Business

U.S. consumers expect spending to rebound strongly in one year, NY Fed survey finds

Household spending rose modestly over the last four months, but consumers’ expectations for how much more they’ll be able to spend a year from now surged, according to a survey released Monday by the New York Federal Reserve. The report showed that consumers are slowly spending more as the economy reopens and more people gradually […]

Business

BP’s oil exploration team swept aside in climate revolution

Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil. Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company […]

Business

Foley-backed SPAC agrees to $7.3 billion deal with Blackstone’s Alight

A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday. Reuters was first to report on Sunday that special purpose acquisition company (SPAC) Foley Trasimene […]

Business

Canada December unemployment rate revised to 8.8%

Canada’s unemployment rate in December was revised to 8.8% from 8.6% on Monday, while the net decline in jobs for the month was amended to 52,700 from 62,600, as Statistics Canada completed a historic review of its labor force data. The revision, undertaken to ensure the data was aligned with recent population and geographical boundary […]

Business

Exclusive: China’s Huawei in talks to sell premium smartphone brands P and Mate

China’s Huawei Technologies Co Ltd is in early-stage talks to sell its premium smartphone brands P and Mate, two people with direct knowledge of the matter said, a move that could see the company eventually exit from the high-end smartphone-making business. The talks between the world’s largest telecommunications equipment maker and a consortium led by […]

Business

Death of diesel looms as carmakers accelerate to electric future

The world’s biggest diesel engine factory in Tremery, eastern France, is undergoing a radical overhaul – it’s switching to make electric motors. From less than 10% of output in 2020, electric motor production at Tremery will double to around 180,000 in 2021, and is planned to reach 900,000 a year – or more than half […]

Business

Online merchants linked to QAnon down, but not out, following platform bans

Since last year, entrepreneur Dustin Krieger has faced bans by an expanding list of big tech companies: four blocked PayPal accounts, half a dozen Twitter deactivations, de-listed merchandise by Shopify and most recently Amazon’s removal of his widely reviewed book promoting the QAnon conspiracy theory. But he’s not giving up. “We’ll maintain our own presence […]