Reported 1 day ago
Mexico's state-owned oil company, Pemex, is set to restructure its operations and potentially lay off more than 3,000 employees to achieve savings of approximately 10.5 billion pesos ($543.40 million). This move comes amid its status as the world's most indebted energy firm and follows a leadership change in its exploration and production sector.
Source: YAHOO
Reported 1 day ago
A U.S. judge has temporarily blocked President Donald Trump’s initiative to shut down the Department of Education, which included drastic staff cuts. The ruling by District Judge Myong Joun stated that such reductions would severely hinder the department's ability to fulfill its legal obligations, prompting the reinstatement of employees to manage federal student loans and uphold civil rights laws. The Trump administration plans to appeal the decision, arguing for the plan’s justification.
Source: YAHOO
Reported 1 day ago
On May 23, market watchers should focus on the latest US new home sales data, where forecasts predict a decline to an annualized rate of 695,000 amidst rising mortgage rates. Additionally, commentary from Federal Reserve leadership, including Governor Lisa Cook and Kansas City Fed President Jeffrey Schmid, will provide insights into monetary policy. The day also marks the release of 'Mission: Impossible – The Final Reckoning,' the highly anticipated eighth film in the franchise.
Source: YAHOO
Reported 1 day ago
The Republican-led Federal Trade Commission has voted to dismiss a lawsuit against PepsiCo, originally filed during the Biden administration. The suit, which claimed PepsiCo offered unfair price advantages to Walmart over other vendors, relied on the rarely enforced Robinson-Patman Act. The current FTC chairman criticized the lawsuit as a partisan move and indicated a desire to focus on more significant issues, while PepsiCo expressed satisfaction with the dismissal.
Source: YAHOO
Reported 1 day ago
A national security panel has provided a divided recommendation to President Trump regarding Nippon Steel's bid for U.S. Steel, although most members believe the associated security risks can be managed. The Committee on Foreign Investment in the U.S. submitted their findings after Nippon Steel increased its investment offer to $14 billion to secure approval. Trump now has 15 days to review the recommendations and decide on the deal's fate, previously blocked by Biden over national security concerns.
Source: YAHOO
Reported 1 day ago
UBS Global Wealth Management has increased its year-end target for the S&P 500 from 5,800 to 6,000 and set a target of 6,400 for June 2026. The firm also raised its 2025 earnings per share forecast for the S&P 500 to $260, anticipating a rise to $280 in 2026, citing better-than-expected first quarter earnings and improved GDP growth outlook.
Source: YAHOO
Reported 1 day ago
Sources indicate that Phillips 66 will begin laying off most workers at its Los Angeles-area refinery in December, following the announcement of its closure in October 2025. The facility, which employs about 600 people, has more than half of its workforce represented by the United Steelworkers Union. Some workers will be transferred to a marine oil terminal, while the company has pledged assistance during the transition.
Source: YAHOO
Reported 1 day ago
Disney has filed a lawsuit against YouTube to prevent the hiring of Justin Connolly as its new global head of media and sports, claiming breach of contract and unfair competition, as Connolly was under an employment agreement with Disney until March 2027. YouTube aims to enhance its live sports portfolio and has aggressively pursued streaming deals, including a significant $14 billion NFL deal.
Source: YAHOO
Reported 1 day ago
Bitcoin has hit a record high of $111,980, driven by increased institutional interest and support from the Trump administration. This surge marks a significant milestone as Bitcoin's value rises, supported by notable purchases from major players like Strategy and optimism surrounding regulatory clarity for cryptocurrencies. The broader crypto market is also showing growth, but Bitcoin's performance stands out, indicating strong demand despite a rough patch earlier this year.
Source: YAHOO
Reported 1 day ago
The Supreme Court has distinguished the Federal Reserve from other independent agencies, preventing President Trump from firing its board members while allowing removals at the National Labor Relations Board and the Merit Systems Protection Board to stand amid ongoing legal challenges. The court emphasized the unique structure of the Fed and its historical significance, while affirming the protection for board members' removal only for cause. Despite Trump's attempts to undermine this precedent, Fed Chair Jerome Powell remains secure in his position as legal proceedings unfold.
Source: YAHOO
Reported 1 day ago
Key Republican senators have stated that the House's severe cuts to President Biden's clean energy tax credits will not pass in the Senate. After the House narrowly approved a significant tax and spending bill aimed at dismantling clean energy incentives, Senate leaders plan to draft their own legislation, with moderates expressing concerns over the potential impacts on the energy sector. While there is resistance from moderate Republicans to the House's approach, analysts suggest the final Senate version may result in less severe impacts on the clean energy industry.
Source: YAHOO
Reported 1 day ago
Fenix International Ltd, the owner of OnlyFans, is reportedly in talks to sell the adult content platform to an investor group valued at approximately $8 billion, led by California's Forest Road Company. The investor interest follows OnlyFans' significant revenue growth, reaching $6.6 billion last year, up from $375 million in 2020. While discussions have been ongoing since March, there is no guarantee of a deal, and the company is also considering a potential IPO. The current sole shareholder, Leonid Radvinsky, has profited substantially since acquiring OnlyFans in 2018.
Source: YAHOO
Reported 1 day ago
Billionaire investor Bill Ackman revealed that his hedge fund, Pershing Square, purchased shares in Amazon, citing anticipated earnings growth despite initial concerns over President Trump's tariffs. The firm also sold its holdings in Canadian Pacific as part of a portfolio adjustment, expressing respect for the company while emphasizing the strategic shift towards Amazon. Ackman remains optimistic about Amazon's leadership and its potential for profit margin expansion.
Source: YAHOO
Reported 1 day ago
Intuit, the maker of TurboTax and Credit Karma, reported quarterly earnings that exceeded analysts' expectations and raised its full-year revenue forecast, leading to an over 8% surge in its stock after-hours. The company anticipates full-year revenue between $18.72 billion and $18.76 billion, along with adjusted earnings per share predictions of $20.07 to $20.12. Its third-quarter revenue reached $7.75 billion, a 15% increase year-over-year, further boosting investor confidence.
Source: YAHOO
Reported 1 day ago
Trump's recent tax legislation passed in the House will greatly increase health savings accounts (HSAs), introducing the highest contribution limits ever and various new benefits. Starting in 2026, individuals can contribute up to $8,600, with provisions that promote flexibility and new qualifying expenses, including gym memberships and concierge medical care. These changes aim to provide more opportunities for lower-income individuals and encourage the use of HSAs as a means of saving for retirement while addressing immediate medical expenses.
Source: YAHOO
Reported 1 day ago
Argentina's President Javier Milei has introduced a bold initiative to bring back billions of undeclared U.S. dollars believed to be hidden in foreign accounts and under mattresses, aiming to strengthen the country's economy and international currency reserves. The plan will allow savers to spend these unreported dollars without tax scrutiny, encouraging the use of dollar-denominated savings in domestic transactions as Argentina transitions toward a new currency system. While this aims to stimulate economic activity, it raises concerns regarding potential tax evasion and illegal funds entering the formal economy.
Source: YAHOO
Reported 1 day ago
Hinge Health's stock debuted on the New York Stock Exchange on Thursday, finishing its first day of trading at $37.56, above the IPO price of $32, despite opening at $39.25. The company sold 8.52 million shares, raising approximately $273 million, and reported a significant year-over-year revenue increase of 50% for the first quarter.
Source: YAHOO
Reported 1 day ago
In a recent episode of Yahoo Finance's 'The Big Idea,' Erin Gore, founder of Garden Society, shared her journey of establishing a successful cannabis business amidst challenges, emphasizing that entering a new industry often requires creating new rules. Gore reflected on her passion for cannabis, the importance of building community and product innovation, and the critical role of advocacy in shaping industry policies. She also highlighted the necessary skills for thriving in new sectors, including flexibility, understanding cash flow, and the need for a resilient mindset.
Source: YAHOO
Reported 1 day ago
Many people plan to retire at 65, but less than 30% actually do, with most retiring by age 62. According to experts, factors such as downsizing and health issues can impact retirement timing, making it essential to have a flexible backup plan. Additionally, many workers choose partial retirement, balancing income with savings. Retirement spending is also nonlinear, increasing due to lifestyle changes and rising healthcare costs in later years. It's crucial to factor in these elements to ensure financial stability in retirement.
Source: YAHOO
Reported 1 day ago
President Donald Trump has reignited discussions about privatizing Fannie Mae and Freddie Mac, resulting in a significant surge in their stock prices — the highest in 16 years. Shares of Fannie increased by 51%, while Freddie rose by 42%. While investors are optimistic, the process may be complicated and require Congressional approval, posing challenges to Trump’s ambitions. The privatization would mark a shift from their government-controlled status since a 2008 bailout, and analysts express caution about the potential risks involved.
Source: YAHOO
Reported 1 day ago
Hinge Health Inc., a digital physical therapy provider, saw a 17% increase in its share price after successfully raising $437 million through an initial public offering priced at the highest end of the expected range. The company's shares closed at $37.56 each, giving it a market value of approximately $2.9 billion. Hinge Health, which utilizes AI to assist in physical therapy for individuals suffering from back and joint pain, reported a net income of $17 million in Q1 2025. Established in 2014, it currently serves over 20 million users through its platform.
Source: YAHOO
Reported 1 day ago
Financial markets are signaling unease over the growing US national debt, but Congress, instead of addressing the issue, is proceeding with a tax-cut package that could exacerbate the situation. Despite rising interest rates on Treasury bonds, indicating increased risk, lawmakers seem unfazed, with plans that may add $3 trillion to the national debt. The situation raises questions about a potential debt crisis, as current fiscal policies continue to favor short-term tax cuts over long-term budgetary responsibility.
Source: YAHOO
Reported 1 day ago
Intuit Inc. reported a significant revenue increase of 15% to $7.8 billion after the recent US tax season, boosted by offering more advanced tax services. Although the company raised its revenue outlook for the year, it noted a decline in TurboTax's free users and market share, causing some concern among investors. Analysts suggest that the potential discontinuation of a free tax service offered by the IRS could benefit Intuit's business.
Source: YAHOO
Reported 1 day ago
AT&T CEO John Stankey expressed confidence in the company's diversity, equity, and inclusion (DEI) initiatives while discussing the acquisition of Lumen Technologies' fiber business for $5.75 billion. He stated that AT&T's policies focus on merit and ensuring all employees feel they belong and can succeed. Despite competitors making concessions to secure approvals from the Trump administration for similar deals, Stankey maintains that AT&T does not need to compromise its DEI efforts and emphasizes the deal's potential to boost U.S. job creation and enhance its fiber offerings.
Source: YAHOO
Reported 1 day ago
G7 finance ministers and central bank governors convened in Banff, Alberta, and put aside their differences on U.S. tariffs and the war in Ukraine, emphasizing the need to address global economic imbalances, particularly in light of China's trade practices. Their communiqué indicated a softer stance on free trade principles while hinting at potential new sanctions on Russia if a ceasefire is not reached, and committed to monitoring policies that disrupt fair trade.
Source: YAHOO