Tag Archives: Daily Digest

Economy Bank of America Quarterly Profit Rises 58% on Higher Interest Income – WSJ Bank of America Corp. said Thursday that third-quarter profit rose 58%, suggesting banks’ lending businesses are starting to improve from a pandemic slump. The bank released $1.1 billion of the reserve it had set aside for pandemic loan defaults, helping boost…

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Economy Fed Worried About Inflation Risk as It Firmed Up Tapering Plan – WSJ Federal Reserve officials last month worried that disrupted supply chains were raising the risks of more persistent inflation as they firmed up plans to reduce their bond-buying stimulus program next month and conclude it by the middle of next year. Biden…

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Economy Apple Set to Cut iPhone Production Goals Due to Chip Crunch – Bloomberg Apple Inc. is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter. The company had expected…

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Economy IMF Trims View on Growth Rebound as ‘Dangerous Divergence’ Seen – Bloomberg The International Monetary Fund expressed concern the global economic recovery has lost momentum and become increasingly divided, even as it stuck by its prediction for a robust rebound from the Covid-19 recession. The Washington-based lender now expects output to expand 5.9% worldwide…

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Economy Biggest U.S. Retailers Charter Private Cargo Ships to Sail Around Port Delays – WSJ Global supply-chain delays are so severe that some of the biggest U.S. retailers have resorted to an extreme—and expensive—tactic to try to stock shelves this holiday season: They are chartering their own cargo ships to import goods. Stocks Rebound While…

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Economy Global wheat prices up 41% with consumption hitting ‘all-time high’ – Agriland Global wheat prices are up 41% on last year due to “tightening export availabilities amid strong demand”, the Food and Agriculture Organization (FAO) of the UN has reported this week.  World cereal output in 2021 is on course to hit an all-time…

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Economy Bitcoin soars past $55,000 on George Soros fund endorsement – CNN Bitcoin is back, and it has a prominent new supporter. The price of the world’s most valuable cryptocurrency spiked nearly 10% Wednesday morning to around $55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin. Soros, who is famous…

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Economy European Gas Surges 60% in Two Days as EU Sounds Alarm – Bloomberg European gas prices surged again, bringing their gains over just two days to 60%, as the impact of soaring energy costs rippled through equity and bond markets and the European Union sounded the alarm. Dutch and U.K. gas futures continue to…

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Economy Winter energy crisis warning as Opec refuses to tame oil prices – Yahoo Oil could rocket in the next few weeks exacerbating the fuel shortage and leading to a winter energy crisis, City analysts are warning.  That in turn will put intense pressure on central banks to shove up interest rates faster than they…

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Economy Gas Crisis Hits Food as Giant Dutch Greenhouses Go Dark – Bloomberg Quint Skyrocketing power prices are forcing the vast network of Dutch glasshouses — the continent’s biggest — to go dark or scale back, threatening to cut supplies at Europe’s fruit and vegetable stalls and flower shops. Although small, the Netherlands is the…

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