China’s central bank kept a key interest rate unchanged on Friday in a surprise move, despite expectations for more stimulus as Beijing grapples with a Covid surge. The People’s Bank of China said it was keeping the rate on its one-year medium-term loan unchanged at 2.85%. The Asian giant is facing its worst Covid outbreak […]
BEIJING — China’s latest Covid lockdowns are a greater risk for global inflation today than they were in 2020, Bernstein analysts said. That’s because the world has become more reliant on Chinese goods since the pandemic began, the analysts said in an April 8 note. China’s share of exports globally rose to 15.4% in 2021, […]
The average interest rate for America’s most common home loan has reached a high not seen in more than 10 years, Freddie Mac said Thursday. The 30-year fixed-rate mortgage sits at 5%, up from 4.72% last week, according to the mortgage-lending giant’s latest weekly Primary Mortgage Market Survey. At this time last year, the average […]
A non-fungible token (NFT) of former Twitter CEO Jack Dorsey’s first tweet that went up for auction last week failed to excite potential buyers after the seller expected to make millions and give some to charity. An auction for the NFT, which was purchased last year for $2.9 million by Iranian-born crypto entrepreneur Sina Estavi, […]
Meta, the company formerly known as Facebook, announced some initial plans on Wednesday to allow content creators to monetize in its would-be Metaverse platform, Horizon Worlds. Meta’s planned revenue share for contributors’ creations could add up to nearly 50 percent. Horizon Worlds is a network of shared 3D spaces that is currently exclusively available on […]
Amazon is taking a step to offset its rising costs, announcing Wednesday it will add a 5% “fuel and inflation surcharge” to fees it charges third-party sellers who use the e-commerce giant’s fulfillment services. The Seattle-based company said on its website that the added fees, which take effect April 28, are “subject to change” and […]
California’s clean-air regulators unveiled a plan this week that would ramp up the sale of electric and zero-emissions vehicles while phasing out the sale of new gasoline-fueled vehicles by 2035, in an aggressive effort to combat the state’s greenhouse gas pollution. The proposal, if enacted by the California Air Resources Board, would require 35% of […]
Kia is bringing its refreshed electrified Niro compact SUV lineup to North America for 2023 with new exterior styling and more interior space. The company is debuting three new Niro models at the New York International Auto Show this week: the hybrid Niro HEV, the plug-in hybrid Niro PHEV, and the fully electric Niro EV. […]
Inflation accelerated to a new four-decade high in March as supply chain constraints, the Russian war in Ukraine and strong consumer demand fueled rapid price gains that wiped out the benefits of rising wages for most Americans. The Labor Department said Tuesday that the consumer price index – which measures a bevy of goods including […]
Honda plans to invest around 5 trillion yen ($39.9 billion) in electrification and software technologies over the next 10 years, with the Japanese automotive giant aiming to launch 30 electric vehicle models worldwide by 2030. In a statement Tuesday, the company said approximately 3.5 trillion yen would go toward research and development expenses, with 1.5 […]
DUBAI, April 12 (Reuters) – A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington. The Organization of the Petroleum Exporting Countries and allies […]
Meta’s first attempt at virtual reality ads was a major flop. Now, the company is shifting to a different money-making strategy within its metaverse: The buying and selling of virtual “items and effects,” as described in a Monday press release. Commerce is coming specifically to Horizon Worlds, Meta’s open-world VR app where you can be […]
