BANGKOK (AP) — Economies in the Asia-Pacific are forecast to hit the doldrums this year as decades-high inflation and the war in Ukraine compound geopolitical uncertainties and the aftereffects of the pandemic. A report on Pacific Rim economies by the Asia Pacific Economic Cooperation forum said Friday that growth in the region will likely fall…
WASHINGTON (AP) — The government on Thursday updated its estimate of the U.S. economy’s performance in the April-June quarter and confirmed what it had reported last month: That the economy shrank for two straight quarters. Six months of contraction is a long-held informal definition of a recession. Yet nothing is simple in the post-pandemic economy….
NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.4% in its third such hike since May as it focuses on containing inflation. Reserve Bank of India Governor Shaktikanta Das projected inflation at 6.7% in this financial year. June was the sixth consecutive month with…
NEW YORK (AP) — Stock indexes closed mostly lower Friday after a roller-coaster day following a blockbuster report on the U.S. jobs market that offered both good and bad news for Wall Street. The benchmark S&P 500 ended just 0.2% lower after recovering from an early slide as investors reacted to the report, which showed…
HONG KONG (AP) — Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and its net income plunged 50%. The company has been grappling with increased regulatory scrutiny and fines and a slowing economy. Alibaba reported revenues of 205.6 billion…
Plant-based meat maker Beyond Meat said Thursday it’s laying off 4% of its workforce after a difficult second quarter that saw cost-conscious customers bypass its higher-priced products. El Segundo, California-based Beyond Meat said its revenue fell 1.6% to $147 million. That was short of Wall Street’s forecast of $149 million, according to analysts polled by…
WASHINGTON (AP) — The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control. The 30-year rate tumbled to 4.99% from 5.3% last week, mortgage buyer Freddie Mac reported Thursday….
DETROIT (AP) — Tesla shareholders on Thursday approved a three-for-one stock split, a move that will make the company’s shares more accessible to smaller investors. Preliminary results of the shareholder vote were announced at the electric car and solar panel maker’s annual meeting at its new factory in Austin, Texas. CEO Elon Musk also discussed…
DoorDash on Thursday said it received a record number of customer orders in the second quarter, boosted by resilient demand and its acquisition of Finnish delivery service Wolt Enterprises. DoorDash said orders grew 23% to 426 million in the April-June period, surpassing Wall Street’s expectations. Analysts polled by FactSet forecast total orders of 419 million….
DETROIT (AP) — A Florida man who was killed in a traffic crash last month could be the 20th death in the U.S. caused by exploding Takata air bag inflators. Authorities say the driver of a 2006 Ford Ranger pickup truck was killed in a crash last month near Pensacola, Florida. The driver’s air bag…
