Business News
NEW YORK — Attention, Kmart shoppers, the end is near! The erstwhile retail giant renowned for its Blue Light Specials — featuring a flashing blue orb affixed to a pole enticing shoppers to a flash sale — is shuttering its last full-scale store in mainland United States. The store, located in swank Bridgehampton, New York, on […]
JACKSON HOLE, WYOMING — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected […]
MADRID — The global cruise industry expects to carry 10% more passengers by 2028 than the 31.7 million who took cruise holidays in 2023, when the sector surpassed pre-pandemic levels, but sees some routes exposed to protests over overtourism. Long criticized for its impact on the environment and coastal communities, the industry has ordered 57 more […]
ISLAMABAD — Pakistan said Saturday that a newly secured multibillion-dollar loan from the International Monetary Fund would help improve the cash-starved country’s macroeconomic stability. The official reaction came hours after the Washington-based global lender announced its preliminary agreement with Islamabad for a “37-month” loan of about $7 billion under the IMF’s Extended Fund Facility arrangement. “This […]
WASHINGTON — U.S. manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday. The Institute for Supply Management’s (ISM) manufacturing index came in at 48.5% last month, down 0.2 percentage points from May. The June data came in below market expectations of 49.1%, according to […]
US stocks closed mixed on Tuesday, pulled in opposite directions by the Nasdaq and the Dow, as AI chipmaker Nvidia (NVDA) rebounded from a three-day skid to surge nearly 7%. The tech-heavy Nasdaq Composite (^IXIC) finished the day up roughly 1.3%, while the benchmark S&P 500 (^GSPC) rose around 0.4%, both breaking three-session losing streaks. The Dow […]
BEIJING — Beijing wants the EU to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported, after both sides agreed to hold new trade talks. Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates […]
Volvo cars has started to shift production of Chinese-made electric vehicles to Belgium in the expectation that the European Union will drive ahead with a crackdown on Beijing-subsidized imports, according to a report in The Times. Volvo, which is majority-owned by China’s Geely, was considering halting sales of Chinese-built EVs bound for Europe if tariffs were […]
Former Twitter executives including CEO Parag Agrawal, Chief Financial Officer Ned Segal, head of legal Vijaya Gadde and General Counsel Sean Edgett filed a new lawsuit against Elon Musk and X Corp. in federal court arguing that they are owed $128 million in unpaid severance. In their complaint, lawyers for the ex-Twitter executives say that after Musk […]
Labor protests in China have increased rapidly since August of last year, according to rights groups, especially in the lead-up to Lunar New Year, which began late last week. Labor protests more than tripled in the fourth quarter of 2023 compared to the same period in 2022, according to data collected by New York-based international […]
