Reported 7 days ago
The Asia-Pacific Economic Cooperation (APEC) summit concluded in Peru with a focus on trade and globalization, prominently featuring Chinese President Xi Jinping at the forefront. While leaders, including U.S. President Joe Biden, gathered to address economic challenges, concerns loomed regarding the upcoming Trump administration's stance on free trade. The summit yielded little concrete progress, with Biden, facing electoral defeat, striving to solidify alliances that may be threatened by Trump's policies. Xi emphasized the importance of open trade, marking a tense period ahead as the dynamics of U.S.-China relations remain uncertain.
Source: YAHOO
Reported 7 days ago
Hundreds of hospitality workers at Virgin Hotels Las Vegas are on strike for a second day, demanding a new contract with better wages and benefits from the Culinary Workers Union, which represents around 60,000 members. This marks the first open-ended strike by the union in 22 years, as workers face financial challenges while standing firm in negotiations that have stalled over pay disagreements. The union provides some financial support to striking members as they advocate for improved working conditions.
Source: YAHOO
Reported 7 days ago
Cryptocurrency analyst Michael Van De Poppe has suggested that both Bitcoin and Ethereum are nearing significant buying levels, which could be advantageous for investors looking to 'buy the dip.' Currently, Bitcoin is priced at $89,250 and is approaching its first major point of interest for traders, while Ethereum, at $3,040, is also nearing an optimal entry point. Van De Poppe encourages traders to look for entry opportunities in altcoins as well, expecting notable breakouts in the near future despite recent market fluctuations.
Source: YAHOO
Reported 7 days ago
Market participants are increasingly worried about the credit risk associated with significant risk transfers (SRTs), which banks use to alleviate capital pressures by offloading credit risks to investors. Global regulatory bodies are closely watching this trend due to potential implications for financial stability, although current observed losses remain modest. The surge in new investors entering the SRT market is also driving down risk premiums, which some analysts warn may lead to a more challenging pricing environment for transactions in the future.
Source: YAHOO
Reported 7 days ago
The Inflation Reduction Act has allowed millions of consumers to receive cash back for purchasing clean technologies like electric vehicles and heat pumps, supported by the Biden administration. However, President-elect Donald Trump plans to cut funding for such incentives, which could significantly affect tax credits and rebates benefiting consumers. As Trump’s administration may change or eliminate these benefits, experts advise taking advantage of existing tax credits and rebates quickly, especially for electric vehicles and energy-efficient home improvements.
Source: YAHOO
Reported 7 days ago
The House has passed a bipartisan bill aimed at expanding Social Security benefits by repealing two provisions that limit payouts for approximately 2.8 million individuals, including public sector workers and surviving spouses. While the bill adds an estimated $195 billion to federal deficits over the next decade, supporters advocate for its fairness, arguing that it restores benefits that Americans have rightfully earned. The legislation now moves to the Senate, where its future remains uncertain amid a crowded legislative schedule.
Source: YAHOO
Reported 7 days ago
Bitcoin's price has surged past $90,000, with prediction markets suggesting a 72% chance it could reach $95,000 by the end of November. Various betting contracts show differing odds for other price milestones, including $105,000 and $150,000 by 2026. Fundstrat's Tom Lee has maintained that Bitcoin could hit $150,000 by year's end, though optimism remains for hitting $100,000 soon. The recent rally, however, may be losing steam amidst stock market fluctuations, but confidence among crypto investors persists.
Source: YAHOO
Reported 7 days ago
An Idaho couple, Richard and his wife, achieved a net worth of over $2 million by living frugally and making smart investments despite facing costly financial mistakes. Richard's journey, which emphasizes diligent saving and careful real estate choices instead of high-paying jobs, showcases the 'millionaire next door' mentality. He learned investment strategies later in life after losses in the dot-com bubble, but his disciplined approach to saving and investing allowed them to live comfortably in retirement, with a steady income from investments and Social Security.
Source: YAHOO
Reported 7 days ago
McDonald's is allocating $100 million to restore customer confidence following an E. coli outbreak linked to onions on its Quarter Pounder hamburgers. This includes $65 million directed to the franchises most affected. The outbreak resulted in over 100 illnesses, with one death reported, prompting recalls and menu modifications. The company has recently resumed sales of Quarter Pounders with slivered onions while ensuring food safety.
Source: YAHOO
Reported 7 days ago
A Morgan Stanley report suggests that the brain-computer interface (BCI) industry could grow to $400 billion in the U.S., driven by AI-enhanced chips designed to help people with paralysis and neurological disorders. Although no products are currently available, major companies like Meta, Apple, and Neuralink are investing heavily in this technology. Precision Neuroscience's CEO anticipates an initial market of $2.5 to $3 billion, targeting around 400,000 severely paralyzed individuals, with expectations for expansion to include those with milder motor disabilities.
Source: YAHOO
Reported 7 days ago
An environmental organization has formally announced its intent to sue Cooke Aquaculture, a major salmon farming company, alleging violations of the Clean Water Act due to pollution impacting Maine’s coastal waters, crucial for the lobster fishing industry. The Conservation Law Foundation claims that the waste from the salmon pens harms marine life and ecosystems, whereas Cooke asserts it fully complies with regulations and that its operations do not adversely affect local fisheries.
Source: YAHOO
Reported 7 days ago
ByteDance, the parent company of TikTok, has reached a valuation of approximately $300 billion as it approaches investors for a share buyback program, offering $180.70 per share, a 12.9% increase from its last buyback price. Despite ongoing legal challenges regarding its U.S. assets and uncertainty surrounding TikTok's future in the U.S. market, ByteDance's global revenue rose 30% last year to $110 billion. The company plans to continue its buyback strategy regardless of the U.S. presidential election outcomes.
Source: YAHOO
Reported 7 days ago
Retired Navy Admiral Bill McRaven strongly recommends military veterans pursue an MBA to enhance their transition to civilian jobs. Highlighting the unique skills veterans bring to the workforce, he notes that an MBA provides essential business knowledge, helping bridge the gap between their capabilities and industry expectations. McRaven's insights were shared during the inaugural episode of Yahoo Finance's Warrior Money.
Source: YAHOO
Reported 7 days ago
ByteDance, the parent company of TikTok, has recently valued itself at approximately $300 billion following discussions with investors about a share buyback program at $180.70 per share, reflecting a 12.9% increase from their previous valuation. The company has been engaged in buyback programs since 2022 and continues amid legal challenges regarding its U.S. operations, including a potential ban on TikTok based on national security concerns. Despite the uncertain regulatory landscape, ByteDance's global revenue has seen significant growth, indicating strong financial health.
Source: YAHOO
Reported 7 days ago
The Federal Reserve is facing a significant challenge in determining the elusive 'neutral rate'—the interest rate that balances economic growth and inflation. Often likened to a mythical creature, this rate is crucial for shaping Fed policy, yet remains unobservable. Recent discussions highlight the implications of productivity on this rate, suggesting that it could be higher than previously thought, impacting future rate cuts as the Fed navigates economic conditions.
Source: YAHOO
Reported 7 days ago
Toyota has expressed strong opposition to California's ambitious electric vehicle (EV) mandate, deeming it 'impossible' due to current low adoption rates of EVs in the U.S. The company argues that the proposed timeline for 35% of light-duty vehicles to be zero-emission by 2026 and all new cars to be zero-emission by 2035 is unrealistic. Toyota's COO, Jack Hollis, raised concerns that such mandates could limit consumer choices and called for a unified national regulation to ease manufacturing processes across states.
Source: YAHOO
Reported 7 days ago
A recent analysis predicts that Taiwan Semiconductor Manufacturing Company (TSMC) and Broadcom could surpass Tesla in market capitalization within the next five years. Both companies are poised for significant growth, driven by increasing demand for semiconductors and AI chips, which contrasts with Tesla's slower expected earnings growth of just over 4% annually. TSMC, currently valued at around $995 billion, is expected to see its earnings rise by 26% annually, while Broadcom, valued at $813 billion, anticipates a growth rate of 20%. As competition in the electric vehicle market intensifies, these semiconductor giants may soon eclipse Tesla.
Source: YAHOO
Reported 7 days ago
As TikTok faces a looming ban due to a law signed by President Biden that prohibits Chinese ownership, Donald Trump’s potential reelection may alter the outcome. Trump suggests he might attempt to reverse the legislation and indicate support for TikTok in his campaign. Meanwhile, ByteDance is challenging the law in court, arguing it violates constitutional rights, while the Justice Department defends the law citing national security concerns. The deadline for TikTok's divestment is set for January 19, 2025, just before Trump's possible inauguration.
Source: YAHOO
Reported 7 days ago
MicroStrategy, led by Michael Saylor, has amassed a staggering $26 billion in Bitcoin, surpassing the cash reserves of corporate giants like IBM and Nike. The company's strategy, initially aimed at hedging against inflation during stagnant growth, has turned it into the largest publicly traded corporate holder of Bitcoin. This unconventional approach has garnered mixed reactions, yet investors have rallied behind it, resulting in a remarkable 2,500% increase in the company's stock value alongside Bitcoin's surge. Saylor plans to further grow their holdings, indicating a long-term commitment to the Bitcoin strategy.
Source: YAHOO
Reported 7 days ago
ByteDance, the parent company of TikTok, has valued itself at approximately $300 billion, a significant increase despite ongoing challenges to maintain its app in the US. This valuation emerged from a recent buyback offer, indicating growth from previous months. The potential for a federal ban on TikTok also looms unless ByteDance sells the platform to an American firm by mid-January, although political changes could alter the situation.
Source: YAHOO
Reported 7 days ago
Cathie Wood, CEO of Ark Investment Management, has made significant investments in Amazon, acquiring 189,496 shares valued at approximately $38 million since November 4. This move comes as her funds face challenges, including a net outflow of $2.67 billion over the past year and mixed opinions on her investment strategies. Despite her focus on small- and mid-cap tech stocks, her recent purchases of a megacap like Amazon may be intended to add stability to her portfolio amidst broader market uncertainties.
Source: YAHOO
Reported 7 days ago
A new wave of startups, backed by investors like Bill Gates, is exploring the potential of naturally occurring hydrogen in Kansas, aiming to revolutionize clean energy. This pursuit is part of a larger quest for energy transition, leveraging the unique geological features of the Midcontinent Rift. While the exploration carries substantial risks, the rewards could lead to cost-effective and cleaner methods of hydrogen production, potentially meeting a significant portion of global demand for years to come.
Source: YAHOO
Reported 7 days ago
Source: YAHOO
Reported 7 days ago
Olav Thon, the billionaire Norwegian entrepreneur known for his iconic red cap and significant contributions to the real estate sector, has died at the age of 101. Starting his career selling leather and fox hides, he built one of Norway's largest real estate empires, which includes over 80 shopping centers and approximately 90 hotels across several countries. Thon was also noted for his philanthropic efforts in medical research and support for outdoor activities in Norway.
Source: YAHOO
Reported 7 days ago
An analyst has stated that gas prices could dip below $3 per gallon before Thanksgiving as oil prices continue to decline due to weak demand concerns. With oil prices down around 10% in the past month and seasonal factors contributing to lower consumption, the national average price for gasoline has already dropped to $3.08 per gallon, with many states seeing even lower prices. Experts suggest significant price reductions may follow as market dynamics shift.
Source: YAHOO