BUSINESS

BUSINESS

Twitter Cries Foul

Twitter is claiming a spend of $33m on Elon Musk’s proposed deal to buy the firm between April and June 2022 has set back the company. It noted that its number of monthly daily users had risen to 237m, albeit it suffered a net loss of $270m, which was worse than expected. Musk had earlier announced he would be terminating […]

BUSINESS

Snapchat Takes Stock Hit

Snapchat suffered a huge setback when its stock stumbled, trading below par at the close of the week. Shares of Snap closed down 39% after the company reported disappointing second-quarter results. Snap missed Wall Street expectations on the top and bottom lines and said it plans to slow hiring. The social media company attributed its results to a challenging economy, […]

BUSINESS

China Sees Contraction In Economy

China’s economy contracted sharply in the second quarter of this year as widespread coronavirus lockdowns hit businesses and consumers. Gross domestic product (GDP) fell by 2.6% in the three months to the end of June from the previous quarter. Major cities across China, including the major financial and manufacturing center Shanghai, were put into full or partial lockdowns during this […]

BUSINESS

Barbados Gasoline Price Highest In The Caribbean

Barbados has the most expensive gasoline in the Caribbean and Latin America and the 11th most expensive in the world. According to globalpetrolprices.com, the leading provider of data on global fuel prices, as of July 4, Barbadians were paying an average of US$2.34 for gasoline, which is higher than places such as the UK, Switzerland, Singapore, Ireland, and Sweden. Among […]

BUSINESS

U.S. Labor Market Shows Muscles

Employers added 372,000 jobs in June as the labor market shows off its strength in a slowing economy, where high inflation and rising interest rates continue to raise their ugly heads. The unemployment rate held at 3.6% for the fourth straight month, just above a 50-year low, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that about […]

BUSINESS

Oil Prices On The Up

Oil prices rose about 2% in volatile trade today but were still heading for a weekly decline as investors worried about a potential recession-driven demand downturn even though global fuel supplies remained tight. Brent crude futures rose $2.46 to $107.11 a barrel. U.S. West Texas Intermediate crude rose $2.10 to $104.83 a barrel. Support The Readers Bureau Buy A T-Shirt […]

BUSINESS

Suriname Gets Debt Relief Rearrangement

Suriname has had the first success in its efforts to re-arrange the country’s huge foreign debt with creditors after announcing that the Paris Club had agreed to restructure the more than US$100 million debt after months of intense negotiations. President Chandrikapersad Santokhi told Parliament on Thursday that the parties have agreed that Suriname will pay US$34 million less in interest […]

BUSINESS

U.S. Consumer Feeling The Pinch

U.S consumer sentiment hit a new record low in June amid growing concerns about inflation. This is according to a closely followed University of Michigan survey released today. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago. The final June index – a 14.4% drop […]

BUSINESS

Oil Prices Tumble

Oil prices tumbled about 5% to a three-week low today, led by a slump in U.S. gasoline futures, as investors worried interest rate hikes from major central banks could slow the global economy and cut demand for energy. Also pressuring prices, the U.S. dollar this week rose to its highest since December 2002 against a basket of currencies. A stronger […]

BUSINESS

The Fed Up The Ante In Interest Rate

The Fed agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday. This move is the most significant interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices. The Federal Reserve said it would increase its benchmark rate by three-quarters of a percentage point, pushing its target […]