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Climate change a rising Fed concern as nominees face hearing
WASHINGTON: How far the Federal Reserve can go to compel banks to consider the consequences of climate change in their lending policies could take center stage at a Senate hearing Thursday on the nominations of Sarah Bloom Raskin and two economists to the Feds influential Board of Governors. The Fed is already moving toward analyzing the risks that banks face from rising temperatures and changing weather patterns. What many in the oil and gas industry fear is something more far-reaching: That the Fed may eventually take steps to discourage banks from lending to the energy industry something it hasnt previously considered in its policymaking.
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Tesla recall: Full Self-Driving software runs stop signs
DETROIT: Tesla is recalling nearly 54,000 vehicles because their Full Self-Driving software lets them roll through stop signs without coming to a complete halt. Documents posted Tuesday by U.S. safety regulators say that Tesla will disable the feature with an over-the-internet software update. The software allows vehicles to go through intersections with all-way stop signs at up to 5.6 miles (9 kilometers) per hour. Disregarding stop signs is illegal in most states. The recall covers Model S sedans and X SUVs from 2016 through 2022, as well as 2017 to 2022 Model 3 sedans and 2020 through 2022 Model Y SUVs. Tesla says it has no reports of crashes or injuries.
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Googles Q4 ad sales soar again, parent plans to split stock
SAN RAMON, Calif.: Googles digital advertising empire turned in another strong performance during the holiday shopping season, propelling a 36% increase in its corporate parents revenue during the final three months of 2021. The results announced Tuesday underscore how technology giants have adapted to become even more successful during a nearly two-year pandemic that has roiled much of the economy. In a show of confidence intended to make its shares more affordable to a broader pool of investors, Google parent Alphabet also announced plans for its first stock split since 2014. Alphabets shares surged 7% on the news.
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Record sales prices drive GM profit up 56% to $10B last year
DETROIT: General Motors increased its net income 56% last year, helped by higher prices for its vehicles that were made scarce by a global shortage of computer chips. The Detroit automaker said Tuesday that it made $10.02 billion for the full year. And it predicted record pretax earnings in 2022 of $13 billion to $15 billion and net income of $9.4 billion to $10.8 billion. Excluding one-time items, GM made $7.07 per share for the year, beating analyst estimates of $6.83. Full year revenue of $127 billion fell short of estimates of $128.7 billion. In the fourth quarter, GM made a $1.7 billion net profit.
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Starbucks strong US holiday season offset by China slump
SEATTLE: Starbucks had a strong holiday season in the U.S. but weaker sales in China as its ended the second year of the pandemic. U.S. same-store sales, or sales at stores open at least a year, were up 18% over the October-December period a year ago. The Seattle-based coffee giant said more U.S. customers were visiting and spending more per visit. But same-store sales in China fell 14%, partly due to continuing lockdowns in some areas. Starbucks revenue rose 19% to $8.1 billion in its fiscal first quarter. That was ahead of Wall Streets forecast.
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Exxon returns to Q4 profit as demand continues to improve
NEW YORK: Exxon Mobil returned to a profit in its fourth quarter as demand for oil continues to improve. The oil and natural gas company earned $8.87 billion, or $2.08 per share, for the three-month period. A year earlier it lost $20.07 billion, or $4.70 per share. Removing certain items, earnings were $2.05 per share. Analysts polled by Zacks Investment Research expected a profit of $1.96 per share. Exxon does not adjust its reported results based on one-time events such as asset sales.
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Ethiopian Airlines resumes flights with Boeing 737-Max
NAIROBI, Kenya: Ethiopian Airlines says it has resumed flights with the Boeing 737-Max nearly three years after a crash of one of the aircraft outside the countrys capital killed 157 people. The airline said in a statement Tuesday that passengers on the days flight included government officials and diplomats. Boeing accepted responsibility for Ethiopian Airways flight 302 losing control shortly after takeoff from Addis Ababa Bole International Airport in March 2019. At the time, it was the second crash to involve a 737-Max aircraft in six months. After the Ethiopian crash, U.S. authorities grounded the 737-Max until Boeing could fix the planes faulty software.
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The end: Facebook-backed digital currency Diem sold to bank
SAN FRANCISCO: A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital. Silvergate and the Diem Association announced the sale on Tuesday. Diem said it became clear from its talks federal regulators that the project could not move forward. Meta, which owns Facebook, did not immediately respond to a message for comment. Its been clear for a while that Diem, which was first named Libra, was fighting an uphill battle with regulators, and Meta has gradually distanced itself from the project. Facebook announced the Libra project in 2019, at the time envisioning it as a stablecoin based on a basket of national currencies that could serve as a global currency for the unbanked around the world.
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The S&P 500 rose 30.99 points, or 0.7%, to 4,546.54. The Dow Jones Industrial Average added 273.38 points, or 0.8%, to 35,405.24. The Nasdaq advanced 106.12 points, or 0.7%, to 14,346. The Russell 2000 index of smaller companies gained 22.29 points, or 1.1%, to 2,050.74
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