News in Brief
Elon Musk is world’s richest person again
BLOOMBERG – Elon Musk entered 2023 with a net worth of $137 billion, becoming the first person ever to lose $200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual.
He gave 11.6 million Tesla shares to unnamed charitable causes between August and December, according to a disclosure in February. The stock was worth about $1.9 billion.
Canadian banks build loan loss reserves
REUTERS – Bank of Montreal (BMO.TO) and Bank of Novia Scotia (BNS.TO) stockpiled rainy-day funds and reported a fall in first-quarter profit on Tuesday, as the Canadian lenders prepare for customers slipping on payments amid rising concerns of a recession.
Canada’s central bank has over the past 11 months lifted interest rates at a record pace to 4.5% to tame inflation, which at 6.3% in December remained well above the bank’s 2% target.
U.S. Caterpillar workers plan possible strike
REUTERS – Union workers at four Caterpillar Inc (CAT.N) U.S. facilities have threatened to strike for wage increases, improved safety measures and better healthcare benefits once a six-year labor contract expires this week.
The contract, which covers roughly 7,000 union employees represented by the United Auto Workers at three manufacturing plants in central Illinois and a parts and distribution center in York, Pennsylvania, will end on March 1.