U.S. retailers sold 1.6 percent more goods in March, year over year, but only 0.5 percent more in April as consumers grappled with soaring gasoline prices and rising costs across the economy.
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U.S. WHOLESALE INFLATION HITS 6 PERCENT IN APRIL
The U.S. Producer Price Index (PPI), a measure of inflation at the wholesale level, shot up to 6 percent last month, a signal of how sharply the Iran War has raised the cost of making and moving products.
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CONSUMER PRICES JUMP 3.8 PERCENT IN APRIL
Retail prices inflated by 3.8 percent in April, year on year, driven by the Iran War’s energy price shock that is now working its way throughout the U.S. economy.
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FASCISM: VENTURE CAPITAL FIRM WITH CLOSE TIES TO TRUMP SEES ITSELF AS ELECTION KINGMAKER
Andreessen Horowitz, the Silicon Valley venture capital firm, has opened its checkbook to make sure the political candidates that would make it even richer are elected.
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TRUMP TELLS REPORTERS THAT IRAN HAS DAYS TO AGREE TO DEAL TO END WAR
President Donald Trump told reporters on Tuesday that Tehran has just days to agree to Washington’s terms to end the war or face renewed military strikes across the country.
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SPOTLIGHT: BIGS GETTING BIGGER
NextEra Energy, North America’s largest electric power and energy infrastructure company, is buying Dominion Energy in an all-stock deal valued at $66.8 billion.
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LVMH WILL SELL HANDBAG MAKER MARC JACOBS FOR $850 MILLION
LVMH, the luxury industry’s largest conglomerate, will sell handbag brand Marc Jacobs to a partnership between global brand manager WHP and G-III Apparel Group, which owns an array of fashion brands including Calvin Klein, DKNY, Donna Karen, and Tommy Hilfiger.
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HONDA POSTS FIRST-EVER ANNUAL LOSS AS EV INVESTMENT SOURS
On 14 May, Honda Motor – Japan’s second-largest auto company – posted its first annual loss since it went public in 1957 as it wrote off more than $9 billion in costs to restructure its electric vehicle (EV) operation.
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FORD, STELLANTIS EXPAND CHINESE PARTNERSHIPS IN EUROPE
Stellantis, the Dutch conglomerate that owns Fiat, Jeep, Ram, and 11 other car brands, is broadening its partnership with Chinese EV maker Leapmotor.
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TURKEY’S CENTRAL BANK HIKES ITS INFLATION TARGET
Last week, the Central Bank of the Republic of Türkiye raised its target interest rate from 16 percent to 24 percent – a 50-percent increase – in an acknowledgment that the Iran War is spiking prices throughout the country’s economy.