Business

Fed’s Bullard says policy rate should be at least 3.75% by end of 2022

The U.S. Federal Reserve should target a policy rate in the range of 3.75% to 4% by the end of this year in light of this week’s hotter-than-expected inflation data, St. Louis Fed President James Bullard said on Friday, “I would now revise up the policy rate moves,” Bullard said at an event organized by […]

Business

Fed’s Bostic: Should not move rates “too dramatically”

Moving interest rates “too dramatically” could undermine the positive trends still seen in the economy and add to the already large amount of uncertainty, Atlanta Fed president Raphael Bostic said on Friday. Bostic did not say explicitly whether he supported another 75 basis point increase at the next Fed meeting, versus a larger hike. However, […]

Business

Munich court orders Tesla to reimburse customer for Autopilot problems

A Munich court has ordered Tesla Inc to reimburse a customer most of the 112,000 euros ($112,884.80) she paid for a Model X SUV because of problems with the Autopilot function, Der Spiegel reported on Friday. A technical report showed the vehicle did not reliably recognise obstacles like the narrowing of a construction site and […]

Business

U.S. manufacturing production falls for second straight month

Production at U.S. factories dropped for a second straight month in June as output of motor vehicles and a range of other goods declined, suggesting that higher interest rates were hurting the manufacturing sector. Manufacturing output fell 0.5% last month, matching the decline in May, the Federal Reserve said on Friday. Economists polled by Reuters […]

Business

U.S. business inventories increase strongly in May

U.S. business inventories increased strongly in May, outpacing the growth in sales, government data showed on Friday. Business inventories rose 1.4% after climbing 1.3% in April, the Commerce Department said. Inventories are a key component of gross domestic product. Economists polled by Reuters had forecast inventories would rise 1.3%. Inventories advanced 17.7% on a year-on-year […]

Business

ISS recommends Spirit shareholders vote against Frontier offer

Proxy advisory firm Institutional Shareholder Services (ISS) on Friday recommended shareholders of Spirit Airlines Inc (SAVE.N) vote against the proposed deal with Frontier Group Holdings Inc (ULCC.O). Spirit had said on Wednesday it plans to delay a shareholder vote on its sale to Frontier Group for a fourth time amid a struggle to gather enough […]

Business

Russia to block sale of foreign banks’ Russian subsidiaries -Ifax cites finance ministry

Russia will block the sale of foreign banks’ Russian subsidiaries while Russian banks abroad cannot function normally, the Interfax news agency cited Deputy Finance Minister Alexei Moiseev as saying on Friday. “We discussed this at our subcommission, that we will not now, until the situation improves, give permission for the sale of foreign banks’ subsidiaries […]