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5 Things You Need To Know, Today, on Friday 29th April 2022
5. The US economy unexpectedly shrank in the first three months of the year, contracting by -0.4% in the first quarter, or -1.4% on an annualized basis, its weakest quarter since the early days of the pandemic.
However consumer spending, the largest component of the US economy, grew 0.7% in the first quarter – a 2.7% annual rate – despite the impact of the Omicron.
4. Tesla chief executive Elon Musk has sold almost $4bn (£3.2bn) worth of shares in the electric car maker, US regulatory filings showed .
Mr Musk tweeted that he has no plans to sell more shares in the company.
3. In the first three months of this year there was a 19% rise in businesses in critical financial distress compared to the start of 2021, as costs spiral and Covid loan repayments come due.
Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor.
2. Amazon has reported its first loss since 2015 due to drop in online sales, rising costs and its investment in electric carmaker Rivian saw them take a $3.8bn hit.
Online sales at the e-commerce giant slipped 3% in the first three months of the year, as the boom to its business from the pandemic starts to fade but growth in cloud computing and advertising, remained strong.
1. Businesses that use high levels of energy are to get more support from the government for electricity costs.
Ministers said an Energy Intensive Industries Compensation Scheme will be extended for a further three years and its budget will be more than doubled.