Reported 4 months ago
The Federal Reserve Bank of Cleveland has named Beth Hammack, a veteran from Goldman Sachs Group Inc., as its next president. Hammack, with over three decades of experience in finance, capital markets, and risk management, will succeed Loretta Mester on June 30 and officially take office on August 21. She will be the fourth woman to lead the Cleveland Fed and will have a role in voting on monetary policy decisions starting in September. Hammack's appointment follows a nationwide search for a new president and has been met with positive reactions from industry experts.
Source: YAHOO
Reported 4 months ago
Wells Fargo CEO Charlie Scharf mentioned at the Milken Institute Global Conference that the asset cap imposed on the bank by regulators is hindering the expansion of its corporate business and trading operations. Scharf stated that if the cap is lifted, corporate lending and trading could become growth areas for the bank. The $1.95 trillion asset cap was put in place following a fake accounts scandal, and Scharf noted that progress is being made to address the issues, but regulators will ultimately decide when the cap will be lifted.
Source: YAHOO
Reported 4 months ago
"Yellowstone" stars Ryan Bingham and Hassie Harrison recently got married in a cowboy black-tie wedding at Harrison's family farm in Texas. The ceremony and reception reflected a Western theme inspired by their characters on the show, with elegant Western decor and attire. The couple aimed to create a heartfelt and intimate experience centered around their love and genuine moments with loved ones. The wedding featured custom-designed dresses, tailored tuxedos, and a Texas-inspired menu, with the event designed to mimic the atmosphere of Texas's Gruene Hall. The couple's relationship began through a serendipitous meeting arranged by Harrison's mother, and they announced their off-screen romance in 2023 before purchasing a home together in Topanga Canyon.
Source: YAHOO
Reported 4 months ago
ConocoPhillips is acquiring Marathon Oil in a $17.1 billion all-stock deal, a move that has surprised many in the industry. Tortoise Portfolio Manager Rob Thummel notes that Marathon Oil's disciplined capital approach has led to a high free cash flow yield, which he believes will benefit ConocoPhillips. While Marathon Oil's assets are described as good but not great, the acquisition will provide ConocoPhillips with additional cash to allocate towards future investments or shareholder returns. Regulatory scrutiny is expected for the deal, but it is seen as less high-profile compared to other recent transactions in the industry.
Source: YAHOO
Reported 4 months ago
Austin Hill has been fined $25,000 and penalized 25 points by NASCAR for an incident with Cole Custer during a recent Xfinity race at Charlotte Motor Speedway. This penalty caused Hill to lose the points lead, dropping him to third place in the standings. The incident occurred in the final stage of the race when Hill and Custer made contact multiple times, resulting in damage to both cars and Custer finishing 32nd while Hill finished 25th. Additionally, Xfinity crew chiefs Derek Smith and Dylan Cappello were each fined $2,500 for having unsafe and insecure lug nuts on their cars after the race.
Source: YAHOO
Reported 4 months ago
Harlequins flanker Katie Mew and centre Georgia Gray have announced their retirement from the club, with Mew having been with the team for six seasons and being part of the 2021 Premier 15s title-winning squad. They are the latest experienced players from Quins to retire, following a string of retirements including former England trio Shaunagh Brown, Emily Scott, and Rachael Burford. Harlequins are currently sixth in Premiership Women's Rugby and will host Trailfinders in their final league game of the season on June 2.
Source: YAHOO
Reported 4 months ago
Ellen DeGeneres, the 66-year-old comedian, has announced a 27-show farewell stand-up tour across North America titled "Ellen's Last Stand… Up." The tour, produced by Live Nation, will be her final comeback to comedy, reintroducing her trademark wit and anecdotes to live audiences. Tickets go on sale May 30 for an artist presale and May 31 for the general public, with the tour set to kick off in San Diego on June 19 and conclude in Minneapolis on August 17. This tour follows the announcement that her upcoming Netflix special will be her last, and DeGeneres has hinted that controversial topics, including the toxic workplace controversy surrounding her former talk show, will be addressed in her stand-up set.
Source: YAHOO
Reported 4 months ago
Jamie Dimon, CEO of JPMorgan Chase, expressed concerns about potential issues arising in private credit, cautioning that there could be severe consequences, especially as retail clients enter this growing asset class. Dimon highlighted the risks associated with providing retail clients access to less liquid products and emphasized the importance of acknowledging the inherent risks. He noted that problems in the market are often caused by less reputable players, stressing the need for caution and vigilance in the private credit industry.
Source: YAHOO
Reported 4 months ago
Hess shareholders have approved a $53 billion deal to sell the company to Chevron, but there are still hurdles to finalize the transaction. The biggest challenge is arbitration, where the ruling could potentially affect the deal if other energy giants like Exxon are given a right of first refusal. The key asset for this deal is Hess's Guyana asset, and if Chevron cannot acquire Hess alongside this asset, the entire deal could be in jeopardy according to Tortoise Portfolio Manager Robert Thummel. Chevron has made it clear that without the Guyana asset, they are not interested in pursuing the acquisition.
Source: YAHOO
Reported 4 months ago
Bill Skarsgård discusses his upcoming role as Nosferatu, describing it as a very sexualized portrayal of pure evil in the remake from director Robert Eggers. Skarsgård shared that embodying the character took a toll on him, making it challenging to shake off the intensity once filming was completed. Despite the discomfort, he anticipates audiences feeling both attracted and repulsed by his interpretation of Nosferatu, with Eggers praising Skarsgård's dedication to the role. The film is set to release on Christmas Day.
Source: YAHOO
Reported 4 months ago
The article discusses five reasons to consider buying Enterprise Products Partners stock, highlighting its consistency, high yield with a growing distribution, growth opportunities, inexpensive valuation, and tax-deferred distributions due to its status as a master limited partnership (MLP). Enterprise has a strong track record of consistent performance, a robust forward yield of 7.2%, upcoming growth projects, a relatively low valuation compared to historical multiples, and tax benefits through deferred distributions.
Source: YAHOO
Reported 4 months ago
UFC lightweight champion Islam Makhachev is hoping that Dustin Poirier does not retire after their upcoming fight at UFC 302. Makhachev believes Poirier still has a lot of fight left in him and is a dangerous opponent who can beat anyone. While Makhachev is focused on his next fight and is open to whatever the UFC offers, he feels it is not a good idea for Poirier to talk about retiring at this point in his career.
Source: YAHOO
Reported 4 months ago
Source: INVESTORS
Reported 4 months ago
Shareholders have approved the $53 billion sale of Hess to Chevron in the energy sector, while ConocoPhillips is set to acquire Marathon Oil in a $17.1 billion all-stock deal. The Hess-Chevron deal is still pending FTC regulatory approval and arbitration related to preemption rights with Exxon Mobil, while the Marathon Oil-ConocoPhillips acquisition is seen as a move towards optimization and cost reduction. Analysts believe the deal is unlikely to face antitrust issues since the companies are smaller and lack downstream assets.
Source: YAHOO
Reported 4 months ago
In the first quarter of 2024, U.S. bank profits saw a significant 79.5% surge to $64.2 billion, largely attributed to large banks not bearing special fees related to failed banks from the previous year. The Federal Deposit Insurance Corporation reported that decreased noninterest expenses, reduced provision costs, and an increase in noninterest income were key factors driving the profit boost. While asset quality metrics remained positive overall, there were concerns over deteriorating credit card and commercial real estate loan portfolios, with the noncurrent rate for non-owner occupied CRE loans reaching its highest level since 2013. Additionally, the number of banks on the FDIC's "problem bank list" increased to 63, with deposits rising for the second consecutive quarter.
Source: YAHOO
Reported 4 months ago
The article discusses how AstraZeneca has unveiled a more ambitious strategic plan compared to Pfizer, aiming to increase its revenue to $80 billion by 2030 by launching at least 20 new medicines. AstraZeneca plans to focus on cancer drugs, rare-disease therapies, and biologics, while Pfizer aims to grow revenue to $103.5 billion by 2030 with a focus on cancer medicines as well. AstraZeneca's approach emphasizes executing on its existing pipeline without extensive business development work, potentially leading to better stock performance in the coming years compared to Pfizer, which may need to address debt incurred from acquisitions.
Source: YAHOO
Reported 4 months ago
Amazon Web Services (AWS) and Orange are partnering to offer cloud computing services in Morocco and Senegal through the AWS Wavelength platform, marking the first time such services will be available in a country without physical AWS infrastructure. Orange will host the services in its data centers to meet the increasing demand for faster computing in industries like banking, telecommunications, and healthcare in Africa. The move aims to address the growing cloud market in Africa, which is expected to reach $18 billion by 2028, with AWS providing secure local data hosting for customers in regulated industries.
Source: YAHOO
Reported 4 months ago
The article discusses the USD/JPY forecast, noting that the US dollar is consolidating against the yen. The market is stable with no significant reasons to be short, and the Federal Reserve's tight policy contrasts with the Bank of Japan's unchanged monetary stance. The 155 yen level is seen as a key support, and any potential intervention by the Bank of Japan may only slow down the market temporarily. The article anticipates a gradual move towards the 160 yen level, considering any dips as buying opportunities, with the Japanese yen potentially weakening against various currencies.
Source: YAHOO
Reported 4 months ago
Caroline Stanbury, star of "The Real Housewives of Dubai," revealed on her podcast that she used the prescription drug Ozempic to aid in weight loss during a "midlife crisis" at 45. She shared that the medication helped her shed pounds, attributing it as a valuable tool for weight loss post-40. Stanbury's husband also discussed their nutritional balance on the podcast, emphasizing the importance of fasting after big meals. Stanbury had previously documented her recovery from a facelift on social media, showcasing her journey back to health.
Source: YAHOO
Reported 4 months ago
The Federal Deposit Insurance Corp. reported that US banks experienced increased paper losses on available-for-sale and held-to-maturity securities, reaching $517 billion in the first quarter of 2024, marking the ninth consecutive quarter of high unrealized losses since interest rates began to rise. Despite the rise in losses and the inclusion of more lenders in the regulator's "Problem Bank List," FDIC Chair Martin Gruenberg stated that the industry remained stable, with rebounding net income, favorable asset quality metrics, and stable liquidity. Gruenberg also mentioned plans to work on new capital rules for banks and proposals to ensure easy access to funding before his eventual departure, which could impact the Biden administration's regulatory agenda and the financial industry.
Source: YAHOO
Reported 4 months ago
Best Buy is expected to report its tenth consecutive quarter of sales decline due to weak electronics spending despite easing inflation, contrasting with increased consumer spending on less-expensive discretionary items. Analysts do not anticipate a demand trend change for electronics at Best Buy, with a recovery not expected until the second half of the year. The company's first-quarter revenue is projected to drop by 5.4%, with comparable sales falling by 4.94%, while adjusted earnings are expected to decrease by 6.4% to $1.08 per share. Wall Street sentiment towards Best Buy remains lukewarm, with the average rating being "hold" and the stock falling by 7.3% so far this year.
Source: YAHOO
Reported 4 months ago
Camila Cabello is featured in a Billboard cover shoot at her family home in Miami, where she relaxes with her pets and discusses her upcoming fourth solo album, "C,XOXO," set for release on June 28. The article highlights her casual demeanor, recent experiences, and stress relief through driving. Despite her global stardom, Cabello enjoys moments of anonymity and family time while preparing for events like the Met Gala.
Source: YAHOO
Reported 4 months ago
The article discusses whether Advanced Micro Devices (AMD) is a better buy compared to Nvidia. It highlights recent updates impacting AMD and suggests watching a video for more insights while considering subscribing. The article also mentions that the Motley Fool Stock Advisor team did not include AMD in their list of the 10 best stocks to buy now, which could potentially yield significant returns. It further provides historical data on Nvidia's stock performance. Jose Najarro, the author, discloses his positions in AMD, Microsoft, and Nvidia, with The Motley Fool recommending options related to these stocks.
Source: YAHOO
Reported 4 months ago
Laura Hankin's upcoming rom-com novel "One-Star Romance" tells the story of a bridesmaid and best man who despise each other due to a negative online review one wrote about the other's work. As they navigate their roles at their friends' wedding, sparks begin to fly between them, leading to unexpected feelings and revelations. The novel explores themes of friendship, love, and forgiveness in the digital age.
Source: YAHOO
Reported 4 months ago
The article discusses investing in the Ark Innovation ETF, managed by Ark Invest and focused on disruptive innovation. The ETF invests in forward-thinking companies like Tesla and Coinbase, aiming for high growth potential. However, despite its innovative focus, the Ark Innovation ETF has shown poor performance with a minimal gain over the past five years, high expense ratio, and significant volatility compared to other ETFs like the Invesco QQQ Trust and the Vanguard S&P 500 ETF. Investors are advised to carefully consider the ETF's strategy and track record before making investment decisions.
Source: YAHOO