Reported 10 days ago
In the recent elections, Republicans retained a narrow majority in the US House of Representatives, solidifying Donald Trump's control over the executive and legislative branches. This outcome diminishes the Democrats' ability to challenge Trump's policies, especially regarding tax cuts and immigration reform. With Trump set to meet with Republican House members, the GOP's majority also reduces the likelihood of congressional investigations into his past actions, despite some internal party divisions. The implications of this Republican success extend to foreign policy, notably aid to Ukraine amidst ongoing tensions with Russia.
Source: YAHOO
Reported 10 days ago
The FBI executed a raid on the home of Shayne Coplan, CEO of Polymarket, in New York, confiscating his phone and other electronics. This follows the recent presidential election where Polymarket's betting odds for Donald Trump starkly contrasted public opinion polls. The Department of Justice is investigating allegations that the platform allowed U.S. users to bet, which could violate law, while Polymarket claims the raid reflects political retribution for their accurate predictions.
Source: YAHOO
Reported 10 days ago
The Australian government is set to introduce new laws that will require major tech companies to ensure the online safety of their citizens. This initiative, aimed at tackling misinformation and protecting children, is part of a broader strategy by the Labor administration to enhance social media regulations, including age limits for users under 16. Communications Minister Michelle Rowland announced the planned Digital Duty of Care, which aligns with similar regulations in the UK and EU, and emphasized the responsibility of tech companies to lead in safeguarding users from online harms.
Source: YAHOO
Reported 10 days ago
Bitcoin is now just 10% short of hitting the significant $100,000 mark, and discussions are heating up about its potential to reach this milestone by Thanksgiving. During a conversation on Altcoin Daily, Brian Harrington from Fold emphasized the importance of the holiday season for promoting cryptocurrency, suggesting that the momentum could carry Bitcoin beyond $100,000 into 2025. However, concerns over public understanding and perception of Bitcoin as an asset could pose challenges to its future growth.
Source: YAHOO
Reported 10 days ago
Oil prices have decreased as the US dollar strengthens, impacting commodity costs and raising concerns about demand growth. Brent crude fell below $72 per barrel, while West Texas Intermediate hovered around $68. The strengthening dollar, spurred by political shifts and economic resilience, has made commodities more expensive for international buyers. Additionally, the weakening demand from China and lower growth forecasts from OPEC have added to the bearish sentiment on oil prices.
Source: YAHOO
Reported 10 days ago
A federal judge has declined to block a newly enacted constitutional amendment in Arkansas that revokes the casino license issued to Cherokee Nation Entertainment for a planned Pope County casino. Judge D. Price Marshall Jr. rejected the tribe's request for a temporary restraining order, affirming the measure's validity as it comes into effect. The Cherokee Nation plans to continue its legal battle, claiming the amendment violates its constitutional rights, while the state authorities express their commitment to defend the amendment.
Source: YAHOO
Reported 10 days ago
The British consumer group Which? is suing Apple, accusing the tech company of violating competition laws by locking users into its iCloud service and making it challenging to use alternatives. According to Which?, this practice has led to customers being overcharged for exceeding the free 5GB limit. If successful, the legal action could result in a payout for around 40 million iCloud users in the UK, totaling nearly £3 billion in owed refunds. Apple denies any wrongdoing and states that many users opt for third-party services.
Source: YAHOO
Reported 10 days ago
Takahiro Mori, Vice President of Nippon Steel, is scheduled to meet with representatives from three major steelworker unions in Pittsburgh to discuss the company's $14.1 billion bid to acquire US Steel. This meeting aims to sway union members regarding the potential benefits of the acquisition for their job security. Meanwhile, opposition from union leaders continues as they seek guarantees on capital investments and express concerns that the deal might compromise national defense and supply chains.
Source: YAHOO
Reported 10 days ago
Rob Nelson discusses with futurist Armando Pantoja the inevitability of Bitcoin's adoption by millions, emphasizing that the gradual acceptance by everyday people could significantly influence its price. Pantoja notes that while technological adoption often faces resistance and can take decades, he remains optimistic that once people recognize Bitcoin's advantages, they will naturally gravitate towards it.
Source: YAHOO
Reported 10 days ago
The Thai baht is expected to be one of the most vulnerable currencies in emerging Asia if Donald Trump returns to the presidency, primarily due to Thailand's heavy dependence on trade and its sensitivity to fluctuations in the Chinese yuan. With trade volume representing 129% of its GDP, Thailand's economy is particularly at risk from US policy changes under Trump, which may include tariffs that could further impact the currency's valuation and competitiveness.
Source: YAHOO
Reported 10 days ago
Experts forecast a bullish trend for Bitcoin, with predictions of it reaching $100,000 by the end of 2024. Analysts Sam Price and John Divine discuss factors influencing this rise, including supply and demand dynamics and favorable options market conditions. While seasonal fluctuations may cause temporary dips, the overall sentiment remains optimistic for Bitcoin's future performance.
Source: YAHOO
Reported 10 days ago
Warren Buffett has amassed over $300 billion in cash for Berkshire Hathaway, the highest in its history, by selling stocks and halting buybacks amid a shortage of attractive investment opportunities. This massive cash reserve, making up at least 27% of the company's assets, raises speculation about Buffett's plans, possibly indicating preparation for economic challenges, a transition of leadership, or simply a lack of bargains in today's overvalued stock market.
Source: YAHOO
Reported 10 days ago
US regulators have warned bankers that efforts to combat financial crime, particularly money laundering, will be ramped up. This follows a significant fine against TD Bank for compliance failures. Officials are increasing scrutiny on bank operations and risk management, emphasizing the need for effective programs to detect illegal activities. The trend of heightened enforcement and regulatory actions is expected to continue, as various institutions face scrutiny for their compliance with financial crime regulations.
Source: YAHOO
Reported 10 days ago
Analysts have increased their price targets for Carnival Cruise Lines due to a rebound in the cruise industry and growing consumer spending, particularly as 'Travel Tuesday' gains traction. Carnival reported significant growth, with revenues rising 15% year-over-year and adjusted earnings exceeding expectations. Bank of America Securities raised its target for Carnival stock, citing improved fleet performance and strong market fundamentals as more customers return to cruise travel post-pandemic.
Source: YAHOO
Reported 10 days ago
B. Riley Financial Inc. reported an estimated loss of $270-$280 million for the three months ending in September and has once again delayed filing its quarterly report with the SEC. This marks the fourth delay this year, attributed partly to challenges following the bankruptcy of Franchise Group Inc., its key holding. The firm's stock has dropped 77% this year, and shareholders are still awaiting updates for previous quarters. Despite these issues, the company plans to focus on its core financial services and aims to address auditor concerns.
Source: YAHOO
Reported 10 days ago
Cisco Systems reported better-than-expected quarterly results and a positive outlook for the near term, but its conservative annual sales forecast disappointed investors, causing a drop in stock prices. The company anticipates fiscal 2025 sales between $55.3 billion and $56.3 billion, which is below analyst expectations. While Cisco sees a recovery in corporate spending and increased orders, concerns linger about the slow return of federal government projects, its largest client. The company's shift towards networking services and software continues but is impacted by hardware sales which still dominate revenue.
Source: YAHOO
Reported 10 days ago
Exxon Mobil Corp. is set to cut 397 jobs from Pioneer Natural Resources Co., representing about 20% of the company's workforce, following its $63 billion acquisition of the Permian Basin operator. The layoffs will occur in seven stages by May 2026, primarily impacting offices in Irving and Midland, Texas. Exxon anticipates significant cost savings from the merger and plans to outline its long-term strategy for the Permian region in a presentation on December 11.
Source: YAHOO
Reported 10 days ago
Asian stocks experienced a downturn as the strong dollar and economic weaknesses in China dampened investor sentiment. While Japanese stocks rallied with a falling yen, shares in China and Taiwan fell, contributing to an overall decline in the region's equity market. This comes as the US consumer price data hints at a potential Federal Reserve rate cut, further impacting regional currencies and stock valuations. Market attention is shifting to upcoming US economic reports.
Source: YAHOO
Reported 10 days ago
Amidst the anticipation of Donald Trump's election, major railroads and their unions are rapidly negotiating contract deals to avoid previous standoffs that risked a national strike. Recent agreements illustrate efforts to address worker concerns over job cuts and improve working conditions, yet challenges remain as some unions resist early offers, driven by morale and the desire for better compensation. With Trump's administration unlikely to support union interests like Biden's, the pressure mounts for the unions to reach satisfactory agreements.
Source: YAHOO
Reported 10 days ago
Cornell Capital LLC, the former owner of Instant Brands, is being sued for allegedly misleading lenders to secure a $345 million dividend, which contributed to the company's bankruptcy. The lawsuit, filed by a trustee in Texas bankruptcy court, claims that the dividend was excessively funded and that its management provided unrealistic forecasts to support it. Ultimately, Instant Brands ran out of cash and filed for Chapter 11 bankruptcy in June 2023, leaving creditors with significant losses.
Source: YAHOO
Reported 10 days ago
BRF SA, a major global chicken supplier, expects Brazil to benefit significantly from a potential trade conflict between the US and China under the upcoming Trump administration. The anticipated restrictions on Chinese imports could redirect meat purchases to Brazil, enhancing its position as the world's leading chicken exporter, with projections indicating it will account for about 36% of global exports next year, surpassing the US's 22%. Brazilian producers are also leveraging substantial local supplies of corn and soybeans to boost poultry production amid tight US output due to avian influenza.
Source: YAHOO
Reported 10 days ago
Meta Platforms Inc. is set to face a diminished antitrust trial after a federal judge dismissed some claims from the US Federal Trade Commission (FTC), yet left key allegations regarding its acquisitions of Instagram and WhatsApp intact. Judge James Boasberg acknowledged certain business justifications for Meta's actions but ruled that the core issues of market dominance and competition remain to be resolved in court. Meta maintains its defense will demonstrate that these acquisitions foster competition, while the FTC asserts that this case is vital for restoring fair competition in social media.
Source: YAHOO
Reported 10 days ago
Ben Bard, the compliance chief at Archer-Daniels-Midland Co. (ADM), will leave the company in early 2025 after over ten years. ADM stated that his departure is for personal reasons, emphasizing his valuable contributions during his tenure. This announcement comes amid a challenging period for ADM, which is currently dealing with significant accounting errors and has seen a substantial decline in its market value.
Source: YAHOO
Reported 10 days ago
Banco do Brasil announced an 8.3% increase in its third-quarter adjusted net profit, reaching 9.5 billion reais, while also projecting higher loan-loss provisions for the year. The bank's profitability measured by return on equity slightly declined to 21.1%, and its loan book expanded by 13% year-on-year. However, the delinquency ratio for overdue payments rose to 3.3%. The lender now expects to set aside between 34 billion reais and 37 billion reais for unpaid loans, an increase from prior estimates.
Source: YAHOO
Reported 10 days ago
Taiwan's Foxconn, the world's largest contract electronics manufacturer and a major Apple supplier, is expected to report a 7% year-on-year rise in Q3 profits due to booming demand for AI servers. The company's revenue soared 20% compared to last year, marking its highest quarterly revenue yet. Analysts estimate a net profit of T$46.3 billion for the period, alongside a positive outlook for the fourth quarter, driven by record sales and AI-related expansion efforts.
Source: YAHOO