- Allison Schrager is a Bloomberg Opinion columnist. She is a senior fellow at the Manhattan Institute and author of "An Economist Walks Into a Brothel: And Other Unexpected Places to Understand Risk."
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This week: The next slate of iPhones and other devices are near, Apple turns AppleCare+ for Mac into a subscription service, the company races to temper the outcry over its new iCloud Photos features, and key Apple teams lose engineers.
India aims to invest 100 trillion rupees ($1.35 trillion) in infrastructure to boost economic growth and create jobs, Prime Minister Narendra Modi said Sunday, laying out national priorities on the country’s 75th Independence Day.
The investments will be made in India’s logistics sector to help integrate the country’s varied modes of transport, Modi said in a national address from the historic Red Fort in capital New Delhi. “This will cut travel time and increase industry productivity. It will help make Indian industry globally competitive and develop future economic zones.”
Immelt paid $1 million on Aug. 4, the day after the quarterly report, for 114,000 Bright Health shares, a per-share average price of $8.80. According to a form the former General Electric (GE) CEO filed with the Securities and Exchange Commission, Immelt now owns 198,012 Bright Health shares. This is his first open-market purchase of Bright Health stock. Immelt received his other Bright Health shares from the conversion of pre-IPO preferred stock.
Immelt has been a Bright Health director since April 2020. He is also a venture partner of venture-capital firm New Enterprise Associates, which is the largest shareholder of Bright Health with a 34% stake.
Bright Health didn’t make Immelt available for comment. NEA didn’t respond to a request to make Immelt available.
RBC Capital Markets analyst Frank G. Morgan maintained an Outperform rating and a $22 price target on Bright Health after the company’s earnings report. “We believe weakness through Tuesday’s...
Just as the breakneck pace of inflation seemed to be slowing, U.S. lawmakers took steps that could ensure it’s the reprieve itself that is transitory.
It was almost easy to miss the $3.5 trillion budget resolution passed by the Senate at around 4 a.m. Wednesday, sandwiched, as it was, between the Senate’s passage of a $1 trillion bipartisan infrastructure package a day earlier and July’s cooler consumer-price index, which was released hours later.
If Boeing expected investors to celebrate the surprising news that it had turned a profit in this year’s second quarter, it had another thing coming. Yes, the stock bounced up a bit after the company said it earned 40 cents a share in the period, its first quarterly profit since 2019—before the impact of two 737 MAX crashes and Covid-19 decimated its business. And there was more good news: Boeing reported that 175 countries have approved the resumption of the MAX for commercial flight, and that it has shipped more than 130 MAX jets since November.
- heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares.
The Port of Los Angeles, which saw its volumes dip because of a June Covid outbreak at the Yantian port in China, is bracing for another potential decline because of the latest shutdown at the Ningbo-Zhoushan port in China, a spokesman said. Anton Posner, chief executive officer of supply-chain management company Mercury Resources, said that many companies chartering ships are already adding Covid contract clauses as insurance so they won’t have to pay for stranded ships.
Investors will get the latest read on inflation Wednesday morning, when the Labor Department releases its July Consumer Price Index.
Economists across Wall Street expect prices to have risen at a slower pace than in June, when the CPI was much hotter than expected. Those polled by FactSet anticipate a 5.3% rate of increase versus a year earlier, down a tenth from the June gain. From a month earlier, economists see a 0.5% rise, down from June’s 0.9% pace. Excluding the impacts of food and energy, expectations are for increases of 4.3% and 0.4%, respectively.
The amount of time it’s taking for chip-starved companies to get orders filled has stretched to more than 20 weeks, indicating the shortages that have held back automakers and computer manufacturers are getting worse.Chip lead times, the gap between ordering a semiconductor and taking delivery, increased by more than eight days to 20.2 weeks in July from the previous month, according to research by
- Plane took off from Shanghai at 9:24 a.m.Landed at Zhoushan Putoushan Airport - Chinese aviation blogsBoeing trying to gain approval for 737 MAX return in ChinaHoping for Chinese regulatory nod by year-end - Boeing CEO
Aug 10 (Reuters) - The current inflation spike shouldn't push the Federal Reserve to tighten monetary policy prematurely, with more months of labor data needed before any changes as well as more certainty that the pace of price increases will remain above the Fed's 2% target, Chicago Fed president Charles Evans said on Tuesday.
"We are making progress ... We are well on our way," to the point where it would be appropriate for the Fed to begin trimming its $120 billion in monthly bond purchases and eventually raising interest rates, Evans said in an online meeting with reporters.
The benchmark for that bond "taper" is likely to be met "later this year" based on expected strong continued job growth, Evans said.
But unlike some of his colleagues who argue the Fed should start slowing bond purchases soon, Evans remained among those who feel most strongly that the current surge in prices is temporary, and that the Fed should be aggressive in seeing through its...
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