Plus, U.S. says objects shot down not Chinese spy equipment.
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U.S. inflation rose 6.4% in January compared to January 2022 and increased 0.5% from December. Economists had expected a 6.2% increase YoY and a 0.4% increase month to month. Core CPI, which excludes food and energy prices, rose 0.4% from December and 5.6% from last year. More: - According to the Bureau of Labor Statistics (BLS), rising shelter costs accounted for half of the CPI’s monthly increase.
- Shelter rose 7.9% in January compared to last year and 0.7% month to month.
- Energy prices rose 8.7% in January, with fuel oil leading the category rising 27.7% in January compared to last year.
- Gasoline prices rose 1.5% YoY and 2.4% month to month.
- Food prices rose 10.1% in January compared to last year and 0.5% month to month.
- Egg prices are up more than 70% compared to last year.
- Though inflation shows signs of easing, the 0.5% in January from December may prompt more interest rate hikes from the Fed.
- Inflation rose 0.1% in December from November and 0.2% in November from October.
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Airbnb shares jumped more than 11% in extended trading on Tuesday after the company reported its Q4 and full-year 2022 earnings, beating analysts’ expectations. The company generated $1.9B in revenue in Q4, up 24% YoY. Net income came in at $319M, or 48 cents a share, up from $55M reported in Q4 2021. More: - Full-year revenue was $8.4B, up 40% YoY, and $1.9B in net income, up from a net loss of $352M reported in 2021.
- This was Airbnb’s first full GAAP profitable year.
- Airbnb posted $13.5B in Gross Booking Value for Q4, up 20% YoY, and $63.2B for the year, up 35% YoY.
- The company had 88.2 million Nights and Experiences Booked in Q4 and 393.7 million booed for the year, up 31% YoY.
- During Airbnb’s earnings call, CEO Brian Chesky said the company has repurchased $1.5B worth of its shares in the past five months.
- Airbnb said it has continued to see strong demand in 2023 and expects Q1 FY2023 revenue between $1.75B and $1.82B.
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The European Union has approved a law that will essentially ban the sale of new combustion engine vehicles in the region from 2035. The EU joins a growing list of major economies that have set an end date for new sales of gasoline and diesel-powered vehicles. The move is expected to cause a significant shift in the investment and production of EVs. More: - The law requires new cars sold in 2030 to have 55% lower carbon emissions compared with 2021 levels and have zero emissions by 2035.
- The law also requires the European Commission to review the region’s progress toward zero-emission targets in 2026.
- Other nations which have passed similar laws or announced target dates for combustion engine bans include Canada, the U.K., and Norway.
- In 2022, EV sales rose about 55% to more than 10 million vehicles, accounting for about 13% of total new cars sold.
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Air India ordered a record 470 airplanes from Airbus and Boeing. The deal is the largest in commercial aviation history. Air India ordered 250 jets from Airbus and 220 from Boeing. Based on the aircraft’s list prices, the order with Boeing comes to about $45.9B. The total value of both orders is about $85B. More: - Mumbai-based Tata Group owns Air India; the conglomerate aims to take advantage of India’s growing flying population.
- According to Tata Chairman N. Chandrasekaran, the Airbus order includes 210 A320neo narrowbody plans and 40 A350 widebody aircraft.
- The Boeing order includes 190 737 MAX, 20 787 Dreamliners, and 10 mini-jumbo 777X.
- Air India is also leasing another 25 jets from Airbus to meet immediate demand.
- Overall, the airline ordered 495 jets from both Airbus and Boeing.
- Air India’s new CEO Campbell Wilson said the company is working to revive its reputation as a world-class airline.
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Sandwich company Subway confirmed on Tuesday that it is exploring a sale. The company has hired JPMorgan as an advisor. Last month, The Wall Street Journal reported that the company was exploring a deal that could value the chain restaurant at more than $10B. More: - Subway has over 37,000 restaurant locations in more than 100 countries.
- The company said it plans to continue its multi-year transformation strategy, which includes innovating its menu, modernizing its restaurants, and improving the overall customer experience.
- Earlier this month, Subway reported that its global same-store sales rose 9.2% in 2022; North American same-store sales rose 7.8%.
- The company said it has had eight consecutive quarters of sales growth, and its digital sales have more than tripled since 2019.
- Subway is a privately held company and is not required to report its financial results.
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Walmart plans to close three of its U.S. technology hubs in Austin, Texas; Carlsbad, California; and Portland, Oregon. The retail giant is also requiring workers at these locations to relocate to keep their jobs and will start requiring tech workers to come to the office at least two days a week. More: - Walmart said it will pay for workers to relocate to one of its other primary locations in San Bruno, California, or to its headquarters in Bentonville, Arkansas.
- Walmart has about 11 tech hubs in the U.S. and six abroad.
- Last year the company announced plans to open new tech hubs in Atlanta and Toronto and had planned to add thousands of new hires to the company.
- Walmart is scheduled to report its quarterly earnings next week.
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Quick Hits - Athletic Brewing is pioneering a non-alcoholic craft beer revolution and donating 2% of sales toward protecting and restoring local trails.*
- The U.S. said its initial evidence into the three shot-down high-altitude objects was likely private with no connections to China. Officials said the objects served commercial purposes and were not used for spying.
- Louis Vuitton has hired Pharrell Williams as its new menswear creative director, succeeding Virgil Abloh, who passed away in November 2021.
- President Joe Biden has named Federal Reserve vice chair Lael Brainard as his top economic advisor and director of the National Economic Council. Brainard is succeeding Brian Deese, who has held the position for two years.
- Ford has paused production and shipments of its electric F-150 Lightning pickup due to a potential battery issue. Ford did not provide details of the issue.
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 |  | Vanessa Omeokachie writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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