Oracle on Thursday said total cloud revenue grew 24% to $2.8 billion in the quarter ending Feb. 28, while companywide revenue was up 4% from a year earlier to $10.51 billion.
Rivian Automotive Curtails Production in 2022 Due to Supply-Chain Disruptions
Rivian Automotive Inc.'s losses deepened in the fourth quarter and the electric-car startup said supply-chain challenges would sharply curtail its factory output this year.
The California-based truck maker said after the close of trading Thursday that it expects to produce 25,000 vehicles in 2022. The company said it would be able to double that output if it weren't for constraints on getting parts and materials.
Opioid Victims Confront Purdue Pharma's Sacklers in Bankruptcy Court
Victims of the opioid epidemic confronted the Sackler family members who own Purdue Pharma LP for the first time in bankruptcy court as the OxyContin maker nears a possible exit from chapter 11 that requires $6 billion in settlement payments from its owners.
Addressing three members of the Sackler family who served on Purdue's board, more than two dozen people shared stories Thursday in the U.S. Bankruptcy Court in White Plains, N.Y., of the disastrous effects physician-prescribed OxyContin, an addictive opioid, had on them, their children, siblings, spouses and parents.
Western Union Suspends Operations in Russia, Belarus
Western Union Co. said Thursday that it was suspending its services in Russia and Belarus after evaluating internal and external factors amid the Russian invasion of Ukraine.
The Denver-based money-transfer and payments company has condemned what it calls the unprovoked and unjustified invasion of Ukraine, and said it engaged in "extensive dialogue" with various stakeholders before making the decision.
Russia Ramps Up Ukraine Attacks in Effort to Seize Strategically Key Port City
Moscow launched a fresh assault on the besieged southern Ukrainian city of Mariupol on Thursday, a day after one of its planes bombed a maternity hospital, illustrating how Russia is ramping up a violent push to take strategic towns, at a high cost for civilians.
Russian Foreign Minister Sergei Lavrov, after a meeting with his Ukrainian counterpart on Thursday, said the hospital was a legitimate target because it was held by "local radical militias," though Kremlin spokesman Dmitry Peskov told reporters "we don't have clear information" about the incident.
Biden to Call for Revoking Normal Trade Relations With Russia
WASHINGTON-President Biden on Friday is expected to announce that the U.S. will join major allies and the European Union in calling to revoke normal trade relations with Russia, according to a person familiar with the decision.
The action, which could lead to higher tariffs on Russian goods, is in concert with the EU and Group of Seven nations to punish Russia over its invasion of Ukraine, the official said.
EU Leaders Say More Sanctions Coming for Russia, Belarus
European Union leaders pledged to increase further the economic pressure on Russia and Belarus over the invasion of Ukraine following a long summit meeting outside Paris at Versailles, where divisions emerged over Ukraine's future links to the bloc.
In a statement published after the first day of the meeting ended in the early hours of Friday morning, the leaders said, "We are determined to increase even further our pressure on Russia and Belarus."
Senate Passes $1.5 Trillion Spending Bill That Includes Aid for Ukraine
WASHINGTON-The Senate passed a $1.5 trillion package to fund the federal government for the current fiscal year, after Democrats and Republicans resolved months of wrangling to quickly send aid to Ukraine.
The measure was approved 68-31 and now heads to President Biden's desk, one day before a temporary funding measure was set to expire and set in motion a partial government shutdown.
Europe to Weigh Emergency Measures to Limit Electricity Prices
The European Union should consider emergency measures in the coming weeks that could include temporary limits on electricity prices, European Commission President Ursula von der Leyen told leaders at an EU summit in Versailles on Thursday.
The reference to the possible measures was contained in a slide deck Ms. von der Leyen used to discuss efforts to curb the EU's reliance on Russian energy imports, which last year accounted for about 40% of its natural-gas consumption. The slides were posted to Ms. von der Leyen's Twitter account.
Ukraine War Pushes Biden Toward Venezuela, Iran and Saudi Arabia in Oil Hunt
The war in Ukraine has added urgency to the Biden administration's monthslong search for new oil supplies, as it seeks to contain surging energy prices through talks at home and diplomacy abroad with friends and foes alike.
The rush to fill gaps from Russia's rapidly shrinking contribution to the global energy markets has led the White House to oil-rich nations in the Middle East, countries under U.S. sanctions and private-sector oil giants meeting this week in Houston. But the quest has been complicated by several factors, including President Biden's vow to take a tougher line against Saudi Arabia over human-rights abuses, domestic political pressure and post-pandemic supply-chain disruptions.
China's New Bank Loans Plunged More Than Expected in February
BEIJING--New bank loans in China plunged in February due to seasonal factors and weak demand, slowing significantly from record-high levels in January.
New yuan loans issued by Chinese banks stood at 1.23 trillion yuan ($194.6 billion) last month, down significantly from CNY3.98 trillion in January, according to data released Friday by the People's Bank of China.
Economic Blacklist of Russia Marks New Blow for Globalization
WASHINGTON-The U.S.-led effort to expel Russia from international commerce marks another fracture in the free-trade vision that guided American policy for nearly 30 years, signaling a future where nations and companies shift away from trading with adversaries and focus more on like-minded partners.
The actions taken by the U.S. and Western European allies since Russia invaded Ukraine have been swift and punishing-including banning or scaling back purchases of Russian oil, gas and coal to pressure Russian President Vladimir Putin to call off his troops.
Biden to Call for Revoking Normal Trade Relations With Russia
WASHINGTON-President Biden on Friday is expected to announce that the U.S. will join major allies and the European Union in calling to revoke normal trade relations with Russia, according to a person familiar with the decision.
The action, which could lead to higher tariffs on Russian goods, is in concert with the EU and Group of Seven nations to punish Russia over its invasion of Ukraine, the official said.
Biden, Democrats Lose Ground on Key Issues, WSJ Poll Finds
WASHINGTON-President Biden and his fellow Democrats have lost ground to Republicans on several of the issues most important to voters, a new Wall Street Journal poll finds, a troubling sign for the party seeking to extend its controlling majority of Congress for another two years.
The new survey showed that 57% of voters remained unhappy with Mr. Biden's job performance, despite favorable marks for the president's response to the Russian invasion of Ukraine and a recent State of the Union speech, which provided him an opportunity to directly speak to millions of Americans. Just 42% said they approved of Mr. Biden's performance in office, which was virtually unchanged from the previous Journal poll in mid-November.
Write to sarka.halas@wsj.com
TODAY IN CANADA
Economic Indicators (ET):
0830 Feb Labour Force Survey
0830 Q4 Industrial capacity utilization rates
Market Talk:
Farm Tractor Sales Climb Higher in February
Retail sales of two-wheel drive, high-horsepower tractors in the U.S. and Canada grew by 26% in February, compared to the same period last year, as farmers continue to buy new machinery amid higher crop prices. Inventories of high-horsepower farm tractors fell 18% YoY. The Association of Equipment Manufacturers reports that sales of harvesting combines slipped 7% from last year, while sales of four-wheel drive tractors decreased by 13%.
Expected Major Events for Friday
07:00/GER: 4Q Labour cost index
07:00/UK: Jan Index of Production
07:00/UK: Jan UK trade
07:00/UK: Jan Index of services
07:00/GER: Feb CPI
07:00/UK: Jan Monthly GDP estimates
09:00/ITA: 4Q Labour Cost Index
09:30/UK: Feb Bank of England/Kantar Inflation Attitudes Survey
12:30/UK: Feb NIESR Monthly GDP Tracker
13:30/CAN: Feb Labour Force Survey
13:30/CAN: 4Q Industrial capacity utilization rates
15:00/US: 4Q Quarterly Services
15:00/US: Mar University of Michigan Survey of Consumers - preliminary
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Friday
Ballard Power Systems (BLDP,BLDP.T) is expected to report $-0.10 for 4Q.
Bio-Path Holdings Inc (BPTH) is expected to report for 4Q.
Buckle Inc (BKE) is expected to report $1.44 for 4Q.
Drive Shack Inc (DS) is expected to report $-0.13 for 4Q.
Exela Technologies Inc (XELA) is expected to report for 4Q.
Hudson Global Inc (HSON) is expected to report for 4Q.
Inspired Entertainment (INSE) is expected to report $-0.12 for 4Q.
Labrador Iron Ore Royalty Corp (LIF.T) is expected to report for 4Q.
Oil Dri Corporation of America (ODC) is expected to report for 2Q.
SeaSpine Holdings Corp (SPNE) is expected to report $-0.31 for 4Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 4Q.
WeWork Inc (WE) is expected to report for 4Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS There are no actions to report from the last 24 hours.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-11-22 0541ET
