Weekend's Update: Inflation, Microsoft, Stellantis, Apple, and December Home Sales

A stealth inflationary cost is hitting corporate profits and consumer wallets

• Dow component Travelers said insurance premiums that it charges are still soaring, at a time when other key input costs are falling.

• Homeowner renewal premiums skyrocketed 21%, while auto policy renewal premiums jumped 17%.

• Although rising premiums are good news for insurance firms such as Travelers, it’s bad news for customers.

Microsoft executive emails hacked by Russian intelligence group, company says

• Microsoft said it detected a cyberattack carried out by the same Russian intelligence group responsible for the broad-based SolarWinds hack in 2020.

• The new incident hasn’t had a material effect on company operations, but Microsoft still wanted to honor new cybersecurity event disclosure rules.

Stellantis CEO says automaker won’t sell EVs at a loss like other carmakers

• Stellantis won’t sell electrified vehicles such as hybrids and all-electric models at a loss like other automakers have, CEO Carlos Tavares said Friday.

• Stellantis currently has 25 EVs available globally and expects to launch another 23 by the end of this year.

• Some automakers have sold EVs at a loss to spur sales, meet fuel economy standards or build up capacity in hopes of eventually making the vehicles profitable.

Apple offers rivals access to mobile payment tech in EU antitrust case

• Apple has offered to give rivals access to its contactless payment and mobile wallet technology in an effort to appease antitrust regulators in Europe.

• In 2022, the European Commission found that since Apple Pay is the only option available to iPhone users, it may restrict competition in the market.

• The Commission said Friday that it is looking for feedback on the solutions Apple has proposed.

December home sales slump to close out worst year since 1995

• December home sales were 6.2% lower than in the same month a year earlier.

• Inventory fell 11.5% from November to December, but was up year over year.

• Full-year home sales for 2023 came in at 4.09 million units, the lowest tally since 1995.