Nokia plans to decrease 16% jobs in 2024
Nokia is set to lose up to 14,000 positions to save costs, stating it does not expect a market recovery soon after third-quarter revenues fell 20% due to poor 5G equipment demand. The Finnish telecom equipment manufacturer’s shares fell 2% at 0900 GMT. Nokia and Ericsson’s most profitable markets, Verizon and AT&T, have turned elsewhere…
The FED 2% inflation target will take more time to accomplished
The Federal Reserve is facing challenges in lowering inflation to 2%, with projections suggesting it will take until 2026. Some suggest raising the inflation target instead, as it would require a significant economic impact and potentially a recession. The 2% target, which has been part of the Fed’s price stability mandate for over a decade,…
Commercial real estate loans making banks struggle
US banks are struggling with overdue commercial real estate (CRE) loans due to sector stress, high interest rates, and vacant offices. This has led to weak office demand, potentially causing borrowers to default and pressure banks to avoid selling loans at steep discounts. Banks have recorded provisions for credit losses and charge-offs from the previous…
Oil embargo and penalties has been requested on Israel
Iran’s foreign minister has called for an oil embargo and penalties on Israel, but OPEC sources have said no immediate action or emergency meetings are planned in response. The Gulf Cooperation Council secretary-general has urged Arab countries not to reduce oil production in retribution for Israel’s activities in Gaza, stating that the GCC is committed…
Biden new rules limit China’s chip market on US
The Biden administration’s new rules restrict China’s access to key US artificial intelligence chips, giving Nvidia, Intel, and AMD a chance to survive in the world’s largest chip market. The US Bureau of Industry and Security (BIS) requested the semiconductor industry’s help to keep delivering AI chips to China for small and medium-sized systems. The…
Oil prices surge after Gaza hospital explosion
The Gaza hospital explosion has pushed oil prices to their highest level since the Israel-Hamas war, with Brent crude rising 3.5pc to $93 a barrel. The explosion also canceled a summit with US President Joe Biden. Saudi and Russian production restrictions have raised oil prices by over a quarter since mid-June. Rising petrol prices have…
Bank of America revenues roes in Q3
Bank of America (BAC) reported a 10% increase in Q3 profits due to increased interest income and strong Wall Street performance. The bank’s earnings and revenue increased by 3% and net interest income rose by 4% YoY. However, investors are concerned about the bank’s investment portfolio due to the high-interest rate environment. BAC has invested…
Retail sales grew, US will survive from recession in 2023
September retail sales increased by 0.7%, surpassing Wall Street’s forecast. Sales excluding vehicle and gas rose by 0.6%, above Bloomberg’s 0.1% forecast. The Commerce Department’s September report showed consumer spending strength despite the Federal Reserve’s interest rate hike. Miscellaneous store sales led all categories, while electronics and appliance retailers and clothes sales fell 0.8%. Resilient…