Reported about 2 months ago
According to a CBRE report, North America has witnessed a remarkable 70% increase in data center supply under construction, reaching a record 3.9 gigawatts. This surge is driven by the escalating power demands from major tech companies expanding their AI and cloud capabilities. In the first half of 2024, the rollout of new data centers has resulted in a significant increase in inventory and a record low vacancy rate of 2.8%. The demand is also likely to favor smaller markets as users seek facilities capable of meeting modern power requirements.
Source: YAHOO
Reported about 2 months ago
Media mogul Edgar Bronfman Jr. has officially submitted a $4.3 billion bid to acquire Paramount Global, competing with David Ellison's Skydance Media during the designated 'go-shop' period for the company. Formerly the chairman and CEO of Warner Music Group, Bronfman currently heads FuboTV.
Source: YAHOO
Reported about 2 months ago
A yacht sank off the Sicilian coast, leaving six passengers missing, including British tech entrepreneur Mike Lynch, who was celebrating his recent legal victory. Lynch, along with his daughter and members of his legal team, were aboard when the yacht was struck by a waterspout. Among those missing are prominent figures like lawyer Christopher Morvillo and Jonathan Bloomer, chairman of Morgan Stanley's London unit. The incident follows Lynch's acquittal in a high-profile fraud case, and it adds further tragedy to recent events, including the death of another associate just days earlier.
Source: YAHOO
Reported about 2 months ago
Lowe's reported mixed results for the second quarter, missing revenue estimates with $23.59 billion against the anticipated $23.9 billion but exceeding profit expectations at $4.10 per share versus $3.97. The retailer also fell short of same-store sales forecasts and adjusted its full-year outlook downward due to economic pressures.
Source: YAHOO
Reported about 2 months ago
U.S. stock market averages opened slightly lower, just below their flatlines, as the Nasdaq Composite and S&P 500 seek to extend their winning streaks following eight consecutive days of gains. Analysts discuss the tech-driven rally boosting stocks in late August, with the S&P 500 moving out of correction territory.
Source: YAHOO
Reported about 2 months ago
The first night of the Democratic National Convention showcased key speeches from President Biden, Hillary Clinton, and Jill Biden, with a surprise appearance by Vice President Kamala Harris. Yahoo Finance's Rick Newman shares notable takeaways from this impactful evening.
Source: YAHOO
Reported about 2 months ago
Investors expect a Federal Reserve rate cut in September, likely around 25 basis points, according to ING Chief International Economist James Knightley. He believes the Fed is becoming cautious despite positive inflation data and emphasizes their dual focus on achieving a 2% inflation target and maximizing US employment. Knightley suggests that upcoming commentary from Fed Chair Jerome Powell at the Jackson Hole meeting should acknowledge recent economic improvements, which may lead to a series of rate cuts.
Source: YAHOO
Reported about 2 months ago
A superyacht named Bayesian sank off the coast of Sicily due to a severe storm, leading to the disappearance of six individuals, including British tech mogul Mike Lynch. Rescue teams are conducting underwater searches, but only one body has been recovered so far, with 15 others reported safe. Investigations are underway to uncover details surrounding the incident, while authorities anticipate completing the challenging rescue operation.
Source: YAHOO
Reported about 2 months ago
Amazon's increased spending on artificial intelligence is causing concern among investors, resulting in stock performance that lags behind its tech peers. Amid this shift back to investment, worries about declining profitability and a reluctance to return cash to shareholders weigh heavily on market sentiment, despite a recent uptick in stock prices.
Source: YAHOO
Reported about 2 months ago
European Union regulators are set to lower the proposed tariffs on electric vehicles from Tesla and other Chinese manufacturers, including SAIC, Geely, and BYD. This announcement has resulted in a slight increase in Tesla's stock price during pre-market trading.
Source: YAHOO
Reported about 2 months ago
Alaska Air has progressed in its plan to acquire Hawaiian Airlines after the U.S. Department of Justice opted not to challenge the $1 billion merger deal. Alaska Air offered $18 per share, including Hawaiian's debt. Both airlines aim to maintain their brand identities post-merger and believe they can better compete against the major U.S. carriers. While the Justice Department's exit is notable, final approval is still pending from the Department of Transportation. If completed, this would be the first major airline merger in the U.S. since 2016.
Source: YAHOO
Reported about 2 months ago
As Wall Street anticipates the release of the Federal Reserve's latest meeting minutes, strategists are keen to glean insights on when the ongoing balance-sheet unwinding may conclude. With expectations for a potential end later this year, the focus is on revealing details around interest rates and bank reserve levels following recent shifts in monetary policy tools, particularly amidst concerns over liquidity and Treasury supply.
Source: YAHOO
Reported about 2 months ago
Kroger Co. is initiating a significant dollar bond sale potentially worth around $10 billion to finance its acquisition of Albertsons Cos. This move comes amidst legal uncertainties regarding the deal, with a trial set to start soon to address the Federal Trade Commission’s lawsuit aimed at blocking the merger. The bond offering, one of the largest of the year, may include provisions for mandatory redemption if the acquisition does not go through.
Source: YAHOO
Reported about 2 months ago
Qatar Airways announced its acquisition of a 25% stake in the South Africa-based airline Airlink, which operates flights to over 45 destinations in southern and East Africa. This investment aims to strengthen the existing code-share agreement between the two airlines, highlighting Qatar Airways' commitment to expanding its presence in the African market.
Source: YAHOO
Reported about 2 months ago
Donald Trump's recent suggestion of implementing 20% tariffs on foreign imports has reignited trade discussions as part of his 2024 presidential campaign. During rallies, Trump framed these tariffs as a necessary response to nations he claims have exploited the U.S. economically. However, his plan has drawn criticism from Democrats like Kamala Harris, who likened it to a 'national sales tax,' and from economists who argue that tariffs ultimately increase costs for American consumers. As the trade debate unfolds, both sides are showcasing their strategies to address trade policies leading up to the election.
Source: YAHOO
Reported about 2 months ago
Wells Fargo has agreed to sell the majority of its commercial mortgage servicing business to Trimont LLC, which will elevate Trimont to the status of the largest US commercial mortgage servicer. The deal, expected to be finalized early next year, involves Wells Fargo transferring servicing responsibilities for approximately $475 billion in loans. This sale aligns with Wells Fargo's strategy to focus on core businesses while Trimont aims to capitalize on upcoming debt servicing opportunities.
Source: YAHOO
Reported about 2 months ago
Stock futures are mixed as investors anticipate a potential interest rate cut by the Federal Reserve. Lowe's reported second quarter results that fell short of expectations, leading to a reduction in its full-year guidance. Meanwhile, President Biden addressed the Democratic National Convention, endorsing Vice President Kamala Harris for the 2024 presidential election.
Source: YAHOO
Reported about 2 months ago
BMW announced that its joint venture in China producing the electric Mini has been classified as a 'cooperating company' under the EU's latest tariff guidelines, allowing it to qualify for a reduced tariff of 21.3%. Initially, the Mini was subject to a higher tariff of 37.6% due to its exclusion from Brussels' analysis, but the new classification has altered its duty status.
Source: YAHOO
Reported about 2 months ago
AI startup Recogni has unveiled a new computing method named Pareto, aimed at making its AI training chips smaller, faster, and more affordable. Supported by major backers like BMW and Bosch, Pareto utilizes a logarithmic approach that improves efficiency and reduces power consumption by converting multiplication operations into additions. The company has tested this innovative system on AI models from Meta and Stability AI and plans future partnerships for broader implementation.
Source: YAHOO
Reported about 2 months ago
Coinbase's Q2 2024 earnings reveal a mixed performance with total revenue of $1.4 billion, an 11% decrease from the previous quarter but a 108% increase year-over-year. Transaction revenue fell by 27%, while subscription and services revenue rose by 17%. Despite a pre-tax loss of $319 million on crypto investments, Coinbase achieved a net income of $36 million and an Adjusted EBITDA of $596 million. The company is also focusing on enhancing product offerings, reducing transaction friction, and progressing regulatory clarity.
Source: YAHOO
Reported about 2 months ago
Inflation in Canada slowed to 2.5% in July, the lowest rate in over three years, supporting predictions for a rate cut by the Bank of Canada next month. This decrease was attributed to lower prices in several sectors, including travel, auto, and electricity. With a broad-based deceleration and steady core inflation measures, economists anticipate further cuts in the upcoming months to stimulate economic growth amidst rising unemployment and stagnant job growth.
Source: YAHOO
Reported about 2 months ago
Johnson & Johnson announced that it will purchase medical device manufacturer V-Wave for up to $1.7 billion, with an initial payment of $600 million and potential additional payments based on regulatory and commercial goals. This acquisition aims to boost J&J's growth as it prepares for increased competition after its Stelara medication loses patent protection. The V-Wave device, designed to be implanted in the heart to alleviate heart failure, is not yet approved for use in the U.S.
Source: YAHOO
Reported about 2 months ago
Gold prices reached a new record of $2,531.75 per ounce, with a year-to-date increase of over 22%, as traders anticipate insights from Federal Reserve Chair Jerome Powell's upcoming address at the Jackson Hole symposium. Despite some gains being pared back, analysts suggest that upcoming interest rate cuts and strong central bank purchases will keep gold's momentum strong, although demand may be affected by declining imports in China.
Source: YAHOO
Reported about 2 months ago
Donald Trump is set to unlock the ability to sell his shares in Trump Media & Technology Group next month, raising questions about whether he will do so given the company's fluctuating stock price and his looming legal fees. While the former president owns about 60% of the venture, a sale may project a lack of confidence in the firm and alienate his supporters. The decision comes as Trump faces significant financial penalties and the upcoming trial related to hush money allegations.
Source: YAHOO
Reported about 2 months ago
A recent analysis suggests that US job growth through March may have been substantially weaker than earlier reports indicated, with potential downward revisions showing a loss of up to one million jobs. Economists expect this revision to complicate the Federal Reserve's efforts to manage interest rates amid concerns over an easing labor market. This significant revision, the largest in 15 years, might shift the perception of employment strength and impact upcoming Fed policy discussions.
Source: YAHOO