Reported 2 days ago
Amazon is set to lose its second vice president in the devices division this October, as Lindo St. Angel, who played a key role in developing various gadgets, confirms his departure at the end of the month. This follows Rob Williams' earlier exit, highlighting ongoing struggles within the division to achieve profitability amidst product line changes and workforce reductions.
Source: YAHOO
Reported 2 days ago
Hasbro CEO Chris Cocks discussed the company's partnership with Netflix and Mattel to launch a new line of toys based on the animated film KPop Demon Hunters. The collaboration aims to create a diverse range of products, including plush toys, games, and trading cards, with the first item set to release soon. Cocks expressed confidence that this long-term partnership will contribute positively to Hasbro's earnings in the coming years, capitalizing on the K-pop phenomenon's popularity.
Source: YAHOO
Reported 2 days ago
Former Federal Maritime Commission Chairman Louis Sola highlighted the delicate balancing act faced by the U.S. maritime industry due to competition from China, which dominates shipbuilding. He pointed out that while the U.S. is implementing penalties on Chinese ships to boost domestic shipbuilding, the high costs and economic repercussions on exports, particularly in agriculture, present significant challenges. Despite difficulties, there's optimism about future infrastructure investments in U.S. ports, with Sola calling for more transparency and finalized trade deals to restore confidence in the maritime sector.
Source: YAHOO
Reported 2 days ago
President Trump is scheduled to meet Chinese President Xi Jinping in South Korea next Thursday, marking their first in-person interaction during Trump's second term. The summit will take place on the sidelines of the APEC meeting and is expected to address significant economic issues, including rare earth minerals and trade matters, following recent dialogues between U.S. and Chinese officials.
Source: YAHOO
Reported 2 days ago
TechCrunch has launched a new podcast called Build Mode, hosted by Isabelle Johannessen. This podcast serves as a guide for early-stage founders, offering unfiltered discussions and practical advice on the challenges of building a company. Starting November 13, each episode will focus on themes crucial to founders, such as fundraising and hiring. The initiative aims to foster a community of builders and gather insights from listeners, while also providing bonus content on social media platforms.
Source: YAHOO
Reported 2 days ago
President Trump has cancelled plans to send federal troops to San Francisco after discussions with billionaires Marc Benioff and Jensen Huang, as well as Mayor Daniel Lurie. This decision follows significant backlash from local officials and a changing landscape in the city, which has seen a revival thanks to the artificial intelligence sector. Mayor Lurie emphasized the need for partnerships with federal law enforcement, while some critics express concern over billionaire influence on policy decisions.
Source: YAHOO
Reported 2 days ago
A subsidiary of Chinese battery manufacturer Gotion has scrapped its $2.4 billion plan to establish a plant in Michigan for electric vehicle battery materials, leading to the loss of anticipated 2,350 jobs. This decision, influenced by criticism over the company's Chinese ownership, follows a history of waning public interest in electric vehicles and recent policy changes affecting automakers. The state of Michigan, which had not disbursed a promised state grant for the project, is seeking repayment for partial funding allocated to property purchase.
Source: YAHOO
Reported 2 days ago
The U.S. and EU have launched new sanctions against Russia's major oil companies, Rosneft and Lukoil, aiming to disrupt the funding of the ongoing war in Ukraine. The sanctions threaten customers in India and China with retaliation, pushing them to reconsider buying Russian oil. This crackdown follows a three-and-a-half-year effort to limit Russia's oil revenues, which are vital for its state finances. As the sanctions take effect next month, both the U.S. and EU are intensifying their strategies to enforce deeper economic impacts on Russia amid ongoing conflicts.
Source: YAHOO
Reported 2 days ago
Ford reported strong third-quarter results but anticipates a significant financial impact from the Novelis aluminum plant fire, projecting an EBIT hit of $1.5 billion to $2.0 billion in 2025. The automaker adjusted its full-year guidance downwards, citing disruptions in production and tariffs costing the company $700 million in Q3. Despite these challenges, Ford plans to increase F-150 and F-Series production by over 50,000 trucks in 2026 to meet demand, while also achieving record EV sales.
Source: YAHOO
Reported 2 days ago
Southwest Airlines' CFO Tom Doxey discussed the airline's optimistic fourth quarter outlook, projecting record high operating revenue, even as the ongoing U.S. government shutdown has a 'relatively modest' impact on the company. Despite concerns about flight safety and potential stress in air traffic control due to non-payment, Doxey noted no major disruptions thus far, while the airline continues to monitor the situation.
Source: YAHOO
Reported 2 days ago
Paramount Skydance CEO David Ellison remains determined in his attempts to acquire Warner Bros. Discovery, despite three rejections. Allies suggest that his connections to the Trump administration may give him an edge in the regulatory process. While Warner Bros. Discovery's CEO David Zaslav insists on a higher valuation than Ellison's latest offer, the situation remains fluid with multiple potential outcomes, including a full acquisition or a sale of assets. Ellison's ambition is reinforced by financial backing, and discussions around the potential deal have raised concerns about billionaire influence over major media entities.
Source: YAHOO
Reported 2 days ago
President Donald Trump has pardoned Changpeng 'CZ' Zhao, the founder of Binance, who had previously pleaded guilty to money laundering charges related to his cryptocurrency exchange, serving four months in prison. White House Press Secretary Karoline Leavitt stated that the pardon was an exercise of constitutional authority against the Biden Administration's stance on cryptocurrency. This decision follows reports of a lucrative crypto venture connected to the Trump family, which raised questions about potential conflicts of interest.
Source: YAHOO
Reported 2 days ago
President Trump has pardoned Binance founder Changpeng Zhao, facilitating his return to the U.S. and pledging to make the country a global hub for cryptocurrency. The decision, influenced by months of discussions between Zhao and the Trump family, signifies a shift from the Biden Administration's previous stance on crypto regulation. Zhao thanked Trump and expressed commitment to fostering a favorable environment for digital assets, while Trump's administration has already implemented supportive measures for the industry, including executive orders and regulatory changes.
Source: YAHOO
Reported 2 days ago
Molina Healthcare's stock dropped over 20% after the company reported disappointing third-quarter earnings, with adjusted EPS of $1.84 missing expectations significantly due to increased medical costs. The company's medical care ratio (MCR) was alarming at 92.6%, exceeding prior year figures and suggesting broader issues as many customers utilized their ACA plans. Concerns are mounting as federal subsidies that make ACA plans affordable are set to expire, possibly reducing enrollment and increasing costs for remaining clients. Molina's future hinges on stabilizing medical costs and adjusting their financial outlook for the upcoming quarter.
Source: YAHOO
Reported 2 days ago
US stocks rose on Thursday with the Dow, S&P 500, and Nasdaq seeing increases as oil prices spiked due to sanctions on Russian producers. While Tesla's quarterly earnings disappointed, the Nasdaq led gains with a 0.7% rise, and American Airlines performed well amid positive earnings guidance. The upcoming earnings report from Intel is highly anticipated, while developments in US-China trade talks also added some assurance to the market.
Source: YAHOO
Reported 2 days ago
IBM reported better-than-expected earnings and raised its sales forecasts, but shares fell as investors reacted to slowing growth in its cloud and software divisions. Despite a 15% gain in adjusted earnings per share and a 9% increase in revenue for the third quarter, market focus on declining software performance led to a 1.5% drop in stock price, highlighting high investor expectations ahead of other tech earnings reports.
Source: YAHOO
Reported 2 days ago
High mortgage rates are projected to remain elevated through 2026, according to the Mortgage Bankers Association and Fannie Mae, potentially reaching 6.5% and 6% respectively. This persistent increase in borrowing costs is significantly impacting the U.S. housing market, stifling real estate activity and reducing home affordability. Experts suggest that easing these rates to around 5.75% could help revitalize the market, but current forecasts indicate a tough economic road ahead, with high rates dampening economic growth and limiting homebuyer mobility.
Source: YAHOO
Reported 2 days ago
Oil prices surged after the U.S. imposed new sanctions on Russia's oil industry, aiming to pressure President Putin to negotiate and end the war on Ukraine. With crude oil prices climbing, experts anticipate that consumers may soon see higher gas prices, possibly starting next week. The impact of these sanctions on fuel prices is expected to ripple throughout the economy, affecting various products and services.
Source: YAHOO
Reported 2 days ago
Source: YAHOO
Reported 2 days ago
The average long-term U.S. mortgage rate has dropped to 6.19%, marking the lowest level in more than a year and aiding sluggish home sales. This is the third consecutive week of declines, influenced by the Federal Reserve's interest rate policies and an easing economic outlook. While sales of previously occupied homes hit a near 30-year low last year, recent reductions in mortgage rates have sparked some recovery in sales. However, potential inflationary pressures and budget deficits could limit how much further rates can decline.
Source: YAHOO
Reported 2 days ago
Tesla is recalling more than 63,000 Cybertrucks in the U.S. because their front lights are too bright, potentially distracting other drivers and increasing collision risks. The recall involves models from 2024 to 2026 and affects vehicles manufactured between November 2023 and October 2025. Although no accidents or injuries related to the issue have been reported, Tesla plans to issue a free software update to resolve it. This recall follows previous investigations into other safety issues with Tesla's self-driving features.
Source: YAHOO
Reported 2 days ago
The Trump administration is not in discussions to acquire equity stakes in quantum computing firms, according to sources. While several companies are seeking federal funding in exchange for equity, a Commerce Department spokesperson clarified that no negotiations are currently taking place. The administration is open to other funding forms, emphasizing a need for good returns for taxpayers.
Source: YAHOO
Reported 2 days ago
AT&T's COO, Jeff McElfresh, criticized T-Mobile's claims about its network coverage in the U.S. during a recent interview, stating that T-Mobile's assertions are misleading. Despite AT&T missing earnings expectations, they reported growth in mobile and fiber subscribers. McElfresh emphasized AT&T's commitment to transparency and reliability, revealing plans for a new campaign that aims to clarify misconceptions about network performance and pricing in the competitive landscape.
Source: YAHOO
Reported 2 days ago
During Tesla's earnings call, CEO Elon Musk made a controversial appeal for a $1 trillion pay plan, emphasizing his need for strong influence over the company's future 'robot army.' He expressed concerns about potentially losing control if he proceeds with building the robots, stating that compensation should reflect the level of voting control he possesses. Musk criticized proxy adviser firms opposing his pay proposal and highlighted that shareholder approval is crucial for maintaining his role as CEO during a pivotal time for Tesla.
Source: YAHOO
Reported 2 days ago
Source: YAHOO