Reported about 2 months ago
A federal judge has dismissed a challenge by the banking industry against a Consumer Financial Protection Bureau (CFPB) rule mandating lenders to gather demographic data on small business loan applicants. The regulation aims to enhance enforcement of fair lending laws by collecting data on woman-owned and minority-owned businesses. Despite arguments from banking associations that the rule could undermine its intent and raise costs for borrowers, the judge ruled that the CFPB acted within its legal authority. The deadline for lenders to comply has been extended to July 2025.
Source: YAHOO
Reported about 2 months ago
Oil prices rose sharply on Monday by over 3% due to a halt in Libyan production and escalating tensions in the Middle East, specifically after Israeli airstrikes on Hezbollah positions in Lebanon. West Texas Intermediate crude was priced at $77.42 per barrel, while Brent crude reached $81.43. Experts warn that the increased conflict could provoke an Iranian military response, potentially disrupting global oil movements. Despite the price surge, US gasoline prices have been decreasing, reaching an average of about $3.35 per gallon.
Source: YAHOO
Reported about 2 months ago
The Bank of New York Mellon has agreed to pay $5 million to settle charges by the U.S. Commodity Futures Trading Commission (CFTC) for failing to accurately report over 5 million swap transactions from 2018 to 2023, in violation of a prior order. Alongside the financial penalty, BNY will retain an independent compliance consultant to enhance its compliance measures.
Source: YAHOO
Reported about 2 months ago
Apple has announced its September event scheduled for Monday, September 9, where the company is expected to reveal the iPhone 16 along with updates on its AI-focused Apple Intelligence platform.
Source: YAHOO
Reported about 2 months ago
XPeng Motors' CEO He Xiaopeng announced the purchase of over two million shares in the company for more than $13.5 million, leading to a significant jump in XPeng's stock price. Despite this positive development, the stock is still down over 45% year-to-date, according to reports.
Source: YAHOO
Reported about 2 months ago
Michael Spanos, a top executive at Delta Air Lines, has been appointed as the new CEO of Bloomin’ Brands, the parent company of Outback Steakhouse. Spanos, who will begin his role on September 3, replaces David Deno, who is retiring after 12 years. Prior to his time at Delta, where he was the COO, Spanos held various positions at PepsiCo and was CEO of Six Flags Entertainment.
Source: YAHOO
Reported about 2 months ago
Following a brief shutdown due to a union lockout, Canada's two largest railroads, Canadian National and Canadian Pacific Kansas City, are working to resume normal operations. The lockout impacted billions in freight, particularly transborder trade with the U.S. While train movements were halted for under 24 hours, prior embargoes had already affected supply chains for over a week, leading to backlogs. Experts predict it may take a week for full operational recovery, as rail transportation is crucial for a significant portion of trade between Canada and the U.S.
Source: YAHOO
Reported about 2 months ago
Apollo Global Management and BlackRock are in discussions to provide financing for the merger of two Amazon aggregators, Branded and Heyday, into a new company named Essor. This consolidation aims to create a billion-dollar entity to navigate the distressed e-commerce market post-pandemic, with plans to enhance brand visibility through physical retail placements.
Source: YAHOO
Reported about 2 months ago
As the US Treasury coupon bond issuance is set to increase significantly, banks are expected to play a crucial role in the repo market to accommodate rising financing demands. With an anticipated additional $200 billion to $400 billion needed in repos, banks will become the main cash lenders. Recent shifts in rates and reserve availability highlight the growing importance of bank involvement amidst increasing treasury supply.
Source: YAHOO
Reported about 2 months ago
Optimism over potential rate cuts, following remarks by Federal Reserve Chair Jerome Powell, has led to a surge in the Russell 2000 small-cap index. MDB Capital's president Lou Basenese believes small-cap stocks have room for growth, contingent on the U.S. economy avoiding recession. He suggests a risk-on sentiment is returning as investors anticipate a soft landing for the economy.
Source: YAHOO
Reported about 2 months ago
Mary Daly, President of the Federal Reserve Bank of San Francisco, indicated that a reduction in interest rates is imminent, likely starting with a quarter-percentage point cut during the upcoming policy meeting on September 17-18. She emphasized the gradual slowdown of inflation and steady job growth as key factors supporting this decision, noted that maintaining excessively high rates could harm the economy, and echoed Fed Chair Jerome Powell’s sentiments that it’s time to adjust rates downward.
Source: YAHOO
Reported about 2 months ago
The Panama Canal Authority is addressing challenges from a historic drought by proposing the $1.6 billion Rio Indio Reservoir project, which aims to enhance water supply for the canal. During a roundtable discussion, administrator Ricaurte Vasquez emphasized the need for a customer-oriented approach and creative solutions in managing water resources. With recent rains allowing a return to 36 daily vessel transits, the authority is focused on mitigating the impact of future droughts through a portfolio of operational alternatives.
Source: YAHOO
Reported about 2 months ago
Millennium Management has shut down two trading pods focused on index-rebalancing strategies in Asia, resulting in the departure of managers Shao Ying and Zachary Corones. The decision comes as the hedge fund, which oversees $68 billion, faces market fluctuations due to a deteriorating US economic outlook and tighter monetary policies in Japan. Both managers were operating from Hong Kong, but details on the performance and assets of the teams have not been disclosed.
Source: YAHOO
Reported about 2 months ago
Mary Daly, President of the Federal Reserve Bank of San Francisco, has expressed her belief that it is time for the US central bank to begin cutting interest rates, following similar sentiments from Fed Chair Jerome Powell. During an interview, Daly emphasized the need to prevent restrictive monetary policy from negatively impacting the labor market as inflation returns to the target level. She indicated that while the Fed's rates are currently high, adjustments are necessary to avoid over-tightening, noting the importance of monitoring economic indicators amid a rising unemployment rate.
Source: YAHOO
Reported about 2 months ago
Shell has announced plans to shut in sections of its Zydeco pipeline system for maintenance from September 24, lasting three to four days, which will limit the flow of certain light crude oils to Louisiana. The Zydeco pipeline, crucial for transporting crude from Texas to Louisiana, has a capacity of 375,000 barrels per day and helps alleviate transportation issues for crude oil arriving in Houston from various regions.
Source: YAHOO
Reported about 2 months ago
AT&T has agreed to pay $950,000 following a Federal Communications Commission (FCC) investigation that revealed the company failed to deliver 911 calls to emergency centers during an outage in August 2023. The outage, which lasted 1 hour and 14 minutes, affected regions in Illinois, Kansas, Texas, and Wisconsin, leading to over 400 failed calls. In response, AT&T will implement a three-year plan to comply with FCC regulations regarding 911 services and outage notifications.
Source: YAHOO
Reported about 2 months ago
Nvidia is anticipated to report a more than doubled second-quarter revenue, likely reaching $28.68 billion, yet investor expectations continue to press higher amidst a notable 150% stock surge this year. Concerns about production delays, especially concerning the next-generation Blackwell AI chips and potential profit margin pressures, loom over the company's outsized expectations. Additionally, regulatory scrutiny is heightening around Nvidia's market practices, complicating an already tense outlook as it seeks to maintain momentum in the competitive AI sector.
Source: YAHOO
Reported about 2 months ago
A power outage at TPC Group's chemical plant in Houston has caused a large flare, sending thick black smoke into the sky. The incident, triggered by a thunderstorm, prompted concerns among local residents and raised questions on social media about the visibility of the flames, which could be seen from 18 miles away. The company's team is working to restore power and manage the situation.
Source: YAHOO
Reported about 2 months ago
Rothschild & Co. plans to close its Chicago office and move staff to New York as part of a strategy to reduce its presence in North America. The timing of these relocations is currently unknown. This decision follows the recent closure of their Miami office and comes amid decreased deal volume in the region.
Source: YAHOO
Reported about 2 months ago
In a recent discussion, Matt Higgins, CEO of RSE Ventures and a familiar face from 'Shark Tank', shared key investment strategies to prepare for a recession. He emphasized the importance of time as a valuable asset, urging young investors to start early, and highlighted sectors that may thrive despite economic challenges, such as obesity drugs, AI-driven energy needs, and copper.
Source: YAHOO
Reported about 2 months ago
U.S. railroads, including Norfolk Southern and BNSF Railway, have lifted all embargoes tied to the recent Canadian work stoppage, allowing rail traffic to resume after a significant disruption. The Canadian National and Canadian Pacific Kansas City had previously enacted embargoes ahead of a potential shutdown, which had affected over 9,000 union workers. Following an order from the Canada Industrial Relations Board for binding arbitration, operations are expected to gradually return to normal, although full recovery may take several weeks.
Source: YAHOO
Reported about 2 months ago
The U.S. Army Corps of Engineers will reassess the environmental permit for Hyundai's $7.6 billion electric vehicle plant in Georgia following concerns from a conservation group about the project's possible impact on local water supplies. The reassessment comes after it was revealed that Hyundai may withdraw up to 6.6 million gallons of water per day from a crucial aquifer. While construction is ongoing, the situation has sparked worries among local residents and agricultural stakeholders about the depletion of water resources.
Source: YAHOO
Reported about 2 months ago
JPMorgan Chase has been sued in a Manhattan federal court for allegedly sweeping customer cash into accounts with unreasonably low interest rates, as part of a proposed class action lawsuit. The plaintiff, Dan Bodea, claims the bank has been negligent in its fiduciary duties, benefiting disproportionately while offering customers inadequate returns on their idle cash. The lawsuit follows similar actions against other financial institutions and seeks unspecified damages for these alleged breaches.
Source: YAHOO
Reported about 2 months ago
Gunvor Group, a leading independent oil-trading company, has appointed Gary Pedersen as the new head of US trading, succeeding David Garza, who is set to retire later this year. Pedersen previously managed refined-products trading at Millennium Management and has experience with Northville and Koch Supply & Trading. Under Garza's leadership since 2017, Gunvor USA expanded significantly, though the firm now faces cooling market volatility following a period of high profits.
Source: YAHOO
Reported about 2 months ago
As the U.S. approaches the 2024 presidential election, historical patterns suggest that Bitcoin typically experiences a notable price dip 2-3 months before the election, similar to trends seen in previous election years (2012, 2016, 2020). After these pre-election dips, Bitcoin historically rebounds significantly, leading to substantial price increases in the post-election period. Current predictions indicate a potential rise to $100,000 or more following the 2024 election, maintaining a pattern observed in past election cycles.
Source: YAHOO