President and CEO of the Federal Reserve Bank of Cleveland, Loretta Mester appears on “The Exchange” on March 7, 2024. CNBCCleveland Fed President Loretta Mester said Tuesday she still expects rate cuts this year, but ruled out holding her next policy meeting in May.Meister also noted that the long-term trajectory is higher than policymakers previously thought.The central bank official noted progress on inflation while the economy continued to grow. If this continues, interest rates are likely to be cut, although she did not provide any guidance on timing or extent.“I still think the most likely scenario is that inflation will…
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Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Tesla reported a larger-than-expected decline in its quarterly deliveries in the first three months of the year, sending its shares down more than 5 percent in Wall Street trading Tuesday morning.The company recorded sales of 386,810 cars, down a fifth from the 484,507 cars sold in the fourth quarter of last year and 8 percent less than the 422,875 cars it delivered in the first quarter of 2023. It was expected to sell about 450,000 cars between January and March, which is…
Rivian has a challenging year ahead of it — and the first quarter of the year got off to a tepid start. The electric vehicle startup announced Tuesday that it built 13,980 vehicles and delivered 13,588 of them in the first quarter of 2024. Both numbers are down from the fourth quarter of 2023, in which it built 17,541 and shipped 13,972. Rivian has indicated that it plans to do so to produce roughly the same number of electric cars as it did in 2023. So, if the company can keep up with 2023 numbers, it should meet the targets.…
U.S. Securities and Exchange Commission Chairman Gary Gensler testifies during a Senate Banking Committee hearing on Capitol Hill on September 12, 2023 in Washington, DC.Drew Angerer | Getty ImagesThe annual two-day “SEC Speaks” event kicked off Tuesday, offering clues about what the SEC's priorities will be in the coming year. It is sponsored by the Institute of Practicing Law, a forum in which the SEC provides guidance to the legal community on rules, regulations, enforcement procedures, and litigation. This event allows the SEC to communicate its key messages, and the key issue this year is “disclosure.””[W]“We have a commitment to…
Stay informed with free updatesSimply subscribe to the myFT EU Energy Digest – delivered straight to your inbox.Europe ended the winter with record levels of natural gas reserves, putting the region in a much better position to emerge from an energy crisis that has cast a shadow over more than two years.EU gas storage at the end of March, considered the end of winter by the industry, was 58.72 percent, according to industry body Gas Infrastructure Europe. This is about 3 percentage points higher than the previous high level recorded last year.The abundant levels put the EU in a comfortable…
Good morning. It's Tuesday, April 2nd. Here's what you need to know to start your day. the news Start your day right Sign up for Essential California to get news, features and recommendations from the LA Times and beyond in your inbox six days a week. Enter your email address Involve me You may occasionally receive promotional content from the Los Angeles Times. Highway 1: Standing on a road on the edge of the continent has become more dangerous It's one of the most iconic roads in California, if not the entire country, clinging in many stretches to the edge…
Check out the companies making headlines before the bell. PVH – Shares of parent company Calvin Klein and Tommy Hilfiger fell more than 21% on weak revenue guidance for the first quarter and full year. The retailer beat quarterly estimates at the top and bottom, but warned of a tougher macroeconomic setting and particular weakness in Europe. Humana, UnitedHealth – Health insurance managed care shares fell after the Centers for Medicare & Medicaid Services announced that calendar year 2025 rates would increase 3.7%, as previously proposed. Some investors were expecting a bigger increase. Humana stock fell 9.6%, while CVS Health…
Russian President Vladimir Putin (L) and Belarusian President Alexander Lukashenko (R) enter the hall during the plenary session of the Supreme Council of Russia and Belarus, at Constantine Palace on January 29, 2024, in Saint Petersburg, Russia. Contributor | Getty ImagesBelarus began military exercises on Tuesday in areas along its borders with Ukraine, Lithuania and Poland, the Belarus Defense Ministry said.The exercises will be held over three days in the Gomel and Grodno regions, and are aimed at preparing officers and regional defense personnel for the possible defense of their regions, as well as practicing protocols in the event of…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.UK mortgage approvals beat expectations in February to reach a 17-month high, according to official data reflecting a decline in borrowing costs since the middle of last year. The Bank of England said on Tuesday that net mortgage approvals for home purchases rose to 60,400 in February from 56,100 in January. The number exceeded economists' expectations in a Reuters poll of 56,500 and was the highest since September 2022. The “effective” interest rate – the effective interest rate paid – on newly…
American policy is so stupid and dirty that it sometimes seems as if someone made a series of wishes with a monkey's paw. The dark moral of “The Monkey's Paw,” a 1902 short story by English writer W. W. Jacobs that has become a trope in popular culture, is that you should be careful what you wish for because you might get it.In 2008, the widely held desire for an African American president to herald a new “post-racial” politics ushered in an era of growing obsession and tensions around race. In 2016, the old dream of an outsider capitalist running…