SHANGHAI – The Chinese government could take further measures if needed to keep the yuan stable, potentially putting downward pressure on the currency, a former foreign exchange regulator said. Policymakers could increase yuan’s flexibility, expand capital outflows, or control capital inflows to rein in the yuan, which could deviate from economic fundamentals in the short […]
Tequila could soon overtake vodka as America’s favorite liquor, fueled by consumers’ desire for pricey bottles of agave-based spirits. Tequila and mezcal was the second-fastest growing spirits category in 2021, trailing only premixed cocktails. Agave-based spirits saw sales climb 30.1% compared with the prior year to $5.2 billion, according to the Distilled Spirits Council of […]
Peloton has been battered and beaten down so much so in recent months that the connected fitness company is now attracting interest from outsiders. Shares of Peloton surged more than 30% in extended trading Friday after The Wall Street Journal reported e-commerce giant Amazon has approached the company about a potential deal. Other potential suitors […]
Restaurateurs who hesitate to modernize ordering and payment processes may miss an opportunity to boost sales among two out of five of their customers. According to Digital Divide, a PYMNTS and Paytronix collaboration based on a survey of 2,403 U.S. adults who regularly purchase food from restaurants, about 40% of restaurant customers believe online ordering […]
Chevron is in talks with the Venezuelan government to gain more control over their joint venture and help Caracas boost oil production. Bloomberg reported that the negotiations are being led by the chief of Chevron’s Venezuelan division, Javier La Rosa, and PDVSA’s president, Asdrubal Chavez, according to unnamed sources in the know. The two had […]
When Amazon.com Inc. announced it was raising the price of its Prime program, the company said an annual subscription would climb $20 to $139. But slightly more than half of Prime members will end up forking over almost $180 a year. That’s because they pay each month, a fee that’s rising to $14.99 from $12.99. […]
Another bumpy ride on Wall Street ended on Friday as Amazon’s positive earnings capped a run of mixed big-tech numbers, with the Nasdaq recovering much of its losses from the previous session and all three benchmarks ending the week in positive territory. Results from megacap growth stocks have dictated market moves this week, as investors […]
Amazon revealed Thursday just how big its advertising business has become. It generated $31.2 billion in revenue in 2021, with fourth-quarter sales rising 32%, according to the retailer’s fourth-quarter earnings statement. The disclosure follows years of Amazon investing in the advertising business and keeping details private. At that scale, it’s larger than several other entities […]
DETROIT – Ford Motor is cutting production next week of several key products due to an ongoing global shortage of semiconductor chips. The automaker on Friday confirmed production downtime next week for the Ford Bronco and Explorer SUVs; the Ford F-150 and Ranger pickups; the Ford Mustang Mach-E electric crossover; and the Lincoln Aviator SUV […]
Snap reported its first quarterly net profit on Thursday, and beat analyst estimates for the fourth quarter on earnings, revenue and user growth. The report comes a day after Facebook parent Meta delivered disappointing guidance for the first quarter that dragged down several social media stocks with it. Snap fell 23.6% Thursday prior to its […]
Discussing Q4 earnings with analysts, PayPal CFO John Rainey disclosed that 4.5 million accounts had been shut down after “bad actors” took advantage of incentives and rewards programmes, resulting in shares falling by 25%, according to Bloomberg. On the conference call, PayPal representatives revealed that inflation and supply chain disruption were to blame for customers […]
Amazon Prime is increasing in price for the first time since 2018. The company used its latest earnings to reveal that it’s raising the fee to $15 per month (previously $13), or $139 per year (previously $119). The higher rates kick in February 18th for new customers, but they won’t take effect for existing customers […]
