Reported 4 days ago
S. Iswaran, a former Transport Minister of Singapore, has been sentenced to one year in prison for accepting illegal gifts and obstructing justice. His case marks a rare instance of a minister facing criminal charges in Singapore, as he pleaded guilty to five counts involving gifts totaling over SGD 74,000 from business figures. Justice Vincent Hoong highlighted the need for public officials to maintain a clean image, emphasizing the implications for the ruling People's Action Party, known for its anti-corruption stance.
Source: YAHOO
Reported 4 days ago
New Japanese Prime Minister Shigeru Ishiba's surprising caution against increasing interest rates has led to increasing doubts about a planned rate hike by the Bank of Japan (BOJ) this year. Ishiba's comments triggered a decline in the yen and raised skepticism among economists about the BOJ's anticipated moves, particularly a potential increase in rates next December. This shift reflects Ishiba's inexperience in market communications and underscores the volatility surrounding his administration's economic policies.
Source: YAHOO
Reported 4 days ago
The Philippines has enacted a 12% value-added tax (VAT) on digital services provided by foreign tech firms, such as Amazon, Netflix, and Google. This move, signed into law by President Ferdinand Marcos Jr., aims to create fair competition between foreign digital service providers and local companies. The government anticipates collecting 105 billion pesos from this tax between 2025 and 2029, with part of the revenue earmarked for the Philippine creative industries. Exemptions will be in place for educational and public interest services.
Source: YAHOO
Reported 4 days ago
Asahi Noguchi, a member of the Bank of Japan's policy board, emphasized the necessity of maintaining easy financial conditions until inflation expectations solidify, reinforcing the BOJ's cautious approach to rate hikes. His remarks follow Prime Minister Shigeru Ishiba's statement that the current environment is not suitable for increasing interest rates. The BOJ is expected to maintain its current policy settings at its upcoming meeting.
Source: YAHOO
Reported 4 days ago
A former cabinet minister of Singapore has been sentenced to one year in prison after pleading guilty to charges of receiving illegal gifts. This case highlights issues of corruption and accountability within the government.
Source: YAHOO
Reported 4 days ago
Source: INVESTORS
Reported 4 days ago
Rakesh Gangwal, a director at Southwest Airlines, purchased 3.6 million shares worth over $100 million, asserting that any further leadership changes would be counterproductive. His investment comes after activist investor Elliott Management pushed for changes within the airline's leadership. Gangwal argues that stability in the executive leadership is essential for the best interests of shareholders.
Source: YAHOO
Reported 4 days ago
Billionaire investor Mark Spitznagel, co-founder of Universa Investments and known for predicting past market crashes, believes the current stock market rally is in a 'Goldilocks phase' but warns that this euphoria will soon fade. He anticipates a looming recession and criticizes traditional investment strategies, suggesting investors should prepare for dramatic market downturns. Spitznagel emphasizes the importance of being aware of personal tendencies in investment decisions to avoid emotional mistakes.
Source: YAHOO
Reported 4 days ago
The options market is rapidly expanding but can be challenging for newcomers familiar with stocks and ETFs. Yahoo Finance's Jared Blikre explains essential concepts for those interested in exploring options trading. For in-depth insights and market developments, viewers can watch the complete episode of Market Domination.
Source: YAHOO
Reported 4 days ago
Warren Buffett's recent sale of Bank of America shares marks a continued slowdown in his liquidation spree, bringing in $338 million, notably lower than his previous rounds which averaged $750 million. The average sale price was approximately $39.40 per share, with Berkshire Hathaway still holding a 10.2% stake valued at over $31 billion.
Source: YAHOO
Reported 4 days ago
Japanese automaker Toyota has decided to postpone the production of electric vehicles at its Kentucky plant until the first half of 2026, as reported by Nikkei. The delay is attributed to necessary design adjustments and a decline in sales.
Source: YAHOO
Reported 4 days ago
Whole Foods CEO Jason Buechel addressed employee concerns regarding Amazon's five-day return-to-office policy, emphasizing the importance of motivation over punishment. During a recent all-hands meeting, Buechel promised initiatives to enhance the office experience and aimed for a collaborative approach in transitioning to a full in-office culture while maintaining flexibility for remote work when needed.
Source: YAHOO
Reported 4 days ago
Costco has begun selling 1-ounce platinum bars online, following the success of its gold bars, which sold out quickly. Priced at $1,089.99 with a limit of one bar per membership, the platinum bars are a new addition to Costco's precious metals lineup. This move reflects the retailer's strategy to capitalize on the growing interest in precious metals.
Source: YAHOO
Reported 4 days ago
Investing $150 in Rivian stock at its IPO three years ago would now value at only $17 due to significant overpricing and the company's struggle in the competitive electric vehicle market. Despite Rivian's impressive revenue growth from $55 million in 2021 to over $5 billion last year, its stock has underperformed largely because it peaked at an unsustainable market cap. Although future growth looks promising with upcoming mass-market models, recent market trends suggest caution for potential investors.
Source: YAHOO
Reported 4 days ago
Oil prices increased for the third consecutive day as concerns over supply risks in the Middle East intensified, particularly following Israel's threats of retaliation against Iran. West Texas Intermediate approached $71 a barrel, and Brent crude closed below $74. The ongoing conflict in the region, which accounts for a significant portion of global oil supply, raises worries about potential disruptions in oil flows due to strikes on energy facilities. Despite these concerns, OPEC+ signals plans to restore some production by December, and recent US data showed a notable rise in crude inventories.
Source: YAHOO
Reported 4 days ago
An investigation by the Maui Fire Department has revealed that the devastating fire that engulfed Lahaina, Maui, was ignited by broken utility lines operated by Hawaiian Electric. The report indicates that the re-energization of these lines sparked a fire that interacted with dry vegetation. Despite the utility's claims of non-responsibility, it acknowledged that its operations contributed to the incident which resulted in 102 deaths and over $5.5 billion in damages. A settlement of $4 billion has been announced to cover claims related to the fires but is currently under legal contention.
Source: YAHOO
Reported 4 days ago
Tesla has stopped orders for its least expensive Model 3 variant, the Standard Range Rear-Wheel Drive, on its U.S. website. Priced at $38,990, this model featured imported lithium iron phosphate battery cells from China, which now face higher tariffs. As a result, the Long Range Rear-Wheel Drive model becomes the new entry-level vehicle at $42,490, with Tesla's recent quarter deliverables showing a disappointing increase amid ongoing market challenges.
Source: YAHOO
Reported 4 days ago
Nvidia's CEO, Jensen Huang, claims that the demand for the company’s AI chips is 'insane,' coinciding with an expanded partnership with Accenture aimed at helping businesses integrate AI technology. As companies aggressively invest in AI infrastructure, Nvidia's share price has surged over 100% this year.
Source: YAHOO
Reported 4 days ago
The U.S. Securities and Exchange Commission (SEC) announced its decision to appeal a recent court ruling that limited its authority over cryptocurrency markets. This appeal will review a July 2023 decision regarding the XRP token from Ripple Labs, which was deemed not to be a security in a ruling that could restrict the SEC's regulatory power over other cryptocurrency exchanges such as Coinbase. Ripple's CEO criticized the SEC’s appeal as misguided, but emphasized that XRP currently holds non-security status.
Source: YAHOO
Reported 4 days ago
President Joe Biden has called on Israel to refrain from attacking Iran's nuclear sites following a missile barrage from Iran. As tensions escalate, Biden emphasized the need for a proportional response, stating he would discuss the situation with Israeli Prime Minister Benjamin Netanyahu. The G-7 nations are also working to mitigate the conflict, which has seen increased aggression from both sides, including Israeli incursions into Lebanon and retaliatory strikes from Iran.
Source: YAHOO
Reported 4 days ago
The U.S. Securities and Exchange Commission (SEC) has appealed a court ruling that required Ripple Labs Inc. to pay only $125 million for improperly selling its XRP token, far less than the $2 billion it initially sought. This legal battle stems from a 2020 lawsuit where the SEC accused Ripple of selling an unregistered security. A recent ruling concluded that XRP was considered a security only when sold to institutional investors, marking a significant moment for the cryptocurrency industry. Ripple's CEO criticized the SEC's approach, claiming it has harmed the agency's credibility.
Source: YAHOO
Reported 4 days ago
NVIDIA CEO Jensen Huang announced that the demand for their Blackwell product is 'insane' during a CNBC interview, contributing to a 1% increase in the company's share price. He also highlighted a new partnership with Accenture, aimed at accelerating AI innovation across enterprises. With Blackwell now in full production, Huang noted that the market is eager for this technology, emphasizing the urgent need for companies to adopt AI solutions for enhanced productivity and growth.
Source: YAHOO
Reported 4 days ago
Miami Dolphins owner Stephen Ross is in advanced discussions with private equity firm Ares Management and billionaire Joe Tsai to sell stakes in the NFL team and related assets, valuing the deal at $8.1 billion. Ares is set to purchase a 10% stake while Tsai's family office will buy 3%. This potential deal marks a significant move as the NFL recently changed its ownership rules to allow for institutional investments. The final agreement is still being negotiated and is expected to be presented for approval at the NFL's December owners meeting.
Source: YAHOO
Reported 4 days ago
The duration of the International Longshoremen’s Association (ILA) strike is in question, with predictions ranging around one week. While the Biden administration believes supply chains can endure a short strike, retailers like Walmart prepare for longer disruptions. The automotive sector, heavily reliant on port operations, could face complications quickly, especially since over 70% of certain parts are affected. Overall, the strike jeopardizes various supply chains, particularly in agriculture, with significant vulnerabilities highlighted by insurance experts regarding perishable goods.
Source: YAHOO
Reported 4 days ago
The rise of digital tokens is creating new opportunities for content creators and communities to launch their own coins, enhancing fan engagement and fostering community-driven projects. Experts discussed how platforms have made the process more accessible and affordable, allowing creators to control their own liquidity and involve fans in unique ways, exemplifying the potential for personal tokens to create direct interactions between public figures and their supporters.
Source: YAHOO