Reported about 1 month ago
Tesla plans to introduce its Full Self-Driving (FSD) technology in China and Europe in the first quarter of 2025, pending regulatory approval. The announcement has positively impacted the company's stock performance, which has seen a slight increase in pre-market trading.
Source: YAHOO
Reported about 1 month ago
ADP's labor data showed only 99,000 new jobs in August, falling short of the expected 145,000, impacting predictions for potential Fed interest rate cuts. Verizon announced plans to acquire Frontier Communications for $20 billion, set to finalize in 18 months. Meanwhile, Nvidia denied reports about being subpoenaed by the DOJ regarding antitrust concerns.
Source: YAHOO
Reported about 1 month ago
ADP's latest report indicates that the private sector added just 99,000 jobs in August, the lowest since January 2021 and well below economists' expectations. This marks a continued trend of slowing payroll additions over the past five months, reflecting a cooling labor market. Despite the decline, factors such as low job turnover rates persist, suggesting that employees are less likely to leave their jobs. This slowdown has significant implications for Federal Reserve interest rate decisions amid easing inflation.
Source: YAHOO
Reported about 1 month ago
U.S. nonfarm productivity increased at an annualized rate of 2.5% in the second quarter, higher than the previous estimate of 2.3%, according to the Labor Department. This rise in productivity, which measures output per worker, along with a reduced rate of increase in unit labor costs, suggests a continued easing of inflation pressures. Compensation also saw a slight revision, now reported at a 3.0% rate.
Source: YAHOO
Reported about 1 month ago
A recent data leak from Disney revealed sensitive information, including financial strategies, employee details, and customer data. The leaked data, over a terabyte in size, contained passport numbers, addresses, and phone numbers of staff and passengers, along with insights into revenue from Disney's various products. Hackers published extensive records from Disney's internal communications, highlighting vulnerabilities in the company's data security efforts.
Source: YAHOO
Reported about 1 month ago
Recent data shows a decline in initial jobless claims in the U.S., with applications falling to 227,000 last week as layoffs remain low. This decrease suggests stability in the labor market, despite job openings hitting a 3.5-year low. The Federal Reserve reported generally flat employment levels and anticipated a potential interest rate cut amid signs of slower hiring.
Source: YAHOO
Reported about 1 month ago
Applications for unemployment benefits in the US saw a modest decline last week, dropping by 5,000 to a total of 227,000, as layoffs remain relatively low despite indications of a cooling labor market. The four-week average of claims also decreased, and the total number of Americans receiving jobless benefits fell by 22,000 to 1.84 million.
Source: YAHOO
Reported about 1 month ago
Prime Minister Giorgia Meloni's government aims to bring Italy's deficit down to 2.9% by 2026 as part of efforts to satisfy EU fiscal regulations amidst scrutiny of the country's substantial debts. Achieving this target may require significant cuts in public spending and could face challenges given the financial promises made to voters, such as tax cuts. The Finance Ministry is expected to submit a fiscal plan to Brussels soon, outlining the steps necessary to meet this goal.
Source: YAHOO
Reported about 1 month ago
Recently, there has been a decline in unemployment benefit claims by Americans, reflecting a stable yet softening labor market.
Source: YAHOO
Reported about 1 month ago
BNY Mellon has announced its acquisition of Archer, a technology and operations provider, to enhance its managed account services for asset and wealth managers. The deal's value remains undisclosed, but it's expected to close in the fourth quarter pending regulatory approval. This acquisition will leverage Archer's cloud-based platform, providing investment advisors with efficient tools for customizing portfolios for retail investors.
Source: YAHOO
Reported about 1 month ago
The European Union Aviation Safety Agency (EASA) has ordered inspections of Airbus A350 engines following a midair fire incident on a Cathay Pacific flight. The emergency directive will focus on checking high-pressure fuel hoses that may be compromised. Following flight CX383's return to Hong Kong, Cathay Pacific confirmed that 15 of its 48 A350s are affected and plans for their return to service by Saturday. Other airlines, including Japan Airlines and Singapore Airlines, have begun inspections and reported no issues.
Source: YAHOO
Reported about 1 month ago
Verizon Communications Inc. has announced its acquisition of Frontier Communications Parent Inc. for approximately $9.59 billion as part of its strategy to enhance its high-speed internet services. Frontier's investors will receive $38.50 per share, representing a 37% premium over its closing price prior to the deal's announcement. This merger will integrate Frontier’s fiber network into Verizon's existing portfolio, significantly bolstering its fiber and wireless assets and positioning Verizon ahead of its competitor AT&T in terms of consumer fiber subscribers.
Source: YAHOO
Reported about 1 month ago
JetBlue Airways has raised its revenue forecast for the third quarter, anticipating a decline of only 2.5% to growth of 1% year-on-year, driven by improved operational performance and strong summer travel demand, particularly in Latin America. The airline benefited from increased bookings following a global cyber outage in July and has implemented cost-cutting measures. Additionally, JetBlue plans to defer deliveries of new jets and exit less profitable routes to enhance financial performance.
Source: YAHOO
Reported about 1 month ago
General Motors has announced the appointment of Alfred Kelly, Jr., the former CEO of Visa, to its board of directors. Kelly, who led Visa from 2016 until his retirement in February 2024, is expected to bring valuable insights in finance, technology, and consumer relations to support GM's growth in electric vehicles and autonomous technology. With Kelly's addition, the board now consists of 13 members, 12 of whom are independent.
Source: YAHOO
Reported about 1 month ago
Chinese authorities have detained five former and current AstraZeneca employees for questioning regarding potential illicit activities related to drug imports. AstraZeneca confirmed awareness of the situation but did not provide further details. The detained individuals are reported to be Chinese citizens involved in marketing cancer drugs within the company's oncology division.
Source: YAHOO
Reported about 1 month ago
Republican presidential candidate Donald Trump is set to announce economic initiatives in a speech, featuring a government efficiency commission inspired by Elon Musk's suggestions, according to The Wall Street Journal. Musk had previously endorsed Trump in the presidential race.
Source: YAHOO
Reported about 1 month ago
Global physically backed gold exchange-traded funds (ETFs) recorded a fourth consecutive month of inflows in August, driven primarily by North American and European listings, according to the World Gold Council (WGC). Despite three years of outflows caused by high global interest rates, August saw an inflow of 28.5 tons, totaling $2.1 billion, contributing to a collective holding of 3,182 tons. This uptick coincided with a significant rise in gold prices amid speculation about upcoming U.S. interest rate cuts.
Source: YAHOO
Reported about 1 month ago
The Food Education Fund, a nonprofit organization in New York, is making culinary careers accessible for low-income students of color through hands-on experiences and mentorship. With over 800 public high school students engaged in various culinary arts programs, including internships and scholarships, the initiative aims to diversify the restaurant industry, where chefs of color are underrepresented in leadership roles. The organization has received significant support from businesses and high-profile figures, reflecting the power of food to unite communities and foster opportunities.
Source: YAHOO
Reported about 1 month ago
PayPal is expanding its services to include in-person payments in the U.S. by integrating its debit card with Apple Wallet and offering 5% cashback rewards. This initiative, led by new CEO Alex Chriss, aims to compete directly with tech companies and banks, enhancing customer engagement beyond online transactions. The marketing push is part of a broader strategy to tap into the growing value of debit card payments while adapting to changing consumer preferences.
Source: YAHOO
Reported about 1 month ago
In a recent discussion on Yahoo Finance's Decoding Retirement, retirement expert Anne Lester clarified that while there are no upfront charges for converting an IRA to a Roth IRA, the converted amount is subject to ordinary income tax in the conversion year. Additionally, individuals might encounter 'stealth taxes,' such as higher Medicare premiums due to increased income, and the conversion may lead to a higher tax bracket.
Source: YAHOO
Reported about 1 month ago
In August, U.S. employers announced a staggering 75,891 layoffs, marking the highest number in five months and tripling the July figures, according to Challenger, Gray and Christmas. The surge, primarily led by the technology sector, is attributed to growing economic uncertainty and rising operational costs, prompting companies to reassess their workforce strategies. This trend reflects a concerning shift in the job market, with rising unemployment figures leading Federal Reserve policymakers to consider interest rate cuts to support employment.
Source: YAHOO
Reported about 1 month ago
Keith Lerner, Truist's Co-chief Investment Officer, discusses gold's recent ascent to all-time highs, driven by geopolitical uncertainties, central bank purchases, and a weaker US dollar. He highlights that diversifying with gold can be beneficial for portfolios due to its positive technical trends and continued global demand, particularly from China.
Source: YAHOO
Reported about 1 month ago
Nvidia, known for its lucrative stock options and high-stress work environment, could face difficulties attracting and retaining talent if its stock continues to plummet. After a significant drop in market value, employees, who often face grueling hours and intense meetings, may reconsider the allure of equity compensation. As competition in the semiconductor space heats up, Nvidia's ability to retain talent amidst falling stock prices will be crucial for its future.
Source: YAHOO
Reported about 1 month ago
Wall Street is showing signs of recovery after two consecutive days of decline, as investors process recent data on initial jobless claims and the ISM Services PMI. With a crucial jobs report set to be released, concerns about recession loom following a rise in the unemployment rate to 4.3%. Additionally, Verizon announced a $20 billion acquisition of Frontier Communications to strengthen its fiber network, while Nvidia refutes claims of a subpoena related to an antitrust investigation.
Source: YAHOO
Reported about 1 month ago
Verizon has announced a $20 billion acquisition of Frontier Communications to enhance its fiber network. The all-cash deal offers $38.50 per share, a 37.3% premium over Frontier's closing price before the acquisition news. This strategic move will combine Verizon's 7.4 million FiOS connections with Frontier's 2.2 million fiber subscribers across 25 states, allowing Verizon to better compete in the market. The acquisition is projected to close in about 18 months and generate significant annual cost savings.
Source: YAHOO