Business Update – March 1, 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Inflation measures surged at the fastest rate since last June
Consumer prices rose 0.6% from December to January, the fastest pace since June. Core inflation was up 4.7% compared to this time last year. Consumer spending rose 1.8% from December to January.
Government takes action against crypto industry
Last month, the Securities and Exchange Commission levied fines and other penalties against crypto lending firms. The actions are seen as a move to try to regulate the industry.
Retail giants predict weak earnings this year
Walmart and Home Depot reported strong holiday quarters but gave cautious outlooks for the year ahead. The retailers both say consumers are becoming harder to win over and are buying more necessities like groceries and lightbulbs rather than big-ticket items.
4-day work week trial seen as a massive success
Some states are considering legislation to offer tax breaks to companies that provide the option of a 4-day work week after an extended trial of the program saw benefits for both employees and employers.
Amazon is ready to “go big” on physical grocery stores
Amazon acquired Whole Foods for $13.7bn five years ago. It’s their largest-ever acquisition, but they have yet to disrupt the $1.6tn grocery sector in the way competitors had initially feared.
Apple eyes blood glucose monitoring
Using Apple Watch, the tech giant hopes to introduce a revolutionary technology to monitor blood sugar levels requiring no blood to be drawn. It’s a visionary goal left over from the Steve Jobs era.
Pending home sale numbers rise far beyond expectations
The pending sales index rose by 8.1% from December to January, healthily beating economists’ predictions of a 1% rise. The jump is attributed to buyers pouncing on lower interest rates, which have since increased again.
TD reaches settlement for Ponzi scheme involvement
TD Bank will pay $1.2 billion to settle a lawsuit over a $7 billion Ponzi scheme orchestrated by Allen Stanford that took place over a decade ago. The bank denies any wrongdoing.
Tax return deadline postponed for those in disaster areas
The IRS announced that taxpayers in most of California, Alabama and Georgia will now have until Oct. 16, 2023, to file their federal individual and business tax returns and make tax payments. Details can be found here.
Tesla pauses FSD installations to address “crash risk”
Tesla is holding off on new installations of its Full Self-Driving (FSD) beta software in the US and Canada until they can address a safety recall at the request of the National Highway Traffic Safety Administration (NHTSA). Customers with FSD already installed can continue to use it as-is but will receive no further software updates until the issues are resolved.
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