Angel Au-Yeung of The Wall Street Journal is reporting the four biggest U.S. banks reported higher credit card spending in 2023, up from the previous year. She writes: From fuel and groceries to hotels and airline tickets, consumers are putting more purchases on credit cards—and taking longer to pay them off. The four biggest U.S. banks reported higher credit card spending in 2023 compared with the previous year. In fact, since 2020, credit card spending has steadily increased at three of the four. The exception is Citigroup, where credit card spending hit a recent peak in 2021. [...] The … [Read more...]
Chinese Electric Automaker Introduces Lamborghini-Style Car
Selina Cheng of The Wall Street Journal tells her readers that the Chinese automaker BYD is expanding its electric vehicle lineup to more than 20 models in its push overseas and to outmaneuver Telsa. Cheng writes: HONG KONG overtook as the world’s top electric-vehicle seller by pumping out a range of affordable cars that gave Chinese drivers what they wanted: choice. Now it is moving into the luxury market as it prepares to take on the world. BYD is releasing the cars under a different brand, Yangwang, marking a strategy shift from relying on lower-priced runarounds to producing less … [Read more...]
Are European Malls Primed for a Comeback?
Mark Faithfull of The Robin Report tells his readers that malls have been through the mill: online retail, consumer recessions, retail bankruptcies, political and economic upheavals, the impact of the experience economy, and, let’s not forget the lockdown closures. Faithfull writes: The argument is simple: malls may not be the income powerhouses they once were but we’re still enduring their pain. Malls have been through the mill: online retail, consumer recessions, retail bankruptcies, political and economic upheavals, the impact of the experience economy, and let’s not forget, the lockdown … [Read more...]
New Round of Strikes Target Houthi Underground Storage Facility
Al Jazeera reports that the United States and the United Kingdom have launched a new wave of strikes on Houthi targets in Yemen as the Iran-aligned armed group continues to target commercial shipping in the Red Sea. They write: A joint statement from the two countries said they had carried out eight strikes on Monday night, with support from Australia, Bahrain, Canada and the Netherlands, targeting a Houthi underground storage site as well as missile and surveillance capabilities. “These precision strikes are intended to disrupt and degrade the capabilities that the Houthis use to threaten … [Read more...]
Demand and Supply Risks Driving Oil Prices Higher
Myra P. Saefong and William Watts report in MarketWatch that oil prices ended at their highest level in a month on supply risks and ‘positive risk sentiment.’ They write: Oil prices settled Monday at their highest level in about a month, finding support from ongoing risks to global supplies as a rally in U.S. equities lifted prospects for the economy and energy demand. Oil traders are “starting to realize, with the stock market breaking record highs, that it’s unlikely that we’re going to see an economic recession,” Phil Flynn, senior market analyst at The Price Futures Group, told … [Read more...]
The Multibillion-Dollar Bet on Freight Industry
Cummins, Daimler, and Paccar are joining forces to build a plant in Mississippi that will make batteries for electric commercial trucks, reports Bob Tita of The Wall Street Journal. He writes: The U.S.’s biggest commercial truck and engine builders are betting that the freight industry is ready to swap diesel fuel pumps for battery chargers. The diesel engine maker Cummins and the truck builders Daimler Truck and Paccar plan to build a $2 billion battery factory in Mississippi to produce batteries for commercial trucks. The plant, which the companies will operate as a joint venture, is … [Read more...]
California Ports Record Year-Over-Year Increases
Paul Berger of The Wall Street Journal reports that labor peace and canal disruptions are helping bring back supply chains to California ports that previously drifted to the Gulf Coast and East Coast gateways. He writes: U.S. importers are rediscovering the lure of Southern California ports. Trade is swinging back to the ports of Los Angeles and Long Beach after a period in which pandemic-driven shipping disruptions and broader shifts in manufacturing pushed supply chains more heavily toward Gulf Coast and East Coast ports. The Southern California ports in September, October and … [Read more...]
Economic Gap Between Europe and U.S. Could Widen
Paul Hannon and William Boston of The Wall Street Journal are reporting how Europe is again on the front line of the latest geopolitical tensions, a development that threatens to widen the economic gap between it and the United States. They write: For the second time in three years, a conflict in Europe’s unruly neighborhood is threatening to weaken an already struggling economy while a more robust U.S. is watching from a safer distance. This time, attacks by Houthi rebels in Yemen targeting cargo ships in the Red Sea have persuaded more carriers to opt for the safer but longer and more … [Read more...]
Despite Biden’s Subsidies, Arizona Semiconductor Plant Facing New Delays
Yang Jie and Yuka Hayashi of The Wall Street Journal report a setback in Biden's favorite project to rebuild chip manufacturing in the U.S. They write: Taiwanese chip maker TSMC said it expected to delay production at the second of two semiconductor plants it is building in Arizona, the latest setback for a $40 billion project at the core of Washington’s effort to rebuild U.S. chip manufacturing. TSMC—the world’s leading contract manufacturer whose chips power Apple iPhones and Nvidia’s artificial-intelligence chips—also cast uncertainty on an earlier statement that the plant would … [Read more...]
China Is Doubling Down on a Manufacturing Reboot
Jason Douglas of The Wall Street Journal tells his readers that capital is pouring into factories that make items such as electric vehicles, batteries, and renewable energy in an effort to jolt Beijing's ailing economy. He writes: China is doubling down on manufacturing to reboot its economy after a turbulent year, a strategy that risks igniting new tensions over trade as countries step up support for prized industries and global growth teeters. The push for new growth drivers comes as figures showed the world’s second-largest economy expanded in 2023 at its weakest rate in decades, aside … [Read more...]
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