Reported about 1 month ago
Mary Daly, President of the San Francisco Federal Reserve, has indicated that the Federal Reserve will likely keep cutting interest rates to prevent further weakening of the labor market. Speaking at a conference, she mentioned that current interest rates are tight for an economy aiming for a 2% inflation rate. Despite stronger hiring data recently, she emphasized that there has been no indication to halt the reduction of rates, though future cuts may proceed more gradually.
Source: YAHOO
Reported about 1 month ago
Australian billionaire Richard White's wealth has plummeted by nearly $3 billion following a scandal involving allegations of inappropriate behavior with an ex-lover. His tech company, WiseTech Global Ltd., saw a significant drop in stock price, prompting an investigation by its board. The situation escalated after reports revealed White had settled prior allegations of misconduct, highlighting the precariousness of his public reputation and financial standing.
Source: YAHOO
Reported about 1 month ago
Merx Global Inc., a trucking company based in Elk Grove Village, Illinois, has recently laid off most of its company drivers due to ongoing market conditions. The affected drivers received termination letters on October 11, stating that the company could no longer support part of its fleet operations. While the company plans to sell outdated equipment without reinvesting in new vehicles, approximately 20 drivers remain for regional routes. Despite earlier pay cuts, some drivers stayed for months but were ultimately let go.
Source: YAHOO
Reported about 1 month ago
Fuji Soft's leading shareholder, 3D Investment Partners, has publicly backed KKR's $4 billion takeover bid for the Japanese software developer. They believe KKR is the best partner for the company and have committed to tender its shares. KKR's offer of 8,800 yen per share faces competition from Bain Capital's higher bid of 9,450 yen per share. However, with the support of 3D and another major shareholder, KKR is poised to secure control and block Bain's offer.
Source: YAHOO
Reported about 1 month ago
Source: YAHOO
Reported about 1 month ago
San Francisco Fed President Mary Daly emphasized that current interest rates remain high enough to hinder economic growth and urged the Federal Reserve to continue lowering rates to achieve a 'soft landing' for the economy, where inflation stabilizes at 2% and the labor market remains strong.
Source: YAHOO
Reported about 1 month ago
On October 21, 2024, Moody's announced it has revised its outlook for the US banking system from negative to stable, citing anticipated interest rate cuts and moderate economic growth as factors that will help stabilize bank asset quality and enhance profitability.
Source: YAHOO
Reported about 1 month ago
Nike has extended its partnership with the NBA and WNBA for another 12 seasons, making it the exclusive provider of uniforms and apparel for both leagues. Newly appointed CEO Elliott Hill emphasized the company's focus on athletes and consumers, stating that this partnership will enhance the cultural presence of basketball. Additionally, Nike plans to introduce initiatives to support aspiring young players through programs like the Jr. NBA and Basketball Without Borders. This announcement marks Hill's first major initiative as CEO amidst ongoing pressures from investors.
Source: YAHOO
Reported about 1 month ago
Meta is reintroducing facial recognition technology on Facebook to test a new system aimed at thwarting 'celeb bait' scams by comparing public figures' profile photos with images used in suspicious advertisements. Approximately 50,000 celebrities will participate in this trial, allowing them to opt-out if desired. The initiative follows previous concerns over privacy and aims to enhance protection against scams while promptly deleting any generated facial data.
Source: YAHOO
Reported about 1 month ago
A genealogist, Lenora Gobert, has identified five enslaved individuals believed to be buried at a site designated for a $9.4 billion plastics facility in southeast Louisiana. Her research, published by Louisiana Bucket Brigades and Inclusive Louisiana, highlights ongoing efforts by community groups to protect this culturally significant land as they navigate the industrial development led by Taiwan-based Formosa Plastics Group. The identified individuals, who were aged 9 to 31, had died at a former plantation, and Gobert argues for the need to recognize and safeguard these burial sites as essential to preserving the heritage of enslaved people.
Source: YAHOO
Reported about 1 month ago
Asian stocks are expected to decrease as Wall Street experiences a dip amidst mounting concerns over U.S. interest rates and potential election outcomes. Futures indicate the S&P 500's first back-to-back decline in six weeks, while European equities show modest movements amid uninspiring corporate earnings. Bonds are under pressure affecting stock market optimism, with inflation concerns rising due to the geopolitical landscape and economic policies.
Source: YAHOO
Reported about 1 month ago
TFI International's third-quarter earnings reveal a drop in less-than-truckload (LTL) operating income, falling to $96 million from $125.6 million last year, attributed to weak U.S. market conditions. While truckload income surged by 44% to $72.2 million, helped by the Daseke acquisition, overall revenue rose to $1.9 billion. Despite an increase in adjusted earnings before interest, taxes, depreciation, and amortization, net income decreased slightly to $128 million and adjusted earnings per share fell short of forecasts.
Source: YAHOO
Reported about 1 month ago
Miso Robotics is partnering with Nvidia to revolutionize the restaurant industry with the Flippy fry station, an automated cooking system powered by Nvidia's Vision AI technology. This collaboration aims to streamline fry-cooking processes while allowing restaurant staff to focus on higher-impact tasks. The cost of this technology will remain comparable to hiring human labor, providing an appealing option for restaurant operators.
Source: YAHOO
Reported about 1 month ago
Alcon Entertainment has filed a lawsuit against Tesla and Warner Bros, claiming they used AI-generated images reminiscent of 'Blade Runner 2049' during Tesla's recent event to promote its new autonomous cybercab. The lawsuit accuses the companies of copyright violations and false endorsement, asserting that Alcon had denied a request to utilize its images for the event. Alcon's lawsuit highlights the confusion this misuse could cause for their brand partners and emphasizes the significant financial impact of the alleged infringement.
Source: YAHOO
Reported about 1 month ago
Robert Minter, director of ETF investment strategy at abrdn, expresses skepticism about buying platinum bars from Costco despite their appeal as investments. He points out that high selling costs, potentially over 10%, can outweigh the benefits of cashback offers. Minter suggests that ETFs are a more prudent option for platinum investors given the current weak demand linked to electric vehicle adoption.
Source: YAHOO
Reported about 1 month ago
Alcon Entertainment, the producer of 'Blade Runner 2049', has filed a lawsuit against Tesla and Warner Bros Discovery, claiming they used images reminiscent of the film to promote Tesla's new autonomous cybercab without permission. The lawsuit alleges copyright violations and 'false endorsement', asserting that Tesla's actions could confuse customers regarding the relationship between Alcon and the electric vehicle maker. Alcon also stated that it spent substantial amounts building the 'Blade Runner' brand and expressed concerns over potential financial damages.
Source: YAHOO
Reported about 1 month ago
Nucor reported a staggering 78% drop in its third-quarter profits, primarily due to impairment charges related to its steel and raw materials sectors, causing a 3% decline in its stock price. The company's profits reached nearly $250 million, or $1.05 per share, while revenue fell over 15% to $7.44 billion. Despite beating analysts' projections with adjusted earnings of $1.49 per share, Nucor anticipates further profit declines in the fourth quarter amid a challenging pricing environment and decreased demand.
Source: YAHOO
Reported about 1 month ago
Nexus Capital Management is collaborating with lenders to secure approximately $750 million in financing to facilitate its acquisition of Big Lots Inc. out of bankruptcy. During a recent court hearing, Big Lots' attorney confirmed expectations that Nexus will finalize the financing ahead of an upcoming bid deadline, allowing them to strengthen their offer amidst the ongoing bankruptcy proceedings.
Source: YAHOO
Reported about 1 month ago
The luxury watch market continues to showcase strength in 2024, as evidenced by collectors and renowned brands gathering at WatchTime New York 2024. Yahoo Finance's Pras Subramanian highlights the prevailing consumer trends observed at the multi-day event, drawing comparisons between the US market and international counterparts.
Source: YAHOO
Reported about 1 month ago
Shares of SAP SE rose sharply after the company exceeded third-quarter earnings expectations, boasting strong revenue and optimistic full-year guidance. Conversely, Nucor Corporation's stock fell despite surpassing revenue estimates, as it reported earnings that did not meet forecasts.
Source: YAHOO
Reported about 1 month ago
SAP SE's shares rose as the company's cloud revenue grew 25% in Q3, reaching €4.35 billion, while also raising its 2024 financial outlook. The company is shifting focus to AI-driven services, with 30% of cloud deals in Q3 featuring AI use cases. Despite facing internal restructuring and leadership turnover, SAP remains resilient amidst a slowing German economy.
Source: YAHOO
Reported about 1 month ago
Boeing is set to end a five-week strike with a tentative agreement for union workers, raising its stock slightly despite a significant year-to-date decline. Leadership expert Bill George emphasizes the necessity for new CEO Kelly Ortberg to focus on long-term commitments while addressing immediate production challenges, suggesting that previous short-term strategies have contributed to ongoing issues.
Source: YAHOO
Reported about 1 month ago
JCP Investment Management, an activist investor with a 2% stake in Cheesecake Factory, is advocating for the company to consider spinning off its smaller brands, including North Italia, Flower Child, and Culinary Dropout, into a separate public company, as reported by the Wall Street Journal.
Source: YAHOO
Reported about 1 month ago
As the holiday season of 2024 approaches, consumer spending remains strong, but younger consumers are notably struggling financially compared to older generations. VantageScore CEO Silvio Tavares highlights that older individuals benefit from homeownership, providing a financial buffer against inflation, while younger people often do not own homes and are burdened by rising interest rates and economic uncertainties.
Source: YAHOO
Reported about 1 month ago
During a speech at the Bretton Woods Conference, IMF Managing Director Kristalina Georgieva stated that higher prices are likely to persist, contributing to economic pain alongside slow growth and high debt. She acknowledged global growth is expected to surpass 3% but emphasized ongoing concerns about trade and climate risks impacting economic prospects. The IMF will release updated global growth forecasts soon.
Source: YAHOO