Economy Archives - Page 37 of 58

FedEx to Start Taking Photos of Packages on Doorsteps for Proof of Delivery

Courier company FedEx will begin taking photographs of packages on doorsteps across North America to provide proof of delivery. The move makes the company the first nationwide carrier to do so in the United States and Canada. Announcing in a Wednesday press release, FedEx said the new protocol is part…

Deutsche Bank Officials Warn Growing Inflation, Rising Interest Rates Make Recession More Likely

Deutsche Bank's top U.S. economists are warning that growing inflation and rising interest rates are making a recession increasingly more likely. Speaking during a Tuesday interview with CNBC, Deutsche Bank CEO Christian Sewing noted that Western economies in Europe and the United States are facing a greater likelihood of recession…

Get Woke, Go Broke: Kellogg’s Breaking Up after Years of Falling Sales

Kellogg's, the maker of Frosted Flakes and Rice Krispies, will split into three companies focused on cereals, snacks, and plant-based foods. The Kellogg Company, one of the original perpetrators of "woke capitalism," made the surprise announcement on Tuesday following years of falling sales. The company will split into three publicly-traded…

Elon Musk: ‘Significant’ Issues Holding Back Twitter Deal

Tech entrepreneur Elon Musk says there are several "significant" unresolved matters that are holding back his bid to buy Twitter. The issues include the coming together of the debt part of the transaction, the outcome of a shareholder vote, and the number of spam users on the platform. Musk, who…

Germany’s Producer Price Soars to Record High as Inflation Raises Production Costs

Germany’s producer prices hit a record high in May as soaring energy costs and inflation continue to push production costs through the roof. The latest figures suggest households in Europe’s biggest economy should brace for even higher consumer price inflation. At least a portion of higher business costs tends to…

Ex-Obama Economic Advisor Larry Summers Warns ‘Recession Is Ahead’

Larry Summers, the former economic advisor and Treasury Secretary in Barack Obama's administration, has warned that Democrat President Joe Biden is leading America toward "a recession." Summers warns that previous periods of high inflation and unemployment, like the one we are currently in, have led to recessions within a “year…

Elon Musk Calls Out TikTok over Risk to ‘Civilization’

Tech entrepreneur Elon Musk is questioning whether the Chinese Communist Party-linked short video app TikTok is leading to the collapse of civilization. Musk mused about the platform following a new report that alleged China-owned TikTok had obtained private U.S. user data. “Is TikTok destroying civilization?” the billionaire said via Twitter.…

Jerome Powell: Fed Is ‘Acutely Focused’ on Fighting Inflation

Federal Reserve Chairman Jerome Powell has insisted that curbing inflation and restoring stability to the U.S. dollar is one of the Fed's highest priorities. Powell spoke before the Board of Governors of the Federal Reserve on Friday. Speaking in his customary address to the Fed’s Board, Powell made a point…

US Refiners Increase Heavy Crude Oil Imports as Biden Threatens Executive Action

The United States has increased imports of heavy crude oil as Democrat President Joe Biden threatens to use executive powers to force companies to help with soaring gas prices. Amid Western sanctions on Russia, Biden sent a letter earlier this week calling on U.S. energy producers to make more gasoline…

UK Central Bank Hikes Interest Rates to Tackle Runaway Inflation

The UK's central bank has raised its benchmark interest rate for the fifth time in a row as the country battles to tame the nation’s cost-of-living crisis. The bank has become the latest monetary authority to tighten in response to runaway inflation. Policymakers at the Bank of England (BOE) decided…