Business

“Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise”

“Ford Motor is scaling back plans for a $3.5 billion battery plant in Michigan as consumers shift to electric vehicles more slowly than expected, labor costs rise and the company moves to cut costs…” https://www.cnbc.com/2023/11/21/ford-scales-back-ev-battery-plant-in-michigan.html Ford sees the writing on the… Continue Reading…

Banking

“IMF says central bank digital currencies can replace cash: ‘This is not the time to turn back’”

” Central bank digital currencies have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, managing director of the International Monetary Fund on Wednesday… The IMF has said that more than 100 countries are exploring CBDCs – or approximately 60% of… Continue Reading…

Real Estate

“…Now the 8% mortgage rate is back”

“…Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. Mortgage demand is at its lowest point in nearly 30 years… Would-be sellers, meanwhile, are trapped. They have little desire to trade the 3% rate… Continue Reading…

Economy

“COVID masks are back as Canadian wildfires fill skies with smoke”

“Just when it seemed safe to unmask, some Canadians are donning the face coverings made ubiquitous during the coronavirus pandemic as a protection against hazardous smoky conditions as wildfires ravage much of the country. Canada is seeing its worst-ever start… Continue Reading…

Business, Stocks

“Home Depot Tops Earnings Estimates, Launches $15 Billion Stock Buyback”

https://finance.yahoo.com/m/7a5dbac6-51ee-38c9-8218-f8bd736dac4e/home-depot-tops-earnings.html The article is behind a paywall but the headline is useful. There’s a 15 billion dollar buyback.

Banking, Economy

“ECB’s €500 Billion Payoff Puts Italian Banks in the Firing Line”

“The European Central Bank is about to test the resilience of the continent’s banking industry by making lenders repay about half a trillion euros in cheap pandemic-era loans — in one go… As €476.8 billion of TLTRO loans come due… Continue Reading…

Business, Economy, Energy

“Oil major BP braces itself for shareholder revolt after scaling back its climate targets”

“BP is bracing itself for a shareholder revolt at its annual general meeting on Thursday — some of the U.K.’s biggest pension funds are planning to ratchet up the pressure on the oil major after it rolled back its emission… Continue Reading…

Economy

“China’s recovery is taking longer than expected, so Citi is pushing back its stock rebound forecasts”

“…Instead of June, Citi now expects it will now take until the end of September for the Hang Seng Index to reach 24,000, analysts said in a report Thursday. That’s about 18% above current levels. The Hang Seng Index closed… Continue Reading…

Energy, Stocks

“Exxon Said It Will Buy Back Even More Stock. Its Stock Is Gaining.”

“Exxon Mobil unveiled a new corporate plan Thursday that includes increasing its stock buybacks and reducing greenhouse-gas emissions. The company also said that by 2027 “upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million… Continue Reading…

Business, Stocks

“Berkshire Hathaway’s operating earnings jump 20%, conglomerate buys back another $1 billion in stock”

“…Insurance-investment income came in at $1.408 billion, up from $1.161 billion a year earlier. Earnings from the company’s utilities and energy businesses came in at $1.585 billion, up from $1.496 billion year over year. Insurance underwriting suffered a loss of… Continue Reading…