The world this week--Business
America’s annual inflation rate dipped to 6.4% in January, from 6.5% in December.
Markets had expected a sharper fall.
Food prices were up by 10.1% year on year, and energy prices by 8.7%, which all point to further interest-rate rises from the Federal Reserve.
In Britain inflation stood at 10.1% in January, down from 10.5% but still stubbornly high.
Inflation has not been falling as fast there as in America and the EU, though the Bank of England thinks this will change when lower wholesale energy prices start feeding through to consumers.
The Japanese government nominated Ueda Kazuo to be the next governor of the Bank of Japan.
Speculation had swirled for months about who would replace Kuroda Haruhiko, who steps down in April, but Mr Ueda was a surprise choice.
He is a respected academic economist; his appointment breaks the tradition of selecting someone from within the central bank or finance ministry.
Markets will be watching closely for any sign that Mr Ueda intends to adjust the BOJ’s ultra-loose policy.
The delicate balancing act facing Mr Ueda was highlighted by the latest GDP figures for Japan.
The economy grew by 0.6% at an annualised rate in the final quarter of 2022, avoiding recession but a slower rate than had been expected after the easing of covid-19 restrictions.
GDP expanded by 1.1% for the whole year.
Air India said it would buy 470 planes from Airbus and Boeing to revamp its fleet, the biggest-ever order from a single airline.
The carrier was privatised by the government after 70 years of state ownership, returning to the Tata Group, whose founder started the airline in 1932.
The order includes wide-bodied, long-distance jets, which will enable Air India to compete with Gulf airlines for Indian long-haul passengers and fly directly to America and Europe.
Nelson Peltz ended his brief campaign to secure a seat on Disney’s board and force it to change.
The activist investor terminated his proxy battle after the company announced a restructuring of its business, which includes placing Disney+, its main streaming channel, in a new entertainment division overseeing all content decisions.
Mr Peltz’s firm said the new strategy was “a win” for shareholders.
After months of rumours, Ford confirmed that it is cutting its workforce in Europe.
The carmaker said that 3,800 jobs would go, accounting for 11% of its staff in the region.
Most of the cuts will be in Germany and Britain, as Ford prepares to ramp up production of electric vehicles, which need fewer workers to make than petrol-powered cars.