Economy

Federal Reserve Chairman Jerome Powell on Tuesday expressed satisfaction with the progress made over the past year in tackling inflation, but stressed that more confidence was needed before considering a rate cut. "We've made quite a bit of progress in getting inflation back to our objective," Powell told a central bank forum in Sintra, Portugal. "The latest inflation readings, and to a lesser extent the previous one, suggest that we're returning to a disinflationary path. We want to be more confident that inflation is moving sustainably toward 2% before we begin the process of reducing or easing policy." Powell spoke…

Starbucks locations across the country are rolling out new measures to streamline drink ordering and reduce wait times. The revamp comes as the coffee chain anticipates a surge in mobile app orders. At the heart of this initiative is Starbucks’ “siren craft system,” a set of procedures designed to make baristas’ jobs easier and speed up service. More than 10 percent of Starbucks’ 10,000 locations have already adopted the system, which reorganizes the production sequence for hot and cold beverages. The company aims to roll it out across North America by the end of July. Starbucks executives believe these changes…

Shares of Chinese electric car makers started the new year on a downtrend, facing stiff competition and ongoing price wars that are eroding automakers’ profitability amid weak overall market sentiment. Hong Kong-listed shares of Nio and Xpeng have fallen more than 18% and 16%, respectively, while Li Auto has fallen 12% so far this year. BYD and Zhejiang Leapmotor have fallen nearly 2.5% and 12%, respectively, in 2024. Bernstein analysts noted in a recent report on China's electric vehicle industry: "We expect competition within the domestic market to remain intense, putting pressure on pricing and profitability." Morgan Stanley also highlighted…

Wan Gang, the visionary behind China’s surge in electric vehicles, sees European collaboration as a promising path forward. HEFEI, China — Wan Gang, widely recognized as the architect of China's electric vehicle (EV) strategy, suggested Wednesday that Chinese investment in Europe's electric vehicle industry could benefit both regions amid ongoing trade disputes . “I believe the governments of China and the European Union are now considering how, through negotiations, to combine investment with commodity trade,” said Wan Gang, current president of the China Association for Science and Technology. Wan made the remarks via an official English translation during a panel…

General view of the Bank of England building in London. LONDON – The Bank of England announced its decision to keep interest rates stable at its June meeting, but described the choice as "finely balanced" following the UK reaching its inflation target of 2 %. Money market prices pointed to a near 50% chance of a rate cut in August as investors interpreted a subtly dovish message. The central bank's key rate stands at 5.25%, its highest level in 16 years, and has been held since August. Seven members of the monetary policy committee voted to keep the rate unchanged,…

A Delta Air Lines Boeing 767 lands at JFK Airport as Delta and United compete for luxury flyers A Delta Air Lines Boeing 767 passenger plane from Dublin arrives at New York's JFK International Airport, with the iconic Manhattan skyline in the background, on February 7, 2024. Charly Triballeau | Afp | Getty Images Delta Air Lines, the nation’s most profitable airline, faces a challenge in maintaining its top spot. The airline’s unit revenue, or the amount earned per seat mile flown, topped its peers last year. Delta’s stock price is up nearly 23% in 2024, outpacing other airlines in…