Biden to end COVID-19 emergency declaration, UBS beats on earnings, Boeing delivers final 747
Notable business headlines include the Biden administration’s plans to end the COVID-19 emergency declaration and Title 42 border policy, UBS announcing a $5 billion share buyback, and Boieng delivering the final 747 to a cargo carrier.
JULIE HYMAN: Let's get down to business now. A look at some of the other headlines that we are watching. Among them, the Biden administration set to end the COVID-19 emergency declaration in May, signaling that the pandemic has entered a new less urgent phase. This is even as about 500 people a day are dying in the US still as a result of the disease.
As the declaration winds down, it means less free provided or reimbursed testing, although COVID vaccines will still come at no cost. It also means the conclusion of Title 42, the controversial US border policy that allows for the emergency expulsion of migrants. The overall emergency declaration was first issued under President Trump and extended multiple times across two different administrations.
UBS has beaten expectations with fourth-quarter earnings while also announcing a $5 billion share buyback. Switzerland's biggest bank did, however, see a dip in revenues on slower client activity. UBS's all important wealth management division, usually a key focus for investors, benefited from the higher interest rate environment. It posted a 35% increase in net interest income. That's effectively the difference between the interest a bank earns and what it pays out. Those shares down about 1%.
And the end of an era. Boeing delivering its final 747 jumbo jet from its Puget Sound factory in Washington State. This one headed to cargo carrier Atlas Air. That jet was first introduced in 1969. They ended up building a total of 1,574.
Separately, Boeing is reportedly set to increase production of its 737 MAX jet with a fourth production line to keep up with targets. This move codifies a shift in air transportation to smaller, more efficient planes with the new production line set to be added in 2024.