On 28 April, ExxonMobil posted its highest quarterly net income ever, reaching $11.4 billion after new U.S. and coastal South American wells produced more robustly than had been expected.
Tag: Economy
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DRAGFLATION TREND: EU EKES OUT SMALL GROWTH IN FIRST QUARTER
The European Union’s (EU’s) economy managed to grow by 0.3 percent in this year’s first quarter, even though Germany’s – Europe’s largest economy – flatlined for the period, showing neither growth nor contraction, the Financial Times reported.
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CORPORATE DEFAULTS RISING
In this year’s first quarter, 33 corporations tracked by Moody’s Analytics defaulted on debts, the largest number since 47 failed to pay in the final quarter of 2020.
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SPOTLIGHT: OFFICE BUILDING BUST
The combination of the remote-work revolution and rising interest rates “could be worse than anything corporate landlords have experienced before,” The New York Times said in a 26 April analysis.
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SPOTLIGHT: BIGS GETTING BIGGER
Drug giant Merck will pay $10.8 billion in cash to buy Prometheus Biosciences, a San Diego company that develops drugs for diseases resulting from the body’s defective immune system.
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SPOTLIGHT: FALLOUT FROM THE BIG BANKSTER BUST CONTINUES
Rising interest rates have left banks less stable, the International Monetary Fund’s (IMF’s) chief economist warned in an 11 April interview with CNBC.
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SPOTLIGHT: BYE BYE BUCKS – THE DEATH OF THE DOLLAR
Since Western allies levied sanctions on Russia after it invaded Ukraine, the proportion of world trade paid for in China’s renminbi currency has more than doubled, according to the Financial Times.
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SPOTLIGHT: CHINA
China’s export economy expanded by 14.8 percent last month, overcoming a sluggish world economy by increasing sales of electric vehicles (EVs) and related items, and also by expanding its trade with Russia, the Financial Times reported.
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YEN’S VALUE SAGS AS CENTRAL BANK LEAVES POLICY UNCHANGED
On 9 April, the value of Japan’s yen slipped 1 percent against the dollar, falling as low as ¥133.4 after Kazuo Ueda, the Bank of Japan’s new governor, announced that the bank will maintain a -0.50-percent interest rate and continue to hold bond rates at rock bottom.
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BIG SPENDERS, ESPECIALLY IN CHINA, FLOCK BACK TO LUXURY BOUTIQUES
Luxury conglomerate LVMH Möet Hennessy Louis Vuitton reported a 17-percent spike in first-quarter sales, year over year, as well-heeled Chinese shoppers returned to its stores and consumers in Europe and Japan stocked up on the company’s clothing, handbags, and jewelry.