Reported 25 days ago
In October, Venezuela's oil exports surged to a four-year peak of nearly 950,000 barrels per day, driven by higher crude output and increased sales to India and the United States. Despite facing challenges such as a significant storage terminal fire, tightening U.S. sanctions, and corruption allegations against former officials, Venezuela's state oil company PDVSA reported a 21% rise in exports compared to the previous month, marking the highest monthly figure since early 2020.
Source: YAHOO
Reported 25 days ago
Gen Digital’s CEO Vincent Pilette discusses the company's record membership of 40 million customers on its cybersecurity platform and highlights the increasing threats of scams, particularly during the ongoing election cycle. As scammers exploit artificial intelligence technology, Gen Digital uses AI to enhance its detection capabilities, responding to the growing demand for identity theft protection amid rising online fraud risks.
Source: YAHOO
Reported 25 days ago
The U.S. economy added only 12,000 jobs in October, significantly below the expected 100,000, influenced by adverse weather and Boeing strikes. PGIM Fixed Income's chief economist, Tom Porcelli, discusses the implications for equity and bond markets, predicting challenges in policy-making due to the upcoming U.S. presidential election. He foresees a 10-year yield around 4.30%, indicating that regardless of the election outcome, economic issues like deficit deterioration will persist.
Source: YAHOO
Reported 25 days ago
U.S. Treasury yields increased as traders adjusted for upcoming risks including the presidential election, anticipated interest rate cuts, and significant debt auctions. An October jobs report revealed only 12,000 jobs added, much lower than expected, strengthening the belief that the Federal Reserve will lower rates in their upcoming meetings. Amid growing uncertainties, volatility in the bond market has risen, reflecting traders' cautious stance ahead of crucial economic events.
Source: YAHOO
Reported 25 days ago
Argentina's central bank has lowered its benchmark interest rate to 35% in a surprising move as the government expresses optimism about controlling the country's high inflation, which remains over 200% annually. This decision marks the seventh reduction since President Javier Milei took office, with monthly inflation rates significantly easing. While the measures have resulted in a recession and increased poverty, recent actions are aimed at improving the economic landscape.
Source: YAHOO
Reported 25 days ago
The Dutch junior finance minister, Folkert Idsinga, resigned on Friday after facing backlash for not disclosing details of his personal investments, becoming the first member of the new right-wing coalition to step down since its formation in July. Idsinga, who is part of the New Social Contract party, stated he followed proper procedures but faced mounting pressure from opposition lawmakers and within his coalition to reveal information about his investments, leading him to conclude that he could no longer effectively serve in his role.
Source: YAHOO
Reported 25 days ago
Charter Communications' stock experienced a significant surge on Friday following the announcement of third-quarter earnings that surpassed expectations. The company reported an earnings per share of $8.82 and a revenue increase of 1.6% to $13.8 billion, bolstered by lower-than-expected subscriber losses and a remarkable 26% increase in mobile customers. Despite the surge, Charter's shares have declined nearly 5% overall this year.
Source: YAHOO
Reported 25 days ago
Wendy's has announced plans to close 140 U.S. restaurants by the end of the year, following a previous closure of 100 locations announced in May. Despite these closures, the company aims to open 250 to 300 new restaurants, focusing on enhancing brand presence and customer experience. Wendy's President and CEO Kirk Tanner mentioned that the closing locations are underperforming and outdated. The company currently operates 7,292 restaurants, with over 80% located in the U.S.
Source: YAHOO
Reported 25 days ago
Apple plans to invest up to $1.5 billion in Globalstar to expand its satellite communication services for iPhones. This investment includes $1.1 billion in cash and a $400 million purchase of 20% equity in Globalstar. The deal will allocate 85% of Globalstar's network capacity to Apple and aims to enhance connectivity in areas with limited access. Following the announcement, Globalstar's shares surged over 30%, while Apple saw a slight decline.
Source: YAHOO
Reported 25 days ago
Starting a small business can be challenging, but insights from Hello Alice co-founder Elizabeth Gore highlight key strategies for growth. She emphasizes the importance of diversifying cash flow, being strategic with financial resources, and building community relationships to enhance hiring efforts. Gore advises entrepreneurs to secure adequate capital, utilize grants and loan programs, and proactively engage with their local community to create awareness and talent pipelines before launching their business.
Source: YAHOO
Reported 25 days ago
Recent labor market data has maintained the Federal Reserve's outlook for a soft landing, despite an underwhelming job report for October that suggested job gains are at a pandemic-era low. The unemployment rate remained stable at 4.1%, and average hourly earnings grew by 4%. This, coupled with continued consumer spending and overall economic growth, reinforces the Fed's position ahead of its upcoming meeting where a rate cut is anticipated. Analysts remain cautiously optimistic about the job market's stability.
Source: YAHOO
Reported 25 days ago
The U.S. Department of Housing and Urban Development (HUD) has allocated $1.7 million to Asheville, North Carolina, to aid its recovery from the damages caused by Hurricane Helene. This funding will assist in the reconstruction of homes, businesses, and infrastructure impacted by the storm. HUD is actively coordinating with local leadership to ensure the funds address the most urgent needs and has implemented measures for long-term recovery and support for affected communities.
Source: YAHOO
Reported 25 days ago
The IRS has announced an increase in the contribution limits for 401(k) plans, raising it to $23,500 in 2025, up from $23,000 in 2024. Similar increases apply to 403(b) plans and the Thrift Savings Plan. While most contribution limits will remain steady, the annual contribution limit for IRAs stays at $7,000, and for those aged 50 and over, it remains $1,000. Additionally, the standard deduction for single filers will rise to $15,000, with other adjustments made to tax brackets and deductions for couples and heads of households.
Source: YAHOO
Reported 25 days ago
Oil prices rose over 2% following reports that Iran may be preparing a retaliatory attack against Israel, renewing market concerns about escalating tensions. West Texas Intermediate futures crossed $70 per barrel, while Brent hovered below $74. Despite Friday's gains, oil is on track for a weekly loss after significant drops earlier in the week. The potential for further geopolitical disruptions, including attacks on Russian energy infrastructure, adds to market volatility.
Source: YAHOO
Reported 25 days ago
In a bid to draw foreign investment ahead of the upcoming US elections, China has relaxed regulations, allowing foreign individuals to invest as strategic investors with lowered capital requirements. Previously, the threshold for non-controlling stakes was $500 million, now reduced to $300 million. Additionally, restrictions on private placements and lock-up periods have been eased. Analysts suggest these moves are aimed at bolstering foreign sentiment in light of uncertainties surrounding potential political changes in the US.
Source: YAHOO
Reported 25 days ago
Source: WSJ
Reported 25 days ago
Since 2020, local governments in the U.S. have been spending millions to enhance election security due to increased threats against officials and infrastructure. A survey revealed that 92% of local election officials have implemented new safety measures, resulting in significant budget increases. Despite federal grants, the financial burden largely falls on county and municipal funds, as demands for security enhancements outstrip available resources. This includes upgraded facilities, training, and emergency systems, with costs soaring in states like North Carolina and Philadelphia.
Source: YAHOO
Reported 25 days ago
In the latest episode of Capitol Gains, host Rachelle Akuffo, along with Washington Correspondent Ben Werschkul and columnist Rick Newman, delve into the crucial role of the U.S. economy in the upcoming elections. They highlight contrasting economic policies of Vice President Kamala Harris and former President Donald Trump, focusing on the $34 trillion national debt and discussing the influence of Trump’s billionaire backers like Elon Musk. The show also features an interview with Arizona Senator Mark Kelly about the election dynamics in Arizona and his thoughts on Trump's remarks regarding the CHIPS Act.
Source: YAHOO
Reported 25 days ago
Exxon Mobil Corp. has finalized the sale of its Fos oil refinery in France to a consortium led by Trafigura Group, effectively lowering its European refining capacity to approximately 1.1 million barrels per day. The Fos refinery, capable of processing 140,000 barrels per day, was Exxon’s only refinery in the Mediterranean and is now operated by Rhone Energies with a long-term fuel supply agreement in place with Exxon. The transaction was valued at $130 million, alongside additional payments for inventory.
Source: YAHOO
Reported 25 days ago
A.P. Moller-Maersk experienced a rise in profits and revenue in Q3, driven by higher freight rates, despite only a 0.3% increase in container volumes. Revenue in the ocean segment rose significantly to $15.8 billion, while profits rebounded from a loss to $2.8 billion. Challenges including disruptions from Houthi rebel attacks and labor union strikes impacted shipping routes and volumes. Maersk adjusted its earnings guidance upward, reflecting continued growth in its Logistics & Services segment and record revenues in its Terminals segment.
Source: YAHOO
Reported 25 days ago
Intel's shares increased after the company reported earnings that CEO Pat Gelsinger described as a 'critical quarter'. The boost in stock price was driven by better-than-expected guidance, which improved investor sentiment. While some analysts believe the results indicate stabilization, questions remain regarding Intel's potential return to growth.
Source: YAHOO
Reported 25 days ago
With mortgage rates nearing 7%, recent homebuyers are finding innovative ways to secure lower rates, according to a Zillow survey. About 45% of those surveyed managed to obtain rates below 5% despite a significant increase in typical mortgage payments. Strategies included special financing, contingent purchase offers, refinancing, and assistance from friends or family. Zillow's expert encourages buyers to explore various options to reduce monthly payments, revealing the growing creativity among buyers and sellers in today’s challenging real estate market.
Source: YAHOO
Reported 25 days ago
As companies shift towards nearshoring and rethink their supply chain strategies, the demand for efficient cross-border logistics continues to rise. Werner, with over 25 years of experience in Mexico, offers tailored solutions to navigate the complexities of international shipping while ensuring safety and compliance. In a dynamic cross-border environment, building strong partnerships with reliable carriers like Werner is essential for businesses seeking to enhance their supply chain resilience.
Source: YAHOO
Reported 25 days ago
Despite only adding 12,000 jobs in October, significantly below forecasts, Acting US Labor Secretary Julie Su insists the job market is strong. She attributes the low figures to extraordinary circumstances, including hurricanes and labor strikes, while emphasizing that GDP growth, declining inflation, rising real wages, and a stable unemployment rate signify overall market stability. Su noted that the unemployment rate has remained around 4% for a historically prolonged period and expects a recovery in job growth in future reports.
Source: YAHOO