NEW YORK (Reuters) – JPMorgan Chase & Co Chief Executive Officer Jamie Dimon on Thursday warned that persistent and elevated inflation could spur interest rates to rise higher than 4.5%. Consumers are in strong financial health, and are still spending robustly, he told attendees at the Institute of International Finance meeting in Washington. “They can…
By Dawn Chmielewski and Lisa Richwine LOS ANGELES (Reuters) -Netflix Inc said on Thursday it will introduce a streaming plan with advertising for roughly $7 per month in November, a move to attract new subscribers after the company lost customers in the first half of the year. The $6.99 cost for the “Basic with Ads”…
By Ann Saphir and Howard Schneider (Reuters) -The Federal Reserve is seen delivering another large interest-rate hike in three weeks’ time and ultimately lifting rates to 4.75%-5% by early next year, if not further, after a government report showed inflation remained stubbornly hot last month. Traders of U.S. interest-rate futures piled into fresh bets on…
By Arathy Somasekhar HOUSTON (Reuters) – Oil prices traded about $1 higher on Thursday, reversing course as low levels of diesel inventory ahead of winter helped investors shrug off higher-than-expected stocks of crude and gasoline. Brent crude futures for December delivery rose $1.22 to $93.67 a barrel, a 1.3% gain, by 11:29 a.m EST (1529…
NEW YORK (AP) — Tens of millions of older Americans will see a major increase in benefits this January when a new cost-of-living adjustment (or COLA) is added to Social Security payments. The 8.7% raise is meant to help them with higher prices for food, fuel, and other goods and services. The average recipient will…
By Foo Yun Chee BRUSSELS (Reuters) -Alphabet unit Google could face antitrust charges next year over its digital advertising business, with EU regulators frustrated over the slow pace of settlement talks with the company, people familiar with the matter said on Thursday. Google’s ad business is Alphabet’s biggest moneymaker, accounting for about 80% of annual…
WASHINGTON (AP) — Warning that inflation threatens to become “a runaway train,’’ the managing director of the International Monetary Fund urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil. Speaking to reporters Thursday, the IMF’s Kristalina Georgieva said that the world economy…
STOCKHOLM (AP) — Swedish home furnishings giant IKEA said Thursday that despite “unprecedented challenges” caused by the war in Ukraine, supply chain disruptions, increased inflation and lingering fallout from the COVID-19 pandemic, 2022 had been an “exceptional year.” The world’s biggest furniture brand reported retail sales of 39.5 billion euros ($38 billion) this financial year,…
Walgreens Boots Alliance topped earnings forecasts in the final quarter of fiscal 2022, and the drugstore chain’s early look at 2023 also fell mostly above expectations. A drop in COVID-19 vaccinations and a big charge tied to the company’s United Kingdom stores weighed on results, but shares edged up Thursday after Walgreens detailed its performance….
WASHINGTON (AP) — Average long-term U.S. mortgage rates reached their highest level in more than two decades this week and are likely to climb further as the Federal Reserve has all but promised more rate increases in its battle to tamp down persistent inflation. Mortgage buyer Freddie Mac reported Thursday that the average on the…
