Reported 3 months ago
The U.S. Senate has passed significant online child safety reforms in a near-unanimous vote, including two bills aimed at protecting minors online—COPPA 2.0, which prohibits targeted advertising and data collection without consent, and KOSA, which establishes a duty of care for social media platforms regarding children. While the legislation receives mixed reactions, particularly from tech industry groups, it now awaits a vote in the Republican-controlled House. Advocates regard this as a crucial step for child protection, despite ongoing criticisms regarding its potential implications.
Source: YAHOO
Reported 3 months ago
Byju's is in discussions to settle a debt of 1.59 billion rupees ($19 million) owed to the Board of Control for Cricket in India, which could prevent the startup from facing insolvency. The company has indicated that it is close to concluding the matter, with payments expected soon. This comes as Byju's faces financial difficulties after a significant decline in business following the pandemic, leading to multiple bankruptcy disputes both in India and abroad.
Source: YAHOO
Reported 3 months ago
As the Federal Open Market Committee (FOMC) prepares for its meeting, many investors believe an interest rate cut won't happen until September, though there are crucial indicators to monitor. Liz Young, SoFi's investment strategy head, emphasizes the importance of consumer data from discretionary and staples sectors, along with jobs and inflation reports, to anticipate potential cuts. Key data releases scheduled before the next FOMC meeting could influence the decision, with the first cut expected in September.
Source: YAHOO
Reported 3 months ago
As earnings season progresses, investors are displaying an unusual level of support for companies that miss profit expectations. According to recent data from Bank of America, companies that underperform are being penalized less severely than in previous periods, with prices of poorly performing stocks rising slightly post-announcement. Investors are reportedly looking beyond immediate disappointments and focusing on potential for future improvements, as seen in the case of McDonald's, which saw its shares increase despite disappointing sales due to optimistic management insights.
Source: YAHOO
Reported 3 months ago
Tesla is recalling 1.85 million vehicles in the U.S. due to a software flaw that fails to detect unlatched hoods, which could obstruct the driver's view and heighten crash risks. An over-the-air software update has been rolled out to address the issue, which affects models from 2020 to 2024. The recall comes after incidents were reported in China, prompting Tesla to investigate and issue this significant recall, its largest since December.
Source: YAHOO
Reported 3 months ago
Commodities have erased all gains made this year amid concerns over China's economic stability and ongoing sell-offs in natural gas and agricultural products. As the Bloomberg Commodity Spot Index drops nearly 6% in July, analysts suggest that growing uncertainties about demand from China and rising raw material inventories are affecting the market. This slowdown is expected to exert deflationary pressures, although it may pose challenges for producers and traders in the face of falling prices.
Source: YAHOO
Reported 3 months ago
BP reported a profit of nearly $2.8 billion for the second quarter, exceeding forecasts and leading to a 10% dividend increase and a $1.75 billion stock buyback. While overall profits decreased from last year's results, BP attributed its earnings to improved fuel margins and reduced taxation. The company continues to invest in oil and gas projects, signaling a shift from its previous renewable strategy.
Source: YAHOO
Reported 3 months ago
BP Plc has reaffirmed its commitment to share buybacks and raised its dividend by 10% due to strong second-quarter earnings from crude oil production, which compensated for weaknesses in other sectors. The company plans to invest in the Kaskida oil project in the U.S. Gulf of Mexico as it navigates the clean energy transition while expecting fossil fuel production to rise this year. BP's strong operating cash flow and reduced net debt have allowed it to support shareholder returns, contributing to a share price increase.
Source: YAHOO
Reported 3 months ago
Standard Chartered (StanChart) has announced a record $1.5 billion share buyback and raised its income outlook for 2024, predicting over 7% growth in operating income due to strong economic performance in Asia. CEO Bill Winters emphasized the need to improve the bank's stock price, which has grown just 18% this year. Despite challenges in China's real estate sector, StanChart plans to save $1.5 billion through a cost-cutting initiative while seeing a significant rise in its wealth management business.
Source: YAHOO
Reported 3 months ago
Diageo, known for brands like Johnnie Walker and Tanqueray, reported a disappointing full-year profit that missed forecasts, with a notable 4.8% drop in organic operating profit driven mainly by a 21.1% decrease in sales in Latin America and the Caribbean. The company's shares fell 8% in early trading as it warned that challenges are likely to continue into the next year due to factors like low consumer confidence and high inflation.
Source: YAHOO
Reported 3 months ago
Apple has chosen to employ Google's tensor processing units (TPUs) instead of Nvidia's processors to train two key AI models, as revealed in a recent research paper. This decision signifies a strategic shift toward leveraging Google's cloud infrastructure, particularly with examples of using 2,048 TPUv5p chips for mobile AI applications and 8,192 TPUv4 processors for server models. While Nvidia dominates the AI chip market, Apple indicated potential for more advanced models using Google's technology, marking an important development in its AI ecosystem.
Source: YAHOO
Reported 3 months ago
Italian Prime Minister Giorgia Meloni emphasized China's potential influence in resolving the ongoing conflict in Ukraine during her recent visit to Beijing. Despite addressing areas of tension, particularly regarding China's support for Russia, Meloni asserted that China could be a key player in achieving a just peace based on principles of sovereignty and territorial integrity. Her diplomatic engagement comes as Italy seeks to strengthen ties with China, even after her government's withdrawal from the Belt and Road Initiative.
Source: YAHOO
Reported 3 months ago
In the second quarter of 2024, both France and Spain experienced surprisingly strong economic growth, with France's GDP increasing by 0.3% and Spain's by 0.8%, exceeding economists' forecasts. This performance suggests resilience in the face of high interest rates, although underlying domestic demand in France was weaker than anticipated. Meanwhile, Spain's economy benefitted from robust domestic consumption and trade. These results could indicate steady growth for the euro area, ahead of forthcoming data that is expected to show a slight slowdown.
Source: YAHOO
Reported 3 months ago
Asian markets experienced declines on July 30, 2024, with trading remaining cautious ahead of significant central bank meetings, including those of the Federal Reserve and the Bank of Japan. The Nikkei 225 managed a slight gain, while other indices like Australia's S&P/ASX 200 and South Korea's Kospi saw losses. Investors are also anticipating earnings reports from major U.S. tech companies, following recent mixed results that have created uncertainty in the market.
Source: YAHOO
Reported 3 months ago
In southern China, hundreds of merchants rallied outside PDD Holdings Inc.'s offices to protest what they deem unfair penalties imposed by Temu, particularly against small sellers supplying Chinese goods to Western consumers. The protests highlight growing frustration over PDD's practices of withholding payments and imposing excessive fines that have surged recently without clear justification. As Temu expands globally amidst intensifying competition, merchants fear these tactics may drive them to seek alternative platforms, jeopardizing the platform's growth.
Source: YAHOO
Reported 3 months ago
China's bond market is experiencing unprecedented growth, with government debt yields reaching record lows as investors seek safer assets amidst declining stock and property prices. This situation raises questions about whether the People's Bank of China (PBOC) will intervene to curb speculation or allow the rally to continue in support of economic boost. Analysts suggest that while the PBOC may consider selling bonds to control the momentum, further rate cuts could be imminent if economic conditions do not improve.
Source: YAHOO
Reported 3 months ago
Amid weak domestic demand threatening its annual growth target, China's ruling Communist Party has committed to boosting consumption and providing more economic support. At a recent meeting, leaders highlighted the need to shift economic policies to benefit people's livelihoods and promote spending, with plans for new supportive measures. As the economy faces challenges, including a slowdown in consumer spending and a property crisis, the government aims to enhance household income and stimulate demand in sectors like services and tourism.
Source: YAHOO
Reported 3 months ago
Recent trends indicate that traders are increasingly focusing on hedging against a rise in the yuan, with the premium for bearish options at its highest since 2011. This shift reflects a growing optimism towards the Chinese currency, supported by recent movements in the yen and the potential for the People's Bank of China to cut interest rates. However, lingering economic concerns and declining bond yields suggest some caution remains, as analysts warn of possible reversal risks if sentiment has truly peaked.
Source: YAHOO
Reported 3 months ago
WPP has announced the appointment of Philip Jansen, former CEO of BT, as its new chair, effective January 1. He replaces Roberto Quarta, who held the position since 2015. Jansen's arrival comes at a challenging time for WPP, which has recently faced declines in organic revenue due to reduced spending from tech clients and a downturn in China.
Source: YAHOO
Reported 3 months ago
Japan's largest brokerage, Nomura Holdings, announced a remarkable 195% increase in its first-quarter profit, totaling 68.9 billion yen ($446 million), thanks to a rebound in global markets and a shift towards investment products as domestic inflation returns. The company has successfully transitioned towards a fee-based profit model, significantly boosting its wealth management segment, which accounted for nearly half of its pre-tax profits last year.
Source: YAHOO
Reported 3 months ago
In Rome, two Syrians, Shaza Saker and Joumana Farho, have founded HummusTown, a humanitarian catering service that supports migrants and vulnerable individuals by sharing their rich culinary heritage. Established in 2018, the initiative started with crowdfunding to help those affected by the Syrian war and has since grown into a thriving business that offers employment, organizes cultural events, and provides food donations to the homeless. HummusTown not only strengthens the community but also assists Syrian refugees in finding their place in Italian society.
Source: YAHOO
Reported 3 months ago
Glencore Plc will announce next week whether it will spin off its coal division after acquiring Teck Resources Ltd.'s coal mines. This strategic shift comes after mounting pressure from shareholders, despite the coal business being one of its most profitable sectors. The company is currently consulting shareholders on the potential demerger and will share results alongside its interim financial report.
Source: YAHOO
Reported 3 months ago
The International Monetary Fund (IMF) has approved a $3.4 billion funding program for Ethiopia aimed at supporting economic reforms and restructuring the nation’s $28.4 billion external debt. The agreement will provide an immediate disbursement of around $1 billion, helping Ethiopia catalyze additional financing and navigate its financial challenges, which have been exacerbated by a civil war and economic pressures. IMF Managing Director Kristalina Georgieva emphasized the significance of this approval as a marker of Ethiopia's commitment to transformative reforms.
Source: YAHOO
Reported 3 months ago
Warren Buffett's Berkshire Hathaway has sold off over $3 billion worth of Bank of America shares this month, marking its third disposal of stock in the bank. The sales, which reduced Berkshire's stake by 6.9% from July 25 to July 29, come as Buffett cashes out amid a 22% rise in the stock price this year. Despite these sales, Berkshire still holds approximately 962 million shares valued at about $39.5 billion.
Source: YAHOO
Reported 3 months ago
Shares of ON Semiconductor surged 11.5% following the release of its Q2 earnings, which outperformed Wall Street expectations. The company reported revenues of $1.735 billion and adjusted EPS of $0.96, while highlighting a new supply agreement with Volkswagen for electric vehicle power systems. Despite overall revenue being down 17% year-over-year, the stock remains a focal point due to its position as a leading silicon carbide chip producer.
Source: YAHOO