Reported about 1 month ago
Elon Musk has drastically increased his financial support for the GOP, contributing $56 million in recent donations, bringing his total spending for the year to over $132 million. Despite his significant backing, Kamala Harris's campaign has outperformed Trump’s in small donor contributions, raising $97 million compared to Trump's $16 million in the first half of October. Musk, now the second-largest GOP donor, is intensifying his involvement in the campaign as Election Day approaches, although surveys suggest his association may not be positively influencing all voters.
Source: YAHOO
Reported about 1 month ago
Senior banking executives from the European Union have urged governments to refrain from interfering with bank consolidation efforts, emphasizing the need for a unified financial market to enhance competitiveness. This discussion follows UniCredit's recent move to acquire a stake in Commerzbank amidst concerns from Germany. The executives argue that such decisions should be left to shareholders rather than politicians, who may not fully understand the financial landscape.
Source: YAHOO
Reported about 1 month ago
Nexus Capital Management has been approved as the leading bidder to acquire Big Lots Inc. after securing $765 million in financing aimed at supporting its bid. A federal judge confirmed that this deal, which could still attract higher offers before the deadline on October 28, will help pay down a significant amount of Big Lots' debt and potentially preserve numerous jobs. The situation is part of an effort to revitalize the troubled discount retailer amidst bankruptcy proceedings.
Source: YAHOO
Reported about 1 month ago
At the IMF and World Bank annual meetings in Washington, Managing Director Kristalina Georgieva emphasized the urgent need for governments to enhance their fiscal capacity due to high fiscal pressures, while advising central banks to be cautious and data-driven regarding the timing of interest rate cuts.
Source: YAHOO
Reported about 1 month ago
Boeing is reviewing the future of its Starliner space capsule amid broader operational evaluations under new CEO Kelly Ortberg. While no decision has been made regarding its sale, Starliner has cost Boeing over $1.8 billion, exacerbated by production issues and a recent significant flight test failure. With increased competition from SpaceX, the future of Starliner appears uncertain, although Boeing remains committed to its core aircraft and defense operations.
Source: YAHOO
Reported about 1 month ago
Two additional members of the Los Angeles Times editorial board have resigned following the newspaper owner's refusal to endorse Vice President Kamala Harris for president. Veteran journalists Robert Greene and Karin Klein's resignations came after editorial page editor Mariel Garza also stepped down in protest. The board had intended to endorse Harris, but this plan was blocked, prompting criticism over the lack of editorial voice during a consequential election.
Source: YAHOO
Reported about 1 month ago
CrowdStrike and Carahsoft entered a $32 million agreement for cybersecurity software intended for the IRS, but the agency never purchased it. This non-cancellable order led to scrutiny due to potential discrepancies in revenue recognition and concerns about pre-booking. Despite ongoing payments from Carahsoft, the lack of a direct IRS contract and the deal's implications have raised red flags among legal experts and within CrowdStrike itself.
Source: YAHOO
Reported about 1 month ago
The Washington Post has decided not to endorse any presidential candidate in 2024, a move reportedly directed by owner Jeff Bezos. Publisher William Lewis emphasized a return to the paper's roots of non-endorsement, which sparked internal controversy as a pre-written endorsement of Vice President Kamala Harris was blocked. Former executive editor Marty Baron criticized the decision, calling it a 'moment of darkness' that could undermine democracy.
Source: YAHOO
Reported about 1 month ago
Philippine central bank Governor Eli Remolona Jr. has indicated that the peso may weaken to a record low of 59 against the dollar if geopolitical tensions and uncertainties surrounding the upcoming U.S. elections persist. The peso has recently dropped nearly 4% this month, raising concerns about potential inflation due to further depreciation. Despite this, the Bangko Sentral ng Pilipinas remains committed to a gradual interest rate reduction path, aiming for a benchmark rate of 4.5% by the end of 2025.
Source: YAHOO
Reported about 1 month ago
In the midday stock market update, the S&P 500 gained 0.27% as Tapestry's stock soared by 14% following a plan to acquire Capri Holdings, which dropped nearly 50% after a federal judge blocked the merger. Meanwhile, Deckers Outdoor rose 11% due to strong earnings, and Spirit Airlines saw an 18% increase after announcing cost-cutting measures. The broader market showed mixed results with the Dow down 0.42%.
Source: YAHOO
Reported about 1 month ago
Meta Platforms announced that its AI chatbot will utilize content from Reuters to provide real-time responses to user inquiries about news and current events. This partnership marks Meta's first news deal in years amid ongoing reductions in news content across its platforms due to criticism over misinformation. Details regarding financial terms were not disclosed, but Reuters will be compensated for its journalism under a multi-year agreement. Other tech companies, including OpenAI, have also formed similar alliances with news organizations.
Source: YAHOO
Reported about 1 month ago
In a recent episode of Financial Freestyle, Van Jones reflects on a valuable lesson from Jeff Bezos, emphasizing the mindset of treating each day as a fresh start. Bezos advised that waking up every day like it's day one encourages impactful actions and promotes larger dreams, contrasting conventional hopes with a vision for greater aspirations.
Source: YAHOO
Reported about 1 month ago
The Biden administration has introduced a new proposal aimed at providing student loan forgiveness for borrowers facing economic hardships due to factors such as natural disasters, high childcare costs, or unexpected medical expenses. If implemented, around 8 million borrowers may qualify for this relief.
Source: YAHOO
Reported about 1 month ago
As the holiday season approaches, retailers are hiring fewer seasonal workers due to lower expected sales growth, projecting a 2.5% to 3.5% increase compared to 3.8% last year. This has resulted in a competitive job market with fewer available roles and more applicants vying for the 520,000 anticipated part-time positions.
Source: YAHOO
Reported about 1 month ago
Solar stocks have faced significant volatility, particularly due to concerns regarding a possible Republican victory in the upcoming election and its implications for government support in the sector. Investors are weighing the prolonged recovery of solar investments against rising interest rates and disappointing performance reports, such as Enphase Energy's recent drop in stock after weak European demand. Industry analysts suggest that the current political climate may further impact funding for renewable energy initiatives, raising fears of reduced tax credits if Republicans regain power.
Source: YAHOO
Reported about 1 month ago
The Nasdaq has set a new record as investors eagerly await earnings reports from major tech players. Consumer sentiment in the U.S. has climbed to a six-month high, attributed to a recent interest rate cut by the Federal Reserve. Meanwhile, Capri Holdings saw its stock plummet nearly 50% following a court ruling against its $8.5 billion merger with Tapestry. Other notable stocks trending include Palantir, Nvidia, and Intel.
Source: YAHOO
Reported about 1 month ago
Alphabet, Google's parent company, has two types of stock represented by ticker symbols GOOG and GOOGL. This article, hosted by Yahoo Finance’s Rachelle Akuffo, explores the key differences between these stock classes and offers insights to help investors make informed decisions regarding their investments.
Source: YAHOO
Reported about 1 month ago
Many restaurants are currently struggling to retain their staff, a problem that has worsened since the COVID pandemic began. Higher turnover rates and extended hiring times plague the industry, as reported by Yahoo Finance Senior Reporter Brooke DiPalma.
Source: YAHOO
Reported about 1 month ago
On Friday, the Nasdaq Composite edged close to a record high, rising about 0.6% as major tech stocks showed resilience amid a challenging week for the broader market. While the Dow Jones lost 0.6% and the S&P 500 registered a slight increase after breaking a three-day losing streak, uncertainty surrounding the Federal Reserve's interest rate policy cast a shadow over investor confidence. The 10-year Treasury yield increased, reflecting ongoing concerns, yet positive anticipations for upcoming earnings reports from major tech firms buoyed the Nasdaq.
Source: YAHOO
Reported about 1 month ago
Brazil's federal government has reached a $23 billion settlement with mining companies responsible for the 2015 dam collapse, the worst environmental disaster in the country's history, which led to 19 fatalities and extensive environmental damage. Under the agreement, Samarco will pay over 20 years to compensate victims and restore affected areas. While the settlement addresses compensation for over 300,000 affected individuals, many others have pursued further reparations through a separate lawsuit in the UK, resulting in ongoing calls for justice and adequate compensation for the lasting impacts of the disaster.
Source: YAHOO
Reported about 1 month ago
German Finance Minister Christian Lindner stated that a trade war between the United States and the European Union would result in losses for both parties. As the U.S. presidential race continues, Lindner emphasized the need for a new trade agreement rather than tariffs and highlighted ongoing collaborations regarding financial aid for Ukraine amid the ongoing conflict with Russia.
Source: YAHOO
Reported about 1 month ago
In an interview with Yahoo Finance, Jeremy Bryan from Gradient Investments discusses the complexities of using valuation as a market timing tool, asserting that it often fails in the short term, where prices can rise even further or drop unexpectedly. Instead, he suggests that valuation is more useful for long-term expectations, indicating that expensive valuations typically lead to lower returns over time, while cheaper valuations may yield higher returns.
Source: YAHOO
Reported about 1 month ago
Septerna kicked off its market debut on Nasdaq with a remarkable 31% rise in shares, bringing its valuation to $970 million. The company's shares opened at $23.5, up from an IPO price of $18, following an upsized offering that raised $288 million. The biotech firm, backed by Goldman Sachs, focuses on developing therapies for G-protein-coupled receptors (GPCRs) and plans to advance its product research, particularly for hypoparathyroidism treatment.
Source: YAHOO
Reported about 1 month ago
Alex Jones is contesting the sale of his personal social media accounts in the upcoming auction of his media company, Infowars, which aims to pay over $1 billion owed to families of Sandy Hook victims. His legal team asserts that these accounts are personal assets and not owned by Infowars, arguing that selling them would infringe on his privacy and hinder his chance for a fresh start post-bankruptcy. The trustee proposes including these accounts in the auction, but a federal judge has delayed the decision, highlighting the need for clarity on ownership before any sale occurs.
Source: YAHOO
Reported about 1 month ago
Boeing is reportedly looking to sell parts of its space business, including the Starliner spacecraft and operations related to the International Space Station, while excluding its Space Launch System unit. This move comes as the Starliner has faced significant delays and technical issues, contributing to over $1.8 billion in cost overruns. Additionally, Boeing is dealing with a major strike affecting its aircraft production. The company's new CEO has emphasized a strategy of focusing on quality over quantity.
Source: YAHOO