Lyriq EV

General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM's electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits. The Lyriq currently starts at $62,990. SUVs can be priced at up to $80,000 to qualify, while cars, sedans and wagons can only be priced at up to $55,000. "We are addressing these concerns with Treasury and hope that forthcoming guidance on vehicle classifications will provide the needed clarity to consumers and dealers, as well as regulators and manufacturers," GM told Reuters Friday. GM said Treasury should use criteria and processes similar to the En...

China Manufacturing PMI Shrinks for 5th Straight Month in Dec – Caixin

3Jan

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Economy

China Manufacturing PMI Shrinks for 5th Straight Month in Dec – Caixin

Chinese manufacturing activity shrank for a fifth straight month in December, a private survey showed on Tuesday, as the country grappled with an unprecedented spike in COVID-19 cases after it relaxed some restrictions intended to prevent the spread of the virus. The Caixin Manufacturing Purchasing Managers Index (PMI) read 49.0 in December, higher than forecasts for 48.8 but weaker than last month’s reading of 49.4. A reading below 50 indicates contraction, with December marking the fifth straight month that the manufacturing PMI has spent in contraction territory. The data was largely in line with government data released last week, which also showed that the country’s manufacturing sector shrank in December. China’s manufacturing sector is a bellwether for economic conditions in the cou...

BOJ Considering Raising Inflation Forecasts to Near 2% Target -Nikkei

31Dec

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Economy

BOJ Considering Raising Inflation Forecasts to Near 2% Target -Nikkei

The Bank of Japan (BOJ) is considering raising its inflation forecasts in January to show price growth close to its 2% target in fiscal 2023 and 2024, Nikkei reported on Saturday.The BOJ jolted markets this month by widening its 10-year yield cap range, a move officially aimed at straightening out bond market distortions but seen by some analysts as a prelude to the exit from its ultra-loose monetary easing.Upgrades to the BOJ's inflation forecast would further fuel such speculation as Governor Haruhiko Kuroda has said the central bank could discuss the exit if achievement of its 2% inflation target in tandem with wage hikes comes into sight.Citing people familiar with discussions at the central bank, Nikkei said the proposed changes would show the core consumer price index rising around 3...

Toyota’s Nov Global Vehicle Production Rises 1.5% to Record 833,104

26Dec

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Economy

Toyota’s Nov Global Vehicle Production Rises 1.5% to Record 833,104

Toyota Motor (NYSE:TM) Corp reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year's levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said. The automaker reported earlier this month it expected to produce 700,000 vehicles in January and held to a reduced goal of 9.2 million in the year through March. Toyota had previously expected to make 9.7 million autos this fiscal year, but was forced to lower the target in November as it struggles with rising materials costs and...

jerome Powell to Set Stage For Slowing Fed ate Hikes Amid Hawkish Tone

30Nov

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Economy

jerome Powell to Set Stage For Slowing Fed ate Hikes Amid Hawkish Tone

Jerome Powell is scheduled to deliver a speech, nominally focused on the labor market, at an event on Wednesday hosted by the Brookings Institution in Washington. It will be one of the last from policymakers before the start of a quiet period ahead of their Dec. 13-14 gathering. Chair Jerome Powell is expected to this week cement expectations that the Federal Reserve will slow its pace of interest-rates increases next month, while reminding Americans that its fight against inflation will run into 2023. Powell is scheduled to deliver a speech, nominally focused on the labor market, at an event on Wednesday hosted by the Brookings Institution in Washington. It will be one of the last from policymakers before the start of a quiet period ahead of their Dec. 13-14 gathering. The event provides ...

How to Set Financial Goals for Your Future

25Nov

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Economy

How to Set Financial Goals for Your Future

Setting short-term financial goals, as well as midterm and long-term, is an important step toward becoming financially secure. If you aren’t working toward anything specific, you’re likely to spend more than you should. You’ll then come up short when you need money for unexpected bills, not to mention when you want to retire. You might get stuck in a vicious cycle of credit card debt and feel like you never have enough cash to get properly insured, leaving you more vulnerable than you need to be to handle some of life’s major risks. Even the most prudent person can't prepare against every crisis, as the world learned in the pandemic and many families learn every month. What thinking ahead does is give you a chance to work through things that could happen and do your best to prepare for the...