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IMF: Prolonged high inflation dims outlook for world economy
WASHINGTON (AP) — The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates and uncertainties resulting from the collapse of two big American banks. That’s the view of the International Monetary Fund, which has downgraded its outlook for global economic growth. The IMF now envisions growth this year of 2.8%, down from 3.4% in 2022 and from the 2.9% estimate for 2023 it made in its previous forecast in January. The fund said the possibility of a “hard landing,” in which rising interest rates weaken growth so much as to cause a recession, has ”risen sharply,” especially in the world’s wealthiest countries.
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Small business owners feel the credit crunch
NEW YORK (AP) — Small businesses are seeing the already-tough process of getting business loans get even tougher. Borrowing for small businesses was already constrained due to rising interest rates. Following the recent Silicon Valley Bank collapse, some banks – particularly the small and midsize banks that serve small businesses — may be forced to tighten credit further, since they’re seeing an outflow of deposits. And banks are being more cautious in general due to uncertainty about the economy. Small businesses say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
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4 in 10 say next vehicle may be electric: AP-NORC/EPIC poll
WASHINGTON (AP) — A new poll shows that about 4 in 10 U.S. adults are at least somewhat likely to go electric when it comes time to buy a new vehicle. They say the main deterrents are high prices and too few charging stations. The poll shows that even with tax credits of up to $7,500 to buy a new EV, it will be difficult for President Joe Biden and the auto industry to persuade drivers to ditch their gas-burning cars and trucks for vehicles without tailpipe emissions. The poll comes from The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago.
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Swiss lawmakers pick apart Credit Suisse woes ahead of deal
GENEVA (AP) — Switzerland’s parliament has opened a special session to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS. Lawmakers on Tuesday also are considering strengthening the legal arsenal to better gird against financial blowups. The legislative debate could run up to three days, with lawmakers voicing and needing to iron out disagreements over the $3.25 billion merger of Switzerland’s two biggest banks. The deal to rescue long-troubled Credit Suisse marks a thunderclap for a country that prides itself on its finesse and acumen in finance. Lawmakers are discussing accountability for long-troubled Credit Suisse, state emergency funds for the merger and what it will mean to have one giant bank.
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Theranos’ Elizabeth Holmes loses bid to stay out of prison
SAN FRANCISCO (AP) — Disgraced Theranos CEO Elizabeth Holmes has been rebuffed in her attempt to stay out of federal prison while she appeals her conviction for the fraud she committed while overseeing a blood-testing scam that exposed Silicon Valley’s dark side. In a ruling issued late Monday, a federal judge concluded there wasn’t compelling enough evidence to allow Holmes to remain free on bail while her lawyers pursue appeal her conviction on four counts of fraud and conspiracy. The decision means the 39-year-old Holmes must to surrender to authorities April 27 to start a more than 11-year prison sentence that will separate her from her two young children.
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Dominion can discuss general threats in Fox defamation trial
WILMINGTON, Del. (AP) — The judge presiding over a voting machine company’s defamation lawsuit against Fox News for airing bogus allegations of fraud in the 2020 presidential election has indicated he will allow jurors to hear some testimony about threats directed at the company, but only to a point. Delaware Superior Court Judge Eric Davis on Tuesday granted a motion by Fox to prohibit any reference to specific threats or harassment directed at Dominion Voting Systems. But he said he would allow Dominion to talk generally about threats it had received to show how it has been damaged by the Fox broadcasts. A Dominion attorney characterized the company as “under siege” from the threats and false claims.
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Wall Street drifts through muted day ahead of inflation data
NEW YORK (AP) — Wall Street drifted through a muted day of trading, with stocks and bonds making modest moves ahead of an anticipated update on consumer inflation and other reports later in the week. The S&P 500 had its smallest one-day move in more than a year and dipped by less than 0.1%. The Dow was up a bit, while the Nasdaq slipped. Traders are focused on Wednesday’s inflation report, after which comes the start of earnings reporting season for big companies. CarMax jumped after reporting stronger profit than expected. Moderna sank following a discouraging report on a potential flu vaccine. Treasury yields held steady.
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Tupperware, in dire straits, seeks financing to stay afloat
NEW YORK (AP) — Tupperware Brands, which experienced a resurgence during the pandemic, is now pursuing investors to keep it afloat and is in danger of being delisted by the New York Stock Exchange. Shares of Tupperware Brands Corp. tumbled nearly 50% on Monday after the company said late last week that it had hired financial advisers to help it secure financing and “remediate its doubts regarding its ability to continue as a going concern.” Sales and profits have steadily fallen the past couple of years after the pandemic breathed new life into the Orlando, Florida-based maker of food storage containers.
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Boeing sees airplane deliveries jump on return of the 787
ARLINGTON, Va. (AP) — Boeing is edging out European rival Airbus in the latest figures on orders and deliveries for new airline planes. Boeing said Tuesday that it delivered 64 planes in March, nearly as many as it shipped in January and February combined, and three more than Airbus shipped last month. Most of the Boeing deliveries were 737 Max jets, but the company also shipped seven of the bigger 787 jets after resolving regulators questions about pressure seals on the planes. Deliveries are an important source of cash for Boeing, which is trying to bounce back after losing more than $5 billion last year.
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The S&P 500 slipped 0.17 points, or less than 0.1%, to 4,108.94. The Dow Jones Industrial Average rose 98.27 points, or 0.3%, to 33,684.79. The Nasdaq composite fell 52.48 points, or 0.4% to 12,031.88. The Russell 2000 index of smaller companies added 14.15 points, or 0.8%, to 1,786.59.
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