The most important news from last week 1.8.2022
Trident Mortgage Co, owned by Berkshire Hathaway, settled U.S. mortgage
Warren Buffett's Berkshire Hathaway Inc's Pennsylvania mortgage firm has struck a 24.4 million USD settlement to satisfy US government claims that it wilfully discriminated against Black and Hispanic households in the Philadelphia region. Trident Mortgage Co purposefully avoided making mortgages and prevented individuals from applying for mortgages in majority-minority communities from 2015 to 2019. Settlement included a 4 million USD civil penalties.
Ford launched America’s first police EV Pickup truck
Ford Motor Company announced the release of the 2023 Ford F-150 Lightning Pro Special Service Vehicle, America's first electric pickup truck designed specifically for police enforcement. The company has been supplying police forces with cars for almost 70 years. Ford now has over 12,000 police agencies as clients around the country. Police-grade heavy-duty cloth seats, built-in steel intrusion plates in the front seats and roof-mounted LED warning beacons are among the truck's purpose-built features.
Movement of Ford stocks in the last five years. (Source: Trading Economics) *
U.S. Senate passes bill to boost chip production
The U.S. Senate enacted comprehensive measures to support the local semiconductor sector, intending to assist firms as they compete with China and ease a persistent shortage that has harmed everything from automobiles to washing machines and video games. The Chips and Science act offers around 52 billion USD in government subsidies for US semiconductor manufacture. President Joe Biden intends to sign it into law early next week if it is passed as predicted.
Meta posted first revenue drop in history
Meta Platforms Inc offered a bleak prognosis after reporting its first-ever quarterly revenue loss, with economic worries and competitive challenges impacting on its digital ad sales. The business forecasts third-quarter sales to decline between 26 billion USD and 28.5 billion USD.  Total revenue, which is nearly entirely from ad revenues, decreased to 28.8 billion USD in the second quarter ended on 30th of June, from 29.1 billion USD previous year. The company reported mixed data about costumer growth.
U.S. fuel demand remains strong
Despite contradictory indications from inventory data received by the US Energy Information Administration (EIA), demand for transportation fuels remained high. Fears that the United States would enter a recession have pushed crude oil prices lower, as recessions are typically followed by periods of weaker fuel consumption. Petrol demand has stayed below the five-year seasonal average since early June, while petrol consumption in the U.S. increased by 8.5% last week.
Sources: Reuters, Investing, CNBC, Trading Economics
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