Reported 20 days ago
The world's first wooden satellite, named LignoSat, has been successfully launched by Japanese researchers from Kyoto University and homebuilder Sumitomo Forestry. Designed to test the viability of timber in space exploration, LignoSat will orbit the Earth for six months, evaluating wood's durability in extreme conditions and its potential benefits for future lunar and Mars habitats. The project aims to reduce the environmental impact of satellites and demonstrate that sustainable materials can be utilized in space technology.
Source: YAHOO
Reported 20 days ago
High-net-worth individuals are increasingly focused on estate planning as they prepare to pass wealth to younger generations, particularly Gen X and Millennials, who may invest differently than their predecessors. With significant tax exemptions currently in place, the upcoming wealth transfer is expected to involve $84 trillion over the next two decades. Experts emphasize the importance of open communication among family members regarding financial expectations and legacy planning to avoid confusion and ensure a smooth transition of assets.
Source: YAHOO
Reported 20 days ago
Morgan Stanley has received final approval from the China Securities Regulatory Commission to launch its futures business in China, establishing itself as the second major U.S. bank in the country's derivatives market. The new unit, wholly owned by Morgan Stanley, will enable the bank to serve domestic clients and offshore investors. This move follows JPMorgan Chase's entrance into the market in 2020, highlighting the growing activity in China's futures trading, which saw a trading volume of 568 trillion yuan ($79.92 trillion) in 2023.
Source: YAHOO
Reported 21 days ago
New Zealand's central bank has issued a stark economic outlook, highlighting rising unemployment and postponed business investments due to financial strains. The Reserve Bank of New Zealand's latest Financial Stability Report revealed significant domestic economic challenges, exacerbated by slowing global growth and high interest rates. While the economy is projected to have contracted in the last quarter and sentiment remains low, the central bank maintains that the financial system is stable, with banks prepared to handle potential increases in loan defaults.
Source: YAHOO
Reported 21 days ago
Philippine inflation rose by 2.3% year-on-year in October, matching economists' expectations and keeping within the central bank's target range. This increase, primarily driven by higher food prices, gives the Bangko Sentral ng Pilipinas the opportunity to continue its easing cycle. With an average inflation rate of 3.3% over the past ten months, the central bank is considering a further rate cut next month, despite potential risks from recent weather disturbances affecting food supply.
Source: YAHOO
Reported 21 days ago
Shari Redstone will not remain on the board of Paramount Global following the company's merger with Skydance Media, according to Bloomberg News. Despite having the option to join the new board, both Redstone and her son have no plans to do so. The merger, valued at $4.5 billion and aimed at consolidating ownership, follows a deal for Skydance to acquire National Amusements, and will see David Ellison appointed as chairman and CEO of the merged entity.
Source: YAHOO
Reported 21 days ago
As the presidential election approaches, Bitcoin and Ethereum have seen declines, while Dogecoin surged by over 9%. Bitcoin dropped to around $66,800 before recovering slightly, with analysts predicting it could exceed $100,000 regardless of the election outcome, whether Trump or Harris wins. Market sentiment remains greedy, indicating potential buying pressure ahead despite recent sell-offs and significant liquidations in the cryptocurrency sector.
Source: YAHOO
Reported 21 days ago
Global stocks rose and Treasury yields fell as traders awaited the results of the closely contested U.S. presidential election. Volatility in currency markets heightened, particularly for the euro and dollar-Mexican peso, reflecting concerns over potential protectionist policies. While the S&P 500 and other major indices saw gains, analysts warned that the election outcome could lead to significant market reactions depending on whether Donald Trump or Kamala Harris emerges victorious.
Source: YAHOO
Reported 21 days ago
New Zealand's central bank, the RBNZ, has indicated that the country's economic decline may worsen, citing a reduction in household spending and stalled business investments. Recent reports show the economy has contracted and is likely in recession, with unemployment projected to rise to a four-year high of 5%. Although the RBNZ has begun lowering interest rates to alleviate financial pressures, significant risks remain as the economy adjusts, with banks expected to handle loan defaults despite rising unemployment.
Source: YAHOO
Reported 21 days ago
On Election Day, U.S. stocks surged with the S&P 500 up 1.2%, driven by solid economic data despite the uncertainty surrounding the election results. While some Asian markets saw early gains, the focus remained on potential interest rate cuts by the Federal Reserve and implications of the election outcome on economic policies. Historically, the U.S. stock market has shown resilience regardless of which party holds the presidency, maintaining a long-term upward trend.
Source: YAHOO
Reported 21 days ago
China's top legislative committee is reviewing a proposal to transfer off-balance-sheet debt of local governments to official accounts, allowing for a mid-year increase in debt limits. This initiative aims to alleviate local financial pressure and may lead to significant market responses as investors await potential stimulus measures to boost the economy amid a backdrop of increased fiscal challenges and a weakening real estate sector.
Source: YAHOO
Reported 21 days ago
CoreWeave, an emerging AI cloud-computing provider, has chosen Morgan Stanley, Goldman Sachs, and JPMorgan Chase to lead its initial public offering planned for next year, as it prepares to potentially go public amid a resurgence in the US IPO market. The company has grown significantly since its founding as a crypto mining firm in 2017, attracting major investments and planning to expand its data center operations globally.
Source: YAHOO
Reported 21 days ago
In October, China's services sector expanded at its fastest rate in three months, with the Caixin/S&P Global services PMI rising to 52.0 from 50.3, signaling improved business conditions aided by government stimulus measures. The economy's growth pace, however, remains slow, with challenges such as weak property sector stability and declining new business inflows from abroad. Despite these concerns, confidence levels increased, suggesting potential for further recovery if consumer demand improves.
Source: YAHOO
Reported 21 days ago
The US dollar declined as voters headed to the polls in a closely contested race between Donald Trump and Kamala Harris. Currency volatility surged, particularly against the euro, Mexican peso, and Chinese yuan, as traders adjusted positions ahead of potential election outcomes. Trump's policies are seen to influence inflation and economic growth, while a Democratic victory could lead to a weaker dollar. The Federal Reserve is also in focus, with expectations for interest rate cuts amid mixed job data.
Source: YAHOO
Reported 21 days ago
Oil prices have increased slightly as traders focus on the closely contested US presidential election and the potential impact of Tropical Storm Rafael on Gulf production. West Texas Intermediate climbed to around $72 a barrel, while Brent settled above $75. The storm threatens to disrupt approximately 1.7 million barrels of daily oil output, prompting Chevron and Shell to take precautionary measures. Additionally, the election results could significantly influence US energy policies and international trade, particularly affecting sanctions on Iran and oil flows from Russia.
Source: YAHOO
Reported 21 days ago
Oil prices saw a slight rise, approximately 1%, on Tuesday in response to a storm threatening U.S. output in the Gulf of Mexico and a weakening U.S. dollar amid a tightly contested presidential election. Brent crude futures increased by 0.6% to $75.53 per barrel, while West Texas Intermediate crude rose by 0.7% to $71.99. Analysts noted that uncertainty from the elections, combined with geopolitical factors and the potential impact of Tropical Storm Rafael on oil production, have left traders cautious ahead of a busy week filled with significant economic events.
Source: YAHOO
Reported 21 days ago
NNK Equity LLC is preparing to sue New Mexico authorities after tens of thousands of pounds of its marijuana plants were destroyed in what officials called the largest cannabis seizure in the state since new laws took effect in 2021. State regulators claim the company violated a range of compliance requirements, while NNK Equity asserts its civil rights were infringed upon, particularly due to a lack of proper notice and translation assistance in legal proceedings. The company aims to overturn the license revocation in court and seek compensation for losses incurred from the destruction of their crops.
Source: YAHOO
Reported 21 days ago
Supermicro's stock has declined again following the resignation of its auditor, Ernst and Young, due to concerns over its financial statements. The company has faced multiple allegations of accounting manipulation, leading to a 9% drop in stock value year to date. While Supermicro has advantages in the growing AI infrastructure market, potential investors must weigh the risks associated with its troubled financial history against opportunities for growth, with cautious investors likely opting to avoid the stock.
Source: YAHOO
Reported 21 days ago
Apple Inc. is proposing an investment of nearly $10 million to establish a factory in Indonesia, aiming to lift the recent ban on its iPhone 16 sales. The Indonesian government blocked the iPhone's sale due to Apple’s failure to meet a 40% local content requirement. This move reflects President Prabowo Subianto's push for increased local manufacturing. While the investment could improve relations, it may deter other international companies from entering the Indonesian market due to the government's strict requirements.
Source: YAHOO
Reported 21 days ago
After Super Micro Computer's accounting firm Ernst & Young resigned due to concerns over the company's financial statements and governance, analysts have significantly adjusted their stock price targets. Needham analysts suspended their rating, while Wedbush cut the price target from $62 to $32, citing worsened investor sentiment and ongoing investigations. Additionally, Nvidia shifted some of its orders from Super Micro to maintain supply chain stability, raising further concerns about the company's future.
Source: YAHOO
Reported 21 days ago
TGI Friday's recent Chapter 11 bankruptcy filing has raised concerns among its franchisees regarding the liability of nearly $50 million in unused gift cards. Franchise owners worry that an influx of customers redeeming these cards, which do not expire, could lead to financial strain if the reimbursements are not appropriately budgeted. The chain plans to honor the gift cards during bankruptcy, but franchisees are seeking assurances for funding to cover potential redemptions.
Source: YAHOO
Reported 21 days ago
Amazon has reaffirmed its commitment to build a data center next to Talen Energy's nuclear plant in Pennsylvania, despite the Federal Energy Regulatory Commission’s rejection of a deal that would have increased the plant's power supply to the facility. The tech giant plans to pay $650 million for the project, aiming to advance carbon-free energy solutions while addressing its growing power needs amidst increasing demand from cloud computing operations.
Source: YAHOO
Reported 21 days ago
Palantir Technologies Inc. reported record quarterly revenue of $725.5 million, boosted by high demand for its AI software, leading to a 23% surge in its stock price, reaching an all-time high. The Denver-based company also revealed a net income of $144 million, exceeding analyst expectations. With 70% of its revenue coming from US clients, Palantir anticipates its US commercial revenue will grow over 50% this year, highlighting a significant boost from defense spending and partnerships, including a collaboration with Microsoft to enhance its AI capabilities.
Source: YAHOO
Reported 21 days ago
Hims & Hers Health experienced a significant increase in its share price following the announcement of better-than-anticipated third quarter revenue, with a year-over-year growth of 77% and a profit boosted by tax benefits and high demand for GLP-1 weight-loss drugs. CFO Yemi Okupe detailed the company's performance and addressed potential challenges from Eli Lilly and Novo Nordisk's weight-loss medications, stating that while shortages are ongoing, consumer feedback indicates a strong demand for their services.
Source: YAHOO
Reported 21 days ago
OpenAI, led by Sam Altman, is in preliminary discussions with the California Attorney General's office to modify its structure into a for-profit entity, as reported by Bloomberg News. This potential shift marks a significant change for the organization, founded in 2015 as a non-profit AI research lab, aimed at attracting more investors. While OpenAI's non-profit arm would still exist with ownership stakes in the new for-profit model, this move follows a successful $6.6 billion funding round that could significantly increase the company's valuation.
Source: YAHOO