On Sunday, Saudi Arabia’s state-run oil corporation Aramco announced a historic net income of $161.1 billion for 2022, setting a new record for the highest yearly profit ever recorded by an oil and gas enterprise. Aramco reported a 46.5 percent rise in net income for the year, increasing from $110 billion in 2021 to $161.1 billion in 2022. Furthermore, the company’s free cash flow also … Continue reading Saudi oil giant Aramco posts record $161 billion profit for 2022

Chancellor Jeremy Hunt cautioned on Sunday that the shuttering of Silicon Valley Bank poses a “serious risk” to Britain’s technology and life sciences industries. According to Hunt, the SVB bank, located in California, which was shut down by US authorities on Friday, oversees the finances of some of the most promising enterprises in the UK. “There is a serious risk to our technology and life … Continue reading British tech sector ‘at serious risk’ after SVB collapse

Social media users are once again criticizing CNBC analyst Jim Cramer after a video clip resurfaced in which he suggested that viewers purchase stock in the parent company of Silicon Valley Bank, which owns a tech-focused commercial lending institution that recently suffered a rapid collapse. “The ninth-best performer to date has been SVB Financial (the bank’s parent company). Don’t yawn,” Cramer told viewers during a … Continue reading CNBC’s Jim Cramer urged viewers to buy Silicon Valley Bank stock last month

The termination of Adidas’ partnership with the artist previously recognized as Kanye West, and the challenge of selling his highly sought-after Yeezy footwear, contributed to the decline in earnings at the close of last year, resulting in a net loss of 513 million euros ($540 million), NPR reported. According to the German shoe and sportswear manufacturer, the loss incurred in the fourth quarter was due … Continue reading Adidas reports a $540M loss as it struggles with unsold Yeezy products

On Tuesday, Jerome Powell, the Chairman of the Federal Reserve, warned that interest rates are expected to rise more than what the central bank policymakers had originally predicted. Referring to data from earlier this year that revealed inflation had halted its deceleration in late 2022, the central bank leader cautioned of an impending tighter monetary policy to curb the growth of the economy, CNBC reported. … Continue reading Fed Chair Powell Anticipates Interest Rates to Be Higher than Previously Predicted

On Monday, Altria Group Inc announced that it will acquire e-cigarette startup NJOY Holdings Inc for approximately $2.75 billion in cash. This move represents Altria’s latest attempt to tap into the rapidly expanding e-cigarette market, following significant financial losses resulting from its investment in Juul. Amidst thousands of lawsuits and rumors of impending bankruptcy, the tobacco giant has traded its investment in Juul for some … Continue reading Altria to Acquire E-Cigarette Startup NJOY for $2.8 Billion Following Juul’s Departure

Cryptocurrency prices fell on Friday as investors weighed the latest financial woes at Silvergate Capital and assessed what a potential bankruptcy at the crypto bank could mean for the broader crypto industry. Bitcoin dipped by more than 5% to $22,261.22, according to Coin Metrics. Ether lost 5.5% and traded at $1,555.37. The drop came late Thursday night, hours after several crypto companies said they’d stopped … Continue reading Bitcoin, ether slide on Friday as investors weigh potential fallout from Silvergate woes

Ford Motor’sFebruary sales increased by more than 20% from subdued results a year earlier, as the automaker ratchets up production of its F-Series pickups and electric vehicles. The Detroit automaker Thursday reported February sales of 157,606 vehicles, up 22% from a year earlier and a 7.7% increase from January. Ford’s sales were hampered by supply chain problems in February 2022 making for one of its … Continue reading Ford sales jump last month as supply chain issues improved

Shares of troubled lender Silvergate (SI) fell 45% at Thursday morning’s open after the company said late Wednesday it will miss a March 16 deadline to file its already-delayed annual report. The bank said its team “requires additional time to perform analysis, record journal entries related to subsequent events and to complete management’s evaluation of internal controls over financial reporting.” “The Company is currently analyzing … Continue reading Silvergate stock crashes after company delays annual report, reveals new losses

KIA and Fiat have introduced digital metaverse dealer showrooms so customers can more easily shop for cars from the comfort of their homes. The two auto manufacturers are among the first organizations to justify the sales platform’s use within their businesses.  The Fiat Metaverse Store was first unveiled at the Consumer Electronics Show (CES) in Las Vegas in January, Axios reports. The platform was created with Microsoft … Continue reading Car salespeople are replaced with AI as digital showrooms hit the metaverse

Starting from April 2023, Discover will be the pioneer among credit card issuers in monitoring firearm transactions carried out by their cardholders. Breitbart News reported on September 11, 2022 that Visa yielded to demands from gun control organizations and New York Democrats and will now classify firearm and ammunition transactions through a new sales categorization. The Associated Press noted that Mastercard and other leading credit … Continue reading Discover Card to Begin Tracking Gun Purchases in April

Eli Lilly announced Wednesday a series of price cuts that would lower the price of the most commonly used forms of its insulin 70% and said it will automatically cap out-of-pocket insulin costs at $35 for people who have private insurance and use participating pharmacies. Lilly says it will also expand its Insulin Value Program, which caps out-of-pocket costs at $35 or less per month … Continue reading Eli Lilly to cut insulin prices, cap costs at $35 for many people with diabetes

Russia’s economy, restricted from Western financial networks and the U.S. dollar, has embraced a burgeoning alternative: the Chinese yuan. Energy exporters are increasingly getting paid in yuan. Russia’s sovereign-wealth fund, a war chest to support government spending burdened by battlefield costs in Ukraine, is using the Chinese currency to store its oil riches. Russian companies have borrowed in yuan, also known as renminbi, and households … Continue reading Russia Turns to China’s Yuan in Effort to Ditch the Dollar

An ongoing shortage of housing will make it easier for banks and other Wall Street investors to take control of the market for single-family rental homes, National Association of Realtors Chief Economist Lawrence Yun told the Daily Caller News Foundation. Institutional investors, such as banks and other large investors, are on track to own 40% of single-family rentals in the U.S. by 2030, MetLife Investment … Continue reading Wall Street Investors Are Snatching Up Single-Family Homes And Taking Over The Rental Market

The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country’s markets. The IMF conducted a three-month mission last year to assist the bank with preparations for a CBDC feasibility report. The IMF released its report on Feb. 23. Working between July and September … Continue reading IMF offers Jordan’s central bank recommendations for implementing retail CBDC

St. Louis Federal Reserve President James Bullard expressed confidence that the central bank can beat inflation and advocated Wednesday for stepping up the pace in the battle. Bullard told CNBC that a more aggressive interest rate hike now would give the rate-setting Federal Open Market Committee a better chance to bring down inflation that, while falling some off the precarious levels of 2022, is still … Continue reading Fed’s James Bullard pushes for faster rate hikes, sees ‘good shot’ at beating inflation

Bitcoin’s (BTC) upswing has come to a screeching halt at a price level that proved to be a tough nut to crack last year. The leading cryptocurrency picked up a strong bid at the start of the year and has gained nearly 50% since then, outperforming major traditional risk assets. However, the bullish momentum has stalled since Feb. 16, with the cryptocurrency failing multiple times … Continue reading Crypto Analysts Scramble to Explain Bitcoin’s Pause Near $25K

A large majority of U.K. companies participating in a test of a four-day workweek said they would stick with it after logging sharp drops in worker turnover and absenteeism while largely maintaining productivity during the six-month study. In one of the largest trials of a four-day week to date, 61 British businesses ranging from banks to fast-food restaurants to marketing agencies gave their 2,900 workers … Continue reading After Testing Four-Day Week, Companies Say They Don’t Want to Stop

As the U.S. government continues to rein in the crypto industry with a spate of regulations, other places are emerging as new hubs for the virtual asset industry. On Monday, Hong Kong proposed rules that would let retail investors trade certain “large-cap tokens” on licensed exchanges, a stark contrast to mainland China across its border where crypto-related transactions are outright banned. The city’s Securities and … Continue reading Hong Kong shows desire to be crypto hub with new regulation