The economy likely grew at a solid pace in the second quarter, suggesting the U.S. is steering clear of a recession many forecasters had expected to take hold this year.
Private-Equity Fundraising Falls to Lowest Level in Five Years
Private equity's fundraising slump deepened in the second quarter, as tighter financial conditions made investors reluctant to commit more money to debt-fueled buyouts.
Private-equity firms globally raised $106.7 billion in the three months ended June 30, down 35% from the same period last year, according to research firm Preqin. Firms closed 166 funds during the period, a 53% decline.
Bud Light Brewer Lays Off Hundreds of U.S. Workers
Anheuser-Busch InBev laid off hundreds of workers at its U.S. offices after months of slumping sales at Bud Light.
The world's largest brewer, which also sells Stella Artois and Budweiser, on Wednesday said the cuts would affect less than 2% of its roughly 18,000 U.S. workforce. The layoffs won't impact front-line workers such as brewery and warehouse staff, the company said.
Airbus Hits New Supply-Chain Hurdle in Race With Boeing
LONDON-Airbus faces another high hurdle in delivering its bestselling jets as it races to solidify a commanding lead over rival Boeing.
Airbus has been working to rapidly increase output of its bestselling A320 family of aircraft as it seeks to deliver on a backlog that now stretches out into the early 2030s. Many of those planes are powered by a certain type of Pratt & Whitney engine, which the engine maker said earlier this week will need to be recalled and inspected.
Apparent Coup Attempt Hits U.S. Ally Niger
NAIROBI-An apparent coup attempt in the West African country of Niger on Wednesday shook one of the most-reliable U.S. allies in the fight against al Qaeda, Islamic State and Boko Haram.
Disgruntled presidential guards rebelled against Niger President Mohamed Bazoum and encircled his residence, according to a person close to the president. "It was an expression of discontent that escalated into a coup attempt," the person said.
Meta Sees Ad Business Rebound but Warns of Higher Spending in Metaverse
Facebook parent Meta Platforms reported its highest quarterly sales growth since 2021 as digital advertising continued to rebound, but the company also signaled that spending for its experimental metaverse unit would surge in 2024.
The social media giant's advertising revenue grew about 12% in the quarter, a turnaround driven by improved use of AI technology that has enabled better ad-targeting, after Apple privacy changes in 2021 cost the company $10 billion in sales.
Big Automakers Plan Thousands of EV Chargers in $1 Billion U.S. Push
A group of major automakers is planning a joint investment to build thousands of electric-vehicle chargers in the U.S., in a bid to ease a shortage of charging spots that deters many consumers from choosing EVs.
The companies-BMW, General Motors, Honda Motor, Hyundai Motor, Kia, Mercedes-Benz and Jeep maker Stellantis-plan to collectively invest at least $1 billion in a joint-venture company that will build out charging stations, people familiar with the plan said. The group is targeting the addition of around 30,000 fast chargers in urban and highway areas over several years, the companies confirmed Wednesday after The Wall Street Journal reported details of the plan.
Elon Musk's X Rebrand Cues Complications-and Porn Jokes
Elon Musk's Twitter rebrand is off to a chaotic start.
Swapping the blue bird logo for the letter X has confused users, upset some former employees and opened the door to lawsuits. Ditching the site's nomenclature threatens years of brand equity. And some say the new logo is more akin to a pornography site than a social-media platform.
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Expected Major Events for Thursday
06:00/GER: Aug GfK consumer climate survey
06:00/NOR: May Labour force survey SA, incl unemployment
06:00/EU: 2Q New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)
07:00/SVK: Jun PPI
07:00/SPN: 2Q Economically Active Population Survey
07:00/SWE: Jul Consumer Tendency Survey
07:00/SWE: Jul Quarterly Business Tendency Survey
07:00/SPN: Jun Retail Sales
08:00/ITA: Jul Consumer Confidence Survey
08:00/ITA: Jul Business Confidence Survey
08:00/AUT: Jul Austria Manufacturing PMI
08:30/UK: Jun Capital issuance statistics
10:00/UK: Jul CBI Distributive Trades Survey
12:15/EU: ECB interest rate announcement
23:01/UK: 2Q BRC-LDC Vacancy Monitor
23:01/UK: Jun Zoopla House Price Index
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-27-23 0015ET
