Category: Economy
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Carvana Takes a Step Towards Profitability With New Ad Campaign and Debt Ceiling Deal
The used car dealer Carvana (CVNA 19.16%) is seeing a boost in its share prices following a successful debt-ceiling deal and the launch of a new national ad campaign. Is this a sign that the company is on the upswing? Carvana, an online used car dealer, had seen a sharp pullback in spending in recent…
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Elon Musk Regains Title as Richest Person on Earth
Elon Musk, the charismatic founder of Tesla Inc., has recaptured his title as the world’s richest person, overtaking luxury tycoon Bernard Arnault. The two have been locked in a tight race for the top slot in the Bloomberg Billionaires Index. This challenge began in December, when Arnault overtook Musk on the list due to the…
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State Farm Pulls Home and Business Insurance from California
Climate change is driving up the cost of business in California — and now one of the leading insurers in the state has had enough. On Friday, State Farm announced that it would no longer be accepting new applications for home and business insurance in California. This historic shift, which has come in response to…
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Deal Reached in US Debt Ceiling Negotiations
After days of arduous negotiations, President Joe Biden and Republican House leaders have reached an agreement in principle on raising the US debt ceiling, avoiding a catastrophic default. The agreement, which is yet to be formally announced, is set to remove the existing $31.4 trillion debt ceiling over a two-year period. This keeps President Biden…
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Citi Drops Sale of Mexican Subsidiary, Opts for Public Offering
Citi announced on Wednesday that it has ceased its efforts to sell its Mexican subsidiary and will instead pursue a public offering (IPO) of the company’s shares in 2025. The bank is in the process of separation of its consumer banking, small and medium enterprise banking operations in Mexico – which will be the ones…
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US Economy Slows to 1.1% Growth in First Quarter
The US economy cooled in the first quarter of 2023, registering a 1.1% growth in the period from January to March, according to the Office of Economic Analysis. This was well below the estimates of the main market surveys, which indicated a 2% rise, and a significant decline from the 2.6% registered in the fourth…
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Bolivia fights against the shortage of dollars while the demand skyrockets
In Bolivia, the demand for dollars has skyrocketed in recent days, causing long lines at the Central Bank of Bolivia (BCB), while citizens scramble to access foreign currency. BCB staff have been working around the clock in an attempt to meet the needs of the public, but the banks simply do not have enough dollars…
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Walmart Cuts Thousands of Warehouse Jobs Amid Difficult Year Ahead
Walmart recently announced it will be laying off more than 2,000 employees at five US warehouses that fulfill website orders. The retail giant is cutting jobs in Texas, Pennsylvania, Florida, and New Jersey, citing the need to adjust staffing levels to better prepare for the future needs of customers. The news of the job cuts…
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Oil Prices Soar as OPEC+ Announces Production Cuts
Oil prices have experienced a sharp rise after the OPEC+ alliance announced 1.66 million barrels of daily production cuts. The cuts, which will take effect in May, are being shared among a number of producing countries, including Saudi Arabia and Russia, who have agreed to reduce their pumping by 500,000 barrels per day each. The…
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Apple Launches Shop with a Video Specialist, Helping Streamline Shopping Experience
Apple today announced the launch of Shop with a Video Specialist, a new customer service feature that allows customers to receive personalized product advice and assistance with purchases through an interactive video chat. The new service is available on apple.com and allows customers to video chat with an Apple Specialist in real-time to ask questions…
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