WASHINGTON — The Federal Reserve reinforced its fight against high inflation Wednesday by raising its key interest rate by a quarter-point to the highest level in 16 years. But the Fed also signaled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers ...
YOKOHAMA, Japan — Osamu Furukawa has driven lots of Japanese cars for his business converting classic gasoline-powered models to electric. But his favorite ride is an import: A battery-powered SUV from China’s BYD Auto. BYD Auto is part of a wave of Chinese electric car exporters that ...
NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. ...
WASHINGTON — In January, the U.S. government ran up against its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid missing payments on its bills. That started speculation about the “x-date” — the date when those measures would be exhausted and the government might actually default if the limit on federal borrowing is not lifted. The x-date could be reached as early as June, depending on how much money the IRS collects in April from people filing their taxes. How big a problem is this? It seems ...
DETROIT — Tesla’s first-quarter net income tumbled 24 percent from a year ago as multiple price cuts across its model lineup reduced the amount of money generated per vehicle even as sales rose. The Austin, Texas, electric car and solar panel company said Wednesday it made $2.51 billion from January through March, down from $3.32 billion a year ago. Revenue rose 24 percent to $23.33 billion, but the company’s operating profit margin fell. Tesla made an adjusted 85 cents per share in the first quarter, matching analyst estimates, according to FactSet. Analysts had expected ...
WASHINGTON — House Speaker Kevin McCarthy worked furiously Tuesday to build support for a Republican plan that would demand strict limits to federal spending in return for agreeing to raise the nation’s debt limit and stave off an unprecedented U.S. default. But President Joe Biden ...
