By Nathalie Voit A majority of app developers support efforts to break up barriers to entry in the digital marketplace, according to the Coalition for App Fairness (CAF), a non-profit group advocating on behalf of the app developer community. Over 8 in 10 app developers (84%) favor big tech antitrust legislation that would prohibit self-preferencing [...]
By Nathalie Voit Consumer sentiment in January fell to 67.2 from 70.6 in December, its lowest level since November 2011, the University of Michigan (UMich) said on Jan. 28. The Consumer Sentiment Index (CSI) dropped 4.8% from the previous month after preliminary results released on Jan. 14 revealed a 2.5% decline in the CSI since December, UMich [...]
By Nathalie Voit U.S. consumer spending declined by 0.6% in December amid ongoing inflation and Omicron-related fears that pushed consumers to start spending earlier in the holiday season, the Commerce Department said in a news release on Jan. 28. Personal consumption expenditures (PCE) decreased $95.2 billion, or 0.6% for the month. Households’ income increased $70.7 billion, or [...]
By Nathalie Voit The Bureau of Consumer Financial Protection (CFPB) issued a request for public comment on the use of so-called “junk fees,” or fees that bypass the regular competitive process, the bureau said in a press release. The bureau specifically pointed out hidden and tacked-on fees such as late payment fees charged by banks, hotel resort [...]
By Nathalie Voit U.S. Gross Domestic Product (GDP) grew at its fastest pace in the year in Q4, closing out at a 6.9% annualized rate, the Department of Commerce said in a news release on Jan. 27. The pace of growth was much better than forecasted; economists had projected the economy to advance just 5.5% in the [...]
By Nathalie Voit Electric vehicle maker Tesla reported record earnings and revenue in the fourth quarter despite ongoing supply-chain issues and rising raw materials costs that cut into the company’s profit. According to its Q4 2021 update, total revenue grew 65% year-over-year in the fourth quarter to $17.7 billion, surpassing the $16.57 billion predicted by Refinitiv analysts. [...]
By Nathalie Voit Bentley Motors is committing approximately $3.4 billion over the next 10 years to become an exclusively electric vehicle brand by 2030, the British luxury carmaker revealed in a company announcement on Jan. 26. The multi-billion-dollar investment will be used to fund the ‘Bentley Dream Factory’ in the heart of the historic Crewe campus in [...]
By Nathalie Voit Annual rent growth in 2021 averaged 10.1%, pushing the U.S. median rental price in December to $1,781, Realtor.com said in its Monthly Rental Report released Jan. 26. December marks the sixth consecutive month of double-digit growth for zero-to-two-bedroom properties. Rents for the month rose 19.3% year-over-year, relatively flat from the previous month’s levels but [...]
By Nathalie Voit Brent oil futures, the world’s crude benchmark, topped $90 on Jan. 26 for the first time since October 2014. The contract opened at $87.95 to hit a day high of $90.47, surging over 2%. Year-over-year, Brent crude surged roughly 70%. Year to date, the global oil benchmark increased 14.61%, up from $78.11 on [...]
By Nathalie Voit The U.S. Department of Transportation (DOT) announced a new rule on Jan. 24 aimed at protecting aviation consumers from unfair and deceptive practices. The final rule will simplify and expedite hearing procedures in the department related to unfair or deceptive business practices within the industry. The rule is intended to make it [...]
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