BUSINESS

BUSINESS

Jobs Surge As U.S. Economy Continues To Defy Prediction

Job creation in the U.S. surged in January, as the economy continued to defy predictions of a slowdown. The Labor Department said employers added 353,000 jobs and average hourly pay jumped, while the unemployment rate held steady at 3.7 percent. The report extended a streak of job gains that has surprised economists, who have expected a jump in interest rates […]

BUSINESS

ExxonMobil Makes Multi-Billion Dollar Profits To End 2023

ExxonMobil has posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Profits from oil majors have been down in 2023 by about a third from record levels in 2022, pressured as oil and gas prices retreated after spiking when Russia invaded Ukraine. Exxon Chief Executive Darren Woods said the industry saw […]

BUSINESS

Meta Declares First Dividend

Meta Platforms issued its first dividend days ahead of flagship social network Facebook’s 20th anniversary while reporting revenue and profit that beat expectations on robust ad sales in the holiday shopping period. Shares soared more than 14 percent after the bell, pushing the company’s stock market valuation up by more than $140 billion and extending a long recovery that saw […]

BUSINESS

Tesla In A Spot Of Bother

Tesla shares have fallen after the electric carmaker revealed that it missed expectations for deliveries and will be cutting its vehicle prices by $2,000 in the US. The price cut, which will apply to Model S, Model X, and Model 3 cars, is in response to a reduction in green tax credits. Tesla said it delivered 90,700 vehicles in the […]

BUSINESS

JetBlue And Spirit Airlines Set To File Appeal

JetBlue and Spirit Airlines have filed a notice of appeal with the 1st US Circuit Court of Appeals against a federal judge’s ruling that blocked their plan to combine into a single carrier. The United States Justice Department, which sued to block JetBlue’s proposed US$3.8 billion purchase of Spirit, declined to comment. JetBlue and Spirit are the nation’s sixth and […]

BUSINESS

Nokia Sees Decline In Sales And Profit

Nokia recently reported a double-digit decline in sales and a fall in profit in the last three months of 2023, with the wireless and fixed-network equipment maker saying operators are cutting back on investments into 5G and other technology due to economic uncertainty. “In 2023 we saw a meaningful shift in customer behavior impacting our industry driven by the macro-economic […]

BUSINESS

Spotify Baulks At A New 27 Percent Transaction Fee By Apple

Spotify is outraged by new transaction fees of up to 27 percent being levied by Apple in the U.S. Apple recently announced that it would permit app developers to sell products in places other than its own store but only if they still paid commission. Spotify said that was outrageous and accused Apple of stopping at nothing to protect its […]

BUSINESS

U.S. Applications For Unemployment Benefits Fall

The number of Americans applying for unemployment benefits fell as the labor market continued to show resilience despite elevated interest rates. Weekly Jobless claims fell to 202,000 for the week ending December 30, down by 18,000 from the previous week, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the week-to-week volatility, fell by […]

BUSINESS

Angola Set To Leave OPEC Amid Disagreement On Oil Output

Angola is leaving the Organization of Petroleum Exporting Countries (OPEC). The Angolan oil minister said on Thursday, that the “membership is not serving the country’s interests”. The southern African country, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group. Angola’s exit is a setback […]

BUSINESS

UK At Risk Of Recession After Economy Shrinks

The UK is at risk of recession after revised figures showed the economy shrank between July and September. Gross domestic product, which measures the health of the economy, contracted by point one percent after previous estimates suggested growth has been flat. Meanwhile, there was zero growth between April and June, after it was first calculated to have risen by point […]