BUSINESS

BUSINESS

Amazon Takes Hit In First Quarter

Amazon has reported a first-quarter loss of $3.8 billion due to lower online sales and a fall in the value of its shares in electric vehicle firm Rivian. This is the company’s first quarterly loss since 2015. The multinational technology company sees its sales slip three percent in the first three months of the year, as the boom in its […]

BUSINESS

Germany Energy Firm Backslides

One of Germany’s biggest energy firms has said it is preparing to buy Russian gas using a payment system that critics say will undermine EU sanctions. Uniper says it will pay in euros which will be converted into roubles, meeting a Kremlin demand for all transactions to be made in the Russian currency. Other European energy firms are reportedly preparing […]

BUSINESS

U.S. Economy Gets Bitten

The U.S. economy contracted in the first three months of the year partly due to a resurgence in coronavirus cases disrupting businesses. Figures from the Commerce Department showed that gross domestic product fell at an annualized rate of 1.4%. Slower economic growth was expected in the first quarter of the year, but the figure was worse than forecast. It is […]

BUSINESS

Elon Musk Warned By European Commission

Elon Musk has been warned he must protect Twitter users from harmful content after he struck a $44 billion deal to buy the social media giant. The billionaire vowed to relax content restrictions, sparking fears from human rights groups it could lead to a rise in bullying and misinformation. However, the European Union’s representative for the internal market has warned […]

BUSINESS

JPMorgan Chase Knocked Down

JPMorgan Chase has reported that its first-quarter profit fell 42% from a year ago, driven lower by Russia’s invasion of Ukraine, high levels of inflation, and supply chain problems. The American multinational investment bank and financial services holding company posted a profit of $8.3 billion, or $2.63 per share in the first quarter of 2022. This is compared with $14.3 […]

BUSINESS

Netflix Takes Stock Beating

Netflix, the American subscription streaming service and production company’s stock plunged after news that the number of subscribers to the platform fell for the first time in over a decade. The stock plummeted 21 percent in after-hours trading, as Wall Street reacted to Netflix losing 200,000 subscribers in the first quarter and predicting further losses in the second quarter. The […]

BUSINESS

Oil Prices Declined At The End Of The Week

This was driven by the prospect of higher interest rates, weaker global growth, and COVID-19 lockdowns in China. These factors could hurt demand, even as the European Union weighs a ban on Russian oil. Brent crude was down $1.48 at $106.85 a barrel. U.S. West Texas Intermediate crude futures declined $1.51 to $102.27 per barrel. Support The Readers Bureau Buy […]

BUSINESS

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BUSINESS

U.S. Inflation Hits A 40-Year High

The U.S. inflation rate hit a new 40-year high in the year to March after fuel prices soared during the first full month of the Ukraine war. Consumer prices surged by 8.5 percent – the largest annual gain since December 1981 – following a double-digit rise in energy prices. According to the U.S. Labor Department, energy prices rose by 32 […]

BUSINESS

IMF Warns Of U.S. Dollar Dominance Dilution

The International Monetary Fund (IMF) has warned that financial sanctions imposed on Russia threaten to dilute the dominance of the U.S. dollar gradually and could result in a more fragmented international monetary system. According to a Financial Times report, the IMF’s First Deputy Managing Director Gita Gopinath said, “The dollar would remain the major global currency even in that landscape […]