Siemens to leave Russia due to Ukraine war, take hefty charge
ZURICH (Reuters) -Siemens will quit the Russian market due to the war in Ukraine, it...
ZURICH (Reuters) -Siemens will quit the Russian market due to the war in Ukraine, it said on Thursday, taking a 600 million euro ($630 million) hit to its business during the second quarter, with more costs to come.
The German industrial and technology group became the latest multinational to announce losses linked to its decision to leave Russia following the Feb. 24 invasion.
The Munich company employs 3,000 people in Russia, where it has been active for 170 years. It first went to Russia in 1851 to deliver devices for the telegraph line between Moscow and St Petersburg.
The Senate has confirmed Fed Chairman Jerome Powell for a second 4-year term
Federal Reserve Chairman Jerome Powell on Thursday was given a vote of confidence by lawmakers. The Senate...
Federal Reserve Chairman Jerome Powell on Thursday was given a vote of confidence by lawmakers. The Senate voted to confirm Powell to a second four-year term that will end in February 2026. The vote on final confirmation was 80 to 19. Thirteen Republicans voted against Powell along with six progressive Democrats.
After two months of growing speculation, President Joe Biden decided in late November to give Powell a second term. Analysts said Biden didn’t have much choice given the bipartisan support that Powell enjoyed.
Before moving on Powell’s nomination, Senate Democrats confirmed three other Biden picks to the Fed’s board.
Opinion: The S&P 500’s charts are pointing to more stock-market losses
This past week, the S&P 500 index plunged to new relative lows. It is now trading at prices last...
This past week, the S&P 500 index plunged to new relative lows. It is now trading at prices last seen in March 2021. This latest move downward violated support at 4100-4200 and prompted a swift move down toward possible support at 3900. The next support area below that is 3700 – the lows of February and March 2021.
The S&P SPX, 0.10% is quite oversold, although as readers know, “oversold does not mean buy.” Even so, oversold rallies accompany bear markets. They usually top out at about the level of the declining 20-day moving average or perhaps slightly above that.
The bulls have tried to engineer a couple of oversold rallies of late, but they turned out to be one-day affairs that – while looking spectacular for one day – had no staying power.
🔥From Twitter: Josh Brown from CNBC - "Yes, we are in a Bear Market"
"I've been talking about this being...
"I've been talking about this being a bear market since February," says @downtown. "Here we are in the middle of May, the damage is way worse than anything we saw in 2018...until everyone can agree, 'hey this is the real thing,' I don't see how we bottom." pic.twitter.com/TGJ2JqPtZ7
⛽️Gas prices are hitting record highs even though crude oil has dropped
Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated...
Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated to a 13% dip at the pump — but that didn't happen. On Wednesday, the average gallon of gas in the US hit $4.40, according to AAA. Meanwhile, the cost of West Texas Intermediate crude surged in March to $123 a barrel, the highest since 2014, but has since fallen back to around $106.
This disconnect stems not from the crude oil market, but instead reflects frictions in the gasoline market, wrote senior economist Garrett Golding and senior economic policy advisor Lutz Kilian of the Dallas Fed.
