Reported 27 days ago
Microsoft has appointed Carolina Dybeck Happe, the former CFO of GE, as its new Chief Operations Officer. This move is part of Microsoft's strategy to enhance its operations while competing aggressively in the cloud services sector, especially focusing on AI investments to challenge Amazon's dominance in the market.
Source: YAHOO
Reported 27 days ago
Suze Orman, the financial expert, publicly critiques the exorbitant insurance costs for her Florida condo, quoted at $28,000 annually, which she argues is unjustifiable given potential claim disputes. She highlights how rising insurance prices, exacerbated by climate change and increasing natural disasters, could make homeownership unaffordable for many Americans. While she can self-insure, Orman warns that the trend poses significant challenges for prospective homeowners.
Source: YAHOO
Reported 27 days ago
The FDA has authorized a new software that allows Apple’s AirPods Pro to function as over-the-counter hearing aids, specifically designed for users aged 18 and older with mild to moderate hearing impairment. This software update, expected this fall, enhances sound by amplifying speech and environmental noises in real-time. This move aims to improve accessibility to hearing support for the millions of Americans experiencing hearing loss.
Source: YAHOO
Reported 27 days ago
An investigation by India's Competition Commission has revealed that Amazon and Walmart's Flipkart breached local antitrust laws by preferentially promoting select sellers on their platforms. The findings indicate that these e-commerce giants favored certain listings, disadvantaging other sellers. This investigation, initiated due to complaints from local retailers, highlights ongoing tensions between large online platforms and smaller businesses in India. Both companies plan to review the report and may face potential fines for their practices.
Source: YAHOO
Reported 27 days ago
The Galp-Northvolt lithium refinery project in Portugal, designed to be one of Europe's largest, faces delays beyond its initial 2025 completion target due to project complexities and uncertainties regarding funding. The joint venture plans to produce 35,000 metric tons of lithium hydroxide annually but must secure necessary grants and finalize investment studies, impacting its timeline.
Source: YAHOO
Reported 27 days ago
Source: BARRONS
Reported 27 days ago
The European Central Bank has announced a second interest rate cut of 25 basis points this year and lowered its growth forecast to 0.8%. Alberto Gallo from Andromeda Capital Management discusses the ECB's cautious approach towards further rate cuts and highlights the differing drivers of inflation between the US and Europe, emphasizing the challenges Europe faces due to commodity prices and wage pressures.
Source: YAHOO
Reported 27 days ago
Charter Communications has announced that it will include Warner Bros Discovery's Max and Discovery+ streaming services at no additional charge for Spectrum TV Select package subscribers. This deal, which also maintains the delivery of Warner Bros Discovery's TV networks, comes amidst investor concerns over the company's struggles in the media market. As a result, shares for Warner Bros Discovery rose approximately 7%, while Charter's shares increased by over 2%.
Source: YAHOO
Reported 27 days ago
In a significant financial shift, the U.S. Treasury announced a $380 billion budget deficit for August 2024, up from a surplus of $89 billion during the same month last year. This change is largely attributed to the cancellation of President Biden's student loan forgiveness initiative. The deficit for the first 11 months of the fiscal year has reached $1.897 trillion, marking a 24% increase compared to the previous year, with interest costs on public debt surpassing $1 trillion for the first time.
Source: YAHOO
Reported 27 days ago
General Motors is reportedly negotiating to purchase electric vehicle batteries utilizing technology from China's CATL, which will be assembled at a new plant in the United States that will be financed and managed by Japanese company TDK Corp.
Source: YAHOO
Reported 27 days ago
The International Monetary Fund's lead negotiator with Argentina has stepped back from discussions as tensions with President Javier Milei escalate. The IMF announced that negotiations regarding Argentina's $44 billion program will now be led by other officials, following Milei's criticism of the previous negotiator's handling of past agreements.
Source: YAHOO
Reported 27 days ago
Hurricane Francine, which struck Louisiana as a Category 2 storm on September 11, 2024, has left Gulf Coast ports assessing damage and initiating recovery efforts. The storm, now downgraded to a tropical depression, caused significant impacts, particularly in Terrebonne Parish, and is expected to bring additional heavy rainfall across multiple states. Immediate responses include mandatory evacuations, damage assessments, and coordination of disaster relief efforts following President Biden's disaster declaration for Louisiana. Hundreds of thousands are without power, and cancellations of flights have been reported statewide.
Source: YAHOO
Reported 27 days ago
Nokia has refuted claims from the Financial Times suggesting it is seeking a replacement for its President and CEO, Pekka Lundmark. The company affirmed its full support for Lundmark and stated it periodically evaluates its leadership succession plan, which includes both internal and external candidates. Despite a reported drop in operating profit due to weak demand for 5G equipment, Nokia anticipates a sales recovery by the end of 2024.
Source: YAHOO
Reported 27 days ago
In the recent presidential debate, Vice President Kamala Harris showcased her evolving policy positions, which could appeal to undecided voters ahead of the November election. Notably, she has reversed her stance on fracking, abandoned the Medicare For All proposal, and taken a tougher immigration stance compared to her 2019 campaign. These changes reflect her strategic approach to garner support among moderates and independents as she navigates the general election landscape.
Source: YAHOO
Reported 27 days ago
The US federal budget deficit has surged to $1.9 trillion as the fiscal year approaches its conclusion, reflecting a 24% increase compared to the previous year. In August alone, the deficit hit $380 billion, driven by higher interest costs on debt and effects from the Supreme Court's decision on student-debt forgiveness. Interest payments have skyrocketed to over $1 trillion for the first time, driven by the Federal Reserve's interest rate hikes.
Source: YAHOO
Reported 27 days ago
Hurricane Francine has left over 400,000 homes and businesses without power and led to the cancellation of hundreds of flights across the Southern U.S. after making landfall with winds up to 100 mph. As the storm weakens into a tropical depression, power restoration efforts are underway, although a timeline for complete restoration remains unclear.
Source: YAHOO
Reported 27 days ago
UPS, Disney, and Ford, three major players in the S&P 500, are currently trading significantly below their all-time highs, presenting potential investment opportunities for those seeking reliable dividend stocks. UPS offers a 5% yield despite recent operational challenges, Disney is showing promise with profitable streaming and blockbuster films, while Ford presents the highest yield at 5.7%, though it faces growth hurdles in a competitive market. These stocks could appeal to investors looking for long-term holds despite short-term pricing pressures.
Source: YAHOO
Reported 27 days ago
Recent economic data, including a slight increase in the Producer Price Index (PPI), has led strategists to call for a 50 basis point cut to interest rates at the upcoming Federal Open Market Committee meeting. While inflation data shows manageable pressures, experts like Brian Szytel and Omair Sharif emphasize the bond market's urgent need for this cut to enhance stability and support a soft landing for the economy.
Source: YAHOO
Reported 27 days ago
General Motors (GM) and Hyundai have entered a non-binding agreement to explore collaborative projects in vehicle production, powertrains, and clean-energy technologies. The partnership aims to leverage the complementary strengths of both companies to enhance efficiencies and develop more competitive vehicles. This marks Hyundai's first major collaboration with a legacy U.S. automaker, as both companies seek to capitalize on shared resources and improve vehicle development costs.
Source: YAHOO
Reported 27 days ago
Hyperscalers, particularly companies like Nvidia, have seen immense growth due to increased spending on AI, significantly boosting their revenues. However, despite Nvidia's latest earnings exceeding expectations, market reactions suggest disappointment among investors regarding returns on such hefty investments. Madison Mills examines a Wall Street Journal chart outlining AI hyperscalers' capital expenditures since 2020, raising questions about future returns for investors in the AI sector.
Source: YAHOO
Reported 27 days ago
McDonald's $5 meal deal, which includes a McChicken or McDouble cheeseburger, small fries, Chicken McNuggets, and a drink, will remain available on menus until December due to rising customer demand amidst inflation. Originally planned as a limited-time offer, it has evolved into a popular summer promotion as diners seek affordable meal options. This decision reflects changing consumer behavior, with many opting to eat out less frequently, prompting the fast-food industry to introduce similar value deals to attract customers.
Source: YAHOO
Reported 27 days ago
Delta Air Lines has updated its full-year profit expectations, anticipating figures to remain in line with earlier estimates despite a $0.45 per share loss due to a significant IT outage in July. This disruption was linked to a software update from CrowdStrike, impacting operations globally. Delta's revised forecast indicates that profits could still meet or exceed the previous range of $6 to $7 per share.
Source: YAHOO
Reported 27 days ago
Verizon Communications Inc. is set to incur a pre-tax charge of up to $1.9 billion in the third quarter due to 4,800 planned job cuts linked to a voluntary separation program. The largest U.S. mobile carrier announced that over half of the affected employees will leave by September, with the remainder exiting by March. This restructuring is part of broader initiatives to streamline operations, which also includes the potential sale of mobile-phone towers to generate cash.
Source: YAHOO
Reported 27 days ago
A US appeals court is reviewing a law that could ban TikTok unless its Chinese parent company, ByteDance, divests ownership by January 19th. TikTok contends that the law infringes on users' First Amendment rights, while the Justice Department raises national security issues regarding data access. Legal analyst Alexis Keenan discusses the implications of the case as it relates to TikTok's future in America.
Source: YAHOO
Reported 27 days ago
Intel's stock has dropped 60% this year due to worsening losses and poor performance. While some investors see deep value, others caution it's a value trap. The company's ongoing struggles, like increasing cash burn, failed investments, and a decision to suspend dividends, illustrate a lack of confidence among analysts and potential risks for investors. Given its declining financial metrics and operational delays, Intel appears more likely to be a value trap rather than a genuine opportunity.
Source: YAHOO