Reported 3 months ago
Airbus is currently undergoing a criminal investigation in the UK related to alleged breaches of export control regulations affecting several of its UK entities. The inquiry was disclosed in the firm's half-yearly earnings report, indicating that Airbus is cooperating fully with Britain's Revenue and Customs agency. The investigation follows an audit by UK export authorities in 2022 and comes after the U.S. lifted potential charges against Airbus for similar violations.
Source: YAHOO
Reported 3 months ago
New York City authorities have intensified efforts to close down illegal marijuana shops that proliferated after cannabis was legalized in the state. Since new regulations were enacted in April, the sheriff’s office has padlocked approximately 700 unlicensed shops, addressing a situation where nearly 2,900 illegal vendors outnumbered only 150 licensed dispensaries. Licensed shops report significant sales boosts as illegal competition diminishes. The new enforcement rules allow local officials to act swiftly against these unauthorized businesses, marking a significant shift in regulatory power aimed at curbing the illegal cannabis market.
Source: YAHOO
Reported 3 months ago
Workers at Amazon's only unionized warehouse in the U.S. have elected a new leadership team after forming an alliance with the International Brotherhood of Teamsters. Former Amazon worker Connor Spence garnered the most votes to lead the Amazon Labor Union (ALU) amid efforts to negotiate with the company for better contracts. This shift comes after previous tensions and internal disputes within the union, marking a significant transformation in its approach and strategy against Amazon's resistance.
Source: YAHOO
Reported 3 months ago
Twelve casinos in Pennsylvania have launched a lawsuit claiming that the state's taxation on slot machine revenues is unconstitutional, as it does not apply the same tax to cash-paid electronic game terminals, known as skill games, commonly found in bars and stores. Their argument points to the unfairness of requiring casinos to pay a high tax rate while unlicensed skill game operators remain untaxed, potentially jeopardizing over $1 billion in annual tax revenues earmarked for property tax rebates and economic development. The outcome may hinge on other legal proceedings regarding the classification of skill games within the state.
Source: YAHOO
Reported 3 months ago
Israel executed an airstrike in Beirut, killing senior Hezbollah commander Fuad Shukr, following a deadly attack in the Golan Heights that killed 12. This targeted assault was aimed at preventing further escalation with Hezbollah, as Israeli officials indicated no additional strikes were planned. The strike has raised concerns about potential conflict escalation, yet many analysts believe both Israel and Hezbollah are currently not interested in a broader war.
Source: YAHOO
Reported 3 months ago
Wells Fargo has named Bridget Engle, a former executive at BNY, as its new head of technology. Engle will report to CEO Charlie Scharf and be part of the bank's operating committee, focusing on modernizing technology and scaling operations. The bank also introduced Tracy Kerrins to lead a generative AI team aimed at enhancing customer experiences and improving business operations. Despite challenges from a prior fake accounts scandal, Wells Fargo is investing in technology to drive growth.
Source: YAHOO
Reported 3 months ago
A recent two-year investigation in Greece concluded that government security agencies were not involved in a spyware scandal, specifically the use of Predator spyware against political critics. However, opposition parties expressed outrage, alleging a cover-up and demanding transparency regarding the full findings. U.S. sanctions were also imposed on various individuals and companies linked to the spyware, which has been linked to authoritarian regimes.
Source: YAHOO
Reported 3 months ago
Pakistan has developed 'Beep,' a messaging application designed for secure communication among government officials. Successfully tested, the app aims to improve communication amidst frequent internet shutdowns and restrictions on social media in the country. If approved, 'Beep' could also be made available to the general public, offering features such as text, audio, and video sharing.
Source: YAHOO
Reported 3 months ago
Stellantis, the manufacturer of Jeep and Ram, has announced buyout packages for many of its U.S. white-collar workers as part of its strategy to cut costs amid high inflation and a slowdown in the auto industry. Eligible employees will receive individual offers in mid-August, though the company has not specified how many jobs will be impacted. Following a steep drop in profits, Stellantis aims to streamline operations and offer severance packages, including health care cost assistance and job placement services.
Source: YAHOO
Reported 3 months ago
On July 30, 2024, benchmark U.S. crude oil prices fell to $74.73 per barrel, with Brent oil also decreasing. Wholesale gasoline and heating oil prices declined slightly, while natural gas increased. In contrast, gold prices rose significantly, reaching $2,451.90 per ounce, and silver also saw an uptick. Currency values shifted, with the dollar lowering against the yen and euro.
Source: YAHOO
Reported 3 months ago
OpenAI has begun a limited roll-out of an advanced voice mode for select ChatGPT Plus users, enabling realistic voice conversations with real-time responses and interruptions. The company, backed by Microsoft, pushed the launch date from late June to late July to ensure the feature meets their standards. This initiative is part of OpenAI's ongoing efforts to improve user experience and enhance its voice model capabilities amidst increasing competition in the generative AI sector.
Source: YAHOO
Reported 3 months ago
NBCUniversal is on track to set new records for ad revenue during the Paris 2024 Olympics, largely due to its streaming service Peacock, which will be live-streaming the games. This move is expected to significantly boost advertising profits, as detailed by Yahoo Finance entertainment reporter Alexandra Canal.
Source: YAHOO
Reported 3 months ago
Altana, a supply chain management company, has reached unicorn status with a valuation exceeding $1 billion after raising $200 million in a Series C funding round. This investment was led by the US Innovative Technology Fund and included participation from prominent investors like Google Ventures and Salesforce Ventures. The funding will be used to enhance Altana's supply chain intelligence software, aimed at improving transparency and sustainability in global supply chains.
Source: YAHOO
Reported 3 months ago
Wells Fargo has been sued by four former employees who accuse the bank of mishandling its employee health insurance plan, leading to inflated prescription drug costs. The lawsuit alleges that the bank violated federal law by allowing pharmacy benefit managers to set excessively high prices for medications, including a cancer drug that cost over $69,000, while it was available for as low as $3,750 elsewhere. This proposed class action could affect tens of thousands of Wells Fargo employees and seeks unspecified damages.
Source: YAHOO
Reported 3 months ago
Microsoft has started to address a significant outage impacting its Azure cloud services, which caused disruptions, including mobile ordering at Starbucks. The issue arose from an unexpected surge in usage, leading to a spike in complaints from users of Microsoft 365 services such as Outlook, Word, and Excel. While Starbucks reported that mobile ordering services are largely back to normal, Microsoft is continuing to monitor the situation. This follows previous incidents involving software updates and cybersecurity challenges faced by the company.
Source: YAHOO
Reported 3 months ago
Brazil's government has introduced a $4.07 billion plan aimed at fostering artificial intelligence (AI) technologies focused on sustainability and social benefits. The initiative seeks to enhance the nation's technological independence and competitiveness, with funding allocated from 2024 to 2028 for projects in public health, agriculture, and more. President Luiz Inacio Lula da Silva emphasized the need for Brazil to develop its own AI solutions rather than relying on imports.
Source: YAHOO
Reported 3 months ago
In anticipation of a crucial Federal Reserve meeting and significant earnings reports from major tech companies, U.S. stocks fell, with Nvidia's shares plunging by 7%. The S&P 500 saw a decrease of 0.5% and the Nasdaq Composite dropped around 1.3%, highlighting investors' concerns about AI investments and upcoming corporate results, particularly from Microsoft and AMD. The Dow Jones Industrial Average, however, edged up by 0.5% as traders await important data affecting future monetary policy.
Source: YAHOO
Reported 3 months ago
The US national debt has reached a staggering $35 trillion, increasing by $1 trillion since January and accumulating nearly $5 billion in debt daily in 2025. This milestone, noted by various politicians, has drawn little attention amid the 2024 election discussions, despite warnings from fiscal experts about the unsustainable borrowing. Both the Trump and Biden administrations have seen significant increases in the debt, raising concerns over its long-term economic implications.
Source: YAHOO
Reported 3 months ago
Meta, the parent company of Facebook and Instagram, will report its second quarter earnings, with a spotlight on advertising performance and AI spending. Analysts expect the firm to post earnings per share of $4.74 on revenue of $38.3 billion, significantly higher than the previous year. The company braces for robust ad revenue, assisted by the upcoming elections and the Olympics, despite ongoing questions about the profitability of its AI investments, particularly within its struggling Reality Labs segment.
Source: YAHOO
Reported 3 months ago
In this episode of Catalysts, hosts Seana Smith and Madison Mills discuss key topics including the Federal Reserve meeting amid strong JOLTS data, the stock performance of Boeing and Bank of America, and the political landscape influencing former President Trump's support in Silicon Valley due to Vice President Kamala Harris's tech ties.
Source: YAHOO
Reported 3 months ago
Boeing is set to report its Q2 earnings, which are expected to show a decline in revenue and a substantial adjusted loss, largely influenced by recent safety scrutiny and production issues. After a high-profile incident that grounded its 737 MAX fleet and ongoing regulatory challenges, the company faces pressure to demonstrate progress in its production capabilities and manage its significant cash burn. With a drop in commercial jet deliveries, investors are keenly awaiting indicators that Boeing is on the road to recovery.
Source: YAHOO
Reported 3 months ago
In the lead-up to the Paris Olympics, the significance of brand partnerships is underscored by companies like Nike and Ralph Lauren gaining immense visibility. Sunny Bonnell, co-founder and CEO of Motto, discusses how these big brands leverage global platforms for long-term brand recognition and awareness. While some partnerships yield immediate returns, others build brand awareness gradually, demonstrating the multifaceted nature of Olympic brand deals.
Source: YAHOO
Reported 3 months ago
Tilray CEO Irwin Simon discussed the implications of potentially reclassifying marijuana from Schedule I to Schedule III, noting President Biden's support for this change. He emphasized that while cannabis use is legal in many states, federal prohibition means the government misses out on significant tax revenue—potentially $10 billion annually—similar to tax income generated in Canada. Simon highlighted the growing cannabis consumption among younger generations and the opportunity for the U.S. to benefit financially from legalization.
Source: YAHOO
Reported 3 months ago
Amid rising flight cancellations, Scott Keyes, founder of Going, assures travelers that they shouldn’t fret. He likens the turbulence caused by recent cancellations to a hurricane, stating that while the immediate effects were distressing, the situation has since normalized. Keyes notes that airlines are now managing operations more effectively and stresses that travelers can feel confident about their flights.
Source: YAHOO
Reported 3 months ago
Nvidia's stock is significantly dropping, contributing to a downturn in both the S&P 500 and Nasdaq indices as investors shift focus from large tech companies to smaller caps. The market is anxious for quarterly earnings reports from Microsoft and AMD, which will provide further insight into the performance of big tech. Other companies such as Pinterest, Starbucks, and Live Nation also feature in today's trading activities.
Source: YAHOO