Economy

Supply shortages could mean delays in power restoration after storms

Utility companies are the latest industry to face supply shortages. Florida’s Emergency Management Director is warning new supply chain issues could lead to delays in power restoration after a major storm. The warning comes as the coast prepares for the peak of an above average hurricane season. Basic essentials to restore power, including transformers, are …

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Lucid (LCID) crashes as it slashes 2022 production guidance and burns through $800M

Electric automaker Lucid Group’s stock (LCID) is crashing this morning after the company slashed its 2022 production guidance and confirmed that it burned through another $800 million during the last quarter. Yesterday, Lucid reported its Q2 2022 earnings and confirmed small progress in delivering its Air electric sedan. In Q2, the automaker delivered 679 vehicles …

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Russia faces ‘economic oblivion’ despite short-term resilience

Russian President Vladimir Putin attends a meeting with parliamentary leaders in Moscow, Russia July 7, 2022. Alexey Nikolskyi | Sputnik | Reuters Russia is facing “economic oblivion” in the long-term because of international sanctions and the flight of businesses, several economists have said. The International Monetary Fund last week upgraded Russia’s gross domestic product estimate …

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Era of soaring house prices is ending as central banks raise rates | Larry Elliott

It’s over. An era of ever-rising house prices stimulated by cheap money is coming to an end. Central banks created a colossal real estate boom and soon they will have to cope with the consequences of the bubble being pricked. In China it is already happening. Banks in the world’s second biggest economy are under …

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They Flocked to China for Boom Times. Now They’re Thinking Twice.

AH Beard, a 123-year-old luxury mattress manufacturer based in Australia, started eyeing China around 2010. At the time, the family-owned company faced looming competition from low-cost, foreign-made mattresses in its home market. China, with its 1.4 billion consumers and a growing middle class with a taste for premium brands, seemed like a good place to …

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People with new jobs are making way more money

Data: Pew Research Center analysis of the Current Population Survey; Chart: Baidi Wang/Axios Most people who switched employers between April 2021 and March 2022 saw an increase in their real earnings — despite surging inflation, according to a new Pew Research Center report. Why it matters: Amid proof that the “great resignation” is paying off, …

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Team Biden denies we’re in a recession — Americans don’t trust government

Why don’t Americans trust the government and other institutions? Maybe it’s because the government and other institutions aren’t trustworthy. There’s certainly plenty of evidence for both the lack of trust and the lack of trustworthiness. And if the trend continues, it bodes poorly for America. The news is bad on the lack of trust. A …

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