U.S. applications for unemployment benefits fell last week as employers continue to retain workers despite resurgent inflation and elevated interest rates. The number of Americans filing for jobless benefits fell by 7,000 to 213,000 for the week ending February 8, the Labor Department said Thursday. Analysts projected that 215,000 new applications would be filed. Weekly applications for jobless benefits are considered representative of layoffs. The four-week average, which smooths out some of the week-to-week volatility, inched down by 1,000 to 216,000. Despite showing some signs of weakening during the past year, the labor market remains healthy with plentiful jobs and relatively few layoffs. Last week, the Labor Department reported that U.S. employers added 143,000 jobs in January, significantly fewer than December’s 256,000 job gains. However, the unemployment rate ticked down
Category Archives: BUSINESS-FINANCE
Feb
Volvo is looking for a U.S.-based battery supplier for the EX90 electric SUV. The EX90 is built in South Carolina but its batteries come from China’s CATL. Because of the increased import tariffs on Chinese batteries, Volvo was forced to increase the EX90’s price. Volvo was forced to hike the starting price of its flagship electric SUV, the EX90, even before it hit the showroom floor. Because of the increased tariffs on Chinese-made batteries, the Volvo EX90 now starts at $81,290 including shipping, $3,300 more than originally intended. Despite the EX90 being built in South Carolina, its high-voltage battery pack is made in China by Contemporary Amperex Technology Co. (CATL). That might not be the case for long, though, as Volvo is looking for an American battery supplier that would
Feb
Renault unveils a trio of all-new electric vans. The Estafette E-Tech, Goelette E-Tech and Trafic E-Tech share the same 800V platform. They go on sale next year. With over half a million vans to its name, the Estafette was a staple of Renault’s commercial vehicle lineup between 1959 and 1980 before being retired. Now, the French automaker has revived the iconic Estafette nameplate for a brand-new, all-electric commercial vehicle based on a newly developed 800-volt skateboard architecture. And that’s not all because the Estafette is joined by two other historic names—the Goelette and Trafic—in an aggressive push from Renault toward the electrification of the light commercial vehicle (LCV) segment in Europe. All three models share the same underpinnings that were designed by Renault’s subsidiary Ampere. Each is front-wheel drive and
Feb
President Donald Trump’s Department of Transportation just dealt a blow to a key federal program that funds the rollout of electric vehicle charging infrastructure across the U.S. In a letter to state transportation departments titled “Suspending Approval of State Electric Vehicle Infrastructure Deployment Plans,” the Federal Highway Administration (FHWA) notified states that their plans to deploy charging infrastructure under the $5 billion National Electric Vehicle Infrastructure (NEVI) program were no longer approved. Under the NEVI program, states need to submit plans to the FHWA ahead of each fiscal year, outlining how they plan to use the funds. During the Biden administration, the FHWA approved the first four (out of five) years of state plans, for fiscal years 2022 through 2025. Although that funding was essentially unlocked by states, not all
Feb
The United States continues to dominate the global wealth landscape, with eight of the 10 wealthiest billionaires based stateside. However, the Forbes 2024 list shows that of the nearly 3000 billionaires worldwide, only 17 are Black. Regardless, Black entrepreneurs continue to defy the odds despite the obstacles stacked against them. According to 2021 Census data , Black-owned businesses in the U.S. generated $206 billion in annual revenue and supported 3.56 million U.S. jobs. There are 13 Black billionaires in the United States today. This elite group of leaders has carved out successful careers in media, sports, technology, finance, and entertainment. As we celebrate Black History Month in February, we delve into their journeys to success, showcasing their inspirational stories. David Steward The wealthiest Black American—with an estimated net worth of $11.4B—David Steward grew up in the
Feb
There’s a certain level of zen that comes with boarding an airplane. The free-for-all may be stressful, but the chaos is also predictable. If you fly often enough, you can see from a mile away how the process is going to go — especially when it comes to the battle of the bags. It typically starts with an unenthused agent issuing what seems like a far-too-early warning that overhead bin space is running out, causing a swarm of anxious passengers to crowd the gate in an attempt to ensure their bag travels with them. Some passengers voluntarily hand over their luggage for a gate check, begrudgingly strapping on that dreaded red tag, while others hold out, betting that there’s more room on the plane than the staff is letting on.
Feb
For Hong Kong guide dog trainer Margaret To*, an online mothers’ support group has provided a way to cope with rising prices. Browsing regularly through the Lakesilver Moms chat group, she has found baby clothes, toys, shoes, furniture, home appliances and even a picnic cart. Most were second-hand, some practically new. “They were all free. This has kept the expenses for our family of three to just under HK$5,000 [US$642] per month,” she said. “In return, I’ve also donated unused items to the group.” To, 36, and her husband, who works in online marketing, became more careful about spending after their daughter was born 2½ years ago. For a family stretching a monthly household income of about HK$60,000, every dollar saved mattered. A big chunk – HK$30,000 – went towards
Feb
Extended-range electric vehicles (EREVs) are a step between hybrids and EVs, with internal combustion motors that act as generators on longer trips. The technology may help Ford get around an “unsolveable” economics problem with large EV trucks: Consumers won’t pay for the super-sized batteries they require. Ram, Scout and General Motors are also betting on EREVs. Extended-range electric vehicles will be essential to the American market, Ford CEO Jim Farley said on the company’s earnings call Wednesday. The reason is simple: “Americans love their big cars. They love their big trucks,” he said. An extended-range EV, or EREV, is a technology that bridges the gap between a conventional hybrid and an electric vehicle. These cars operate as purely electric vehicles, with all of the vehicle’s propulsion coming from electric motors.
Feb
China and the rest of the world remain thirsty for oil. That means the commodity’s central and volatile role in geopolitics continues, with decades-old realities driving economics, trade, alliances and conflicts for the countries dependent on fossil fuels. Yet, change lies ahead. Last month’s short-lived rally underscores oil’s mercurial clout. Brent crude hit a four-month high of US$82 a barrel after the United States expanded sanctions on Russia and Iran. Oil-supply news shocks continue to have an immediate and enormous impact on the global economy; other policy shifts such as tariff increases matter too. Meanwhile, after years of production cuts, Opec+ members refuse to ramp up supplies before April, if even then. US President Donald Trump wants America to “drill, baby, drill” , thereby forcing prices down to the detriment
Feb
A Chinese company, Jiuling Lithium Mining Company, says it has concluded plans to invest over $200 million in the establishment of a lithium processing factory in the Endo community in the Nasarawa Local Government Area of Nasarawa State. The representative of the Managing Director of the company, Xiong Jin, disclosed this to Governor Abdullahi Sule during a visit to the factory’s site in the local government on Wednesday. Jin assured the governor of the company’s commitment to building one of the largest lithium mining companies in the state. While giving specific technical details about the size of the factory, Jin mentioned that the company would pay graduates employed to work at the mining site a minimum of N500,000. The Managing Director, however, called for the state government’s support in the
Jan
Tariffs on goods from Mexico and Canada that are set to take effect could hike the price of a gallon of gasoline for some drivers by as much as 70 cents and send grocery bills climbing, experts told ABC News. The Trump administration this week reiterated plans to slap 25% tariffs on all products from Canada and Mexico on Feb. 1. Those countries make up two of the three largest U.S. trading partners, government data shows. Tariffs of this magnitude would likely increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers, experts said. The policy could raise prices for an array of products ranging from tomatoes to tequila to auto parts. “The scary thing is the list
![A Tea farmer picking Tea at a farm in Kericho.PHOTO:[Wilberforce Okwiri,Standard]](https://i1.wp.com/cdn.standardmedia.co.ke/images/wysiwyg/images/sJQfuIwVUJjySlpUMSxoQlG1Cmgj3dQoLioDr1im.jpg?w=1000&resize=1000,500)
Jan
A Tea farmer picking Tea at a farm in Kericho.PHOTO:[Wilberforce Okwiri,Standard] For the past three years, multinational tea firms operating in Nandi, Kericho, and Bomet counties have faced persistent land invasions and illegal tea harvesting by criminal gangs. The crisis has prompted the Kenya Tea Growers Association (KTGA), which represents large-scale tea producers (LSTPs), to raise alarm over the escalating threats to the tea industry. In a statement released on January 20, KTGA chairman Silas Njibwakale expressed deep concern over recent invasions at Eastern Produce Kenya’s (EPK) tea estate in Nandi County and an attempted raid by armed individuals at Browns Sambret estate in Kericho County. “In Nandi County, organised criminal gangs have occupied crucial estate zones, including the Sitoi airstrip, crippling operations and placing lives and property at substantial
Jan
Intel co-chief executive Michelle Johnston Holthaus says the rise of DeepSeek chatbot could signal opportunity to be a disruptive player in the market for chips that power artficial intelligence. Photo: Pau BARRENA / AFPSource: AFP Intel reported a fourth-quarter loss on Tuesday, but better than expected revenue as the US chip giant continues to struggle to stake its place in the artificial intelligence revolution. The company posted a net loss of $126 million for the quarter ending December 28, compared to a profit of $2.67 billion in the same period last year. Revenue declined seven percent to $14.3 billion, which was slightly better than expected by analysts. The company’s share price rose two percent in after-hours trading following the earnings release. “While Intel’s revenue decline remains concerning, the overall results
![Brazil's President Luiz Inacio Lula da Silva poses for a photo after his first cabinet meeting of 2025, at the Granja do Torto country residence in Brasilia, Brazil, on January 20 [Eraldo Peres/AP Photo]](https://esbecgroup.com/wp-content/uploads/2025/01/Brazils-Lula-says-any-US-tariffs-would-be-reciprocated.jpg)
Jan
The Brazilian leader says he is looking for a relationship based on mutual respect after Trump threatens tariffs. Brazilian President Luiz Inacio Lula da Silva has said that, if the United States imposes tariffs on his country, he will respond in kind. Speaking at a news conference in the capital Brasilia, on Thursday, Lula said his country seeks a relationship based on mutual respect. His comments came in response to US President Donald Trump’s threat of heightened tariffs. “It is very simple: If he taxes Brazilian products, there will be reciprocity,” Lula told reporters. “Trump was elected to run the US, and I was elected to run Brazil. I will respect the US and want Trump to respect Brazil. That’s all.” The comments are the latest signal that Trump’s efforts
Jan
The Federal Government has called for collaboration with the World Economic Forum (WEF) to foster economic development and growth in the country and on the African continent. Specifically, it sought partnerships with the global body on the African Atlantic Gas Pipeline (AAGP) to connect Nigeria to Morocco and other African countries, as well as the […] The post Nigeria, WEF seek parley on gas pipeline, tackling global threats appeared first on The Guardian Nigeria News – Nigeria and World News.