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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 06/28/1971
Place of birth : Pretoria - South Africa
Biography : Founder of 8 different companies, including: Tesla, Inc., Tesla Energy Operations, Inc. and PayPal,

EMEA Morning Briefing: Stocks to Struggle as Fed -2-

05/26/2022 | 12:27am EDT

CBO Projects Inflation, Economic Growth to Cool This Year and Next

WASHINGTON-U. S. inflation and economic growth are forecast to cool later this year and in 2023, the Congressional Budget Office said Wednesday, reflecting an economy in a moment of transition.

The nonpartisan agency's budget and economic projections came as the Federal Reserve has begun raising interest rates in an effort to combat inflation, actions that some economists and market observers think are likely to bring an economic slowdown in the U.S.-and possibly a recession.

SEC Proposes More Disclosure Requirements for ESG Funds

WASHINGTON-Regulators proposed new disclosure and naming requirements for investment funds that tap into public angst regarding climate change or social justice, in an effort to address concerns about "greenwashing" by asset managers seeking higher fees.

The Securities and Exchange Commission voted Wednesday to issue two proposals that aim to give investors more information about mutual funds, exchange-traded funds and similar vehicles that take into account ESG-or environmental, social and corporate-governance-factors. One of the proposed rules, if adopted, would broaden the SEC's rules governing fund names, while the other would increase disclosure requirements for funds with an ESG focus.

Russia Weighs Easing Ukraine Grain Blockade in Return for Sanctions Relief

Russia is open to easing its blockade of Ukraine's ports along the Black Sea if sanctions on Moscow are lifted, a Russian official said Wednesday, a move that, if it went ahead, could increase grain exports and help relieve rising food inflation and shortages.

Andrey Rudenko, Russia's deputy foreign minister, said Moscow is willing to establish a humanitarian corridor that would provide safe passage for ships carrying food from the ports. In return, countries would have to lift sanctions on Russia.

U.K. to Probe Chinese-Led Takeover of Chip Maker

LONDON-The U.K. government on Wednesday began a national-security probe into a Chinese-controlled company's purchase of a British computer-chip factory, a move that could lead it to unwind the deal almost a year after it was completed.

The scrutiny is the latest sign that countries are becoming increasingly protective of their semiconductor industries amid a global chip shortage.

U.K. Car Manufacturing Hurt by Continued Chip Shortages, Supply-Chain Issues

U.K. car manufacturing fell 11% in April, an industry body said Thursday, blaming a number of issues including continued chip shortages and the effect of Ukraine war on supply chains.

The Society of Motor Manufacturers and Traders said a total of 60,554 cars drove off production lines in April compared with 68,306 in April 2021. This takes the number of cars produced for the first four months of the year to 267,901 down from 374,864 for the same period in 2021.

U.S. Sanctions Russian Companies Accused of Helping Iran's Revolutionary Guard

WASHINGTON-The Biden administration accused the Russian government of helping Iran's blacklisted military unit sell hundreds of millions of dollars of oil around the globe, as Washington levied a barrage of sanctions against companies and individuals allegedly involved in the smuggling operation.

The action on Wednesday marks a double-barreled financial and diplomatic salvo against the U.S.'s top two foes, linking Russia's state oil company to the Islamic Revolutionary Guard Corps's Quds Force, the Iranian military unit designated a terrorist group by the U.S. and other Western nations.

Russia's Absence at Davos Marks Unraveling of Globalization

DAVOS, Switzerland-The country that dominated discussions at this year's annual meeting of the World Economic Forum isn't even here.

Organizers of the forum withheld invitations to Russians after President Vladimir Putinordered the invasion of Ukraine on Feb. 24, and the country's absence from the meeting in Davos is freighted with symbolism.

Nvidia Posts Record Sales, Warns of Russia, China Hit

Graphics-chip maker Nvidia Corp. gave a muted sales outlook, citing supply-chain disruptions in China and reduced business in Russia, as it posted record sales for the most recent quarter.

Nvidia said sales in the current quarter are likely to come in at $8.1 billion, missing Wall Street forecasts. The company said it anticipated a roughly $500 million hit to sales relating to Russia and Covid-19 lockdowns in China.

Elon Musk Plans to Rely More Heavily on Equity for Twitter Deal

Elon Musk is committing more of his wealth to finance his $44 billion deal for Twitter Inc. and seeking additional financial backers amid a sharp decline in Tesla Inc. stock in recent weeks.

Mr. Musk's funding plan now includes $33.5 billion in equity, up from $27.25 billion, according to a Wednesday regulatory filing. The billionaire Tesla chief executive no longer plans to rely on a margin loan backed by shares of his electric-vehicle company, which are down by about a third since Twitter accepted his bid in late April.

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Expected Major Events for Thursday

07:00/HUN: Apr Employment & unemployment

08:00/ITA: May Consumer Confidence Survey

08:00/ITA: May Business Confidence Survey

09:00/ITA: Mar Industrial turnover & orders

10:00/IRL: 1Q Labour Force Survey

11:00/TUR: Turkish interest rate decision

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

05-26-22 0026ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.12% 0.6939 Delayed Quote.-4.93%
BRITISH POUND / US DOLLAR (GBP/USD) 0.04% 1.2272 Delayed Quote.-9.39%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.775 Delayed Quote.-2.67%
EURO / US DOLLAR (EUR/USD) -0.01% 1.0553 Delayed Quote.-7.48%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.15% 0.012783 Delayed Quote.-4.67%
K CAR CO., LTD. 3.80% 20500 End-of-day quote.-39.88%
LONDON BRENT OIL 2.22% 112.44 Delayed Quote.44.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.02% 0.6311 Delayed Quote.-8.10%
NVIDIA CORPORATION 5.55% 171.26 Delayed Quote.-41.77%
S&P 500 INDEX 3.06% 3911.74 Real-time Quote.-17.93%
TESLA, INC. 4.52% 737.12 Delayed Quote.-30.25%
TWITTER, INC. 1.89% 39.41 Delayed Quote.-8.82%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -1.63% 53.6 Delayed Quote.-27.29%
WTI 3.07% 107.53 Delayed Quote.38.53%