The recession America was expecting never showed up. Many economists spent early 2023 predicting a painful downturn, a view so widely held that some commentators started to treat it as a given. Inflation had spiked to the highest level in decades, and a range of forecasters thought that it would take a drop in demand…
The Biden administration’s decision to delay approval of new liquefied natural gas terminals in the United States has been hailed as a major victory for environmental advocacy groups, but it is creating unease outside the United States about future energy supplies. “I think U.S. allies and trade partners will have some concerns about this, because…
JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he is staying put. Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions…
DETROIT — U.S. auto safety regulators have closed an investigation into complaints that the doors on some Ford Escapes can open while the SUVs are being driven, without seeking a recall. The National Highway Traffic Safety Administration says its probe opened last July found that there is a low potential hazard to drivers, and that…
American Express saw its fourth quarter profits jump 23% from last year, as more cardmembers have started keeping a balance on their accounts compared to previous years, which has brought in more interest income for the credit card giant NEW YORK — American Express’ fourth quarter profits jumped 23% from last year as more cardmembers…
NEW YORK — JetBlue Airways warned Friday that it may end its bid to acquire low-cost carrier Spirit Airlines as soon as this weekend, sending Spirit shares tumbling. A federal judge this month sided with the Justice Department and blocked JetBlue’s proposed $3.8 billion purchase of Spirit. The Justice Department sued to block the merger,…
An inflation gauge closely tracked by the Federal Reserve shows price pressures continue to cool
LONDON — The British government has called off post-Brexit trade talks with Canada after discussions broke down over disagreements related to the import and export of beef and cheese. The two countries have been negotiating a new trade deal over the past two years since Britain fully left the European Union. Trade between the two…
Norfolk Southern’s fourth-quarter profit fell 33% because of the ever growing costs of the cleanup of last year’s fiery derailment in eastern Ohio, but the railroad did deliver 3% more shipments during the quarter and even without the costs related to that toxic crash its profits still would have been down 14%. The Atlanta-based railroad…
WASHINGTON — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship. Friday’s government report showed that prices rose just 0.2% from…
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