It made $34.6 billion in profit off revenue of $123.9 billion in the three months ending in December, though its revenue growth continued to slow. With a cost-of-living crisis, inflation and higher interest rates plus global economic headwinds, Rachel Pupazzoni looks at the week in business and finance. The ASX has opened the week with a solid bounce of 0.6 per cent, following Wall Street’s lead. Follow the day’s events and insights from our business reporters on the ABC News live markets blog. Last week, the E.C.B. left its interest rate untouched, and Christine Lagarde, the bank’s president, said it was “very unlikely” to move higher in the coming year despite rising inflation, which the bank sees as largely driven by high energy prices. Germany’s new government has tapped Joachim Nagel, a career central banker and supporter of the country’s conservative monetary policy, to take over as head of the eurozone’s largest central bank, the Bundesbank, at a time of growing concern over inflation.
- Equifax Canada is exploring how rent data could factor in to credit scores to help make credit and financial services accessible to more people.
- In what had long been celebrated every May 30 to honor America’s fallen soldiers, Memorial Day officially became a federal holiday in 1971, observed on the last Monday in May.
- Big lenders including Deutsche Bank paid billions of dollars in penalties to authorities in the United States and Britain to resolve accusations that their traders sought to rig Libor.
Today on the show, how a Drake diss track featuring the voice of Tupac made it into the Congressional record, and how it may lead to more regulation of AI. May 23, 2024 • On Thursday, the Department of Justice and 30 states announced a federal antitrust lawsuit against Live Nation Entertainment and its subsidiary Ticketmaster, saying the company has created a monopoly on live show prices across the U.S. May 24, 2024 • Money makes the world go around, faster and faster all the time. At Planet Money, a multimedia team of reporters tracks down the economists, investors and regular folks who are trying to make sense of the rapidly changing global economy. Tim Cook, Apple’s chief executive, announced on Wednesday that the company was delaying the return to physical offices indefinitely. JP Morgan Chase told its workers on Friday they could work remotely until the end of the year.
UAE Central Bank cancels licence of Smart and Secure Insurance agent
The Justice Division on Thursday introduced the arrests of three individuals in a posh stolen identification scheme that officers… JDS supremo HD Deve Gowda mentioned that people have used the ‘harshest of words’ against him and his family in the last few weeks. More than two years after announcing their proposed merger, Sony on January 22 announced the termination of the deal while accusing ZEEL of not meeting closing conditions even after extending their closing period by a month.
- Toyota Motor Philippines Corp. is looking to introduce more hybrid electric vehicles in the country following the government’s…
- May 23, 2024 • On Thursday, the Department of Justice and 30 states announced a federal antitrust lawsuit against Live Nation Entertainment and its subsidiary Ticketmaster, saying the company has created a monopoly on live show prices across the U.S.
- The situation ensnared firms including Virtu Financial Inc.’s Canadian unit, Echelon Wealth Partners Inc., National Bank of Canada and JonesTrading Canada Inc., according to documents in the case.
- Since its Jan. 3 peak, the S&P 500 had fallen that much in intraday trading multiple times before recovering from the worst of its losses by the end of the day.
Southwest said it has canceled more than 5,600 flights in January, taking a $50 million toll on operating revenue for the month. Omicron also weighed on ticket sales and led to an increase in customer cancellations. The airline now expects to report a loss for the first three months of 2022. Now, with cases falling, “the worst appears to be behind us,” Bob Jordan, Southwest’s executive vice president, who will take over as chief executive next week, said in a statement. The company has raised entry-level pay to about $15 an hour and average wages to roughly $20 an hour.