Company Highlights: US Dollar Surge, Netflix Rebound

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‘Bad situation’: Soaring US dollar hurts the world

As the value of the US dollar soars, other currencies around the world plummet in comparison. This contributes to skyrocketing the prices of everyday goods and services and worsening financial distress, especially in poorer countries. It prompted complaints from an auto parts dealer in Nairobi, a baby clothes seller in Istanbul, a wine importer in Manchester, England, and the driver of the colorful Filipino mini-bus known as the jeepney name. The dollar is up 18% this year against a basket of key currencies around the world. Interest rate hikes by the US Federal Reserve drove up rates on US government and corporate bonds, attracting investors and pushing the US currency higher.

Another 11 accidental deaths are linked to automated vehicles

DETROIT – Eleven more people were killed in crashes involving vehicles using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of technology-related incidents. Ten of the fatalities were in vehicles made by Tesla, although the data is unclear whether the technology itself was to blame or whether driver error could have been responsible. The 11th fatality involved a Ford pickup truck. The deaths included four accidents involving motorcycles that occurred in the spring and summer: two in Florida and one in California and one in Utah.

EU fights to prevent energy prices from sinking the economy

BRUSSELS – European Union leaders are entering a crucial period this week to ensure that runaway energy prices and supply shortages do not further weaken their struggling economies and foment troubles. At the same time, they must keep the 27 members united in their opposition to Russian President Vladimir Putin. The EU’s Executive Commission presents a plan on Tuesday that aims to bridge the gap between those who want to impose a common gas price cap to keep prices low and those who think it will mainly prevent supply and further starve industries. and businesses. Then on Thursday, EU leaders will begin two days of talks in search of a compromise, no matter how difficult.

Stocks climb on Wall Street as investors focus on earnings

NEW YORK — Stocks rose on Wall Street, adding to weekly gains for major indexes that have been mired in a broad slump amid inflation and recession concerns. The S&P 500 rose 1.1% on Tuesday. The Dow Jones Industrial Average and the Nasdaq also rose. The gains were tempered by an earlier jump that sent nearly every stock in the S&P 500 up. It was the latest instinctive move in a market that has moved erratically in recent weeks. Many US companies are posting strong earnings for the last quarter. Goldman Sachs led banks higher after reporting better-than-expected results.

Netflix rebounds from recent subscriber losses with Q3 gain

SAN FRANCISCO — Netflix reversed its recent subscriber losses with a summer gain. Management hopes to build on the gains with the upcoming launch of a cheaper version of the video streaming service that will include ads for the first time. The Los Gatos, Calif.-based company revealed on Tuesday that it attracted 2.4 million subscribers in the July-September period, a comeback after losing 1.2 million customers in the first half. . The performance beat analysts’ estimates and allowed Netflix to at least temporarily reclaim the role of the world’s largest video streaming service from Walt Disney Co.

United Airlines nets $942m profit after strong summer

CHICAGO — United Airlines reported third-quarter profit of $942 million after a strong summer season. Chicago-based United said Tuesday it expects to beat Wall Street’s fourth-quarter earnings forecast as well. Airline executives say concerns about inflation and the economy don’t seem to be deterring people from travelling. Air travel in the United States has rebounded since the start of the pandemic. On Sunday, nearly 2.5 million travelers passed through US airport checkpoints. This is the highest number since before the pandemic. International travel is still lagging behind, but even there United feels optimistic enough to plan more flights to Europe next summer.

Report: Agricultural loss from Hurricane Ian could reach $1.56 billion

ST. PETERSBURG, Fla. – A new report reveals that preliminary agricultural losses in Florida due to high winds and torrential rains from Hurricane Ian could reach $1.56 billion, citrus, livestock, vegetable and vegetable farms. melons being the hardest hit. The report from the University of Florida’s Institute of Food and Agricultural Sciences said on Tuesday that many impacts could still emerge from flooded areas and depend in part on whether some damaged crops can be replanted to salvage part of the flood season. growth of winter vegetables. Estimated losses this year are for a high scenario of $1.56 billion and a low potential loss of around $787 million.

Amazon workers reject union offer in upstate New York

NEW YORK – Amazon workers in upstate New York overwhelmingly rejected a union offer on Tuesday, handing a second defeat to the labor group that has been trying to drag the company to the bargaining table since its historic victory earlier this year. Warehouse workers near Albany cast 406 votes out of 612 ballots counted — or about 66% — against the Amazon Labor Union, giving the company enough support to fend off the fledgling group of alumni and current Amazon workers. According to the National Labor Relations Board, 206 workers — or 33.6% — voted in favor of the group. The 31 additional ballots contested by Amazon or the union were not enough to influence the result.

Meta agrees to sell Giphy, ending battle with UK regulators

LONDON — Facebook parent Meta has said it will sell Giphy after it ran out of options to thwart a move by UK regulators, who again found the deal to buy the data-sharing platform GIF would limit competition and innovation. Britain’s competition watchdog ordered Meta last year to cancel the deal. The company appealed to a court, which rejected most of its arguments. Meta said he was disappointed but accepted the decision as a final word. Meta said he would wait for more details on the divestiture order and not file another appeal, ending the drawn-out battle over the $400 million acquisition.

The S&P 500 gained 42.03 points, or 1.1%, to 3,719.98. The Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30,523.80. The Nasdaq advanced 96.60 points, or 0.9%, to 10,772.40. The Russell 2000 Small Business Index added 20.20 points, or 1.2%, to 1,755.96.

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