The team announced the agreement late Tuesday without disclosing the price. The sale, which is still pending league approval, is far and away the richest ever for a North American sports team and doubles the high price for sales of NFL teams, which was previously about $2.3 billion.
Credit Suisse Warns Another Quarterly Loss Is Likely
Credit Suisse Group AG said Wednesday that it is likely to post a loss for the second quarter, as it continues to face challenging market conditions while it presses on with a restructuring.
The Swiss lender said it faced more volatile markets, weak customer flows and continued debt reduction by clients, especially in the Asia-Pacific and China region. The past two quarters have been unprofitable for the bank.
Janet Yellen and World Bank Expect Elevated Inflation to Persist
WASHINGTON-Treasury Secretary Janet Yellen warned that the U.S. is likely facing a prolonged period of elevated inflation, while the World Bank sharply lowered global growth forecasts and flagged a risk of recession in many countries.
Ms. Yellen, speaking Tuesday on Capitol Hill, said that the White House would likely revise upward its U.S. inflation forecast-which already showed prices rising this year at nearly twice the prepandemic rate.
Looming Global Food Crisis Related to Ukraine War Divides Biden Administration
WASHINGTON-Faced with limited time and few options, the Biden administration is torn over how to deal with a looming food crisis sparked by Russia's war in Ukraine.
At the center of a debate between administration officials is a proposal to offer a six-month waiver of sanctions on Belarus's potash fertilizer industry in the hope that it might compel Belarusian President Alexander Lukashenko to allow a rail corridor for Ukraine's grain.
Pat Toomey, Top Senate Republican, to Support Michael Barr for Fed Vice Chairman Post
WASHINGTON-Michael Barr, President Biden's nominee to become the government's most influential bank regulator, edged closer to being confirmed by the Senate after winning the support of a key Republican.
Sen. Pat Toomey (R., Pa.) said late Tuesday that he planned to back Mr. Barr, a veteran of the Obama and Clinton administrations, for a four-year term as the Federal Reserve's vice chairman of banking supervision. The role is responsible for developing policy recommendations for the Fed board and for overseeing its regulatory staff, which supervises some of the largest U.S. financial firms, including JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc.
India Central Bank Raises Rate to Curb Rising Inflation
India's central bank raised its policy rate in a bid to curb rising inflation.
Reserve Bank of India Gov. Shaktikanta Das said Wednesday that the monetary-policy committee decided to raise its policy repo rate by 50 basis points to 4.90%.
Eurozone Economy in 1Q Grew at a Faster Pace Than Initially Estimated
The eurozone economy grew at a faster pace than initially estimated in the first quarter despite the spread of the Omicron coronavirus variant and the Ukraine war, according to a final estimate for the period released by the EU's statistics agency Eurostat.
Across the 19 countries that use the euro as their currency, the eurozone's gross domestic product grew 0.6% on quarter in the first three months of the year, Eurostat said Wednesday. This is up from a second estimate of 0.3% for the period and beats the previous quarter's 0.2% rise. Economists polled by The Wall Street Journal expect the economy to grow by 0.3% in the first quarter.
According to UniCredit Research, the revision reflects the spike in Irish GDP, up 10.8% quarter-on-quarter, which wasn't included in the previous eurozone estimate.
RBA Wants to Head off 1970s-Style Wage-Price Inflation Spiral, Board Member Says
SYDNEY-The Reserve Bank of Australia hastened the pace of interest-rate increases this week to signal its intent to return to a neutral policy setting at speed, and head off any prospect of a 1970s-style wage-price inflation spiral, RBA board member Ian Harper told The Wall Street Journal.
Mr. Harper, who wasn't speaking on behalf of the RBA, said in an interview on Wednesday that "it's clear that inflation is getting a bit of a grip."
German Industrial Output Rose Less Than Expected in April
Germany's industrial production rose in April but by less than expected due to an intensification in supply-chain problems and higher input prices.
Total industrial output--comprising production in manufacturing, energy and construction--increased 0.7% in April compared with the previous month in calendar-adjusted terms, the national statistics office Destatis said Wednesday. Economists polled by The Wall Street Journal had forecast a 1.0% rise.
Japan's Economy Shrank at Slightly Slower Pace in First-Quarter Than Estimated
Japan's economy shrank at a slightly slower pace than initially estimated in the January-March quarter, although spending by households and companies still showed sluggishness.
The world's third-largest economy after the U.S. and China shrank 0.5% on an annualized basis, which reflects what would happen if the first-quarter pace continued for a full year, revised government data showed Wednesday.
China to Upgrade Ream Naval Base in Cambodia, Fueling U.S. Concerns
China will help Cambodia expand and upgrade a naval base in the Southeast Asian country, officials from both sides said, heightening concerns U.S. officials have expressed for years that Beijing plans to establish a naval outpost there.
The comments came at a ceremony on Wednesday marking the start of new China-funded construction at Ream Naval Base that was attended by senior Cambodian military and defense officials as well as China's ambassador to Cambodia.
Russia, Turkey Hold High-Stakes Talks on Safe Passage for Ukraine's Grain
Russian Foreign Minister Sergei Lavrov began talks with Turkish officials on Wednesday toward a possible deal to create a sea lane to export grain from Ukraine as a part of a United Nations-backed effort to address a global food crisis.
The potential agreement would involve Turkish warships demining Ukrainian ports and creating a safe passage for ships carrying wheat and other products across the Black Sea.
Russian Cyber Threat Remains High, U.S. Officials Say
SAN FRANCISCO-Senior U.S. cyber officials urged companies to remain on high alert for cyberattacks as a consequence of Russia's war in Ukraine, saying the warnings are based on intelligence assessments of potential strikes.
Since the start of Russia's invasion of Ukraine in February, federal agencies including the Cybersecurity and Infrastructure Security Agency, the National Security Agency and the Federal Bureau of Investigation have warned of potential cyberattacks against critical infrastructure operators.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
D2L 1Q
Dollarama 1Q
North West Company 1Q
Transcontinental 2Q
Economic Indicators:
None scheduled
Stocks to Watch:
Goodfellow Appoints Sarah Prichard and Robert Hall as Directors. Robert Hall Has Been Appointed as Chair
Expected Major Events for Wednesday
04:30/JPN: May Corporate Insolvencies
05:00/JPN: May Economy Watchers Survey
06:00/UK: May Halifax House Price Index
06:00/GER: Apr Industrial Production Index
06:45/FRA: Apr Foreign trade
06:45/FRA: Apr Balance of payments
08:00/ITA: Apr Retail Sales
08:30/UK: May S&P Global / CIPS UK Construction PMI
11:00/US: 06/03 MBA Weekly Mortgage Applications Survey
14:00/US: Apr Monthly Wholesale Trade
14:00/US: May Online Help Wanted Index
14:30/US: 06/03 EIA Weekly Petroleum Status Report
17:59/UK: 1Q Household Finance Review
23:01/UK: May RICS Residential Market Survey
23:50/JPN: May Money Stock, Broadly-defined Liquidity
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
ABM Industries (ABM) is expected to report $0.57 for 2Q.
ADF Group is expected to report for 1Q.
American Software (AMSWA) is expected to report $0.06 for 4Q.
AstroNova Inc (ALOT) is expected to report for 1Q.
Bausch Lomb Corp (BLCO.T) is expected to report for 1Q.
Brown-Forman Corp - B Share (BFA,BFB) is expected to report $0.26 for 4Q.
Campbell Soup (CPB) is expected to report $0.59 for 3Q.
Couchbase Inc (BASE) is expected to report for 1Q.
Crown Crafts (CRWS) is expected to report for 4Q.
Daktronics (DAKT) is expected to report $0.00 for 4Q.
Dollarama (DLMAF,DOL.T) is expected to report $0.46 for 1Q.
Encision (ECIA) is expected to report for 4Q.
Five Below (FIVE) is expected to report $0.59 for 1Q.
Graham Corp (GHM) is expected to report $-0.03 for 4Q.
Greif Inc - A Share (GEF,GEFB) is expected to report $1.61 for 2Q.
Immunovant Inc (IMVT) is expected to report for 4Q.
J.Jill (JILL) is expected to report for 1Q.
Lovesac Co (LOVE) is expected to report $-0.22 for 1Q.
MIND Technology Inc (MIND) is expected to report for 1Q.
Mission Produce Inc (AVO) is expected to report for 2Q.
North West Co Inc (NWC.T) is expected to report for 1Q.
Ollie's Bargain Outlet Holdings Inc (OLLI) is expected to report $0.31 for 1Q.
Oxford Industries (OXM) is expected to report $1.33 for 1Q.
Portage Biotech Inc (PBT.U-L,PRTG) is expected to report for 1Q.
Quantum Corp (QMCO) is expected to report $-0.15 for 4Q.
Skillsoft Corp (SKIL) is expected to report for 1Q.
Smart Share Global Ltd - ADR (EM) is expected to report for 1Q.
Streamline Health (STRM) is expected to report $-0.05 for 1Q.
Thor Industries (THO) is expected to report $4.82 for 3Q.
Transcontinental Inc - Class A (TCL.A.T,TCL.B.T,TCLAF) is expected to report $0.35 for 2Q.
Uranium Energy Corp (UEC) is expected to report for 3Q.
Vera Bradley Inc (VRA) is expected to report $-0.34 for 1Q.
Yext Inc (YEXT) is expected to report $-0.20 for 1Q.
(MORE TO FOLLOW) Dow Jones Newswires
06-08-22 0542ET
