Salem Radio Network News Wednesday, February 8, 2023


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News reports from around the world.

Japan’s SoftBank logs $5.9B loss as tech investments tumble

Tue, Feb 7, 2023 at 9:19 am

( ) -q-24- UNDATED (Correspondent Jeremy House) “e-commerce giant Alibaba.”

Japanese investor SoftBank Group has sunk into a deep loss for the October-to-December quarter.

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TAG: Correspondent Jeremy House reporting. Various uncertainties have slammed Japanese companies recently, such as soaring material costs and rising interest rates.

VERBATIM: The company was slammed by the global plunge in technology shares. The 783 billion yen net loss for the fiscal third quarter, was a reversal from a 29 billion yen profit a year earlier. SoftBank invests in hundreds of companies, including mobile carrier SoftBank, web services provider Yahoo, vehicle-for-hire company Didi and Chinese e-commerce giant Alibaba.

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UK energy company BP’s profits double to $27.7 billion

Tue, Feb 7, 2023 at 9:18 am

( ) -v-33- UNDATED (Correspondent Jeremy House) “stock from shareholders.”

British energy firm BP has reported record annual earnings. Correspondent Jeremy House has more on the story.

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VERBATIM: The London-based company says underlying replacement cost profit jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. BP’s earnings growth comes amid growing calls for the British government to boost taxes on companies profiting from the high price of oil and natural gas after Russia’s invasion of Ukraine. BP also increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.

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Boeing plans to cut about 2,000 finance and HR jobs in 2023

Tue, Feb 7, 2023 at 9:11 am

( ) -q-25- UNDATED (Correspondent Jeremy House) “resources support services.”

Boeing says it plans to cut about 2,000 jobs from the aerospace company’s finance and human resources departments in 2023.

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TAG: Correspondent Jeremy House reporting.

VERBATIM: A statement by the company says the jobs will be reduced “through a combination of attrition and layoffs” this year. The Seattle Times reports Boeing, which has been one of Washington state’s largest private employers, plans to outsource about a third of the eliminated positions to India. A Boeing official tells the Times the other positions will be eliminated as the company makes reductions in finance and human resources support services.

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French parliament to debate Macron’s pension reform bill

Mon, Feb 6, 2023 at 12:56 pm

( ) -q-21- UNDATED (Correspondent Jeremy House) “countries in Europe.'”

French President Emmanuel Macron’s unpopular planned pension changes are being debated at parliament, after they prompted massive strikes and street demonstrations in recent weeks.

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TAG: Correspondent Jeremy House reporting. Macron’s centrist alliance seeks to ally with right-wing Republicans, since the conservatives in recent years have pushed for raising the retirement age and appear inclined to vote in favor of the bill.

VERBATIM: The contested bill would notably raise the minimum retirement age from 62 to 64. A third round of protests has been called on Tuesday by eight main workers’ unions and another one is scheduled on Saturday. Macron vowed to go ahead with the changes, which he described last week as “indispensable when you compare to other countries in Europe.”

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UK nurses, ambulance crews strike, straining health system

Mon, Feb 6, 2023 at 12:54 pm

( ) -v-31- UNDATED (Correspondent Jeremy House) “std.”

Tens of thousands of nurses and ambulance staff are walking off the job in the U.K. Correspondent Jeremy House has more on the story.

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VERBATIM: The walkout is the latest in a wave of strikes that has disrupted Britons’ lives for months as workers demand pay raises to keep pace with double-digit inflation. Teachers, train drivers, airport baggage handlers, border staff, driving instructors, bus drivers and postal workers also have all walked off their jobs in recent months to demand higher pay. The Conservative government argues that giving public sector staff pay big increases will drive inflation even higher. Britain’s annual inflation rate was 10.5% in December…JH reporting.

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Retailers try to curb theft while not angering shoppers

Mon, Feb 6, 2023 at 12:50 pm

( ) -q-21- UNDATED (Correspondent Jeremy House) “with overreaching measures.”

Across the retail landscape, businesses have been putting items under lock and key as a quick way to stop thieves.

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TAG: Correspondent Jeremy House reporting.

VERBATIM: Some are considering extreme measures, including Rite Aid. Its chief retail officer recently said Rite Aid is looking at “literally putting everything behind showcases to ensure the products are there for customers who want to buy it.” But by trying to solve one problem, these businesses may be creating another: turning off shoppers with overreaching measures.

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Germany’s economy shrank by 0.2% in the 4th quarter

Sun, Feb 5, 2023 at 6:57 am

Official figures show that Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period

The performance by Europe’s biggest economy was worse than expected. Germany’s Federal Statistical Office says gross domestic product shrank for the first time since the first quarter of 2021. That was largely due to a decline in consumer spending, which had supported the economy in the first nine months of 2022. The drop followed GDP growth of 0.5% in the third quarter and 0.1% in the second quarter.


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Myanmar’s economy grew 3% last year and set to repeat in 2023

Sun, Feb 5, 2023 at 6:07 am

World Bank economists say Myanmar’s economy grew 3% last year and will likely achieve the same pace in 20-23

Despite the positive figures, Myanmar’s economy still lags far behind where it stood before the army seized power in early 2021. The global lending agency issued a report that estimates Myanmar’s level of economic activity is still more than 10% below where it stood before the pandemic and the military takeover. It says that if the global economy slows further as expected, the country might see exports and investment weaken further.


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Amazon beats Q4 revenue estimates, but profits slump

Fri, Feb 3, 2023 at 12:33 pm

( ) -q-21- UNDATED (Correspondent Jeremy House) “start-up Rivian Automotive.”

Amazon has reported worse-than-expected profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS.

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TAG: Correspondent Jeremy House reporting. Shares in Inc. fell 4% in after-hours trading. The earnings report closes a rough 2022 for Amazon. The company’s stock lost nearly half of its value last year amid a broader sell-off of tech shares tied to rising inflation, interest rates and concerns about the wider economy.

VERBATIM: Amazon said it earned $300 million, or 3 cents per share, in the October-December quarter. Industry analysts were expecting the Seattle-based company to earn 17 cents a share. It said its profits were dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.

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Apple suffers 1st quarterly sales decline in nearly 4 years

Fri, Feb 3, 2023 at 12:31 pm

( ) -q-26- UNDATED (Correspondent Jeremy House) “period in 2019.”

Apple has posted its first quarterly revenue drop in nearly four years.

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TAG: Correspondent Jeremy House reporting. The company’s profit also tumbled by 13% from the previous year, a steeper slide than analysts anticipated. Apple’s stock fell less than 1% in extended trading, paring losses of about 5% earlier.

VERBATIM: The company suffered from pandemic-driven restrictions on its China factories that curtailed sales of the latest iPhone during the holiday season. Apple’s sales of $117.15 billion for the October-to-December period represented a 5% decline from the same time in the previous year. It marks Apple’s first year-over-year decrease in quarterly revenue since the January-to-March period in 2019.

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US adds a surprisingly strong 517,000 jobs despite Fed hikes

Fri, Feb 3, 2023 at 12:28 pm

( ) -q-23- UNDATED (Correspondent Jeremy House) “the months ahead.”

America’s employers added a robust 517,000 jobs in January.

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TAG: Correspondent Jeremy House reporting. Friday’s government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing. Though good for workers, employers’ steady demand for labor has also helped accelerate wage growth and contributed to high inflation.

VERBATIM: It’s a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates. The Labor Department reports the January unemployment rate dipped to 3.4%. January’s job growth, which topped December’s 269,000 gain, could raise doubts about whether inflation pressures will ease further in the months ahead.

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Alphabet posts lower Q4 profit amid ad squeeze, competition

Fri, Feb 3, 2023 at 12:27 pm

( ) -q-22- UNDATED (Correspondent Jeremy House) “year-over-year.”

Google parent company Alphabet has posted lower profit and a small revenue increase for last year’s fourth quarter.

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TAG: Correspondent Jeremy House reporting.

VERBATIM: A decline in online ad spending and competition from rivals are weighing on the search giant. Alphabet’s profit declined 34% in the October-to-December quarter, while revenue grew only 1%. But while overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year.

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US filings for jobless aid lowest since last April

Thu, Feb 2, 2023 at 10:04 am

( ) -q-19- UNDATED (Correspondent Jeremy House) “proxy for layoffs.”

U.S. applications for jobless aid fell again last week to their lowest level since April.

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TAG: Correspondent Jeremy House reporting. The latest figure is further evidence that the job market has withstood aggressive rate hikes by the Federal Reserve as it attempts to cool the economy and bring down inflation.

VERBATIM: The Labor Department says applications for jobless aid in the U.S. for the week ending January 28 fell by 3,000 last week to 183,000. It was the third straight week claims were under 200,000 and the fifth straight weekly decline. Jobless claims generally serve as a proxy for layoffs.

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Meta posts lower Q4 profit, announces huge stock buyback

Thu, Feb 2, 2023 at 10:03 am

( ) -q-22- UNDATED (Correspondent Jeremy House) “31.55 billion dollars.”

Facebook parent company Meta has posted another quarter of declining revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

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TAG: Correspondent Jeremy House reporting. Despite the poor revenue figures, the company’s stock soared in extended trading, as its revenue beat Wall Street’s muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback.

VERBATIM: Meta says it earned 4.65 billion dollars in the final three months of 2022. That’s down 55% from 10.29 billion dollars a year earlier. Revenue fell four-percent to 32.17 billion dollars from 33.67 billion. Analysts were expecting 31.55 billion dollars.

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Sunak marks 100 days as UK prime minister as problems mount

Thu, Feb 2, 2023 at 10:00 am

( ) -q-27- UNDATED (Correspondent Jeremy House) “on my watch.”

British Prime Minister Rishi Sunak is marking 100 days in office.

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TAG: Correspondent Jeremy House reporting. Analysts say it may be too late for the Tories to avoid defeat in the next national election because the Conservatives trail far behind the Labour Party in opinion polls.

VERBATIM: The 100 days are more than twice the number of predecessor Liz Truss. But the leader who calmed financial markets after Truss’ disastrous economic plans now faces a host of challenges. They include double-digit inflation, strikes by public sector workers and ethics scandals in the governing Conservative Party. Sunak said this week that voters could “hold me to account” for “things that arise on my watch.”

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An ultimatum is delivered to Russia by Austria concerning diplomats

Thu, Feb 2, 2023 at 9:58 am

( ) -q-19- UNDATED (Correspondent Jeremy House) “to leave Austria.”

The Austrian government says it has ordered four diplomats based in Vienna, including two at Moscow’s mission to United Nations agencies in the city, to leave the country.

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TAG: Correspondent Jeremy House reporting. Western European nations and Russia have expelled each others’ diplomats on several occasions since Moscow’s invasion of Ukraine started nearly a year ago.

VERBATIM: The Foreign Ministry says two diplomats the Russian Embassy had “engaged in acts incompatible with their diplomatic status.” It also notes that the permanent mission to the U.N. in Vienna “committed acts incompatible with the Headquarters Agreement.” It didn’t elaborate. The diplomats were given a week to leave Austria.

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Tom Brady retires at 45, insisting this time it’s ‘for good’

Wed, Feb 1, 2023 at 12:03 pm

(   ) -q-22- UNDATED (Correspondent Jeremy House) “Super Bowl MVPs.”

Tom Brady says he’s retiring.

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TAG: Correspondent Jeremy House reporting. Brady owns NFL records including most wins, most passes, most completions, most yards and most touchdowns, both in the regular season and in the postseason.

VERBATIM: Noting that he’s not going to change his mind, Brady posted a video on social media in which he announced his retirement. He admitted that while he said the same thing one year ago today, but he insists that this time there’s no going back. Brady quarterbacked his teams to an unprecedented seven Super Bowl titles. He’s also the only player with five Super Bowl MVPs.

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Biden lawyer: FBI searches Biden’s Rehoboth Beach, Del. home

Wed, Feb 1, 2023 at 12:02 pm

(   ) -q-19- UNDATED (Correspondent Jeremy House) “his handwritten notes.”

The FBI is conducting a planned search of President Biden’s Rehoboth Beach, Delaware home.

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TAG: Correspondent Jeremy House reporting.

VERBATIM: The search is part of the agency’s investigation into the potential mishandling of classified documents. The search follows a 13-hour review of his Wilmington, Delaware home on January 20. At that time, agents located additional documents with classified markings and also took possession of some of his handwritten notes.

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Apple and Google app stores get thumbs down from White House

Wed, Feb 1, 2023 at 12:00 pm

( ) -q-19- UNDATED (Correspondent Jeremy House) “that squelches competition.”

The Biden administration is taking aim at Apple and Google for operating mobile app stores it says stifle competition.

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TAG: Correspondent Jeremy House reporting. Apple says it faces significant competition from various alternatives to its iPhone games. Google has defended itself against claims of monopoly. President Biden is convening his competition council for an update on efforts to promote competition and lower prices.

VERBATIM: The finding is contained in a Commerce Department report. It says the current app store model, dominated by California-based Apple and Google, is “harmful to consumers and developers” by inflating prices and reducing innovation. The report says the firms have a stranglehold on the market that squelches competition.

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GM 4Q earnings rise 16% as sales rebound at end of last year

Tue, Jan 31, 2023 at 10:18 am

( ) -q-26- UNDATED (Correspondent Jeremy House) “the Federal Reserve.”

Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16% over the same period a year ago.

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TAG: Correspondent Jeremy House reporting. GM and other automakers had trouble keeping factories running at full output during 2022.

VERBATIM: The Detroit automaker says it made $1.99 billion from October through December, or an adjusted $2.12 per share. That number beat Wall Street estimates. Quarterly revenue rose 28% to $43.1 billion, also beating estimates of $39.96 billion. The performance came against the backdrop of a slowing economy due to interest rate increases from the Federal Reserve.

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Europe scrapes out economic growth by dodging gas disaster

Tue, Jan 31, 2023 at 10:16 am

( ) -q-27- UNDATED (Correspondent Jeremy House) “halted most supplies.”

Europe’s economy has scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia’s invasion of Ukraine deterred people from spending in shops and restaurants.

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TAG: Correspondent Jeremy House reporting.

VERBATIM: The European Union statistics agency Eurostat reports economic output crept 0.1% higher in the last three months of 2022. That avoids an outright downturn as warmer-than-usual winter weather shelved fears of energy rationing in Europe. The countries that share the euro currency appear to have avoided the worst case scenario…running out of natural gas after Russia halted most supplies.

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Boeing bids farewell to an icon, delivers last 747 jumbo jet

Tue, Jan 31, 2023 at 10:14 am

( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

Boeing bids farewell to an icon today (ON TUESDAY). Correspondent Jeremy House has more on the story.

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VERBATIM: Boeing is delivering its final 747 jumbo jet. Since it debuted in 1969, the 747 has served as a cargo plane, a commercial aircraft capable of carrying nearly 500 passengers, and the Air Force One presidential aircraft. It revolutionized international travel. But over about the past 15 years, Boeing and its European rival Airbus have introduced more profitable and fuel efficient wide-body planes, with two engines instead of the 747’s four.

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A new Poll finds President Biden’s Approval Rating Slipping

Mon, Jan 30, 2023 at 1:00 pm

The Rasmussen Reports daily tracking poll for January 30th found that 42% of likely US voters approve of President Biden’s job performance. 54% disapprove. The approval percentage continues to fall after reaching 50% in December of 2022. The drop comes as the discovery of classified documents in mr. Biden’s  former office and Delaware home were made public. Former President Trump’s approval rating on that day in his presidency was 43% .

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Dutch electronics giant Philips to cut 6,000 jobs worldwide

Mon, Jan 30, 2023 at 9:16 am

( ) -q-22- UNDATED (Correspondent Jeremy House) “and economic headwinds.”

Dutch consumer electronics and medical equipment maker Philips says it is cutting 6,000 jobs worldwide over the next two years.

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TAG: Correspondent Jeremy House reporting. Philips CEO Roy Jakobs said 2022 was “a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency.”

VERBATIM: The company made the announcement as it revealed a net loss of 1.7 billion dollars in 2022. The job losses come on top of a reduction of 4,000 staff the company announced in October. The company, which has its headquarters in Amsterdam, is reeling from a worldwide recall of sleep apnea machines and economic headwinds.

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Michael Ramirez
Mon, Jan 30, 2023