Reported about 2 months ago
Former Thai Prime Minister Thaksin Shinawatra has urged the government to urgently address the country's soaring household and public debt, proposing a debt restructuring initiative. He emphasizes the need for policies that can drive growth to levels comparable with neighboring Southeast Asian countries and advocates for greater coordination between fiscal and monetary policies. Despite consolidating a coalition government, Thaksin insists on the importance of amending the constitution for improved democracy in Thailand.
Source: YAHOO
Reported about 2 months ago
Italian aviation authorities are investigating an incident where two easyJet flight attendants were injured due to turbulence during a flight from Corfu to London. The plane made an unscheduled landing in Rome after the crew members were hurt. Reports suggest one attendant suffered a broken leg and the other a severe ankle sprain. The investigation was initiated due to the severity of the injuries, highlighting ongoing concerns about turbulence-related incidents in the aviation industry.
Source: YAHOO
Reported about 2 months ago
Edgar Bronfman Jr. has increased his bid for Paramount Global's parent company, National Amusements, to $6 billion, prompting the company to extend its 'go-shop' period. Bronfman, known for his roles as former chairman and CEO of Warner Music Group and currently executive chairman of FuboTV, aims to secure the acquisition amid ongoing market developments.
Source: YAHOO
Reported about 2 months ago
BP Plc’s stock has dropped to its lowest point in two years as investors react negatively to the company's shift away from its traditional oil and gas business towards greener initiatives. Pressure is mounting on new CEO Murray Auchincloss to reconsider this strategy, especially as BP's profits largely hinge on fossil fuel markets, which have regained valuation amidst rising commodity prices. In contrast to BP's struggles, British rival Shell has seen its stock rise following a more aggressive approach toward returns on investment, highlighting investor skepticism regarding BP's sustainability and growth outlook.
Source: YAHOO
Reported about 2 months ago
In the latest retail earnings report, Urban Outfitters saw its stock drop after missing same-store sales estimates and announced promotional strategies to boost foot traffic. Meanwhile, BJ's Wholesale Club shares declined despite a second-quarter earnings beat due to weak fiscal guidance, while Williams-Sonoma's shares plummeted after reporting lower-than-expected revenue and reducing its full-year forecast.
Source: YAHOO
Reported about 2 months ago
Source: WSJ
Reported about 2 months ago
Existing home sales modestly rose by 1.3% in July, halting a four-month decline, as lower mortgage rates provided buyers with more choices and improved affordability. However, year-over-year sales of existing homes dipped 2.5%, with median prices climbing 4.2% to $422,600, marking a 13-month streak of rising prices. Despite increased activity, the housing market remains challenged by limited inventory and high prices.
Source: YAHOO
Reported about 2 months ago
Zomato, the Indian food delivery giant, is shutting down its inter-city food delivery service, Intercity Legends, due to a lack of market fit after two years of operation. CEO Deepinder Goyal announced the decision on social media, highlighting that the company will now focus solely on city-based deliveries. This announcement follows Zomato's recent acquisition of Paytm's ticketing businesses for $244.2 million.
Source: YAHOO
Reported about 2 months ago
As the 2024 Jackson Hole Economic Symposium approaches, investors are anticipating heightened market volatility driven by mixed economic data, the potential for Federal Reserve interest rate cuts, and the uncertainties of an election year. BCA Research's chief strategist Irene Tunkel highlights that while the market seems optimistic, stock valuations appear high and may not sustain new highs. The outcome of Fed Chair Jerome Powell's speech and the subsequent rate-cutting cycle could lead to unexpected market reactions.
Source: YAHOO
Reported about 2 months ago
The gaming industry is experiencing a shift towards player monetization, with industry leaders discussing the potential growth of revenue streams and the empowerment of gamers. Rob Nelson led a roundtable featuring Michael Wagner and David Gokhshtein, highlighting resistance from major entertainment players to allow consumer monetization. Despite this tension, there is optimism that the industry will adapt. Wagner and Gokhshtein emphasized the importance of compelling gameplay experiences and simplifying new technologies for users. They believe that embracing innovations like blockchain and NFTs could facilitate a rapid transition to a new gaming ecosystem.
Source: YAHOO
Reported about 2 months ago
In late August, the S&P Global Flash US Manufacturing PMI dropped to 48.0, lower than the expected 49.0 and down from July's 49.6. Meanwhile, existing home sales rose by 1.3% in July, according to the National Association of Realtors, which noted that while sales are still 'sluggish,' consumers find more options and enhanced affordability thanks to lower interest rates.
Source: YAHOO
Reported about 2 months ago
As the Federal Reserve's 2024 Economic Symposium kicks off in Jackson Hole, expectations are high for comments from Chair Jerome Powell on monetary policy. However, Annex Wealth Management's economist Brian Jacobsen warns that the market's anticipation may be overly optimistic, predicting Powell's address could lead to disappointment by offering little indication of significant policy easing despite lowering inflation rates.
Source: YAHOO
Reported about 2 months ago
Verizon is now offering a free 12-month subscription to Netflix's Premium plan for customers who sign up for a year of NFL's premium streaming service, NFL+. This promotion allows Verizon customers to potentially save up to $276 annually while enjoying live NFL games and 24/7 access to NFL Network for updates and coverage. The deal is part of Verizon's strategy to combine its plans with popular streaming services to attract new customers.
Source: YAHOO
Reported about 2 months ago
US stocks fluctuated on Thursday as investors considered the potential depth of interest rate cuts by the Federal Reserve, with the S&P 500 and Nasdaq both experiencing minor losses despite hopes for lower rates following the Fed's recent meeting. Prior to a pivotal speech by Chair Jerome Powell at the Jackson Hole symposium, economic data such as rising jobless claims added to the market's cautious sentiment. Meanwhile, corporate developments saw shares of Paramount rise amid a takeover bid, while Snowflake's stock declined due to disappointing sales outlooks.
Source: YAHOO
Reported about 2 months ago
Federal Reserve Bank of Philadelphia President Patrick Harker has indicated his support for initiating a steady course of interest rate cuts, potentially starting in September, contingent on favorable economic data. Harker emphasized the importance of a gradual approach to easing monetary policy, reflecting feedback from business contacts who seek predictability after the aggressive rate hikes of the past few years. He acknowledged a normalization in the job market and a retreat in inflation, while expressing the view that it could take more time to reach the Fed's 2% inflation target.
Source: YAHOO
Reported about 2 months ago
Minnesota Governor Tim Walz formally accepted the Democratic Vice Presidential nomination during the DNC on Wednesday night, which featured notable speakers like former President Bill Clinton and Oprah, alongside former football players he coached. The focus will shift to Vice President Kamala Harris on Thursday as she prepares to introduce herself in her own acceptance speech.
Source: YAHOO
Reported about 2 months ago
U.S. business activity fell to a four-month low in August, reflecting challenges in passing higher prices to consumers, which suggests a sustained downward trend in inflation. The S&P Global Composite PMI Output Index dropped to 54.1, with the services sector showing a slight increase overshadowed by a decline in manufacturing. Average prices charged rose at the slowest pace since January, indicating pressure from consumers on prices, while inflation rates are easing, hinting at potential GDP growth and lower interest rates.
Source: YAHOO
Reported about 2 months ago
Baidu's shares fell in pre-market trading after its second quarter earnings report revealed flat revenue. Analysts highlight the difficulties Baidu and other e-commerce platforms are facing as they pivot towards AI, coinciding with a broader economic downturn in China.
Source: YAHOO
Reported about 2 months ago
The 2024 Jackson Hole Economic Symposium, hosted by the Federal Reserve Bank of Kansas City in Wyoming, begins today, with a significant focus on Fed Chair Jerome Powell's speech set for Friday. Analysts anticipate his comments may shed light on potential interest rate cuts ahead of the upcoming September meeting. Yahoo Finance reporter Jennifer Schonberger provides insights on the event's themes and expectations from central bankers and economists.
Source: YAHOO
Reported about 2 months ago
Urban Outfitters Inc. saw its stock prices drop by up to 15% after the company reported quarterly sales growth that fell short of Wall Street expectations. The retail segment's comparable sales increased by only 2%, below the anticipated 2.94%. Executives indicated that the slowdown may lead to more promotions and markdowns, negatively impacting gross margins. Analysts predict that lackluster sales could persist into the second half of the year.
Source: YAHOO
Reported about 2 months ago
Toronto-Dominion Bank has recorded its first quarterly loss since 2003, reporting a C$181 million loss largely due to a $2.6 billion provision for fines related to US money-laundering probes. The bank's struggles were compounded by rising insurance claims from severe weather impacts. Shares fell 4.2% following the announcement, as analysts speculate on potential leadership changes amid ongoing regulatory scrutiny.
Source: YAHOO
Reported about 2 months ago
U.S. stocks opened positively with the S&P 500 nearing a new all-time high, driven by a 0.5% increase in the Nasdaq Composite, as investors await key interest rate insights from the Federal Reserve's Jackson Hole Economic Symposium.
Source: YAHOO
Reported about 2 months ago
The latest data shows a slight increase in US jobless claims, rising by 4,000 to a total of 232,000. This comes alongside signs of a gradual cooling of the labor market and overall business activity, suggesting an upcoming interest rate cut by the Federal Reserve. While the unemployment rate is stabilizing, layoffs remain low, pointing to a softening labor market rather than a severe downturn.
Source: YAHOO
Reported about 2 months ago
Recent analyst actions highlight significant stock adjustments on Wall Street, with Crocs receiving an upgrade to 'Buy' from 'Hold', raising its target price to $163, while TJX was downgraded to 'Neutral'. Other notable upgrades include Estee Lauder and Unilever, reflecting confidence in their growth potential, while Urban Outfitters and other companies faced downgrades due to disappointing performance or market expectations.
Source: YAHOO
Reported about 2 months ago
Extreme weather conditions are driving an increased demand for cleaner backup power solutions as blackouts become more frequent. Many residents, facing outages due to severe storms and heatwaves, are opting for solar energy systems paired with battery storage over traditional fossil fuel generators. Although initially costly, the prices of solar and battery technologies have decreased, making them more accessible. This shift is vital as the aging electric grid struggles to cope with climate change's escalating impacts.
Source: YAHOO