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Latest child tax credit money arrives Dec. 15. But don't count on extra cash in 2022.
The changes involving the child tax credit are part of the American Rescue Plan, which was signed into law March 11. Best bet: Don't plan to tap into child tax credit cash to cover next month's big bills. As for January, Bayn knows things are uncertain now when it comes to the expanded child tax credit. Remember the child tax credit at tax timeFamilies need to file the 2021 income tax return next year in order to claim the second half of the child tax credit that they're eligible to receive. We will likely hear more ahead about the child tax credit and the possibility that parents could receive advance payments money next year.
Portland awards $11.5M energy contract to woke firm run by ex-convict
The city of Portland, Oregon, awarded a $11.5 million energy contract to a woke company run by a woman who has served prison time for defrauding companies and tax fraud, according to a report. She reportedly also fabricated key claims in her proposal, saying she’d “managed” a $30 million energy upgrade program in California — one that has never heard of her, the paper noted. Twitter / Shades of Green ForumRed-faced city officials insisted that they were oblivious to Woodley’s criminal history — announcing that the $11.5 million agreement with Diversifying Energy was being put on ice pending a review. Diversifying Energy was the recipient of a $12 million clean energy contract despite the creator’s checkered past. Diversifying EnergyWoodley told The Oregonian she “absolutely 100 percent” stood by her claim that she managed an energy company that has no record of her.
Eric Adams supports Hochul’s ‘non-invasive’ vaccine-or-mask mandate
Mayor-elect Eric Adams expressed unequivocal support Tuesday for Gov. Kathy Hochul’s vaccine-or-mask requirement for New York State businesses amid the spread of the Omicron variant. Kathy Hochul instituted a new mask mandate that force patrons dining inside to either wear a mask all the time or show proof of vaccination. Mayor-elect Eric Adams has said that he will personally look into Bill De Blasio’s mask mandate when he takes over in January. Meanwhile, Adams was non-committal on Mayor Bill de Blasio’s private-sector vaccine requirement — scheduled to take effect Dec. 27, five days before Adams takes office.
The filibuster debate is (maybe) coming to a head on voting rights. Here’s what could happen.
But senators need all 50 Democrats onboard for this, and Manchin may not be one of them. He’s said earlier this year that he “can’t imagine” changes like this to the filibuster out of concern — an accurate one, some parliamentary experts say — that it’s a slippery slope to ending the filibuster entirely. What’s to say that Republicans, when they get in power, won’t make carve outs for legislation whenever they please? (Manchin did support a carve out for filibustering the debt ceiling last week, but that was an elaborate and one-time compromise between Senate Democratic and Republican leaders to avoid a default that he had little to do with.)
Opinion : It’s time to entertain the possibility that the Build Back Better bill won’t pass
It would also run afoul of what the bulk of Democrats want from the bill. Progressives have clearly stated all year that they expect a transformational package. They have been willing to compromise thus far primarily on the overall cost, which is why the bill that passed the House has so many programmatic expirations. They have not been willing to admit that there isn’t a Senate majority for a transformational bill. Instead, they have been ramping up the pressure on Manchin to go along with the party majority.
November producer price index rises 9.6%, sets new record
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNovember producer price index rises 9.6%, sets new recordCNBC's Rick Santelli and Steve Liesman join 'Squawk Box' to break down the latest producer price index data.
Stay invested in the markets as recovery is continuing despite omicron, strategist says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStay invested in the markets as recovery is continuing despite omicron, strategist saysBen Emons, managing director of global macro strategy Medley Advisors, recommends staying invested in the markets despite inflationary pressures and omicron variant fears, adding that emerging market countries with higher interest rates may be good areas of opportunity.
U.S. Covid shot distribution faces new challenges in year two, UPS vaccine logistics head says
The next phase of the U.S. Covid vaccination distribution effort will be challenging, the president of UPS Healthcare told CNBC, as Tuesday marks one year since the initial shipments. UPS and FedEx are the U.S. government partners in Covid vaccine distribution, which began under what was originally called "Operation Warp Speed" in the Trump administration. "The key is flow, it's all about flow," now-retired U.S. Army Gen. Gustave Perna told CNBC, referring to how to sustain the vaccine rollout. Perna was chief operating officer of Operation Warp Speed and continued to serve under the Biden administration before retiring in July. So, you want flow," Perna said.
A key inflation measure just hit its highest level on record
New York (CNN Business) A key inflation gauge showed that US prices continued to climb in November as pandemic-era supply chain chaos and a labor shortage continues. Stripping out prices received for food, energy and trade services, the index still climbed 6.9% over the same period, the biggest increase since August 2014. In services, prices for financial products, including portfolio management and investment advice rose. Prices received for goods actually rose at a slightly slower pace in November compared with the prior month. Yet, prices for iron and steel scrap jumped 10.7%, while prices for gasoline, fresh fruit and vegetables also rose.
Starbucks workers at 2 Boston cafes file for union election after win in Buffalo
Starbucks baristas at two Boston cafes filed for union elections on Monday, becoming the coffee giant’s third U.S. market this year to organize. It comes after a historic win for Starbucks workers last week, when employees at one Buffalo cafe voted to form the first union for baristas who work at a company-owned location under Workers United New York, a branch of the Service Employees International Union. Another Buffalo cafe is waiting to hear the results of its union election due to challenged ballots, while a third voted against unionizing. Related: Starbucks workers form 1st union in Buffalo, NYThe union push has faced strong opposition from Starbucks management. In Buffalo and Mesa, the company has sent executives to locations that are seeking to unionize, a move that Starbucks Workers United has called “union busting.” The company has denied allegations that it was trying to intimidate workers.
6 Workplace Lessons from 2021 to Carry Into Next Year
Check out Charter’s Reset Work package of tools, resources, and services to help your team navigate this next phase. Look no further than your employer’s return-to-office timeline (versions one, two, 12…) to understand just how much remains out of our control. What 2022 will demand of workers is not just the acceptance of uncertainty, but an ability to pivot. The Chief Diversity Officer can’t fix everything. Chief diversity officers often have remarkably short tenures, driven out by a lack of resources and lackluster support.
Florida company offers 2 free homes as worker incentive
Mechanical One, which provides air conditioning and plumbing for new developments, is planning to hold the drawing next December, president and CEO Jason James told the Orlando Sentinel . But then he decided he wanted his employees to be able to enjoy their own homes. To qualify for the drawing, employees must be with the company for a full year and take a financial literacy class, paid for by the company. The privately held company of nearly 100 people began operations in July, so no employees qualify yet, the newspaper reported. He had been working in HVAC and plumbing for about six years before starting his own company.
Toyota Stock Rises Near Buy Point As GM, Ford Rival Doubles EV Target
Toyota stock rose toward a buy point. Toyota Stock Rises Near Buy PointShares of Toyota Motors rose 2.6% to 180.64 early on the stock market today. Toyota stock broke out of a cup with a 187.55 buy point in November but has fallen back below that entry. Also on Tuesday morning, GM stock dropped 0.9% and Ford stock backed off 1.8%, while China-based BYD stock added 1%. Toyota makes its EV push as legacy rivals tout early signs of success in their shift to electric vehicles.
Cidara Therapeutics Shares Drop 22% After Results for Rezafungin
By Chris WackCidara Therapeutics Inc. shares were down 22% to $1.27 Tuesday after the company and Mundipharma reported topline data from a Phase 3 clinical trial evaluating the efficacy and safety of its once-weekly antifungal candidate rezafungin as a potential first-line treatment for candidemia and invasive candidiasis. The company said rezafungin met the primary endpoint for the U.S. Food and Drug Administration new drug application submission of all-cause mortality at day 30, and also met the primary endpoint for the European Medicines Agency Marketing authorization application submission of global cure at day 14. Cidara said both results demonstrated statistical non-inferiority of rezafungin dosed once-weekly, versus caspofungin dosed once-daily, the current standard of care. Rezafungin was generally well tolerated and had a similar safety profile to caspofungin. Cidara has partnered with Mundipharma, who has commercial rights to rezafungin outside the U.S. and Japan.
Stocks open lower after hotter-than-expected PPI jump
U.S. stocks opened lower Tuesday, under pressure after a hotter-than-expected reading for the November Producer Price Index as investors awaited the kickoff of a two-day meeting of Federal Reserve policy makers. The Dow Jones Industrial Average DJIA, +0.27% fell 82 points, or 0.2%, to 35,569, while the S&P 500 SPX, -0.41% was down 30 points, or 0.6%, at 4,639. The PPI climbed 0.8% last month, the government said. Economists polled by The Wall Street Journal had forecast a 0.5% advance. The increase in wholesale prices in the past 12 months rose to 9.6% from 8.8%, marking the biggest advance since a major change in the index in 2009.
Caterpillar, BNSF, Chevron to Pursue Hydrogen Locomotive Demonstration
By Colin KellaherA trio of U.S. industrial titans on Tuesday said they are teaming up in an effort to advance the use of hydrogen fuel as a lower-carbon option for the railroad industry. Heavy machinery maker Caterpillar Inc., energy giant Chevron Corp. and BNSF Railway Co., the freight railroad owned by Warren Buffett's Berkshire Hathaway Inc., said they inked a memorandum of understanding to advance the demonstration of a locomotive powered by hydrogen fuel cells in a bid to confirm the feasibility and performance of hydrogen fuel for use in line-haul rail. The companies said hydrogen has the potential to play a significant role as a lower-carbon alternative to diesel fuel for transportation, with hydrogen fuel cells becoming a means to reduce emissions. As part of the plan, Caterpillar's Progress Rail unit will design and build a prototype hydrogen-fuel-cell locomotive while Chevron will develop the fueling concept and infrastructure to support the use of the locomotive, which would be demonstrated on BNSF's lines. Chevron and Caterpillar in September announced plans to collaborate on hydrogen demonstration projects in transportation and stationary power applications, including prime power.
Chanel Taps Unilever HR Chief as New CEO -- Update
By Joshua KirbyChanel SA said Tuesday that it has appointed Unilever PLC's Leena Nair as chief executive, with incumbent Alain Wertheimer taking on a new role at the privately-held French fashion house. Ms. Nair is currently chief human resources officer at the Anglo-Dutch consumer-goods group, Chanel said. She will become global CEO at the end of January, and will be based in London.
Curaleaf raises $425 million in debt
Alliance Global Securities analyst Aaron Grey said Tuesday a $425 million debt deal by Curaleaf Holdings Inc. CURLF, -1.10% CURA, -0.85% will result in cost savings of about $20 million from lower interest payments. Grey reiterated a buy rating on Curaleaf and said larger cannabis companies such as Curaleaf hold an advantage in the current environment. Curaleaf Holdings said late Monday it received commitments for a $425 million private placement of 8.0% senior secured notes due 2026. Curaleaf CEO Joseph Bayern said the offering ranks as the largest debt financing of any publicly-traded multi-state operator in the cannabis business. The credit facility will be used to refinance debt at a lower interest rate, he said.
Himalaya Shipping to List on Euronext Growth in December
By Kyle MorrisHimalaya Shipping Ltd. said Tuesday that it has filed an application with the Oslo Stock Exchange for listing on the Euronext Growth, with the first day of trading expected around Dec. 22. Himalaya Shipping, a bulk carrier company incorporated in Bermuda, didn't provide details of the listing price or market capitalization upon entry to trading.
Unisys Buys Cloud Solutions Provider CompuGain for $87.3 Mln
By Michael DabaieUnisys Corp. said it acquired cloud solutions provider CompuGain for $87.3 million on a cash-free, debt-free basis. IT solutions company Unisys said it funded the transaction with cash on hand. CompuGain generated revenue of $58 million for the 12-months ending Sept. 30, up 12% year-over-year, Unisys said. Unisys said it expects the transaction to immediately boost adjusted earnings before interest, tax, depreciation and amortization and free cash flow. The company said it expects the deal to deepen its cloud offerings.
Inpixon Gets Expression of Interest; To Review Strategic Options >INPX
By Colin KellaherInpixon on Tuesday said its board authorized the company to review strategic alternatives in a bid to maximize shareholder value after it received a preliminary expression of interest from an unnamed party. The Palo Alto, Calif., provider of indoor positioning and data analytics services said its options include a possible asset sale, a merger with another company, or the spinoff of one or more of its business units.
Stocks open lower after hotter-than-expected PPI jump
U.S. stocks opened lower Tuesday, under pressure after a hotter-than-expected reading for the November Producer Price Index as investors awaited the kickoff of a two-day meeting of Federal Reserve policy makers. The Dow Jones Industrial Average DJIA, +0.27% fell 82 points, or 0.2%, to 35,569, while the S&P 500 SPX, -0.41% was down 30 points, or 0.6%, at 4,639. The PPI climbed 0.8% last month, the government said. Economists polled by The Wall Street Journal had forecast a 0.5% advance. The increase in wholesale prices in the past 12 months rose to 9.6% from 8.8%, marking the biggest advance since a major change in the index in 2009.
Centene says CEO to retire, names five new board members; board to find new CEO
An earlier version of the headline incorrectly said that the new board members will be tasked with finding the new CEO. Michael Neidorff will retire in 2022 from his role as chairman and CEO. Centene also announced several changes to its board, which is now tasked with securing a successor. Its new members are: Ken Burdick, Christopher Coughlin, Wayne DeVeydt, and Theodore Samuels, and a yet-to-be-determined fifth director decided on by both Centene and Politan. Robert Ditmore, John Roberts and Tommy Thompson are the board members who are now set to step down in 2022.
Stocks open lower after hotter-than-expected PPI jump
U.S. stocks opened lower Tuesday, under pressure after a hotter-than-expected reading for the November Producer Price Index as investors awaited the kickoff of a two-day meeting of Federal Reserve policy makers. The Dow Jones Industrial Average DJIA, +0.27% fell 82 points, or 0.2%, to 35,569, while the S&P 500 SPX, -0.40% was down 30 points, or 0.6%, at 4,639. The PPI climbed 0.8% last month, the government said. Economists polled by The Wall Street Journal had forecast a 0.5% advance. The increase in wholesale prices in the past 12 months rose to 9.6% from 8.8%, marking the biggest advance since a major change in the index in 2009.
Lexus RZ 450e EV revealed, with sports car concept and more
Naturally, Lexus is a significant part of that, and it had its own group of vehicles to show including the production RZ 450e. Leading the lineup of future electric cars is the production RZ 450e. The other two vehicles shown were a sedan and an SUV, simply called the Electrified Sedan and Electrified SUV. The Electrified SUV looks like a boxier, larger version of the RZ. Proportionally, it looks like it may have three rows of seats, and it seems like it could be the next electric Lexus after the RZ.
Dow's nearly 100-point climb led by gains in shares of Walgreens Boots, Dow Inc.
Shares of Walgreens Boots and Dow Inc. are trading higher Tuesday morning, propelling the Dow Jones Industrial Average into positive territory. The Dow DJIA, +0.27% is trading 98 points higher (0.3%), as shares of Walgreens Boots WBA, +2.55% and Dow Inc. DOW, +2.08% are contributing to the blue-chip gauge's intraday rally. Walgreens Boots's shares have gained $1.15, or 2.3%, while those of Dow Inc. have climbed $1.01 (1.9%), combining for an approximately 14-point boost for the Dow. Also contributing significantly to the gain are Travelers TRV, +2.36% , IBM IBM, +1.71% , and Amgen Inc. AMGN, +1.30% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Fed has to start hiking rates steadily early next year to combat inflation, former official says
The Federal Reserve must act quickly and aggressively to address rising inflation, said former Minneapolis Fed President Narayana Kocherlakota on Tuesday. Specifically, the Fed should launch “meeting-by-meeting” interest rate increases in January-June and “keep going until inflation comes back down near 2%,” Kocherlakota said in a Bloomberg opinion piece. The steep monetary policy tightening could take short-term rates well above the 2.5% level that Fed officials consider to be neutral, he noted. Analysts think the Fed is planning to raise interest rates at a much more gradual pace – only getting short-term rates up to 2.5% by the end of 2024. Read: Americans expect higher inflation“For years, the Fed failed to respond aggressively enough to this self-reinforcing upward spiral,” he said.
U.S. Producer Prices Rise at Record Pace As Key Fed Meeting Gets Going
The Federal Reserve will meet today and tomorrow for the final time in 2021. Photograph by Mark Wilson/Getty ImagesWholesale prices rose at a faster-than-expected pace in November as investors got another hot inflation reading ahead of the Federal Reserve’s final meeting of the year. The U.S. producer-price index (PPI) rose 9.6% year-over-year, up from 8.8% the previous month, and ahead of estimates for a 9.2% rise. That is the largest jump since 12-month data began being calculated in November 2010, the U.S. Bureau of Labor Statistics said.
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Momentum Shifts to Down Under 35488
At 20:49 GMT, March E-mini Dow Jones Industrial Average futures are trading 35651, down 224 or -0.62%. Daily March E-mini Dow Jones Industrial AverageDaily Swing Chart Technical AnalysisThe main trend is down according to the daily swing chart, however, momentum is trending higher. The E-mini Dow is currently trading on the weak side of its pivot at 35759, making it new resistance. If the minor trend changes to down then its retracement zone at 34945 to 34689 will become the primary downside target. Daily Swing Chart Technical ForecastThe direction of the March E-mini Dow Jones Industrial Average into the close on Monday is likely to be determined by trader reaction to 35875.
Some federal lawmakers and their staffers are all in on cryptocurrency speculation as Congress mulls how (or how not) to regulate the coins
Conflicted Congress banner with the the Capitol Building showing in the backgroundRebecca Zisser/InsiderSen. Cynthia Lummis of Wyoming has invested in cryptocurrency. A staff director for the Senate Republican Communications Center under Senate Minority Leader Mitch McConnell invests in crypto. Another crypto investor was Scott Sloofman, the staff director for the Senate Republican Communications Center under Senate Minority Leader Mitch McConnell. The idea of lawmakers and congressional staffers investing in cryptocurrency is exciting, Hammond said. A few days later, House lawmakers quizzed the CEOs of a half-dozen crypto-focused companies about their business practices.
GME, AMC are 'meme stocks, but they're really story stocks,' strategist says
NextSharkCraig Wright, an Australian computer scientist who claims to be Satoshi Nakamoto, the inventor of Bitcoin, has been cleared of six out of seven civil charges during a trial in a Miami court on Dec. 7 that put him up against the estate of his deceased business partner. Trial and claims: The plaintiff of the civil court case declared that Wright and David Kleiman, a computer forensics expert and Wright’s friend, pre-mined 1.1 million bitcoin together (worth $54 billion), fueling an argument over whether Wright owed half of his assets to Kleiman’s family. The jury ruled that Wright and Kleiman did not have a partnership, and Wright will not pay the estate half of the $54 billion, according to CNN. The jury also declared that Kleiman and Wright did not have a partnership in writing the Bitcoin white paper as Satoshi Nakamoto in 2008, Coingeek reported.
Virgin Australia switches U.S. partner to United from Delta
SYDNEY (Reuters) -Virgin Australia said on Tuesday it would enter a new codeshare and loyalty partnership with United Airlines from April 2022, replacing a longstanding partnership with Delta Air Lines on U.S. routes. Virgin last year stopped flying from Australia to Los Angeles but had maintained a relationship with Delta in competition with a rival partnership between Qantas Airways and American Airlines. United has a much larger market share than Delta on routes between Australia and the United States and Virgin said the new partnership would triple its reach into the Americas, including on flights to Mexico, the Caribbean and South America. United customers will also gain access to Virgin's extensive domestic network in Australia under the arrangement. Delta said in a separate statement that its operations to Australia would not be affected by Virgin's decision and it would continue to operate flights between Sydney and Los Angeles after their partnership ends in June 2022.
Best Tax Relief Companies of 2021
Our Top Picks for Tax Relief CompaniesAnthem Tax Services – Best GuaranteeOptima Tax Relief – Best Mobile AppLarson Tax Relief – Best for Business Tax Debt ReliefTax Defense Network – Best for Smaller DebtCommunity Tax Relief – Best for Affordable Initiation FeesProsMoney-back guarantee with no time limitSome customers have reported cases resolved in as little as a weekDedicated tax relief services for truck driversConsCustomers have reported poor communication on cases that go on longer than a weekMinimum Debt Required$7,500Certifications and membershipsNATP, NAEA, California Tax Education Council (CTEC)Story continuesBBB RatingA+Why we chose this company: Anthem Tax Services’ full money-back guarantee — which promises all your money back if your tax debt isn’t reduced or eliminated — is among the best in the industry. Larson Tax Relief works with all sorts of tax debt relief services, from personal IRS tax debt relief to corporate tax assistance and even assistance with delaying or preventing bank levies. Other tax relief companies we consideredPros30-day money-back guaranteeNo-interest payment plans for all clientsFree consultationsConsNo audit representationPrecision Tax Relief primarily focuses on IRS tax debt relief, but can also handle state tax issues. Be aware that some tax debt relief companies employ tax debt relief lawyers, but not all. Summary of Money’s Best Tax Relief CompaniesAnthem Tax Services – Best GuaranteeOptima Tax Relief – Best Mobile AppLarson Tax Relief – Best for Business Tax Debt ReliefTax Defense Network – Best for Smaller DebtCommunity Tax Relief – Best for Affordable Initiation Fees© Copyright 2021 Ad Practitioners, LLC.
Leuthold Funds Inc Buys Costco Wholesale Corp, Walmart Inc, PowerShares QQQ Trust Ser 1, Sells ...
New Purchase: Costco Wholesale Corp (COST)Story continuesLeuthold Funds Inc initiated holding in Costco Wholesale Corp. The purchase prices were between $394.53 and $467.75, with an estimated average price of $439.33. The purchase prices were between $139.32 and $151.45, with an estimated average price of $144.54. The purchase prices were between $46.08 and $59.18, with an estimated average price of $53.37. Reduced: PowerShares QQQ Trust Ser 1 (QQQ)Leuthold Funds Inc reduced to a holding in PowerShares QQQ Trust Ser 1 by 9999%.
Market check: Tesla shares fall, travel stocks under pressure
Video TranscriptBRIAN SOZZI: All right, let's head over to Yahoo Finance's Ines Ferre now for a deeper look into the markets. INES FERRE: And, Brian, take a look at the sectors right now that are lagging. I want to take a look at the travel stocks because these are under pressure right now. Apple up 8/10 of a percent at around just above $180 a share, inching towards that $3 trillion market cap. I also want to mention what's happening with some of the meme stocks because I'm watching again AMC under pressure again.
Latest child tax credit money arrives Dec. 15. But don't count on extra cash in 2022.
The changes involving the child tax credit are part of the American Rescue Plan, which was signed into law March 11. Best bet: Don't plan to tap into child tax credit cash to cover next month's big bills. As for January, Bayn knows things are uncertain now when it comes to the expanded child tax credit. Remember the child tax credit at tax timeFamilies need to file the 2021 income tax return next year in order to claim the second half of the child tax credit that they're eligible to receive. This article originally appeared on Detroit Free Press: Child tax credit arrives Dec. 15.
US inflation jumps 6.8% in November — fastest rate in 39 years
U.S. consumer prices rose at the fastest clip in nearly four decades last month, underscoring the persistently elevated inflationary pressures in the recovering economy. The Labor Department's Consumer Price Index (CPI) climbed by 6.8% in November compared to last year, marking the fastest annual increase since June 1982. Even excluding more volatile food and energy prices, the so-called core CPI rose by 4.9% over last year for the fastest increase in about three decades. On a month-over-month basis, the CPI rose 0.8% in November, coming in ahead of the 0.7% rise anticipated. Over the past 12 months, this index gained 6.4%, marking the fastest increase since Dec. 2008.
India's Nov WPI inflation hits a record of 14.23% y/y
Annual wholesale price-based inflation rose to 14.23% in November, its highest since April 2005, according to data from Refinitiv, against 12.54% the previous month, government data showed on Tuesday. The gap between retail and wholesale price-based inflation has widened in recent months as many companies and retailers are struggle to absorb galloping input costs that threaten their bottom lines. Wholesale inflation has remained in double-digits for the eighth month in a row while headline retail inflation is hovering near 5%, or within the central bank's target of 2% to 6%. Wholesale fuel and power prices rose 39.81% on the year versus 37.18% in October, while manufactured product prices rose 11.92%, against 12.04% in the prior month. Wholesale prices of food accelerated at a 6.70% pace in November from a year earlier, versus 3.06% the previous month.
Simplify Exchange Traded Funds Buys Twitter Inc, Amazon. ...
Investment company Simplify Exchange Traded Funds (Current Portfolio) buys Twitter Inc, Amazon.com Inc, Tencent Holdings, Tesla Inc, Alphabet Inc, sells PowerShares QQQ Trust Ser 1 during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Simplify Exchange Traded Funds. As of 2021Q3, Simplify Exchange Traded Funds owns 16 stocks with a total value of $1 million. New PositionNew Purchase: Twitter Inc (TWTR)Simplify Exchange Traded Funds initiated holding in Twitter Inc. Added: The Walt Disney Co (DIS)Simplify Exchange Traded Funds added to a holding in The Walt Disney Co by 25.00%. Sold Out: PowerShares QQQ Trust Ser 1 (QQQ)Simplify Exchange Traded Funds sold out a holding in PowerShares QQQ Trust Ser 1.
Simplify Nasdaq 100 PLUS Downside Convexity ETF Buys PowerShares QQQ Trust Ser 1
Investment company Simplify Nasdaq 100 PLUS Downside Convexity ETF (Current Portfolio) buys PowerShares QQQ Trust Ser 1 during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Simplify Nasdaq 100 PLUS Downside Convexity ETF. As of 2021Q3, Simplify Nasdaq 100 PLUS Downside Convexity ETF owns 2 stocks with a total value of $7 million. Added Positions: QQQ,For the details of Simplify Nasdaq 100 PLUS Downside Convexity ETF's stock buys and sells,go to https://www.gurufocus.com/guru/simplify+nasdaq+100+plus+downside+convexity+etf/current-portfolio/portfolioThese are the top 5 holdings of Simplify Nasdaq 100 PLUS Downside Convexity ETFPowerShares QQQ Trust Ser 1 (QQQ) - 20,149 shares, 99.31% of the total portfolio. Added: PowerShares QQQ Trust Ser 1 (QQQ)Simplify Nasdaq 100 PLUS Downside Convexity ETF added to a holding in PowerShares QQQ Trust Ser 1 by 148.48%. Stocks that Simplify Nasdaq 100 PLUS Downside Convexity ETF keeps buyingThis article first appeared on GuruFocus.
Simplify Nasdaq 100 PLUS Convexity ETF Buys PowerShares QQQ Trust Ser 1
Investment company Simplify Nasdaq 100 PLUS Convexity ETF (Current Portfolio) buys PowerShares QQQ Trust Ser 1 during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Simplify Nasdaq 100 PLUS Convexity ETF. As of 2021Q3, Simplify Nasdaq 100 PLUS Convexity ETF owns 2 stocks with a total value of $7 million. Added Positions: QQQ,For the details of Simplify Nasdaq 100 PLUS Convexity ETF's stock buys and sells,go to https://www.gurufocus.com/guru/simplify+nasdaq+100+plus+convexity+etf/current-portfolio/portfolioThese are the top 5 holdings of Simplify Nasdaq 100 PLUS Convexity ETFPowerShares QQQ Trust Ser 1 (QQQ) - 20,241 shares, 98.85% of the total portfolio. Added: PowerShares QQQ Trust Ser 1 (QQQ)Simplify Nasdaq 100 PLUS Convexity ETF added to a holding in PowerShares QQQ Trust Ser 1 by 147.78%. Stocks that Simplify Nasdaq 100 PLUS Convexity ETF keeps buyingThis article first appeared on GuruFocus.
Stock market news live updates: Stocks close at a record as investors look beyond hot inflation
Stocks ended Friday at a record level as investors shrugged off a key inflation report ahead of the Federal Reserve's final policy-setting meeting of the year next week. The S&P 500 jumped nearly 1% to log a record closing high. The Labor Department's Consumer Price Index (CPI) showed yet another multi-decade high rate of inflation for November. ET: Ford shares jump to the highest in two decades after founder's grandson spends $20 million in share purchasesShares of automaker Ford (F) jumped Friday afternoon to reach their highest level since 2001. ET: CPI inflation posts biggest year-over-year increase since 1982The Labor Department's Consumer Price Index showed the largest annual increase in inflation since 1982, signaling persistently elevated price pressures in the U.S. economy.
Stocks start lower after jump in wholesale prices last month
Stocks are opening lower again on Wall Street Tuesday as traders took in the latest sign that inflation is still running high. The S&P 500 index gave up 0.5% in the early going. Treasury yields rose after the latest report on inflation, which showed that wholesale prices jumped a record 9.6% in November from a year earlier, more than expected. That shows how inflation is impacting costs for businesses and is important given the Fed meeting on Tuesday and Wednesday. China Evergrande Group's shares gave up 7%.
US STOCKS-Wall Street edges lower on Omicron worries; Fed meeting awaited
Seven of the 11 major S&P 500 sector indexes fell in early trading, with only defensive plays including consumer staples , utilities and real estate gaining. Travel-related stocks also fell after at least one patient died in the United Kingdom after contracting the Omicron variant of the coronavirus. Shares of Carnival Corp fell nearly 6% to lead declines among cruise operators, while the S&P 1500 airlines index shed 3.4%. Apple Inc shares rose 0.8% after J.P. Morgan raised its price target on the iPhone maker's shares to the highest on Wall Street. The S&P index recorded 34 new 52-week highs and one new low, while the Nasdaq recorded 24 new highs and 110 new lows.
US futures fall ahead of the Fed policy decision, while Omicron feeds investor jitters
Traders work on the floor of the New York Stock Exchange (NYSE) on March 18, 202 Spencer Platt/Getty ImagesUS futures fell Tuesday, as the Fed commenced a two-day monetary policy meeting. The spread of the Omicron variant is forcing restrictions on activity in a number of countries, unsettling investors. The Fed kicks off a two-day meeting Tuesday. Asian stocks were mostly down overnight, as Omicron variant concerns ramped up and after China reported its first case of the variant. Cryptocurrencies slid again, driven by the Fed meeting concerns.
Stock market news live updates: Stocks extend losses ahead of key Fed policy meeting
The Labor Department's Consumer Price Index (CPI) soared 6.8% in November compared to last year, according to figures published last week. An updated Summary of Economic Projections outlining individual members' outlooks for economic conditions and interest rates is set to accompany the statement. "Households are downbeat, according to sentiment surveys, and the so-called 'misery index' that adds together inflation and unemployment hovers around recession levels." ET: Markets open lower ahead of Fed decisionHere were the main moves in markets as of 9:30 a.m. ET: Stock futures tick downHere were the main moves in futures trading Tuesday morning:S&P 500 futures (ES=F): -28.50 points (-0.64%), to 4,640.25Dow futures (YM=F): -100 points (-0.28%), to 35,545Nasdaq futures (NQ=F): -170 points (-1.06%) to 15,9128:48 a.m.
Designated person notification
14 December 2021, 12:00 CETWith reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulations), ArcelorMittal announces that a notification of a share transaction by a Designated Person (i.e. Directors or Executive Officers) is available in the Luxembourg Stock Exchange’s electronic database OAM on https://www.bourse.lu/home and on ArcelorMittal’s web site https://corporate.arcelormittal.com under Investors > Corporate Governance > Share Transactions by Management. This transaction is directly connected to ArcelorMittal’s share buyback program announced on 17 November 2021. ArcelorMittal’s Significant Shareholder has entered into a share repurchase agreement with ArcelorMittal to sell shares so that its voting rights in ArcelorMittal’s share capital (net of treasury shares) is maintained at the current level of 36.34%. Further details on the share buyback program are available on https://corporate.arcelormittal.com under Investors > Equity investors > Share Buyback Program.
Fluor-Backed NuScale Power Signs Agreement to Accelerate Small Modular Reactor Commercialization
Fluor has invested more than $600 million in NuScale Power since 2011 to help bring its technology to market. NuScale Power is the developer of the only SMR technology that has received Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC). After merging with Spring Valley, the combined company will become the first and only publicly-traded company focused on development of advanced SMR technology. Fluor, together with NuScale Power, continues to advance the first SMR cost-reimbursable services contract with Utah Associated Municipal Power Systems (UAMPS). Due to known and unknown risks, Fluor’s results may differ materially from its expectations and projections.
NEOGEN to Combine 3M's Food Safety Business With its Existing Operations, Creating a Global Industry Leader
The transaction implies an enterprise value for 3M's Food Safety business of approximately $5.3 billion, including $1 billion in new debt to be incurred by 3M's Food Safety business. 3M's Food Safety business will fund to 3M consideration valued at approximately $1 billion, subject to closing and other adjustments. By combining our Food Safety business with NEOGEN, we will create an organization well positioned to capture long-term profitable growth. Expanding food safety product offerings to better serve customers: The company will have a significantly expanded product offering in food safety, particularly in indicator testing and pathogen detection areas, which complement NEOGEN's existing microbiology lines. NEOGEN will also be able to offer 3M food safety customers its genomics services, which deliver innovative DNA testing – a new offering to 3M food safety customers.
Luminar, CEO, Board Members, and Management Announce Plan to Purchase a Total of $250 Million of LAZR Stock
The company plans to use a portion of the proceeds from a proposed private financing transaction for the share repurchase. Today, we’re putting our money where our mouth is by executing this significant purchase of shares as we accelerate our industry leadership." In addition to the Company, certain Luminar board members and management, led by Founder and CEO Austin Russell, intend to purchase LAZR shares in the open market or as part of pre-arranged stock trading plans. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. Forward-Looking StatementsCertain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
3M Merging Food-Safety Unit With Neogen in $9.3 Billion Deal
(Bloomberg) -- 3M Co. agreed to separate its food-safety business and combine it with Neogen Corp. in a deal that would value the combined company at about $9.3 billion. The company had been exploring a potential sale of its food-safety business since at least September 2020. The transaction implies an enterprise value for the 3M unit of $5.3 billion, including $1 billion of new debt. 3M is slated to receive about $1 billion, subject to closing and other adjustments. (Updates with analyst’s comment in sixth paragraph)Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Rentokil slumps after £5.1bn deal makes it world's biggest rat catcher - live updates
Rentokil Terminix takeover £5.1bn pest control - Jonathan Brady/PA WireShares in Rentokil have dropped as shareholders reacted to a takeover deal that will make it the world’s largest pest control company. The FTSE 100 firm has agreed to buy US rival Terminix in a cash-and-share deal worth $6.7bn (£5.1bn). The drug maker also said the treatment appears to be effective against the Omicron variant. 10:32 AMPfizer jab gives 70pc protection against omicron hospitalisationTwo doses of Pfizer's Covid vaccine gives 70pc protection against hospitalisation with the omicron variant, according to a major new real-world study. They've risen to a record high of 1.22m, suggesting the UK market is still grappling with a chronic shortage of workers.
Rentokil to Buy Terminix in $6.7 Billion Pest-Control Deal
(Bloomberg) -- Rentokil Initial Plc agreed to buy Terminix Global Holdings Inc. to expand in the U.S., the world’s largest pest-control market. Most Read from BloombergThe stock-and-cash transaction values the company at $6.7 billion with an implied price of $55 per share, according to a statement. Rentokil shares rose as much as 6% in London trading, before paring those gains. Overseas DealsThe transaction marks a rare overseas deal for a U.K. company at a time when investors have been discouraging London-listed firms from making bold acquisitions. (Updates with M&A comparisons)Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Analysis-Murdoch emails loom large in billion-dollar election lawsuits against Fox News
That has become a significant question in defamation lawsuits filed by Smartmatic and Dominion Voting Systems Corp against Fox News and its parent company Fox Corp. That is the standard of “actual malice,” which public figures must prove in order to prevail in defamation cases. A representative for Fox Corp and lawyers representing Giuliani and Bartiromo did not respond to requests for comment. Other Fox News coverage after the election refuted those claims, as did two Murdoch-controlled newspapers — the Wall Street Journal and the New York Post. In legal filings and court hearings, Fox News has asserted that actual malice hinges on the state of mind of the individuals who made the claims about the election.
Apple stock turns negative, Bitcoin falls below $48,000, AMC and GME plunging
Video TranscriptKARINA MITCHELL: But here watching more of what's going on in the markets is our Yahoo Finance's Ines Ferre. INES FERRE: And, Karina, if we just take a look at the NASDAQ 100, we've been watching shares of Tesla trading at their lowest level since October. We've been watching Bitcoin declining, entering its fifth straight week of losses. We've been watching AMC shares and also GameStop shares just plunging. GME down 12% today, and AMC adding to its losses from last week, down 15% today.
Elon Musk says Tesla will start accepting dogecoin for some merchandise — sending the token soaring as much as 30%
Maja Hitij/Getty ImagesTesla will start to let people buy some of its merchandise with dogecoin, Elon Musk said Tuesday. Musk tweeted: "Tesla will make some merch buyable with Doge & see how it goes." The meme cryptocurrency skyrocketed after Musk's tweet, soaring as much as 30% early Tuesday. Elon Musk has said Tesla will let people purchase some of its merchandise with the meme cryptocurrency dogecoin. In May, he asked his Twitter followers whether Tesla should start accepting dogecoin, to which the overwhelming response was "yes."
GameStop, AMC Drag Meme Stock Group to 7-Month Low
The volatility for meme stocks is nothing new as massive rallies and rapid selloffs for the group is the status quo. AMC Entertainment is up almost 1,000% this year and GameStop shares have rallied 620% -- outperforming the group’s 44% rise. Dip-BuyingGameStop Corp. and AMC Entertainment Holdings Inc., the two best-known meme stocks, have been the biggest drags on the group since mid-November. AMC Entertainment has been caught in a selloff alongside reopening-trade stocks and as key executives sold shares. Retail traders on Fidelity’s platform rushed to buy shares of AMC Entertainment after the 18% dip and GameStop’s 14% drop on Monday.
Canadian Pacific and Kansas City Southern Close Into Voting Trust
KANSAS CITY, Mo., December 14, 2021--(BUSINESS WIRE)--Kansas City Southern (NYSE: KSU) ("KCS") today announced the completion of its sale to Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) ("CP"). The STB’s approval of CP’s control of KCS would create Canadian Pacific Kansas City Limited ("CPKC"), the only single-line railroad linking the United States, Mexico and Canada. ?BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Kansas City Southern. Wachtell, Lipton, Rosen & Katz, Baker & Miller PLLC, Davies Ward Phillips & Vineberg LLP, WilmerHale, and White & Case, S.C. are serving as legal counsel to Kansas City Southern. CP-IRABOUT KCSHeadquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama.
US STOCKS-Futures fall after PPI data as Fed meet looms
The fast-spreading Omicron coronavirus variant also tamped down the mood after the S&P 500 index hit an all-time closing high late last week. Market participants are expecting a hawkish tone from the Fed at the end of its two-day meeting on Wednesday. The U.S. central bank will likely signal a faster wind-down of asset purchases, and thus, a quicker start to interest rate hikes in order to contain the rapid rise in prices. A Reuters poll of economists sees the central bank hiking interest rates from near zero to 0.25%-0.50% in the third quarter of next year, followed by another in the fourth quarter. Software tech firms Datadog, Akamai Tech, and Cloudflare dropped between 3.0% and 6.0% after J.P.Morgan downgraded the stocks.
Green new era dawns for crypto with global mining shift
Many crypto-native organizations are also joining the Crypto Climate Accord, committing to achieve net-zero emissions from electricity consumption associated with crypto-related operations by 2030. Previously the global stronghold for crypto mining activity, with 44% of the global share of Bitcoin mining hashrate, the decision prompted an exodus of miners to other jurisdictions. With the addition of a 9.5% mining hashrate in Canada, North America now dominates the global mining hashrate with close to 50% of the global supply. While energy production in the U.S. is diverse across states, the shift has been a significant boon to the sustainability of Bitcoin mining. By acting as a means of monetizing the production of renewable energy, mining can thus further accelerate the building out of renewable energy capabilities.
Cryptocurrencies show net inflows last week despite price declines
Bitcoin recovered a bit last week, posting a slim 1.3% gain for the period after a steep 14% selloff the previous week. CoinShares data showed that bitcoin managed to show inflows of $51 million, its 13th straight week of inflows that puts its year-to-date net total to $6.5 billion. Ethereum saw minor outflows totalling $17 million last week, the first time following six weeks of inflows, although it reflects only 0.09% of assets under management. Other digital assets such as Solana and Tron, meanwhile, showed inflows of $19 million and $17 million, respectively. Data also showed that trading volumes across investment products fell 13% to $3 billion for the week.
Investors hoard cash as market braces for potentially hawkish Fed meeting
ReutersLONDON (Reuters) -European shares clung to gains on Tuesday while Wall Street looked set to fall, as investors nervously eyed the spread of the Omicron variant of the coronavirus and sat on the sidelines before numerous central bank decisions due this week. Despite fears that Omicron is spurring another round of government restrictions that will slow economic growth, stock markets have held up well and rebounded fast - the S&P 500 last week enjoyed its strongest week since early February. There is plenty for investors to be nervous about as policymakers at the U.S. Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England weigh the pace of interest rate rises needed to curb higher inflation. "Everyone has their hands in their pockets at the moment, first because of the major (central bank) events that are coming up and also because most people had a fairly successful year and don't want to blow it at the end of the year," said Colin Asher, Senior Economist at Japanese bank Mizuho.
Today's 10-year mortgage refinance rates sink to 6-day low | Dec. 14, 2021
Based on data compiled by Credible, current mortgage refinance rates remained largely unchanged compared to yesterday’s, except for 10-year rates, which fell. — If your interest rate on those types of credit is high, and you can get a really low mortgage refinance rate, you may think "Why not?" Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage refinance rates. Credible average mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible. Credible mortgage refinance rates will only give you an idea of current average rates.
Sign at Alaska IHOP blames Biden 'free money' for staffing woes: 'Nobody wants to work anymore'
A sign at an IHOP in Alaska said the franchised restaurant was reducing hours because of staff shortages and blamed President Biden's COVID-19 relief programs. "Due to the fact that Biden gave out way too much free money and nobody wants to work anymore, we are forced to reduce our hours during this week," the typed sign posted to the counter at an IHOP in Wasilla, Alaska, reads. "I know we’re just one small family, and we don’t matter, but we can’t eat at a place that condones this," the user wrote. When I see a sign posted by a restaurant door, I am always prepared to turn around and walk away if it’s this kind of entitled, anti-worker non-sense. People are rethinking their priorities and working for min wage minus taxes during a pandemic w no benefits ain’t the lure you might think it is," another user wrote.
Today's mortgage rates stay steady and low — but for how much longer? | Dec. 14, 2021
30-year fixed mortgage rates: 3.125%, unchanged3.125%, unchanged 20-year fixed mortgage rates: 2.875%, unchanged2.875%, unchanged 15-year fixed mortgage rates: 2.375%, unchanged2.375%, unchanged 10-year fixed mortgage rates: 2.375%, up from 2.250%, +0.125Rates last updated on Dec. 14, 2021. If you’re considering refinancing an existing home, check out what refinance rates look like:30-year fixed-rate refinance: 3.125%, unchanged3.125%, unchanged 20-year fixed-rate refinance: 2.875%, unchanged2.875%, unchanged 15-year fixed-rate refinance: 2.375%, unchanged2.375%, unchanged 10-year fixed-rate refinance: 2.250%, down from 2.375%, -0.125Rates last updated on Dec. 14, 2021. How Credible mortgage rates are calculatedChanging economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. How mortgage rates have changedToday, mortgage rates are mixed compared to this time last week. 30-year fixed mortgage rates: 3.125%, down from 3.190% last week, -0.0653.125%, down from 3.190% last week, -0.065 20-year fixed mortgage rates: 2.875%, up from 2.750% last week, +0.1252.875%, up from 2.750% last week, +0.125 15-year fixed mortgage rates: 2.375%, the same as last week2.375%, the same as last week 10-year fixed mortgage rates: 2.375%, up from 2.250% last week, +0.125Rates last updated on Dec. 14, 2021.
How to retire with $1M on a $50,000 salary
A big chunk of that should be allocated to an employer-sponsored plan. If you contributed 6% of your annual salary to the plan, that comes out to about $3,000 per year, or $250 per month. I found one where I input a 6% contribution based on a $50,000 annual salary, with a 50% employer match up to 4%. CLICK HERE TO READ MORE ON FOX BUSINESSAs this hypothetical shows, it is definitely possible to amass more than $1 million for retirement on a salary of $50,000 per year. The key is starting early, investing in your employer-sponsored plan, and developing a budget that prioritizes saving and investing.
Going Long Lennar Ahead of Earnings
Prices are trading above the rising 50-day moving average line as well as the rising 200-day line. A price target in the $158 area is now being projected. In this weekly Point and Figure chart of LEN, below, we can see the same upside price target of $158. Bottom line strategy: I do not see a lot of risk of staying long LEN or going long LEN ahead of earnings Wednesday. The $158 area is our first quarter price target.
Kohl's Appears Worth Snatching Up From the 'Sale' Rack
In 2021, Kohl's Corp. (KSS) will have its best earnings year on record by far, and activists have been circling the company for months. Last week, another activist fund, Engine Capital, pushed for Kohl's to sell the company outright or split off its e-commerce division. Kohl's business is in the midst of a record performance as the stock trades at a historically low price-to-earnings (P/E) multiple of around 6.5. Kohl's market cap is a modest $6.7 billion compared to the $1.2 billion share buyback expected to be completed this year. Analysts are optimistic about the move; Jefferies remarked in its assessment, "The store experience was far more grand than the renderings portended; this is a proper Sephora experience in Kohl's."
Column: Don’t try to reach this robocaller. It doesn’t pick up the phone
Nearly all American adults — 97% — own a cellphone, according to the wireless industry. And yet we still can’t get our hands around the chronic problem of spam calls from telemarketers. Advertisement“I get other spam calls, but I’ve never had anyone come after me like this,” the Cheviot Hills resident said. Unfortunately, he said the filter fails to stop most Quantum calls from getting through, probably because they keep coming from different numbers. Solutions are out there — if the wireless industry is willing to invest in protecting customers from harassment.
Column: Trump’s SPAC deal could mark a peak for a very scammy corner of Wall Street
Trump Media claims to be a business that aims to challenge what it calls the “tech monopoly” in media, which it asserts aims to silence conservative voices, like Trump’s. The Trump SPAC deal has attracted the attention of Sen. Elizabeth Warren (D-Mass. As for Trump Media & Technology Group, it’s not what you would call a solidly established business enterprise. There isn’t much more to say about this SPAC deal, at least until Trump and his new CEO actually do something media-like. That’s particularly true in light of the fact that Trump Media has yet to demonstrate that it is a genuine company.
Disney Stock: Jim Cramer Says It's Time to Buy. Is It?
Disney (DIS) - Get Walt Disney Company Report was founded in 1923, so it’s no stranger to volatility. Those worries have led to new volatility in Disney’s stock. Figure 1: Disney stock price throughout 2021. data from Yahoo FinanceBut even though Disney looks to be on the decline, there are still investors who believe right now is a great time to buy its shares. CNBC(Read more from MavenFlix: Roku Stock: Why It Spiked This Week)Where Jim Cramer Thinks Disney Is HeadedThe CNBC host recently told viewers he believes Disney is a buy, even after losing one-third of its share price since March. Cramer emphasized to his viewers that it’s Disney’s stock that’s “broken,” not the company.
Does Cathie Wood Play in Europe? Ark ETFs Now Available There.
Leverage Shares, a London-based, exchange-traded products company, is offering them. On Tuesday they were listed through Leverage Shares ETPs on the London Stock Exchange, and on Thursday they will be listed on Euronext Amsterdam and Euronext Paris, Leverage Shares said. The flagship ARK Innovation ETF (ARKK) - Get ARK Innovation ETF Report has returned 33% annualized over the past three years but has lost 22% over the past year, according to Morningstar. Other Ark funds include ARK Next Generation Internet ETF (ARKW) - Get ARK Next Generation Internet ETF Report and ARK Genomic Revolution ETF (ARKG) - Get ARK Genomic Revolution ETF Report. Ark ETFs are available inside Leverage Shares’ ETPs.
Premarket Movers Tuesday as Meme Stocks Extend Slide
Stock futures dropped Tuesday as investors await the Federal Reserve's meeting to discuss the pace of the stimulus taper. GameStop GME | Down 4.3%Shares of GameStop (GME) - Get GameStop Corp. Class A Report slipped early Tuesday after they fell nearly 14% on Monday. Beyond Meat BYND | Up 3.4%Shares of Beyond Meat (BYND) - Get Beyond Meat, Inc. Report jumped. Ralph Lauren RL | Down 4.7%Shares of Ralph Lauren (RL) - Get Ralph Lauren Corporation Class A Report slipped ahead of the bell after analysts at Goldman Sachs downgraded the retailer to sell from buy. AMC Entertainment AMC | Down 9.3%Shares of AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report fell after dropping 15% on Monday.
Amazon Stock: It Could Skyrocket in 2022
Could Amazon stock have a great year ahead, after disappointing in 2021? Amazon stock (AMZN) - Get Amazon.com, Inc. Report continues to be a disappointing underperformer in 2021. The StreetBest to buy AMZN on the dipThe first argument for buying Amazon stock now and holding through the end of 2022, at least, is very simple: the share price is down. Amazon stock is not quite there yet now, but I still think that the opportunity for outsized gains exists today. Investors who are in for the long haul should not care much about whether Amazon stock price will be a bit higher or lower, say, in a couple of weeks.
Las Vegas police investigating homicide
Las Vegas police were investigating a homicide in the downtown corridor of the city early Tuesday. (Las Vegas Review-Journal)Las Vegas police were investigating a homicide in the downtown corridor of the city early Tuesday. Police confirmed that homicide detectives were responding to an area in the 1100 block of the Las Vegas Boulevard South, near Charleston Boulevard. Traffic in the area was being impacted. Police were expected to provide more information later in the morning.
As expanded child tax credit expires, Dems push for extension
The parents and guardians of more than 3.5 million children in New York have qualified for monthly payments of up to $300 a month under the expanded child tax credit, which was included in the coronavirus relief package passed by Congress in March. The plan approved by House Democrats also seeks to lower the income criteria to qualify for the advance monthly payments. Currently most households earning $440,000 or less qualified for some level of the expanded credit and could opt into the monthly payments. The federal government has issued $77 billion in total monthly payments from July to November this year, according to the Treasury Department. The child tax credit has helped families — especially those that have really struggled — to be able to meet the basic needs of their families and the prospect of losing this credit is anxious-making for many."
Wholesale inflation jumps record 9.6% over past 12 months
Martin CrutsingerAssociated PressWashington – Prices at the wholesale level surged by a record 9.6% in November from a year earlier, an indication of on-going inflation pressures. Energy prices rose 2.6% after a 5.3% percent rise October. The 12-month increase in wholesale inflation set a new record, surpassing the old records for 12-month increases of 8.6% set in both September and October. Core inflation at the wholesale level, which excludes volatile food and energy, rose 0.8% in November with core prices were up 9.5% over the past 12 months. The increase in wholesale prices was widespread, led by a 1.2% increase in the cost of goods and a 0.7% rise in the price of services.
Stocks start lower after jump in wholesale prices last month
Associated PressStocks are opening lower again on Wall Street Tuesday as traders took in the latest sign that inflation is still running high. The S&P 500 index gave up 0.5% in the early going. Treasury yields rose after the latest report on inflation, which showed that wholesale prices jumped a record 9.6% in November from a year earlier, more than expected. Federal Reserve policymakers began a two-day meeting Tuesday at which they’re expected to speed up the withdrawal of economic stimulus measures. That shows how inflation is impacting costs for businesses and is important given the Fed meeting on Tuesday and Wednesday.
Banks slowly reconsider overdraft fees, amid public pressure
Capital One, the nation's sixth-largest bank, announced last week that it would end all overdraft fees next year. After the financial crisis, Democrats put the CFPB and other regulators in charge of reining in overdraft fee revenues. Through the first nine months of this year, overdraft revenue totaled $6.13 billion, S&P Global's data show. Despite an outcry from some Democrats, regulators in Washington aren't necessarily looking to do away with overdraft fees. The bank told investors that getting rid of overdraft fees would have no material impact on its profits.
Driver killed in Sunday crash on Route 33 identified
A 62-year-old man was killed in a three-vehicle crash on Route 33 near Route 104 on Sunday evening. The crash occurred around 6:45 p.m. in the westbound lanes of Route 33, on the city's Southeast Side. According to a crash report, a 2006 Dodge Ram 1500 pickup truck, driven by Willie Wall Jr., of Milo-Grogan, was headed east on Route 33 when a gold-colored SUV changed lanes in front of the truck. Once in the westbound lanes of traffic, the truck collided with the rear a 2012 Hyundai Tucson and head-on with a 2018 Subaru Impreza. More:Three killed in wrong-way, head-on crash on Interstate 71 crash last month identifiedWall was pronounced dead at the scene of the crash by paramedics.
Florida company offers 2 free homes as worker incentive
“They get a financial education, which helps them get to the goal of owning their own home anyway, and it has an impact on the community,” James said. The privately held company of nearly 100 people began operations in July, so no employees qualify yet, the newspaper reported. James announced the drawing during a Dec. 4 employee gathering. The home giveaway is another in a series of steps companies have taken this year to fight against what some call the Great Resignation. He had been working in HVAC and plumbing for about six years before starting his own company.
Ascend.io Brings Autopilot to Snowflake with Data Automation Cloud
“Data is the bedrock of today's enterprises, and it is no surprise why Snowflake is an integral part of that foundation for so many organizations. We at Ascend—and our customers—love Snowflake for its remarkable performance and ability to support such a wide array of data workloads,” said Sean Knapp, Founder and CEO at Ascend.io. “Expanding the Ascend Platform to run natively on Snowflake was the clear next step for us to deliver industry-leading capabilities, and we are excited to take our partnership to the next level. In doing so, Ascend will enable more users than ever before to automate—and unify—their data and analytics workloads on Snowflake.”
Teradata Advances Analytic Integration with Dataiku to Speed Data and AI Initiatives
View the full release here: https://www.businesswire.com/news/home/20211214005463/en/Teradata releases new integrations for Dataiku, empowering customers with the in-database analytic functions and performance of Teradata Vantage using Dataiku’s platform for Everyday AI. (Graphic: Business Wire)Many customers struggle with disconnected data and analytics platforms, leading to slower project execution that delays business value. Teradata is taking advantage of Dataiku’s unique architecture, which provides extensibility for building connections to any cloud data platform, as well as its own pushdown computation for scale and performance. In addition, joint customers gain new methods to accelerate analytic initiatives by simplifying the data preparation and analytics processing through the power of Teradata Vantage. With an easy-to-use interface, users can leverage these additional capabilities to bring the analytics to the data, increasing the synergy between Dataiku and Vantage environments.
Watch live: Gov. Andy Beshear to give updates on Kentucky tornadoes
Andy Beshear is planning to deliver an update Tuesday afternoon on damage across Kentucky after this past weekend's deadly tornadoes. During a Monday morning briefing in Frankfort, Beshear said over 1,000 properties were destroyed by the storms. As of Monday afternoon, 74 people have been confirmed dead in Kentucky by local and state officials. The National Weather Service survey of tornado damage is ongoing, but preliminary reviews suggest the main tornado may have been an EF3 with winds as strong as 206 mph. Live updates:Kentucky continues to dig out from tornadoes as death toll growsKentucky tornado:This Facebook group is helping victims find belongingsMayfield tornado:Was the tornado that hit Mayfield an EF5?
Britain's Tesco agrees pay offer to avert depot strike
LONDON – Tesco has averted strike action by workers at nine distribution centres in the run-up to Christmas by agreeing a new pay deal with trade union Usdaw, Britain’s biggest retailer said on Tuesday. “We’re pleased to have agreed a pay deal with Usdaw that it recommends to its members,” a Tesco spokesperson said. We look forward to delivering a fantastic Christmas for customers.”Usdaw said the planned industrial action in the week before Christmas Eve has been suspended, pending the result of a ballot on Tesco’s “much improved” pay offer. Last week Tesco also agreed an improved pay offer for distribution worker members of the Unite union at four other UK sites. Unite also suspended strike action.
The chilling footage that shows how little Star never stood a chance
June 23, 2020 - Social services were again contacted by Rachel Whiteley, a close friend of Smith's mother Yvonne Spendley. September 2, 2020 - Frank Smith – Star's paternal great-grandfather – alerted social services to a video of Star with bruises on her face. Anita Smith added that she rarely saw the child following the referral and had very little contact with social services. Social services were again contacted on June 23 by Rachel Whiteley, a close friend of Smith's mother Yvonne Spendley. On September 2 Frank Smith – Star's paternal great-grandfather – alerted social services to a video of Star with bruises on her face.
Grabbing gran behind San Francisco's looting spree that saw $1 million in goods ripped from stores
Now they are accused of making off with thousands of dollars worth of high end goods from San Francisco's Louis Vuitton storeEven her Covid mask is Louis Vuitton. The spate of lootings has been blamed on ‘woke’ San Francisco DA Chesa Boudin and a 2014 California law that made theft under $950 a misdemeanor. Despite the rules, DailyMail.com has been able to piece together the looting gang’s extensive rap sheet using information obtained from neighboring counties, old news reports and an overview published online on San Francisco Superior Court’s own website. While out on bail, he was collared again – accused of being part of a crime gang that also included his cousin Tameko Miller that was behind a spate of car thefts in San Francisco. In a statement released to DailyMail.com, San Francisco PD said they are continuing to investigate the looting spree and are ‘confident’ there will be further arrests.
Di Maio presents Rome's bid for Expo 2030 - Lifestyle
(ANSA) - ROME, DEC 14 - Italian Foreign Minister Luigi Di Maio on Tuesday presented Rome's bid to host Expo 2030 at the general assembly of the BIE (Bureau International des Expositions). If the bid is successful, it will bring the World Fair back to Italy just 15 years after Expo Milano 2015. "The Italian government, in partnership with the City of Rome, its citizens, the local authorities and the whole country, today presents its bid to host the 2030 World Expo in Rome, the Eternal City, from 25 April to 25 October 2030 under the theme 'People and Territories: Urban Regeneration, Inclusion and Innovation," Di Maio said. Rome Mayor Roberto Gualtieri also took part in the presentation and gave five reasons to back Rome's bid, saying it is the "ideal place for Expo 2030". Moscow, Busan in South Korea, Odesa in Ukraine and Riyadh in Saudi Arabia are also bidding for Expo 2030.
Liberals ready to release update on federal finances, outlook for Canadian economy
Liberals ready to release update on federal finances, outlook for Canadian economyFreeland is facing calls for more benefit spending from labour groups, and requests from business groups for a plan to deal with supply-chain issues, 'Buy American' provisions the White House is pushing and domestic labour shortagesFinance Minister Chrystia Freeland plans to release an updated accounting of federal finances today and provide the government’s economic outlook for the coming months. Article contentThe government predicted the deficit for last fiscal year would be $354.2 billion, and nearly $155 billion this year. Try refreshing your browser, or Liberals ready to release update on federal finances, outlook for Canadian economy Back to videoBut federal books could have billions more in extra fiscal space helped by higher oil prices, which have also helped push up inflation rates. Freeland didn’t directly answer a question Monday about how that will be reflected in today’s update, saying she would have more to say once the document is released. While the Liberals promised billions in new spending on the election campaign, the Finance Department has sent signals that the update won’t have a long list of new spending measures.
Toyota surprise-reveals room full of 15 EV concepts
We now have visual confirmation of an electric Toyota pickup, an LFA EV supercar, and over a dozen more new modelsToyota wants to help you keep your options open when it comes to battery electric vehicles. This advertisement has not loaded yet, but your article continues below. Article contentThis was the message Toyota president Akio Toyoda kept returning to during a media presentation on the company’s BEV strategy today. Try refreshing your browser, or Toyota surprise-reveals room full of 15 EV concepts Back to videoAlright, we see you, Akio. The Subaru-collab bZ4X is prepared to launch in 2022, the first of seven promised bZ-brand vehicles.
Posthaste: Canada set to smash oil production record in 2022 — and that's a little bearish for oil
Canadian oil production is set to hit a record 5.87 million barrels per day on average in 2022, its highest level ever, according to the International Energy Agency. The Paris-based watchdog says while COVID-19 remains a credible threat to global growth, oil demand is expected to remain resilient next year. Global oil demand is forecast to grow by 5.4 million bpd in 2021 and a further 3.3 million bpd next year, and rebound to 99.53 million bpd — just shy of the 99.5 million bpd level clocked in 2019. OPEC production is set to reach 45.6 million bpd on average in 2022, compared to 41.4 million bpd in 2021. Already in November, supply was closing the gap with demand after the U.S., Canada, Saudi Arabia and Iraq led world oil production.
China puts forex markets under microscope as yuan rallies and capital outflow poses ‘major risks’
Beijing remains on high alert for problems in its forex markets that could spark financial and economic volatility.
Biden Mocked For Bragging U.S. Pays Bills On Time By Increasing Debt: ‘An Oxymoron Without The Oxy’
President Joe Biden, a Democrat, was widely mocked over the weekend after he posted a tweet in which he bragged about how the United States pays its bills on time by taking on more debt. “The United States pays its debts when they are due,” Biden wrote in a tweet that also featured a video. “And that’s what this is all about.”The United States pays its debts when they are due. Totally unsustainable.”, professor: “The US pays off its existing credit card bills by using new credit cards with higher spending limits. Totally unsustainable.” Nick Searcy , actor: “This is like paying off credit card debt by transferring your balance to another card with a higher interest rate and a higher limit.
After backlash, organizers of South Dakota Dash for Cash event apologize to teachers
SIOUX FALLS, S.D. — The organizers of the now-viral Dash for Cash event have apologized and are donating additional money to area teachers. The first Dash for Cash was organized to give 10 teachers a chance to compete for $5,000 that would fund their classrooms. The teachers received more than $5,000 and each educator walked away with a minimum of $500, according to Jim Olander, the president of the Sioux Falls Stampede Hockey Club. In their apology, the Sioux Falls Stampede along with CU Mortgage Direct said they would be providing an additional $15,500 to area teachers.
Disney, ESPN, ABC could leave YouTube TV as two sides work toward new deal
YouTube TV warned subscribers Monday it might lose channels such as ABC, ESPN and FX as parent company Google works toward a renewed deal with Disney. In an email sent to subscribers and shared online, YouTube TV said it is in negotiations with Disney on a new contract to continue carrying Disney-owned channels including National Geographic, ABC and ESPN. The two haven't reached an "equitable" deal yet, YouTube TV said. Disney told USA TODAY in a statement that it is "optimistic" a deal could be reached. Last week, Google reached a deal with streaming platform Roku to continue distributing the YouTube and YouTube TV apps on streaming devices.
Oil supply is expected to catch up to demand, offering relief on prices.
Rising production in the United States, Substantial surpluses of oil could accumulate next year, the International Energy Agency said. Credit... Patrick T. Fallon/Agence France-Presse — Getty ImagesOil production is on the verge of exceeding demand this month, potentially easing pressure on prices, the International Energy Agency said Tuesday. “Much needed relief for tight markets is on the way,” the Paris-based forecasting group said in its Monthly Oil Report. Oil prices have roughly doubled over the past year, leading to higher prices at the pump for refined products like gasoline, which have been large contributors to soaring inflation in the United States and other countries. The group said that the key factor in its improved outlook was rising oil production in the United States, Canada and Brazil.
The 6 best career sites to post jobs online in 2022
NY Post may receive revenue from affiliate and advertising partnerships for sharing this content and/or when you make a purchase. Read on for a list of some of the best career sites and online job boards to help you build the strongest team to take on 2022, from ZipRecruiter to LinkedIn and everything in between. Then after posting your job it immediately gets sent out to over 100 job sites at the click of a button. This job site is known and loved by many applicants, so why not give it a try on the employer side of thins? To sign up for an employer account, head to the site and choose from three plans, starting at $297 for a single job posting.
For years, a cemetery worker helped bury murder victims. Then her son was killed, too.
Hemphill had saved these cards, along with dozens of programs from the funerals of various family members: his brother who had been stabbed on the block they’d grown up on in 2006; a 15-year-old nephew who had been stabbed in the neck at the Deanwood Metro Station in 2010; his 80-year-old uncle who had been walking down the street last year when he was attacked and beaten by a man high on PCP.
Sign at Alaska IHOP blames Biden 'free money' for staffing woes: 'Nobody wants to work anymore'
A sign at an IHOP in Alaska said the franchised restaurant was reducing hours because of staff shortages and blamed President Biden's COVID-19 relief programs. "Due to the fact that Biden gave out way too much free money and nobody wants to work anymore, we are forced to reduce our hours during this week," the typed sign posted to the counter at an IHOP in Wasilla, Alaska, reads. "I know we’re just one small family, and we don’t matter, but we can’t eat at a place that condones this," the user wrote. When I see a sign posted by a restaurant door, I am always prepared to turn around and walk away if it’s this kind of entitled, anti-worker non-sense. People are rethinking their priorities and working for min wage minus taxes during a pandemic w no benefits ain’t the lure you might think it is," another user wrote.
Bond market is showing warning signs over Fed's policy decisions: WSJ's Banerji
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBond market is showing warning signs over Fed's policy decisions: WSJ's BanerjiGunjan Banerji, Wall Street Journal markets and investing reporter, and Anastasia Amoroso, chief investment strategist at iCapital Network, join 'Squawk Box' to discuss markets ahead of the open.
Katz: Cautiously optimistic but still expect a lot of volatility
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKatz: Cautiously optimistic but still expect a lot of volatilityDavid Katz of Matrix Asset Advisors says while there are many overhangs, there are still reasons to be optimistic about the markets in 2022, and highlights a few names in the media and financial sectors that could be ripe for more gains.
UPS warns of looming Covid vaccine delivery challenges
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUPS warns of looming Covid vaccine delivery challengesCNBC's Frank Holland joins 'Squawk Box' to report on why UPS and FedEx Covid-19 vaccine deliveries may lag in 2022.
Apple shares have 'substantial upside' over next 12 to 24 months: Neuberger Berman analyst
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple shares have 'substantial upside' over next 12 to 24 months: Neuberger Berman analystDaniel Flax, senior research analyst at Neuberger Berman, joins CNBC's 'Squawk Box' to discuss shares of Apple, which is nearing a $3 trillion market capitalization.
Hit your retirement savings goal? It may be wise to unload some stocks
JGI/Jamie Grill | Tetra images | Getty ImagesHave you hit your retirement savings goal ahead of schedule? The idea is to reduce investment risk and preserve savings. Stocks are an important building block in a retirement portfolio: They yield higher returns, on average, than "safer" types of investments. This framework begs two questions: How do I know if I've hit my retirement goal? Retirement goalJose Luis Pelaez Inc | Getty ImagesFiguring out how much you might need for retirement can be tough.
Op-ed: Here are some energy companies that could be a good option for investors
In recent years, many financial advisors have been cautious talking to clients about energy companies. Government-led decarbonization efforts around the globe and the move to produce alternative energy sources have also been major factors in dimming the perception of traditional oil and gas assets. For one, demand will likely remain high. Fourth, oil and energy companies have long been a hedge against inflation, making them more likely to advance should the cost of goods and services continue to escalate. While the Federal Reserve for months maintained that price spikes were transitory, it is beginning to change its tune.
Weibo fined $470,000 by Beijing for publishing 'illegal' information
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeibo fined $470,000 by Beijing for publishing 'illegal' informationCNBC's Eunice Yoon joins 'Squawk Box' to report on Weibo shares, which are tumbling after its operator was slapped with fines from Beijing.
IMF warns Bank of England against inflation inaction ahead of key vote
A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The International Monetary Fund has urged the Bank of England to avoid "inaction bias" as it gears up for a key vote Thursday on when to hike interest rates in the face of high inflation. The Bank's Monetary Policy Committee surprised markets in November by voting 7-2 to keep its benchmark interest rate at its historic low of 0.1%. Governor Andrew Bailey acknowledged that the "warning signs are there" on inflation, but said policymakers would need to see more data from the labor market to assess the effects of the country's furlough scheme before tightening policy. "It would be important to avoid inaction bias, in view of costs associated with containing second-round impacts."
Goldman double-downgrades Ralph Lauren, says sell the stock as brand momentum slows
Goldman double-downgrades Ralph Lauren, says sell the stock as brand momentum slowsPublished Tue, Dec 14 2021 8:19 AM EST
5 things to know before the stock market opens Tuesday
(Photo by Spencer Platt/Getty Images)U.S. stock futures extended Tuesday's decline after another hot inflation report. Following last week's stellar performance, tech stocks were under pressure in the premarket after leading the Nasdaq lower by 1.4% on Monday. The S&P 500, which closed at a record Friday, lost nearly 1% to start the new week. The study has been conducted in the weeks since omicron was first announced in November by scientists in South Africa and Botswana. Democratic Sen. Joe Manchin has signaled he's still not ready to back his party's Build Back Better plan.
Bored Ape NFT reportedly sells for $3,000 instead of $300,000 due to 'fat-finger' mistake
A non-fungible token trader reportedly sold a highly sought-after NFT for $3,000 rather than $300,000 due to a "fat-finger" error. The trader, identified only as Max or "maxnaut" online, told tech news website CNET that he meant to list his NFT for 75 ether, or about $300,000. A fat-finger error is where a trader places the wrong bet on a stock or other financial asset because of a typing mistake. In 2014, for example, a fat-finger mistake was blamed for a sudden spike in the share price of British lender HSBC. Celebrities like Jimmy Fallon, DJ Khaled and Post Malone have bought Bored Ape NFTs for hundreds of thousands of dollars.
Wholesale prices measure rises 9.6% in November from a year ago, the fastest pace on record
Wholesale prices increased at their quickest pace on record in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday. The producer price index for final demand products increased 9.6% over the previous 12 months after rising another 0.8% in November. Excluding food and energy, prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years. Final demand energy prices jumped another 2.6% in November despite sliding crude prices, while food was up 1.2%.
Starbucks workers at two Boston cafes file for union election after win in Buffalo
Starbucks baristas at two Boston cafes filed for union elections on Monday, becoming the coffee giant's third U.S. market this year to organize. It comes after a historic win for Starbucks workers last week, when employees at one Buffalo cafe voted to form the first union for baristas who work at a company-owned location under Workers United New York, a branch of the Service Employees International Union. Another Buffalo cafe is waiting to hear the results of its union election due to challenged ballots, while a third voted against unionizing. In Buffalo and Mesa, the company has sent executives to locations that are seeking to unionize, a move that Starbucks Workers United has called "union busting." The stock has risen 7% this year, giving the company a market value of $135 billion.
Toyota is spending $35 billion on electric cars to close gap on rivals
Hong Kong (CNN Business) Toyota is pumping more than $35 billion into electric vehicles as it tries to catch up with other global automakers in the race to cleaner cars. Tesla TSLA GM GM Volkswagen VLKAF The world's biggest carmaker announced Tuesday that it would invest 4 trillion yen ($35.2 billion) in developing battery-powered electric vehicles between 2022 and 2030 in a bid to mount a more serious challenge to rivals such asandA large chunk of that money will go toward the batteries themselves, with the Japanese company committing another half trillion yen ($4.4 billion) to the technology on top of 1.5 trillion yen ($13.2 billion) previously announced. The automaker currently sells just a few thousand battery electric vehicles each year. But it now plans to roll out as many as 30 new models by 2030, with the aim of selling 3.5 million such vehicles per year by 2030, Toyota President Akio Toyoda said at a press briefing in Tokyo. That would be over a third of the company's sales last fiscal year, which totaled roughly 9 million vehicles worldwide.
Nike buys virtual sneaker maker to sell digital shoes in the metaverse
Nike said on Monday it had bought virtual sneaker company RTFKT for an undisclosed sum, as the sportswear giant looks to quickly expand its footprint in the fast-growing "metaverse." Nike NKE Meta Platforms FB Last month,became one of the first big brands to enter the shared virtual world that gained prominence after Facebook recently rebranded itself toIn such blockchain-based environments, users can buy virtual land and other digital assets such as clothing for avatars in the form of a crypto asset called a non-fungible token (NFT). Formed in 2020 by Benoit Pagotto, Chris Le and Steven Vasilev, RTFKT also makes NFT collectibles and memes, according to its website. "This acquisition is another step that accelerates Nike's digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture," Nike Chief Executive Officer John Donahoe said in a statement.
'Diet' soda is disappearing from store shelves
Canada Dry and Schweppes ginger ales, 7Up, A&W and Sunkist, made by Keurig Dr Pepper, now label their diet drinks "zero sugar." The reason for the overhaul: The word "diet" has fallen out of fashion — especially for Millennials and Gen Z-ers. The diet soda segment, which includes diet and zero-calorie branded drinks, has ballooned since it first hit the mainstream in the 1960s. Diet soda sales are up about 19.5% from 2018, compared to just 8.4% for regular soda in the same period, making it an attractive segment for soda makers seeking growth. But the arrival of zero-sugar drinks wasn't just about gender: It marked a turning point for the overall popularity of diet drinks.
The travel industry is getting hit again. Can it take it?
But even as scientists urge patience while they assess the severity of the strain and its impact on the efficacy of vaccines, the travel industry is feeling the pain. But industry leaders are making clear that tighter government rules around travel, as well as customer anxieties, are having an impact. Ryanair RYAAY In a letter to UK Prime Minister Boris Johnson, the chief executives of British Airways, Virgin Atlantic,and easyJet said "haphazard and disproportionate" travel restrictions risk "permanent scarring" of the industry. Energy stocks among the year's biggest winnersUS oil prices began 2021 just under $50 a barrel. It should come as no surprise, then, that American energy stocks are among the market's biggest winners this year, my CNN Business colleague Paul R. La Monica reports.
Europe's biggest economy is on the brink of a winter recession
London (CNN Business) Germany is teetering on the brink of recession this winter as supply bottlenecks and a wave of new coronavirus cases hobble the economy. An economy is in recession when it contracts for two consecutive quarters. "Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy," Timo Wollmershäuser, head of forecasts at Ifo, said in a statement. "The strong post-pandemic recovery that was originally expected for 2022 still hasn't materialized." Consumer prices are not expected to return to normal until 2023, according to Ifo.
Coca-Cola CEO on why he's getting rid of beloved beverages
In October of 2020, Coca-Cola CEO James Quincey announced he was killing off half the company's portfolio. Find out why he didn't feel the decision was particularly difficult. Source: CNN
Woman meets 911 operator who helped her deliver baby at roadside
When Charlotte Fatoma suddenly went into the final stages of labor while driving to the hospital, 911 operator Elyce Rivera calmly coached her through delivering her own baby in her car by the side of the highway. TODAY’s Sheinelle Jones reports and, as TODAY’s Season of Giving continues, the two women meet for the very first time live on air. Elyce meets the baby she helped deliver, and says yes when Charlotte asks her to be the child’s godmother.Dec.
Sidney Powell's election lie cash grab must be treated as fraud
Despite his claims to the contrary, then-President Donald Trump lost the 2020 election — but his campaign lawyer Sidney Powell apparently did very well for herself. Since the 2020 election, I have received dozens of email solicitations from Trump or someone writing on his behalf asking for money. Telling someone that Trump won the 2020 election, or that there was enough “election fraud” to flip the results, were false statements, and Powell almost certainly knew as much. Raising money for the purpose of changing the election result was fraud. Lying about nonexistent election fraud to a turbulent crowd ahead of their storming the Capitol and threatening to kill the vice president is incitement of insurrection, which can be criminal.
Resale is making gains in December holiday gift shopping
Grey market selling of new and used items are now reaching new heights. A good three-quarters of her gifts will be resale items. Sadie Cherney, a franchise owner with three resale Clothes Mentor boutiques in South Carolina, said resale is a buyer-beware market. Kahlil Spurlock, 32, in Jersey City, New Jersey, turned to resale for holiday gifts this year in an effort to reduce his carbon footprint. “I was buying for my 20-year-old brother, who does buy resale,” he said.
Six Investors Get Head Start Owning The Nasdaq's New Jewels
Joining the Nasdaq 100 index and QQQ is a big deal — it's an important coming of age similar to joining the S&P 500. The Nasdaq 100 is a collection of the 100 most valuable nonfinancial stocks trading on the Nasdaq. Collectively, these new stocks joining the Nasdaq 100 added roughly $174 billion to the market value of the index. Several founders continue to be giant holders in some of the new Nasdaq 100 members. But joining the Nasdaq 100 is certainly a solid first step and will draw new owners.
Canaccord Genuity to Acquire Punter Southall Wealth in U.K.
By Adriano MarcheseCanaccord Genuity Group Inc. said Tuesday that it agreed to acquire financial planning and wealth management company Punter Southall Wealth Ltd. in the U.K. for 164 million pounds, the equivalent of US$216.7 million, in cash and new shares in its wealth management business in the U.K. and Crown Dependencies . The Canadian investment banking and financial services company said the share purchase agreement was made through its wealth management business. The acquisition includes intermediary-facing brand Psigma, from Punter Southall Group. "This acquisition represents an opportunity for CGWM UK to build upon its exceptional growth to date and advance its priority of becoming an integrated wealth manager of scale," the company said. Canaccord said that the core client proposition of Punter Southall Wealth will remain largely unchanged, and the existing direct relationships between portfolio managers, financial planners and their clients won't be affected.
U.S. and China Take Steps to Reduce Financial Ties. That Spells Trouble for Chinese ADRs.
But the push toward delistings means retail investors who have relied on U.S.-listed Chinese stocks should start considering other ways to invest in China. As Barron’s warned in July, the nearly 250 Chinese companies that Congress said were listed in the U.S. as of this summer are at the epicenter of changing geopolitical priorities. Regulators in both countries are scrutinizing the variable interest entity, or VIE, corporate structure that many Chinese companies used to list in the U.S. and skirt China’s foreign ownership restrictions. Chinese companies could go private and buy out existing shareholders, opt for dual listings and eventually delist from the U.S. For retail investors, finding funds that can more easily navigate the delisting logistics may be an easier way to capitalize on the opportunities.
GameStop and AMC Are Tumbling. Meme Stocks Are Back Under Pressure.
A ticket booth at an AMC in California. Shares of the movie-theater chain fell 15% on Monday. Photo by Kevin Winter/Getty ImagesShares of meme stock favorites AMC Entertainment and GameStop both tumbled on Monday, a possible blow to retail investors who plowed a net $32.5 million and $4.2 million into the stocks last week, according to Vanda Research. AMC shares (ticker: AMC) fell 15% to their lowest close since May, while GameStop (GME) shares fell 14% to their lowest close since March. In premarket trading Tuesday, AMC and GameStop fell 6.2% and 3%, respectively.
Gold drifts lower in rangebound trade ahead of Fed, producer inflation report
Gold futures were trading lower Tuesday morning, pulling back from a three-week high, as investors braced for central bank meetings this week, headlined by the gathering of the Federal Reserve which could catalyze moves in precious metals. February gold GCF22, -0.86% GC00, -0.86% fell $4.30, or 0.2%, to reach $1,784.30 an ounce on Comex, following a 0.2% gain for the yellow metal, which marked the highest settlement for a most-active contract since Nov. 22, FactSet data show.
Highest U.S. inflation in nearly 40 years will force Federal Reserve's hand
The highest U.S inflation rate in nearly 40 years seen in Friday’s November CPI data, will prompt the Federal Reserve to begin raising its benchmark short-term interest rate sooner and higher than previously appeared to be the plan, economists said Friday. If labor costs accelerate given the recent spike in inflation, the Fed will be facing “a very uncomfortable situation,” he said. In face of these new risks, the Fed will begin a journey next week toward a more neutral policy stance. The unspoken message is that the Fed will be prepared to start raising interest rates sooner too, Shapiro said. In September, the Fed’s dot-plot forecast of interest rates penciled in only one rate hike next year.
Bitcoin company Nydig draws $7 billion valuation in funding round
New York Digital Investment Group LLC (Nydig] said Tuesday that WestCap Management led a $1 billion growth equity investment in the bitcoin specialist at a total valuation of more than $7 billion for the company. Prior lead investors Bessemer Venture Partners and FinTech Collective also made additional investments, along with strategic partners and existing investors Affirm, FIS, Fiserv FISV, +1.07% , MassMutual, Morgan Stanley MS, -1.28% , and New York Life. "Our roster of partnerships and strategic investors lays the foundation for Nydig to become the leading provider of bitcoin solutions for businesses in any industry, and this new equity capital will further accelerate progress towards making this exciting network accessible -- and useful -- to all," said Nydig co-founder and CEO Robert Gutmann.
U.S. stock futures edge lower after PPI data, with Fed meeting set to kick off
U.S. stock futures pointed to a decline for Wall Street on Tuesday, as investors digested a hotter-than-expected reading on wholesale inflation, looked toward the start of a two-day Federal Reserve meeting, and kept an eye on omicron updates. Monday marked the biggest one-day point and percentage falls since Dec. 1 for the S&P 500 and Dow, as investors fretted over the fast spreading omicron variant of COVID and looked ahead to the kickoff of the last Fed meeting of the year. Stock futures modestly extended declines after the U.S. November producer price index rose 0.8%. Read: Fund managers dash for cash ahead of Fed decisionInvestors may also want to see the Fed’s view on the fast-spreading omicron variant of COVID. “The question this week is whether central banks perceive inflation or omicron to be the greater risk.
U.S. wholesale inflation shoots up again and shows little relief in sight
The numbers: Wholesale prices rose rapidly in November and signaled that U.S. inflation is likely to remain high well into 2022. The producer price index climbed 0.8% last month, the government said Tuesday, easily exceeding Wall Street expectations. Economists polled by The Wall Street Journal had forecast a 0.5% advance. A separate measure of wholesale inflation that strips out the most volatile goods and services rose a bit less in November. Worried about rising prices, the Federal Reserve plans to phase out stimulus for the economy much sooner than it had planned.
IMF warns Bank of England against 'inaction' on interest rates
Two days ahead of a Bank of England meeting, the International Monetary Fund on Tuesday called on the central bank to withdraw its exceptional support for the economy, though it left open the question as to timing. The IMF call came as part of the preliminary findings of its staff at the end of a periodic official visit. The so-called Article IV mission said economic growth will remain strong in the near term, but so will price pressures. It’s estimating 5% growth next year, and inflation peaking at 5.5% in the spring.
The most small businesses since 1978 raised prices in November due to high inflation
The National Federation of Independent Business said a net 59% of small-business owners increased prices of good and services last month. That was the highest figure since 1978. Small and large businesses alike are coping with major shortages of labor and business supplies that emerged during the pandemic. They are paying higher wages and material costs and passing them along to their customers.
Toyota to Plow $35 Billion Into Accelerating Electric Car Shift
(Bloomberg) -- Toyota Motor Corp. wants the world to know it’s serious about competing in the market for battery-based electric vehicles. Toyota will roll out 30 electric models by 2030, a step up from a prior plan to introduce 15 EVs globally by 2025. Toyota will also pour another 4 trillion yen into hybrid and fuel-cell car investments, bringing the total amount dedicated to electrification efforts to 8 trillion yen. For its Lexus brand of luxury cars, Toyota plans to make the lineup fully electric across the globe by 2035, Toyoda said. That’s out of the roughly 10 million vehicles it currently sells each year.
U.S. Producer Prices Post the Biggest Annual Gain Since 2010, Fanning Inflation
(Bloomberg) -- Prices paid to U.S. producers rose in November by more than expected, underscoring how climbing input costs are fanning already overheated consumer inflation. Data out last week showed the consumer price index rose 6.8% last month from a year ago, the fastest annual pace in nearly 40 years. Goods prices increased 1.2% in November from a month earlier, reflecting broad advances that included iron and steel scrap, gasoline, and fruits and vegetables. Services costs rose 0.7%, in part reflecting a jump in prices for investment portfolio management. Costs of processed goods for intermediate demand, which reflect prices earlier in the production pipeline, rose 1.5% from a month earlier.
Japan's Toyota promises more electric models, investment
TOKYO (AP) — Japanese automaker Toyota is beefing up its electric vehicle lineup, offering 30 new fully electric models by 2030, its president, Akio Toyoda, said Tuesday. Toyota Motor Corp. plans to sell 3.5 million electric vehicles globally in 2030, he said, up from its earlier plan to sell 2 million zero emission hydrogen and battery electric vehicles a year worldwide by 2030. His comments underscore the company's determination to reverse its reputation as a laggard in the industry’s shift toward electric vehicles. Also Tuesday, the company raised to 2 trillion yen ($17.6 billion) its investment in battery research and development from the 1.5 trillion yen ($13.2 billion) announced earlier this year. When including other green technologies, like hybrids, Toyota is investing 8 trillion yen ($70 billion) by 2030, the company said.
Regulator Shrunk Redress Plan After Bank, Treasury Meetings
(Bloomberg) -- The U.K.’s financial regulator failed to document a decision to bar thousands of small companies from a compensation program, a conclusion it reached after meetings with top British banks and the Treasury, according to an independent review of the process. Britain’s biggest banks had lobbied the regulators for changes to the program’s scope in 2012 and 2013, according to a review by lawyer John Swift. Treasury officials also flagged concerns about the potential cost of compensation to the FSA in 2013, said the report, which was published Tuesday after more than two years of work. A spokesperson for the Treasury said that mis-selling financial products was “completely unacceptable” and it supported the redress program, although the FCA was ultimately responsible for it. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Today’s Mortgage Rates Move Higher | December 14, 2021
30-year fixed-rate mortgage rates todayThe 30-year rate is 3.626%. View Rates for December 14, 202115-year fixed-rate mortgage rates todayThe 15-year rate is 2.591%. View Rates for December 14, 2021Where are mortgage rates heading this year? Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
Wholesale inflation jumps record 9.6% over past 12 months
It was the highest monthly reading in four months. Energy prices rose 2.6% after a 5.3% percent rise October. The 12-month increase in wholesale inflation set a new record, surpassing the old records for 12-month increases of 8.6% set in both September and October. The records on wholesale prices go back to 2010. The surge in wholesale prices followed news Friday that consumer prices shot up 6.8% for the 12 months ending in November, the biggest increase in 39 years, as the price of energy, food and many other items shot up.
I Have Good News and Bad News as 2022 Approaches
Stocks quotes in this article: GMEThe good news: Large-cap stocks are going higher from hereLet's look at the chart of the most important large-cap stock index, the S&P 500. During the recent selloff related to the Omicron variant, the S&P 500 found support (green arrow) on its 50-day moving average (blue line). That moving average has come into play on numerous occasions this yea...
Elon Musk says Tesla will accept dogecoin for some products
Elon Musk said Tuesday that Tesla will begin accepting dogecoin as payment for some products. "Tesla will make some merch buyable with Doge & see how it goes," the electric-car maker’s chief executive wrote in a tweet. The cryptocurrency soared more than 23% on Musk’s tweet. When software developers Jackson Palmer and Billy Markus started Dogecoin in 2013, it was created as a joke. Tesla shares were down more than 2% in premarket trading.
144 Dividend ETFs Ranked For 2022
Top Dividend ETF Rankings For 2022As is usually the case in these rankings, the ultra-cheap ETFs tend to have the advantage and that's no clearer than looking at the dividend ETFs. VYM along with the SPDR Portfolio S&P High Dividend ETF (SPYD) and the iShares Core High Dividend ETF (HDV), obviously, focus on the high yield end of the space. Top Dividend ETF RankingsThere are also a lot of international ETFs in this range, which tend to rank a little lower on size and expense ratio compared to U.S. dividend ETFs. You may remember the Siren DIVCON Leaders Dividend ETF (LEAD) from the top monthly dividend ETF performers lists over the past couple of months. And the rest of the dividend ETF rankings:Top Dividend ETF RankingsTop Dividend ETF RankingsNote: Interested in getting periodic e-mail notifications when articles are published here?
Family of worker killed in Adams County power plant collapse files wrongful death lawsuit
One year after the deadly collapse of the Killen Generating Station in Adams County, the family of a worker killed has filed a wrongful death lawsuit against the companies hired to demolish the plant. Three workers were trapped and two were hospitalized as a result of the collapse. Fitzgerald, 47, went missing after the roof of the decommissioned power plant's main building collapsed on Dec. 9. The lawsuit claims the companies were behind deadline and that an uncontrolled collapse would speed up demolition, as well as save the companies from spending money on explosives. Company officials directed Fitzgerald and other workers "to make excessive and unnecessary cuts to weaken and destabilize the boiler house," the lawsuit reads.
David Sherwood recognized for best leadership among large employers in Top Workplaces
By Josh WallaceDavid Sherwood, CEO of Sherwood CompaniesQ: Having to deal with a global pandemic over nearly the past two years, how has your company changed with the challenges the pandemic brought? A: There have been many challenges that drive self-reflection and reviewing the process we had in place prior to it. We believe that these challenges and how we have overcome them have made us a stronger and better company. We have seen our fair share of challenges when it comes to finding and hiring new talent. Second, seizing the opportunities that lay ahead of us by equipping our team with the tools, training, and resources they need to be successful.
Cary DeHart recognized for best leadership among mid-size employers in Top Workplaces
The best for our people, that they will be happy and proud to be a member of our company. We care for each other, and we care about our work, clients, subcontractors, and architects/engineers. The best company to work for as an employee. The best company to work with as a subcontractor. The best company for an architect.
Banks slowly reconsider overdraft fees, amid public pressure
NEW YORK (AP) — The banking industry appears to have overdone it on overdraft fees. A number of large banks have taken steps this year that would reduce the amount they take in from overdraft fees, which they charge when customers make payments or withdrawals in excess of their account balance. Capital One, the nation's sixth-largest bank, announced last week that it would end all overdraft fees next year. Other banks have made it harder for customers to trigger an overdraft fee. “For many big banks, overdraft fees are still the steady, reliable, predictable, easy revenue that shareholders love,” said Rohit Chopra, director of the Consumer Financial Protection Bureau, in remarks last week where he directed the bureau to more closely examine bank overdraft practices.
'Diet' soda is disappearing from store shelves. Here's why.
But the arrival of zero-sugar drinks wasn't just about gender: It marked a turning point for the overall popularity of diet drinks. Alex Beckett, global food and drink analyst at Mintel, said the word diet "started falling out of fashion ... with the rise of zero." Billing a drink as free of calories and sugar is also about addressing changing ideas about health, and highlighting the absence of sugar from the drink as a positive attribute in itself. "While the diet designation may be associated with strict regimes or deprivation, the 'zero' designation has fewer negative connotations, corresponding with simply a cleaner profile," according to a Mintel report from April. For Keurig, the shift seems to be working.
Dogecoin spikes over 20% after Elon Musk says Tesla will accept it as payment for merch
The meme-inspired cryptocurrency skyrocketed more than 20% Tuesday morning after Elon Musk said Tesla would accept dogecoin as payment for some of its merchandise. "Tesla will make some merch buyable with Doge & see how it goes," the Tesla CEO said in a tweet. It takes its branding from the Japanese shiba inu dog which inspired the original "doge" meme. Dogecoin recently found a rival in shiba inu, a so-called meme token that bills itself as a "dogecoin killer." Shiba inu is currently the 13th-biggest coin by market value, having briefly surpassed dogecoin at one point.
Gas prices near record highs as Berlin rejects pipeline from Russia
Gas prices across the UK and Europe are on course to return to record highs after Germany said a controversial pipeline from Russia could not be approved amid deepening tensions on the Ukrainian border. The UK’s gas market price climbed to 296.35p a therm on Monday, just below the record closing price of 298.475p on 5 October, according to ICIS data. Europe has experienced record high gas prices in recent months owing to a global squeeze on gas supplies. This has been compounded by a slowdown of Russian gas exports to the continent as negotiations over Nord Stream 2 have stalled. October’s record UK gas market highs ignited fears that factories would need to shut this winter to guard agains the financial blow of rocketing costs.
Wholesale prices measure rises 9.6% in November from a year ago, the fastest pace on record
Wholesale prices increased at their quickest pace ever in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday. The producer price index for final demand products increased 9.6% over the previous 12 months after rising another 0.8% in November. Excluding food and energy, prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years. Final demand energy prices jumped another 2.6% in November despite sliding crude prices, while food was up 1.2%.
Rising prices and omicron fears overshadowing Japan's economy
Japan's economic outlook remains cloudy, with the Bank of Japan's latest "tankan" survey showing that business sentiment among large manufacturers snapped its five-quarter rising streak. Supply constraints caused by the spread of COVID-19 and rising materials prices have dealt a blow to the country's economic recovery. With the emergence of the new omicron variant of the virus, the specifics of which are yet unknown, many are worried about what lies ahead for the economy. Wary of omicronIn addition to the parts supply issues, manufacturers are being impacted by rising prices of crude oil and materials. Adding to the uncertainty is the omicron variant.
UK to face more post-Brexit trade problems soon, IMF boss says
LONDON – Britain is due to face more disruption to its trade with the European Union when it introduces new post-Brexit customs checks on Jan. 1, the head of the International Monetary Fund, Kristalina Georgieva, said on Tuesday. “Trade with the EU has dropped significantly and we expect there will be more impact ahead as the custom checks are going to be introduced in UK in the beginning of next year,” Georgieva told reporters after the IMF published an annual review of Britain’s economy.
Malta set to be first EU country to legalise cannabis for personal use
Malta is set to become the first European Union country to legalise cannabis at home and for personal use. Under the new law, citizens aged 18 and over will be allowed to possess up to seven grams of cannabis, and cultivate up to four cannabis plants at home. PM Abela has reiterated that under the reformed law, drug trafficking will remain illegal. In the Netherlands, the possession, consumption, and retail sale of up to five grams of cannabis has been tolerated since 1976 in so-called "coffee shops". Meanwhile, in Spain, the production of cannabis is allowed for personal consumption, but not for trade and public use.
Russian oligarch's widow and daughters fight for a share of his £3BILLION fortune
The widow and daughters of an oligarch are fighting for a share of his £3billion fortune - including a £150million superyacht and £75million Monaco mansion. Mr Bourlakov's original will had named his widow as the sole inheritor of his estate but after he died another one was found. In his personal life, Mr Bourlakov met his wife when they were science students and were married for 47 years. Mr Bourlakov was buried on July 16 in the North York district of Toronto, Ontario, Canada. The legal fight will decide what was in Mr Bourlakov's estate when he died and whether it included the Black Pearl.
Facebook pays $60million to South Dakota bank Meta Financial Group to secure name rights
Facebook paid $60million to a bank in South Dakota called Meta Financial Group to secure the name rights for its 'metaverse' rebrand, a regulatory filing has revealed. A Meta Platforms (Facebook) spokesman later confirmed: 'Beige Key is affiliated with us and we have acquired these trademark assets.' 'Beige Key is affiliated with us and we have acquired these trademark assets,' a Meta Platforms (Facebook) spokesman said. Meta did not disclose who the owner was A Meta Platforms spokesman confirmed the company was engaged in discussions with Meta Financial before Facebook's name change was announced. A Meta Platforms spokesman confirmed the company was engaged in discussions with Meta Financial before Facebook's name change was announced.
Elon Musk says Tesla will accept dogecoin as payment
Elon Musk said today that Tesla will accept dogecoin as payment for some of its merchandise, sending the 'meme coin' soaring by 33 percent in the space of two hours. Musk had asked users in May if they wanted Tesla to accept dogecoin in a Twitter poll. Elon Musk sold his Silicon Valley estate for $30 million, the last of his seven California homes, and moved to Texas. He also exercised stock options to buy 2.17 million shares of Tesla, according to the filings. Musk's recent purge of his Tesla shares come as whistleblowers say he misled buyers and undermined safety with an Autopilot driving system that was previously blamed for fatal crashes.
Starbucks employees at two Boston locations move to unionize
Employees at two Boston-area Starbucks locations began steps to form a union on Monday, following the chain’s first U.S. union victory last week in Buffalo, New York, and a growing labor movement of cafe workers across the Greater Boston area. “This is an amazing time for the labor movement across the country,” barista Tyler Daguerre, 26, told GBH News in an interview Monday. “As partners and core contributors to the company’s success, we deserve respect.”Workers United collaborated on unionizing efforts with employees at three Buffalo Starbucks locations last week, resulting in one union victory. Employees at the Boston locations say they anticipate a similar response. “We knew as soon as they found out that the response was going to be difficult,” Clay told GBH News.
Meet the 25 wealthiest members of Congress
We estimated the net worth of members of Congress by analyzing financial-disclosure reports. The wealthiest 15 members were worth at least $1.3 billion, half of Congress' wealth. The 2020 financial disclosures are the most up-to-date financial documentation from Congress — disclosures from 2021 are not required to be filed until mid-May. The wealthiest 15 members together had an estimated net worth of at least $1.3 billion, accounting for half of Congress' total estimated wealth. Starting at number 25, here are the wealthiest members of Congress based on their minimum estimated net worth:
How do we maintain workplace culture while working from home? Ask HR
When working in person, workers have multiple opportunities to connect and interact socially, but when working remotely this element gets missed. In the isolation of remote work, workers miss the organic direction, rituals and cues from their co-workers and managers that form the context of the workplace. Ask HRQ: I have worked for a marketing agency for eight years and built some substantial client relationships. How can I navigate exploring this option and still maintain my working relationships? – PriscillaTaylor: Even as you explore your choices, you will still have an opportunity to maintain and cultivate these valued working relationships.
Fact check: Claim on electric car charging efficiency gets some math wrong
However, a claim that electric cars require an inordinate amount of oil or coal energy to charge has appeared on social media. “An average electric car takes 66 KWH To charge. “Makes absolutely no sense.”The post included a stock image of an electric car charging. And the actual source of energy used to charge an electric car is dependent on the energy mix in the local electricity grid. And the actual sources of energy for an electric car vary depending on the energy mix in the local electric grid.
Why Was Haiti’s President Assassinated?
Daniel Guillemette, Austin Mitchell , Rob Szypko and Paige Cowett and Dan Powell andListen and follow The DailyApple Podcasts | Spotify | StitcherIn July, a group of men stormed the presidential compound in Haiti and assassinated the country’s president, Jovenel Moïse. Months later, the case remains unresolved. Investigating the killing, the Times journalist Maria Abi-Habib began looking into Mr. Moïse and discovered some little known facts about his background. She also found that, in the months before his death, Mr. Moïse had begun compiling a list of powerful Haitian businessmen and political figures involved in an intricate drug trafficking network.
Dogecoin spikes after Musk says Tesla will accept it for some payments
Tesla CEO Elon Musk sent crypto investors into a frenzy early Tuesday morning with a tweet that his electric car company will accept dogecoin for the purchase of some merchandise. “Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted at 5:34 a.m. The price of dogecoin soared nearly 20 percent to $0.20 per coin on the news. Musk and his son on stage at TIME’s Person of the Year event on Monday. CoinMarketCapEarlier this year, Musk moved crypto markets regularly through his tweets, with the hype culminating in his appearance on “Saturday Night Live” where he delivered a light-hearted speech about dogecoin.
Why this pullback for stocks is a 'buying opportunity:' Strategist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy this pullback for stocks is a 'buying opportunity:' StrategistChris Wyllie, CIO at Connor Broadley Wealth Management, argues that the current weakness in stock markets is a buying opportunity amid a much broader bull market.
Why hedge funds trading on fundamentals have had a tough time
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy hedge funds trading on fundamentals have had a tough timePatrick Ghali, managing partner at advisory firm Sussex Partners, discusses hedge fund performance across 2021, the outlook for next year and the impact of increased market volatility on returns.
How crypto investors are taking advantage of bitcoin's falling prices for taxes
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow crypto investors are taking advantage of bitcoin's falling prices for taxesCNBC's Robert Frank joins 'Squawk Box' to report on why bitcoin's falling prices comes at a perfect time for some crypto investors.
CNBC Fed Survey: Fed will double taper speed, hike rates in June
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Fed Survey: Fed will double taper speed, hike rates in JuneCNBC's Steve Liesman joins 'Squawk Box' to break down the latest CNBC Fed Survey results.
Jefferies: Apple crossing the $3 trillion mark is an amazing statistic, but it's just a milestone
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJefferies: Apple crossing the $3 trillion mark is an amazing statistic, but it's just a milestoneJefferies analyst Jared Weisfeld discusses Apple's march to a $3 trillion market cap, how incredible the company has been in growing revenues, and potential risks to future business.
Terra Firma's Guy Hands on the lessons he's learned from decades of dealmaking
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTerra Firma's Guy Hands on the lessons he's learned from decades of dealmakingGuy Hands, chairman of U.K.-based private equity firm Terra Firma, discusses the premises of his latest book: "The Dealmaker: Lessons from a Life in Private Equity."
ManpowerGroup: Labor market is experiencing 'aftershocks' from delta Covid variant
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailManpowerGroup: Labor market is experiencing 'aftershocks' from delta Covid variantManpowerGroup U.K. Director Chris Gray discusses the recruitment company's U.K. employment report and the "great resignation."
Wieting: The environment for monetary & fiscal policy, as well as the speed of the recovery, is changing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWieting: The environment for monetary & fiscal policy, as well as the speed of the recovery, is changingCiti Global Wealth CIO Steven Wieting says it's evident the Fed will raise rates next year, but it has to get through tapering first before doing so.
One of the Nasdaq 100's latest stock inductees should continue its outperformance, traders say
Next Monday, the tech-heavy index will add Palo Alto Networks, Airbnb, Fortinet, Lucid Group, Zscaler and Datadog and subtract CDW, Fox, Cerner, Check Point Software, Trip.com and Incyte. Delano Saporu, founder of New Street Advisors, said Palo Alto Networks looks best positioned here. Palo Alto Networks has risen more than 50% in 2021, better than the broader market. The SKYY cloud computing ETF, which holds shares in Palo Alto, has climbed just 10%. I think Palo Alto ends up doing better relative to the market, breaking to the upside," Wald said during the same interview.
Sen. Schumer Tees Up Debt Ceiling Vote for Tuesday
Senate Majority Leader Chuck Schumer Anna Moneymaker/Getty ImagesSenate Democrats are expected to vote Tuesday to raise the borrowing limit, just one day before the date on which Treasury Secretary Janet Yellen had warned the country would default on its outstanding bills. “Last week we advanced bipartisan legislation that will enable the chamber to address the debt ceiling on a fast-track basis,” Senate Majority Leader Chuck Schumer said in a floor speech on Monday. “For the information of all, the Senate will act tomorrow to prevent default.”
Premarket Movers: Vir Biotechnology, Bank of Montreal, AMC Entertainment Hldgs
With U.S. stock markets set to open in two hours, Vir Biotechnology (VIR) was up 8.3% in pre-market trading, and Luminar Technologies (LAZR) was up 5.1%. Bank of Montreal (BMO) and AMC Entertainment Hldgs (AMC) had posted declines, falling 7.3% and 5.7%, respectively. Meanwhile S&P 500 futures were down 0.13%, with futures for the Dow Jones Industrial Average falling 0.06%. U.S. stock markets open for trading at 9:30 a.m. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
HEXO 1Q Loss Widens; Launches New Strategic Plan
By Adriano MarcheseHEXO Corp. on Tuesday reported a widened loss in its fiscal first quarter, despite a rise in revenue, and said that it expects to generate positive cash flows over the next year thanks to a new strategic plan. The Canada-based cannabis company said it recorded a net loss was 116.9 million Canadian dollars, the equivalent of US$91.3 million, for the three months ended Oct. 31, compared with a loss of C$68 million a year ago.
Shell to Acquire Major US Solar, Storage Developer Savion
By Jaime Llinares TaboadaRoyal Dutch Shell PLC said Tuesday that it has agreed to acquire U.S. solar and energy storage developer Savion LLC from Macquarie's Green Investment Group. Savion currently has more than 18 gigawatts of solar power and battery storage under development for customers such as utilities and major commercial and industrial organizations.
Footprint International to Go Public Via Deal With SPAC Gores Holdings
By Michael DabaieFootprint International Holdco Inc. plans to be publicly listed on Nasdaq through a combination with Gores Holdings VIII Inc., a special-purpose acquisition company formed by an affiliate of Gores Group LLC, the companies said. Footprint stockholders, including customers Conagra, JBS, Eggland's Best and Sweetgreen, will roll 100% of their equity holdings into the new public company, the company said. Upon closing, the combined company will be named Footprint International Inc. and is expected to be listed on Nasdaq under the ticker symbol FOOT, the companies said. The combined company is expected to have a pro forma enterprise value of $1.6 billion at the closing. The deal will provide about $805 million in gross proceeds, composed of $345 million of cash held in trust from Gores Holdings VIII and about $460 million of additional capital, including $150 million Class C preferred financing that will be funded immediately, the companies said.
Here's why meme-stock madness and 99th percentile valuations will continue, according to this major bank.
And valuations, it notes, “have almost never been the sole cause of a market correction.”BNP also details the exuberance elsewhere, such as in options. As for institutional investors, there’s a high bar to decrease allocations to equities while real returns for many assets are low or negative, the so-called there-is-no-alternative, or TINA, trade. Historically, the team says, it’s the end of the tightening cycle, not the start, that has been problematic for stocks. Historically, U.S. sales growth has been correlated to global nominal gross domestic product growth (that is, real growth plus inflation). BNP’s estimate of 4.8% real GDP growth, and 4.1% consumer-price index growth, translates into earnings per share growth of 12.4%, 5 percentage points above the consensus.
Centene CEO to retire and five newly named board members will find his replacement
Michael Neidorff will retire in 2022 from his role as chairman and CEO. Centene also announced several changes to its board, which is now tasked with securing a successor. Its new members are: Ken Burdick, Christopher Coughlin, Wayne DeVeydt, and Theodore Samuels, and a yet-to-be-determined fifth director decided on by both Centene and Politan. Robert Ditmore, John Roberts and Tommy Thompson are the board members who are now set to step down in 2022. Centene's stock is up 30.2% so far this year, while the broader S&P 500 SPX, -0.91% has gained 25.4%.
Laboratory Corp. to buy back $1 billion of stock in accelerated deal with Goldman, Barclays
Laboratory Corp. of America Holdings LH, +1.40% said Tuesday it has entered an accelerated share buyback agreement with Goldman Sachs and Barclays for the repurchase of about $1 billion of its own stock. The company announced the move in a regulatory filing. Shares were slightly lower premarket, but have gained 44% in the year to date, while the S&P 500 SPX, -0.91% has gained 24%.
‘My partner is afraid to marry me because of my debt.’ I’m 35 and have $380K in student loans from two master’s degrees. What should I do?
I have two masters degrees, and I owe $380K in student loans. Is there anything I can do to protect my family and lessen the blow for me?”Need help getting out of student loan debt or other debt? Bankruptcy might be an option too, “but that’s potentially costly and difficult for borrowers with federal student loans to achieve. Here’s a guide to what you need to show to get your student loans discharged in bankruptcy. There is good news on the tax front with regards to loan forgiveness, says Michael Kitchen, higher education expert and managing editor at Student Loan Hero: “A relief measure passed in response to the Covid pandemic has frozen all taxes on student loan forgiveness until 2026.
Personal loan rates for those with excellent credit at lowest level in 108 weeks
3-year, fixed-rate loan APR 5-year, fixed-rate loan APR Excellent (751+) 12.56% 13.36% Good (661-750) 20.72% 21.11% Fair (601-660) 27.45% 27.27% Poor ( 30.25% 29.27%What is a personal loan? A personal loan is a loan issued by an online lender, bank, or credit union, usually in an amount ranging from about $1,000 to $100,000. Indeed, you could use a personal loan to consolidate debt and potentially save money if you got a lower interest rate on the personal loan than you had on your debt. Everyone is itching to get out and travel these days, but even the smallest personal loans often have repayment schedules of a year or more,” says Annie Millerbernd, personal loans expert at NerdWallet. How to get a personal loan if you have a lower credit scoreIn general, the lower your credit score, the more you’ll pay in interest for a personal loan.
Fund managers dash for cash ahead of Fed decision
Fund managers dashed for cash in anticipation of more aggressive Federal Reserve policy, according to the latest survey conducted by Bank of America. The allocation to cash rose to 5.1% in December from 4.4% in November, the survey of 371 panellists running $1.1 trillion in assets under management found. The survey was conducted between Dec. 3 and 9.
Opinion: Odds of being a stock market winner in 2022 are in your favor for this one big reason
There’s a two-out-of-three chance the U.S. stock market will rise in 2022. What many investors don’t realize is that these market odds stay the same from year to year, regardless of what’s come before. Both investors and contrarians are wrong, because the stock market discounts the future, not the past. For example, if the stock market falls in a given calendar year, the odds of stocks rising in the subsequent year are 67%. The bottom line: The odds the stock market will rise next year are the same as they would be in any other year.
Opinion: Is the real earnings yield of the S&P 500 a reliable stock market predictor?
The S&P 500’s current inflation-adjusted earnings yield is significantly negative, but you don’t need to worry. It is rare for the real earnings yield to be this negative, but that doesn’t mean it is bad for the U.S. stock market. The stock market hasn’t always performed this well in the wake of a negative real earnings yield. That means the real earnings yield is not a helpful indicator for predicting the stock market’s longer-term direction. Regardless, the market’s long-standing overvaluation makes it tricky to draw the correct lesson from the market’s low real earnings yield.
Treasury yields edge higher ahead of Fed meeting, PPI reading
Treasury yields edged higher Tuesday ahead of the kickoff of a pivotal, two-day meeting of Federal Reserve policy makers and the latest read on U.S. wholesale inflation. The focus for investors remains on the Federal Reserve and a host of other major central banks, including the European Central Bank, Bank of England and Bank of Japan, which are holding policy meetings this week. Investors also remain attuned to the spread of the omicron variant of the coronavirus that causes COVID-19. “Apart from an accelerated taper, [Fed Chairman Jerome Powell’s] message on policy tightening going forward will be important,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, in a note. “In the past, Mr. Powell has said that tapering does not send a signal about tightening.
Weibo Fined by Chinese Regulator for Cybersecurity Violations. The Stock Falls.
The Nasdaq exchange before Weibo began trading on April 17, 2014 in New York City. Getty ImagesShares of Chinese social media platform Weibo fell by more than 9% Tuesday in Hong Kong after the company was fined by the Cyberspace Administration of China (CAC) for allegedly publishing illegal information. The CAC said Weibo had violated a cybersecurity law on the protection of minors and other laws, without providing further details. It fined the group 3 million yuan ($471,000.)
GLOBAL MARKETS-Stocks cling to gains ahead of slew of cenbank meetings
Many traders are reluctant to take on new positions before year-end after a very strong rally in 2021. That followed falls across European markets on Monday when a Wall Street selloff hit sentiment. Wall Street futures were weaker on Tuesday, pointing to a lower open. Brent futures rose 0.42% higher at $74.70 a barrel, while U.S. West Texas Intermediate crude increased 0.38%, to $71.57. Oil prices remain way off levels above $85 a barrel seen in mid-October before the variant was discovered.
Here's why meme-stock madness and 99th percentile valuations will continue, according to this major bank.
It was quite the Manic Monday, with not just the S&P 500 suffering its worst single-day performance in nearly two weeks, but retail favorites such as meme stocks GameStop and AMC Entertainment getting battered. Thomas Lee of Fundstrat made three points. No investor wants to go risk-on into the Federal Open Market Committee meeting, equities reached an all-time high just last week, and the U.K. pushing COVID-19 vaccines is a reminder the U.S. still has to get through the omicron variant wave.
Forget the 4% Rule. Why Retirees Need to Rethink Their Withdrawal Strategy.
MarketWatchTesla Inc.’s valuation fell under $1 trillion on Monday, with a 5% loss sending the EV maker into a bear market for the third time this year. Tesla shares (TSLA) closed at $966.41, bringing December losses to more than 154%, which is shaping up to be the stock’s worst monthly performance since March 2020. The stock is also down more than 21% from its record closing high of $1,229.91 on Nov. 4, signaling a bear market, which, as many on Wall Street define it, is marked as a decline of at least 20% from a peak. It is Tesla’s third bear market of the year.
No Ordinary Day, Trouble With the Curve, Crypto, Memes, Trading Pfizer, Nvidia
Apple ( AAPL ) was the most actively traded stock at the Nasdaq Market Site, as well as among the Dow 30, or the S&P 500. Traders and investors had been seeking confirmation, for virtually the entire past week, as equities acted better than the week prior, but on ever-dwindling trading volume. Oh, trading volume did return on Monday, increasing from Friday's levels for names listed at both of New York's primary exchanges, while aggregate trading volume for stocks subordinate to the S&P 500 soared to levels 15% above the 50-day trading volume simple moving average for that index. Session at HandAny and all who paid attention on Monday already know how ugly market breadth was for the day. Trouble With the CurveBond traders bought both the long and short end of the U.S. Treasury yield curve on Monday.
‘Digital nomad’ rent plan could be next for apartment dwellers
The National Multifamily Housing Council’s annual renter survey showed apartment dwellers are moving more often, would consider a “digital nomad” rental plan and support a loosening of restrictions on subleasing through Airbnb-type sites. Apartment operators began to consider renter membership plans before the pandemic when digital nomads were a tiny slice of the renter market, he said. In a typical year, most apartment dwellers move because they’re looking for a better deal or better amenities and community space, Haughey said. But some landlords complained their tenants took advantage of COVID-19 era eviction moratoriums to list their apartments on Airbnb anyway. “That’s a big deal for our membership that over 10% said they wouldn’t rent if their neighbors were renting out on Airbnb,” he said.
Powerball drawing 12/13/21: Check winning numbers here, jackpot up to $333 million
The winning numbers Monday were 10, 30, 37, 53 and 59. The red Powerball was 4. To play, select five numbers from one to 69 for the white balls, then select one number from one to 26 for the red Powerball. To win, match one of the 9 Ways to Win:5 white balls + 1 red Powerball = Grand prize5 white balls = $1 million4 white balls = 1 red Powerball = $50,0004 white balls = $1003 white balls + 1 red Powerball = $1003 white balls = $72 white balls + 1 red Powerball = $71 white ball + 1 red Powerball = $41 red Powerball = $4There's a chance to have your winnings increased two, three, four, five and 10 times through the Power Play for an additional $1 per play. If you're lacking inspiration, the latest winning numbers Wednesday were 10, 30, 37, 53 and 59.
What makes a top workplace, and how are the rankings chosen?
For the ninth year, The Oklahoman has partnered with Philadelphia-based Energage to rank the Top Workplaces in Oklahoma. The process is based on a scientific survey of employees who rate their workplace culture. Throughout the process, 1,715 employers in the state were invited to have their employees take the survey. It might be because it chose not to participate, or because it did not score well enough in the survey process. Energage occasionally disqualifies employers based on questionable results detected through statistical tests it runs to ensure organizations are accurately administering the survey.
Meet the winners of The Oklahoman's 2021 Top Workplaces project
Oklahoman staffWelcome to The Oklahoman's 2021 Top Workplaces project. Every year The Oklahoman honors some of the top workplaces in the state, based on employee feedback. It’s a way we like to recognize individuals and organizations that do things the right way. The Oklahoman partners with Philadelphia-based Energage, the employee research and culture technology firm, to determine Oklahoma’s Top Workplaces, based solely on employee survey feedback. Below are links to all of the stories and the winners lists for this year's project:Introduction to Top WorkplacesMethodology: What makes a top workplace, and how are the rankings chosen?
Across the World, Covid Anxiety and Depression Take Hold
Panic spreads in an instant even if, as with the Omicron variant, the extent of the threat is not yet known. Anxiety and depression spread. Even in China, with no reported Covid deaths since January, some confess weariness with the measures that have kept them safe when so many others perished. Britain, under Prime Minister Boris Johnson, has veered between herd immunity temptations and the kind of periodic restrictions now in force again to combat the Omicron variant. The post Across the World, Covid Anxiety and Depression Take Hold appeared first on New York Times.
South Dakota teachers scramble for dollar bills to buy classroom supplies in half-time game – video
A competition pitting 10 teachers against each other to scramble for dollar bills to fund school supplies in a city in South Dakota has been described as ‘demeaning’ and drawn comparisons with the hit Netflix series Squid Game. The local Argus Leader newspaper reported that $5,000 (£3,770) in single dollar bills was laid out on the ice skating ring during the Sioux Falls Stampede hockey game on Saturday night, and the teachers from nearby schools competed to grab as many as possible in less than five minutes
'It all feels like a horrible repeat of last year': Readers on potential school closures due to Covid
The looming prospect of more school closures as part of further Covid restrictions has exasperated both parents and children. Following the Government’s announcement last week, which outlined their emergency response to the omicron variant, Health Secretary Sajid Javid refused to rule out another round of full school closures. Patrick O’Flynn, writing for the Telegraph, has argued that it would be “unforgivable” for the Government to fully close schools again, particularly as school closures have a devastating impact on vulnerable children. Join the conversation and tell us what your thoughts are on the prospect of school closures. 'We are struggling to motivate our 15-year-old doing exams this year'@Linda Turner:"I have a 15-year-old boy doing exams this year.
Bring back furlough if new lockdown imposed, IMF tells Rishi Sunak
The IMF cautioned that despite the impact of the UK’s successful vaccine on the economy, the lasting effects of the pandemic “and the behavioural changes it has caused will not fade quickly”. The shift to a more digital economy as well as pressures on supply chains and rising energy prices will all last well into 2022, it said. Over the years to come, the IMF expects UK growth to slow to 1.5pc per year. The Treasury said the vaccine booster programme will help the recovery, but refused to comment on the possibility of a new furlough scheme. “The IMF specifically credited the UK’s ‘rapid’ vaccination campaign which allowed the ‘worst health impacts of the pandemic’ to be contained over the summer.
Aldi named most hygienic supermarket in the UK
Aldi has been named the “most hygienic supermarket in the UK” in a study of 744 stores. Out of its 744 stores across the country, 99.73 per cent of Aldi chains in the UK boasted a top hygiene rating of five. Meanwhile, 88.64 per cent of Co-op stores were rated a five, while 89.62 per cent of Asda’s did the same. The study found that only 0.88 per cent of all supermarkets in the UK had a rating of 3 or below. “While big-name brands like these supermarket chains have generally high results across the majority of their stores, more can be done to ensure the safety of their customers across the UK.
Elon Musk says Tesla will start accepting dogecoin
Tesla CEO Elon Musk has said the electric car maker will begin accepting payments in dogecoin for some products. “Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted on Tuesday. In May, he asked his Twitter followers if Tesla should accept payments in dogecoin, with more than three quarters of respondents saying yes. Earlier this week, Musk said that dogecoin worked better than bitcoin as a form of payment as it could handle higher transaction volumes and does not have a fixed supply. “Even though it was created as a silly joke, dogecoin is actually better suited for transactions,” he told Time magazine, who named him Person of the Year 2021 on Monday.
Dogecoin price surges by 25% after Elon Musk announcement
Dogecoin has surged by as much as 25 per cent in the wake of a new announcement from Elon Musk. The Tesla chief executive said his electric car company would start taking payment in the cryptocurrency “and see how it goes”. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”Dogecoin rapidly jumped 25 per cent in the wake of Mr Musk’s tweet, announcing Tesla’s change of policy. The price of the coin has been largely stable in recent months, and has been trading consistently down since the beginning of November. Even after Mr Musk’s recent intervention, the price is a long way from the heights it reached the in May, when he was busily giving his public backing to the cryptocurrency.
IMF warns Bank of England against inaction on inflation
The BoE has said that interest rates will need to rise to ensure that consumer price inflation – currently 4.2% – returns to its 2% target. “Monetary policy also has a key role to play in managing volatility but could face difficult trade-offs,” the IMF said. “It would be important to avoid inaction bias, in view of costs associated with containing second-round impacts. The BoE is due to complete its 895 billion-pound of asset purchases this week and has said it will stop reinvesting the proceeds of maturing bonds once Bank Rate rises to 0.5%. Britain’s government should be ready to reinstate support such as its furlough programme and extra assistance for the poorest households if there are significant new lockdowns, but should not make furlough a permanent part of its toolkit.
'From grief to shock': Tornadoes kill at least 74 in Kentucky
The death toll was likely to rise as another 109 people remained missing, Kentucky Governor Andy Beshear said. The tornadoes, which the governor estimated destroyed 1,000 homes, surprised people by striking unusually late in the year during cold weather on Friday. Across Kentucky, neighbors and volunteers worked to house, feed and offer any other assistance to those left homeless by the storm. President Joe Biden will travel to the state on Wednesday to visit hard-hit areas including Mayfield, the White House said. “You go from grief to shock to being resolute for a span of 10 minutes and then you go back,” he said.
IMF urges UK to give non-banks access to liquidity in market crises
LONDON – Britain should consider giving ‘non-banks’ access to its repurchase agreements and government bond operations as a source of liquidity in stressed markets, the International Monetary Fund recommended on Tuesday. Non-banks comprise hedge funds, mutual funds, pension funds, money market funds and insurance companies, which collectively now account for half of global financial activity. Intervention prevented money market funds and other market participants from freezing up, but regulators globally are looking at what measures can be taken to avoid having to do the same again in the next market crisis. This is a major cross-border challenge, the IMF said in an assessment of Britain’s economy and financial system. Britain’s finance ministry has proposed that UK regulators have an objective of maintaining the competitiveness of the financial sector, which had raised concerns at the BoE.
Classic cars you should buy now ahead of a predicted value rise from 2022
Maserati 3200 (1998-2002)Average values today: from £8.900 to £26,650The Maserati 3200 was relatively overlooked in favour of the Porsche 911 of the era. Mini Cooper R50 (2001-2006)Average values today: from £900 to £6,650Not everyone was happy to see BMW relaunching the Mini name in 2001. Porsche Boxster (1996-2004)Average values today: from £4,875 to £12,650The original Boxster, launched some 25 years ago, is now in high demand. Rolls-Royce Camargue (1977-1986)Average values today: from £25,000 to £70,000Production volumes of the often overlooked Camargue were small, meaning there are few around. Triumph TR6 (1969-1976)Average values today: from £6,200 to £31,000A roaring success when on sale, there is a continual supply of Triumph’s TR6 for sale.
88,000 Hong Kongers apply for new British resettlement visa
Advertising Read moreBritain rolled out the visa scheme in January for more than five million Hong Kongers in response to Beijing's imposition of a sweeping national security law last year. Britain previously predicted about 154,000 Hong Kongers would arrive in the first year, and as many as 322,000 over five years. Applicants must hold a British National (Overseas) passport, which are available to Hong Kongers born before the city's return to Chinese rule in 1997, along with their dependants. The national security law had been used against "all opposition, free press and civil society", it added. British Prime Minister Boris Johnson has faced pressure to extend the visa scheme to cover younger Hong Kongers who do not qualify for a BN(O) passport.
Xi, Putin to discuss ‘aggressive rhetoric’ from US and Nato in video call, Kremlin says
Chinese President Xi Jinping and his Russian counterpart Vladimir Putin will hold talks on Wednesday as the two nations face growing pressure from the West.
Narendra Modi's Twitter account hacked with announcement India would adopt Bitcoin
(CNN Business) Narendra Modi's Twitter handle was "very briefly compromised," his office said, when a tweet was sent from the Indian Prime Minister's account saying his country had adopted Bitcoin and would be distributing the cryptocurrency. "The matter was escalated to Twitter and the account has been immediately secured," the Indian PM's office said in a tweet on Sunday. "In the brief period that the account was compromised, any Tweet shared must be ignored," officials added. Several Twitter users shared screenshots of the tweet put out from the Indian Prime Minister's personal twitter account, @ narendramodi , when it was compromised, according to CNN's affiliate News-18. The government has officially bought 500 BTC" and would be "distributing them to all residents of the country."
Goldman Sachs starts trading floor apprenticeship scheme to boost diversity
Goldman Sachs will start training apprentices directly on its London trading floor for the first time next year, feeding into wider efforts to boost social mobility across the UK’s financial sector. Freckleton is one of the few black managing directors on the the bank’s London trading floor. Goldman’s programme is believed to be the first scheme aimed at bringing trainees directly on to the trading floor of an investment bank. The Goldman scheme will start by selecting 10 candidates to start the scheme in September 2022, with an opportunity to increase its cohort in following years. Candidates will also be eligible for a full-time role at Goldman at the end of their course.
The ‘Double Whammy’ That Is Slowing New York City’s Job Growth
“It certainly looks to me like we’re going to have a much slower, much more drawn-out recovery,” Mr. Parrott said. In the two previous recessions — those that started in 2000 and 2008 — Wall Street shrank and the city lost tens of thousands of high-paying finance jobs. This time, the job losses on Wall Street have been minimal, helping tax collections to hold up as the city has continued to collect income tax from high-paid professionals who are working remotely. “Wall Street is having a banner year, and they did really well last year,” said Ana Champeny, deputy research director at the Citizens Budget Commission. “That has helped prop up the city’s income tax revenues and business tax revenues.”
Your Inflation Worries Say a Lot About You (and May Affect Prices)
But people’s attitudes about inflation are also shaped by other influences. That is, as with impressions of the overall state of the economy, perceptions of inflation may be shaped by who’s in power. But the inflation rates in the South and the Midwest have, in fact, been somewhat higher than elsewhere. People’s expectations are also influenced by time. This “explains the substantial disagreement between young and old individuals in periods of high inflation.”
1987 Buick GNX muscle car sold for Ebay record of $249,999
The Buick GNX isn’t just a quick quarter-mile muscle car, its also firmly a quarter-million-dollar muscle car. An example of the rare 1987 coupe was sold last week on Ebay for $249,999, marking the second-highest price paid for the quickly-appreciating classic and an Ebay record. The Ebay car was number 372 of the 547 that were built during the GNX’s single model year and has been driven just 426 miles since. The car is powered by a turbocharged 3.8-liter V6 with over 300 hp and was produced through a collaboration between Buick, McLaren Engines and ASC Incorporated. According to contemporary tests by Car and Driver it was the quickest American car of the day to 60 mph and second in the world only to the Porsche 911 Turbo.
Markets set to open lower as inflation data, Fed meeting loom
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets set to open lower as inflation data, Fed meeting loomCNBC's Silvana Henao gives a rundown of what to know ahead of the trading day.
Morgan Stanley's Adam Jonas shares his auto and EV stock picks for 2022
The logo marks the showroom and service center for the US automotive and energy company Tesla in Amsterdam on October 23, 2019. Morgan Stanley's Adam Jonas said investors should brace themselves for volatility in the automotive sector next year and named several stock picks to ride out the action.
The Fed will halt asset purchases by March and hike rates in June, CNBC survey predicts
The CNBC Fed Survey finds that respondents expect the Fed to double the pace of the taper to $30 billion at its December meeting, which would roughly end the $120 billion in monthly asset purchases by March. The first rate hike is now forecast in June, a sharp recalculation from the September survey when the first rate move wasn't expected until the end of 2022. Zoom In Icon Arrows pointing outwards CNBC Fed SurveyThe Fed will hike until it hits its terminal rate of 2.3% by May 2024. "The economy has jumped far ahead of Fed policy rates," said Steven Blitz, chief U.S. economist, TS Lombard. "The only hope is to raise rates and hope inflation drops enough to bring everything into line."
FTC takes 'Pharma Bro' Martin Shkreli to trial over drug price hike
The U.S. Federal Trade Commission and several states are set to take Vyera Pharmaceuticals founder Martin Shkreli to trial on Tuesday for trying to block generic versions of Vyera’s life-saving drug Daraprim, a week after settling with the company. The FTC and the states have accused Shkreli of masterminding an illegal scheme to buy Daraprim and secure a monopoly on it so that Vyera could raise its price to $750 per tablet, from $17.50, a move that made Shkreli infamous as “Pharma Bro” in 2015. The drug is used to treat toxoplasmosis, a parasitic infection that threatens people with weakened immune systems. The non-jury trial will take place before U.S. District Judge Denise Cote in Manhattan federal court. Christopher Casey, a lawyer for Shkreli, could not immediately be reached for comment on Monday.
California police investigate suspicious death outside Tesla plant
Police in California are investigating a potential homicide outside a Tesla factory. The Fremont Police Department said first responders were called to the Tesla building just before 3:30 p.m. Monday, according to a statement. Tesla did not immediately respond to a request for comment. As many as 10,000 employees work at the factory, according to the electric vehicle manufacturer. Tesla is headed by Elon Musk, who was named Time magazine's Person of the Year for 2021 on Monday.
Greatland Gold Resolution Passes With Low Votes at AGM
By Kyle MorrisGreatland Gold PLC said Tuesday that resolution two at its annual general meeting was passed with low votes in support. The mining company said resolution two, which concerns nonexecutive directors holding options, was approved, but with 49.1% of votes cast against.
Lion Electric Gets Conditional Order for 200 Electric Busses
By Matt GrossmanLion Electric Co. has received a conditional order for 200 electric-powered school buses from Langs Bus Lines, the company said Tuesday. The order is conditional on Langs's receipt of contributions from a Canadian public-funding program for zero-emissions transportation equipment, Lion said.
Opinion: Why my retirement won't include a 'bucket list'
In the meantime, I’m busy pulling together my “challenge list” of things I want to experience and achieve in the years ahead. Note that I call this a challenge list, not a bucket list—a term I find horrid. I want to be doing things that demonstrate to me, and maybe to society as well, that age is nothing but a number. My own challenge list is a mix of experiences, activities and goals that will push me in new directions, physically and mentally. When it comes time for me to kick the bucket, I want to make sure it’s a big bucket I’m kicking.
Self-driving technology company Luminar to buy back $250 million of its own shares, stock rallies 9% premarket
Self-driving technology company Luminar Technologies Inc. LAZR, -3.17% said Tuesday it will buy back $250 million of its own Class A stock, starting after market open. The company will finance the move using part of the proceeds from a private financing. Founder and Chief Executive Austin Russell will also buy shares in the open market, along with other board members and management. The news sent the stock up 9% premarket. Shares have fallen 57% in the year to date, while the S&P 500 SPX, -0.91% has gained 24%.
Neogen shares soar 14% premarket after it confirms deal to combine with 3M's food-safety business
Neogen Corp. shares NEOG, -0.20% soared 14% in premarket trade Tuesday, after the company confirmed a Wall Street Journal report that it is combining with 3M Corp.'s MMM, -1.42% food-safety business in a deal with an enterprise value of $9.3 billion. Neogen, a food testing and animal health company, said the deal values the 3M business at about $5.3 billion. The combined company is expected to have pro forma revenue of about $1 billion in its first year after close. 3M will own 50.1% of the combined company, while Neogen will own the remaining 49.9%. 3M shares were up 0.5% premarket.
Terminix shares jump 23% after agreeing to Rentokil buyout
Terminix TMX, -0.19% shares jumped 24% to $46.22 after agreeing to be purchased by Rentokil Initial RTO, -7.62% in a cash-and-stock deal valued at $6.7 billion. The per-share value of the deal was $55, a 47% premium to Monday's close for Terminix of $37.41. Rentokil said the deal will generate pretax synergies of at least $150 million by the third year post completion.
Toyota's remote start key fob feature requires an $8 monthly subscription
To the consternation of some owners, Toyota's remote start key fob functionality requires a paid $8 per month subscription service, The Drive has discovered. The issue only applies to 2018 and later models, but recently came to light as the free trials of Toyota's Remote Connect subscription started to expire. Unless they read the fine print, however, owners may not have known that the key fob method was also part of the Remote Connect subscription. So for at least the first three years of ownership, the remote key fob start method would have worked without a hitch — but it's now expiring for 2018 models. Owners are particularly irked that Toyota has linked the key fob remote start function to Remote Connect, since the key fob doesn't require an app in any way.
At least 10 Russian companies considering IPOs in 2022, advisers say
"More than 10 companies are now considering potential IPO in 2022," said Boris Kvasov, co-head of equity capital markets at VTB Capital, the investment arm of Russia's No. Evgeny Sokolsky, head of investment at BCS Global Markets, said companies from the agriculture, home building, and pharmaceutical sectors, as well as spin-offs of large companies could be IPO candidates. He also sees at least 10 candidates for a 2022 IPO. The Russian market is still young and small compared with major global peers. "A serious geopolitical escalation like a massive development in war is the kind of thing that makes the IPO market go away...
Google-backed neobank Open acquires Finin for $10 million – TechCrunch
Open has acquired consumer neo-banking startup Finin for $10 million as the Bangalore-based, Google-backed business-focused neobanking platform looks to broaden its offerings and deepen relationships with banks. Launched in 2019, Finin is among the first consumer-focused neobanking startups in India. Anish Achuthan, co-founder and chief executive of Open, told TechCrunch in an interview that the acquisition of Finin compliments Open’s broader offerings. Open, which recently received the backing from Google and Temasek, operates an SME banking platform and also provides banks with infrastructure to launch their own digital banks. We will now help banks launch their own consumer-focused neobanking offerings under their own brand names,” he said.
Bitcoin slides as Bank of England warns on crypto dangers
The Bank of England's December Financial Stability Report said markets and activities related to cryptoassets continue to grow and develop rapidly. Photo: GettyMajor cryptocurrencies were down on Tuesday morning as the Bank of England (BoE) warned the rapid growth of crypto will create stability risks in the future. The BoE's December Financial Stability Report said markets and activities related to cryptoassets continue to grow and develop rapidly. It said cryptoassets currently pose limited direct risks to UK financial stability but they will present "a number of financial stability risks" if they continue to grow at their current rapid pace, and as they become more interconnected with the wider financial system. Similarly, the Bloomberg Galaxy Crypto Index dropped about 7.40% which shows that sentiment in broader crypto markets has taken a hit.
Stock market: Tesla dips, Facebook up amid red day across the board
Yahoo Finance's Jared Blikre breaks down today's trading trends across markets, highlighting performances by Tesla, Facebook, and crude oil. And for more on all the moves, want to get to Yahoo Finance's chart master, Jared Blikre, who's been watching that for us. JARED BLIKRE: That's right. JARED BLIKRE: That's right. - All right, Jared Blikre bringing us the latest moves there.
The Fed could tweak monetary policy based on Build Back Better passage, economist says
Video TranscriptALEXIS CHRISTOFOROUS: Well, the Federal Reserve's final monetary policy decision of the year is set for this Wednesday. But what I think is interesting is, you know, Fed has been accommodating to fiscal policy throughout coronavirus. The second thing is that our natural immunity policy is lagging many other countries because we're disrupting labor markets with these vaccine policies, which is unfortunate. But it's kind of an interesting-- Yahoo Finance it said interesting reason why natural immunity policy is so poor because no one has an incentive to study natural immunity. So I think immunity policy could be a lot better by not just requiring vaccine but also paying attention to natural immunity and therefore opening up the economy more than it has been.
Lucid Group stock rallies after Nasdaq Tech 100 inclusion
Yahoo Finance's Pras Subramanian discusses Lucid Group stock being up after being added to the Nasdaq Tech 100 and Rivian winning an award for best truck. Video TranscriptKARINA MITCHELL: Well, Lucid is making a big move rolling onto the NASDAQ 100 next week. So every year around this time, the NASDAQ rejiggers its NASDAQ 100 index, which is the top tech firms out there. So what they're going to do is, they're going to have to add Lucid shares to these funds. You know, I'd love to get my hands on it-- have myself and Rick Newman test out the Lucid Rivian.
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Tesla to accept dogecoin as payment for merchandise, says Musk
Tesla to accept dogecoin as payment for merchandise, says Musk Representation of cryptocurrency Dogecoin is seen in this illustration(Reuters) - Tesla Inc chief Elon Musk said on Tuesday the electric carmaker will accept dogecoin as payment for merchandise on a test basis, sending the meme-based cryptocurrency up 24%. "Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet. Musk did not specify what merchandise, which starts from $50 and goes as high as $1,900, could be bought with dogecoin. Musk had asked users in May if they wanted Tesla to accept dogecoin in a Twitter poll. The EV maker stopped accepting bitcoin for car purchases, less than two months after the company began to accept the world's biggest digital currency for payment.
We need to talk about 2023 (yes, already): Morning Brief
Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. But the Morning Brief is here to give our readers the unvarnished truth, straight no chaser — and as ever, there’s both good and bad news. The bank expects 2022 growth to decelerate from the current year, but check in at a still robust 3.5% annualized rate. ET: PPI excluding food and energy, month-over-month, November (0.4% expected, 0.4% in October)8:30 a.m. ET: PPI year-over-year, November (9.2% expected, 8.6% in October)8:30 a.m.
The Market Mood Deteriorates and Big Caps Finally Stumble
Sentiment among many market participants has been poor for a long time, but it has not become extreme enough to produce the sort of capitulation that leads to a market bottom. The problem is that there isn't any simple way for the market to return to a more normal environment. If this was a normal bear market, then everything would be correcting in a somewhat correlated manner. The pundits and media folks would be talking about the bear market, and it would help to drive sentiment to new lows. I'm not sure how conditions might shift, but the current trend suggests that it is not the time to anticipate a market bottom.
Bulls, Are You Out There?
pic.twitter.com/w7NE8y84Zb — Helene Meisler (@hmeisler) December 11, 2021As I watched CNBC Monday afternoon, I was struck that no one seemed bullish anymore. And it wasn't the usual parade of bears the network might have on during a downdraft. Now were these folks more bullish a week ago when the market was lifting? If that wasn't enough bitcoin, that other area of speculation in the market, has been in the dumps lately, as well. That's why Nasdaq had more than 700 new lows just over a week ago.
This tax loophole costs $180bn a decade. Why won’t Democrats close it? | Robert Reich
Anyone remember the “carried interest” loophole that lets hedge fund executives and private equity managers – among the wealthiest people in America – pay a tax rate no higher than most Americans? “I don’t know what happened,” said Larry Kudlow, the conservative economist who crafted Trump’s campaign tax plan. The private equity industry spends millions of dollars on lobbyists to fight any effort to change how it is taxed. In 2010, House Democrats squeaked through a tax plan that closed the loophole, but Democrats who controlled Senate wouldn’t go along. But I don’t think there’s any question that the carried interest loophole is unfair to everyone except the fabulously rich who benefit from it.
Seven dead after migrant-carrying vehicle flees police check and slams into shop
Seven migrants were killed and four people were injured when a vehicle they were travelling in crashed into a house after fleeing a police stop, Hungarian police said. Officers were inspecting the Serbian-registered vehicle when the driver attempted to flee the scene at high speed. The vehicle later hit a flower shop at full speed and turned over, police said. Seven occupants of the vehicle died at the scene while four others, including the driver, were injured. Police arrested the driver and said they will initiate proceedings against him for human trafficking and causing a fatal mass accident.
KT&G suspends tobacco business in US amid growing regulations
KT&G Corp., South Korea's dominant tobacco company, will suspend its tobacco business in the United States for an unspecified period, the company said in a regulatory filing Tuesday. "We need to conduct a review of our business in the US amid intensifying regulations over tobacco and growing competition," the company said, referring to a hostile business environment, such as the US Food and Drug Administration's recent move to introduce a bill to curb nicotine content and reduce tobacco addiction. The decision is estimated to cost the company about 205.8 billion won ($174 million) in lost sales, amounting to around 3.9 percent of the company's overall sales revenue for last year. The company also said mandatory tobacco escrow accounts for smoking-related legal settlements have added additional burdens on top of the already difficult business environment. "We will reconsider our business strategy in the US after reviewing the business environment and regulations," an official from the company said.
Bitcoin mining bounces back to level before China crackdown as US takes crown as top hub
Bitcoin mining activities have resumed to the level before China’s crackdown on cryptocurrency mining. Photo: Reuters
BMW to make X5 SUVs in China, expanding its model lineup to fend off electric cars in the world’s largest vehicle market
A man works at the Tiexi plant of BMW Brilliance Automotive (BBA) in the Liaoning provincial capital of Shenyang on February 17, 2020. Photo: Xinhua
Legal weed: 400 New York localities opt out of cannabis sales. Here's where
But it would certainly mean that those localities would lose out on some tax revenues associated with the new legal market. In New Jersey, where towns can opt in or out of six different types of marijuana licenses, about 70% of towns chose to completely opt out of the marijuana industry altogether. The next highest rates of opting out of both licenses were in Lewis County in northern New York and Chautauqua County in western New York. In the meantime, he's trying to push changes in the state cannabis law, particularly on dealing with public consumption. In Corning, just outside of Elmira and near the Pennsylvania border, officials decided to forgo consumption lounges but allow marijuana dispensaries, The Leader reported.
The federal agency that measures racial diversity is led mostly by white people
The federal agency that measures racial diversity is led mostly by white peopleEnlarge this image toggle caption Claire Harbage/NPR Claire Harbage/NPRIn her three years working at the U.S. Census Bureau, Mónica García-Pérez remembers rarely seeing or hearing people like her. And for outsiders, it's nearly impossible to fully understand the goings-on of this often-overlooked federal agency. The bureau has undercounted people of color for decadesThe Census Bureau declined to make a representative available for an interview about the racial and ethnic makeup of its staff. "I had to advocate for the Census Bureau to look at the full diversity of the Latino population," Vargas says. In June, President Biden directed the bureau and other federal agencies to assess their diversity, equity, inclusion and accessibility efforts.
Afghanistan: heroin and human trafficking are the only two sectors of the economy still thriving
Human trafficking is one of the few sectors of the Afghan economy that is thriving. The trade in drugs and people are growing in importance as other sectors of the economy contract or shut down and poverty deepens. In Nangarhar, dry opium increased from PKR20,000 (Pakistani Rupee – the equivalent of about £86) to PKR33,000 (£141) per Afghan seer, equivalent to about 1.25kgs. In Nimroz, opium increased from PKR10,000 (£43) to PKR28,000 (£120) per kilo. The Taliban and the drug economyUnder pressure and under conditions of economic decline and an escalating crisis, the Taliban is unlikely to move against the drug economy.
GAM investment director doesn't see inflation as a 'major problem'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGAM investment director doesn't see inflation as a 'major problem'Julian Howard, investment director of multi-asset solutions at GAM, explains why he doesn't view inflation as a "major problem."
UK bank fined for laundering trash bags full of cash
London NatWest has been fined £265 million ($350.9 million) for failing to prevent the laundering of nearly £400 million, in the first criminal money laundering case against a British bank. A gang deposited hundreds of millions of pounds in cash at around 50 branches of NatWest, prosecutors for Britain's financial regulator said on Monday, with at least one outlet receiving more than £40 million. One person in Walsall, central England, arrived at a branch with so much cash — £700,000 ($926,000) — that it burst the bin liners it was being carried in. The money had to be repacked in hessian bags, the FCA's lawyer Clare Montgomery said, adding the cash did not fit in the branch's floor-to-ceiling safes. The state-backed bank pleaded guilty in October to three criminal charges of not monitoring customer accounts adequately between 2012 and 2016.
The federal agency that measures racial diversity is led mostly by white people
The federal agency that measures racial diversity is led mostly by white peopleEnlarge this image toggle caption Claire Harbage/NPR Claire Harbage/NPRIn her three years working at the U.S. Census Bureau, Mónica García-Pérez remembers rarely seeing or hearing people like her. And for outsiders, it's nearly impossible to fully understand the goings-on of this often-overlooked federal agency. The bureau has undercounted people of color for decadesThe Census Bureau declined to make a representative available for an interview about the racial and ethnic makeup of its staff. "I had to advocate for the Census Bureau to look at the full diversity of the Latino population," Vargas says. In June, President Biden directed the bureau and other federal agencies to assess their diversity, equity, inclusion and accessibility efforts.
Supply chain disruptions cloud German machinery outlook
BERLIN (AP) — A group representing Germany’s machinery industry said Tuesday it expects a weaker rebound in production this year than previously forecast because of persistent supply chain bottlenecks. The VDMA group said it now expects production to grow by 7% this year to a value of about 219 billion euros ($247 billion), down from the 10% it predicted in September. Last year, production of machinery — a major German export — dropped by nearly 12%. “We could have produced more had the various delivery bottlenecks not been so persistent,” said the group’s chairman, Karl Haeusgen. They complained in particular of shortages of electronic components and metal, and expected difficulties with electronic components to persist until the third quarter of 2022.Business confidence in Germany, Europe’s biggest economy, has been weighed down lately by the stubborn supply chain problems and by a resurgence of coronavirus infections.
Omicron stalks UK jobs market after previous fears allayed
The Office for National Statistics found that the number of workers on payroll rose by a record 257,000 in November to a record 29.4 million. The statistics agency also found that the unemployment rate fell once more, to 4.2% in the three months to October. Despite the buoyant jobs news, the Bank of England isn’t expected to raise interest rates on Thursday for the first time since the pandemic began in early 2020, amid concerns over the rapid spread of omicron. One concern is that the spread of omicron will prompt many people to avoid going out, leading to lower sales in entertainment and food venues. However, with the British economy showing lackluster growth even before omicron and the reimposition of new restrictions, the pressure on rate-setters to raise rates has eased.
Eurozone Industrial Production Rose in October, But Supply-Chain Strains Continue
By Maria MartinezIndustrial production in the eurozone rose in October following two consecutive months of declines due to delays in input deliveries stemming from global supply-chain strains. Output from factories, mines and utilities across the region rose 1.1% in October compared with September, the European Union statistics agency Eurostat said Tuesday. Economists polled by The Wall Street Journal had forecast a sharper 1.3% increase.
National Express, Stagecoach Agree Merger
By Ian WalkerStagecoach Group PLC and National Express Group PLC said Tuesday that they have agreed to an all-share merger, creating a company worth around 1.9 billion pounds ($2.51 billion) based on their current market capitalizations. Under the terms of the deal, accepting Stagecoach shareholders will get 0.36 of a new National Express share for each share held, as previously flagged. Stagecoach shareholders will own around 25% of the combined company upon completion.
Stagecoach Sells Three Assets to ComfortDelGro for GBP8.8 Mln
By Joe HoppeStagecoach Group PLC said Tuesday that it has agreed to sell its 35% Scottish Citylink stake and the retail and customer service activities of Megabus UK and Falcon for total proceeds of 8.8 million pounds ($11.6 million). The U.K. transportation group said it sold the three assets to ComfortDelGro Corporation Ltd., its joint venture partner on Scottish Citylink Coaches Ltd. The acquisition is expected to complete on Feb. 28.
Doge jumps after Elon Musk says Tesla will make merchandise available to buy with it
The cryptocurrency Doge DOGEUSD, +20.20% jumped 18% after Tesla Chief Executive Elon Musk made yet another tweet about it, saying Tesla will make some merchandise buyable with Doge and "see how it goes." Musk, Time's Person of the Year, has been frequent supporter of the cryptocurrency. Tesla previously stopped a program allowing vehicle purchases with bitcoin due to environmental concerns.
Why get cash back when you can get wine? Some new credit cards are going beyond typical rewards.
Rewards credit cards typically come in two basic flavors: cash back and travel — useful if you want to save money without couponing or spend less on that annual visit to the in-laws. But a number of new credit cards are reimagining the role a rewards program could play in your life. With the Grand Reserve World Mastercard, currently closed to new applicants, you can earn more rewards on wine purchases and redeem them for wine, wine accessories and winery experiences. If you want to use your credit card rewards to fund a highly specific purpose, you may enjoy using a card that feels like it’s custom-made for you. It’s also worth noting that more established credit card issuers are beginning to offer cards with rewards programs that feel more customized.
Don’t let a Social Security employee advise you on what could be one of the most important decisions of your life
Few retirement decisions are as critical, or as easy to get wrong, as when and how to take your Social Security benefits. And that’s unfortunate,” says CFP Mary Beth Franklin, author of “Maximizing Social Security Retirement Benefits” and a contributing editor for Investment News. The Social Security agent who processed the application ignored Reichenstein’s directive and signed him up for retirement benefits instead. He advises applicants to be informed and to respond quickly if Social Security makes a mistake. Or you can spend $20 to $40 and up to use paid software, such as Social Security Solutions or Maximize My Social Security, that allows you to model more complicated situations, including those involving a minor child or a pension from a job that didn’t pay into Social Security.
Rentokil Initial to buy Terminix for $7 billion
Rentokil Initial PLC RTO, -4.52% said on Tuesday that it will buy Terminix Global Holdings Inc. for $1.3 billion in cash and 643.3 million new Rentokil initial shares in a deal that values the U.S. company at $6.7 billion. Terminix TMX, -0.19% is a Tennessee-based provider of residential and commercial pest control services.
Terminix shares jump 23% after agreeing to Rentokil buyout
Terminix TMX, -0.19% shares jumped 24% to $46.22 after agreeing to be purchased by Rentokil Initial RTO, -4.52% in a cash-and-stock deal valued at $6.7 billion. The per-share value of the deal was $55, a 47% premium to Monday's close for Terminix of $37.41. Rentokil said the deal will generate pretax synergies of at least $150 million by the third year post completion.
Triple-leveraged exchange-traded products tied to ARK funds make their debut in London
Exchange-traded products that return three times, in either direction, the underlying performance of ARK Invest's ETFs made their debut on the London Stock Exchange on Tuesday, with the products shortly to be made available on the Euronext Amsterdam and Paris exchanges. Leverage Shares is offering the products based on the ARK Innovation ETF ARKK, -1.74% , the ARK Next Generation Internet ETF ARKW, -2.72% and the ARK Genomic Revolution ARKG, -0.21% . Leverage Shares says the products will only the underlying ETFs, so no swaps or derivatives will be used to gain exposure. The triple-leveraged ETPs carry management fees of 0.75%, and the single-leveraged ETFs charge 0.35% per annum, and are available in dollars, pounds and euros.
Stocks Take a Pause as Markets Await Central Bank Decisions
U.S. stock markets were poised to open lower Tuesday after Asian and European stocks dipped in a trading day marked by investors’ persistent uncertainty about the crucial decisions major central banks are due to make later this week. Dow Jones Industrial Average futures were down 0.1% to 35,483, S&P 500 futures fell 0.3% and Nasdaq composite futures declined 0.7%. Asian markets ended down slightly on Tuesday, with the Nikkei 225 falling 0.7% and the Shanghai composite index down 0.5%. Stocks in the U.S. retreated Monday, with both the Dow and S&P 500 falling 0.9%, and the Nasdaq dropping1.4%. Brent crude, the international benchmark, was down 0.15% to $74.28 a barrel, while West Texas Intermediate fell 0.3% to $71.06 a barrel.
Doge jumps after Elon Musk says Tesla will make merchandise available to buy with it
The cryptocurrency Doge DOGEUSD, +21.84% jumped 18% after Tesla Chief Executive Elon Musk made yet another tweet about it, saying Tesla will make some merchandise buyable with Doge and "see how it goes." Musk, Time's Person of the Year, has been frequent supporter of the cryptocurrency. Tesla previously stopped a program allowing vehicle purchases with bitcoin due to environmental concerns.
BHub secures $20M to become LatAm companies’ back-office administrator – TechCrunch
BHub is Neto’s third company and his third in the financial sector. “It was hellish, but I’m grateful for that experience because I became passionate about how I could help people avoid the same hurdles in Brazil and Latin America,” Neto added. The market is reserved for them, and they are protected by the law, “so they don’t have to be that good,” he added. The company counts 134 companies as customers and looks to hire 100 people across engineering, technical, accounting, legal, human resources, marketing and customer service. “Considering the growth we’ve had and what we project we will do, we need to enhance the team of 51 people and grow to 2,000, 2,500 customers by next year,” Neto added.
Bored Ape NFT sells for $3,000 instead of $300,000 due to typo
Bored Ape NFTs now sell for at least 50 ETH ($200,000). Photo: Bored Ape Yacht ClubA non-fungible token (NFT) was accidentally sold for just over £3,000 ($3,961) instead of $300,000 due to a typing error. The Bored Ape Yacht Club is a highly sought-after collection of a limited run of 10,000 pieces of digital art that are all slightly different. In August, a user accidentally listed their Bored Ape for $26,000. Each Bored Ape NFT is "programmatically generated" to be unique, differing in traits such as expression, colour, headwear and clothing.
FOMC preview: Is the Fed behind the curve on inflation?
With inflationary pressures continuing to rise, Fed watchers expect the policy-setting Federal Open Market Committee (FOMC) to lean into a speedier timeline. Ask the curve itselfStory continuesLuckily, the Fed can consult the curve. But several yield curve measures show a flatter yield curve. A negative reading on this measure is called a "yield curve inversion" and is interpreted to be a harbinger for recession. Marcelli said one reading of the flatter yield curve is the expectation that the Fed is behind the curve, and will need to pump on the brakes abruptly (via interest rate hikes) to stop inflation.
Hong Kong IPOs Are Set to Become Asia’s Worst Performers in 2021
(Bloomberg) -- Hong Kong’s newly listed companies are set to become Asia’s worst performers this year amid China’s crackdown on various sectors. Hong Kong’s IPO market has cooled since the initial frenzy driven by cheap funding and ample cash. Kuaishou Technology, which debuted in February, almost doubled in value by June, only to erase gains and slump 30% since listing. About 75% of the 59 companies that began trading in Hong Kong since January are poised to finish the year lower than their IPO price. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Harriette Cole: Is it unrealistic to insist on working from home?
Look at the traditional job search sites and businesses in your field and specifically look for remote jobs. DEAR HARRIETTE: I haven’t really spoken to my extended family since I was in college. I didn’t want to introduce my children to my extended family for many reasons, but the biggest reason is that my extended family has a history of drug abuse. Extended FamilyDEAR EXTENDED FAMILY: Most families have members who are troubled in one way or another. Harriette Cole is a lifestylist and founder of DREAMLEAPERS, an initiative to help people access and activate their dreams.
Despite Big Social Security Changes in 2022, This Rule Will Stay the Same -- and It Could Cost You
Although the Social Security Administration adjusts most of its financial metrics to keep pace with inflation and wage growth, there is no adjustment to the rules regarding how much income you can have before Social Security benefits become taxable. If you are a single tax filer with a provisional income above $25,000 or a married joint filer with a provisional income above $32,000, you could be taxed on part of your benefits. Between 50% and 85% of Social Security benefits could be subject to tax. These $25,000 and $32,000 thresholds aren't changing in 2022 -- and they haven't changed at all since they were set decades ago. The problem is that the income level at which Social Security benefits become taxable is set in stone and doesn't adjust automatically according to a set formula each year.
After 81 years in business, time is about to be up for this downtown watch repair shop
In total, The Watch Shop has 58 active accounts. But come Dec. 31, Louisville customers and jewelers alike are going to need to find a new repair store, as The Watch Shop is closing its doors for good after 81 years in business. In 1978, Baker passed a written and practical exam issued by the commonwealth — at the time, he said, Kentucky required licenses for those in the watch repair industry. On an average day, Baker said The Watch Shop has 10 to 15 customers. Here's whyThe Watch Shop is selling all watches and jewelry at 50% off between now and closing on Dec. 31.
‘Teflon’ Mark Rutte set for fourth Dutch term after record-breaking talks
Dutch political parties have reached a new coalition agreement, paving the way for the country’s caretaker prime minister, Mark Rutte, to form his fourth successive government a record 271 days after general elections in March. “It’s a good agreement,” Rutte told reporters as he left the talks late on Monday night. The nine months of coalition talks are the longest in Dutch history, beating the 215 days it took to record to form the last cabinet. The Christen Unie leader said he would not to join a fourth Rutte government, while Kaag told Rutte – prime minister since 2010 – that he should resign. Nicknaed Teflon Mark for his ability to survive, Rutte is poised to be confirmed as the EU’s longest-serving government leader together with Hungary’s Viktor Orbán.
‘Unfair’ trial triggers downfall of Lisa Osofsky, the Serious Fraud Office’s gung-ho American boss
It led to an unfair trial as Osofsky and colleagues tried to cut a backroom deal. But last week, the Court of Appeal quashed his conviction after finding that the 46-year-old did “not have a fair trial”. Her laissez-faire approach in the Unaoil case, however, has left many questioning her judgement and wondering whether she is up to the task. “[Osofsky] was appointed SFO director because of her lack of experience of the UK criminal justice system,” Corker says. In another exchange, Tinsley told Osofsky that “mercy means valuing relationships over rules”.
Pro-independence movement in New Caledonia rejects legitimacy of 'No' vote
PARIS – New Caledonia’s pro-independence movement on Monday rejected the outcome of Sunday’s referendum in the French overseas territory which showed a majority opting to remain part of France but more than half of registered voters abstaining. The result showed that 96% of those who did vote on Sunday opposed independence, while abstention stood at 56% as the indigenous Kanak population, who largely favour independence, boycotted the vote. “The pro-independence supporters…do not recognise the legitimacy and the validity of this vote which was confiscated from them,” several separatist groups said in a joint statement. The groups had previously called for a boycott of the vote. Paris would renew its pledge to protect the territory situated some 1,400 km off the Australian coast, he said.
Cast out of U.S., Haiti migrant drops American Dream for second go in Chile
Close to 8,000 Haitians were eventually expelled from Del Rio to Haiti, U.S. officials say. He got as far as Del Rio – and then was put on a plane to Haiti. Four people expelled from Del Rio told Reuters they were struggling to pay for plane tickets and get visas in order. Some left Chile while awaiting visa renewals, and must now contend with tougher visa rules from 2018. Migrant advocates say visa applications for Haitians in Chile and Brazil are backed up, partly because of the pandemic.
Hong Kong central bank sends care packages to execs in quarantine
Hong Kong businesses have complained that the city's Covid rules are hampering efforts to recruit and retain talentHong Kong (AFP) – Hong Kong's central bank confirmed Tuesday that its officials sent care package goodies to high profile executives in quarantine as the business community's frustrations grow over the city's international isolation. For some VIP executives stuck in mandatory hotel quarantine for up to 21 days, the burden has been eased by care packages. Eddie Yue, head of the Hong Kong Monetary Authority (HKMA), told the Hong Kong Economic Times on Monday that a team was sending "wine and gourmet food" to finance executives in the hope they would be "less angry with Hong Kong" over the strict quarantines. That approach has been welcomed by Hong Kong residents cut off from families or businesses in China, but sparked growing anger among employees and managers at blue-chip multinationals. Some airlines have been steering clear of Hong Kong altogether so that crew can avoid quarantine.
Malta set to legalise cannabis for personal use
Adults will be allowed to have up to seven grams of cannabis and grow up to four plants at home for their personal useValletta (AFP) – Malta's parliament was set Tuesday to approve plans to legalise possession and cultivation of cannabis for personal use -- a first in Europe, although other countries tolerate it. Advertising Read moreAdults will be allowed to have up to seven grams of cannabis and grow up to four plants at home for their personal use, under legislation backed by Prime Minister Robert Abela's Labour party. The move comes just weeks after Luxembourg announced similar proposals, while personal use and growing of cannabis is also tolerated in Spain and tolerated in the Netherlands. Minors caught in possession of cannabis meanwhile will be referred to a tribunal which may propose a care plan or treatment. Meanwhile, the Netherlands tolerates the sale of small amounts of cannabis to locals in coffeeshops and possession by individuals of no more than five grams of cannabis or five plants.
Busan starts campaign to host Expo 2030 world fair
Busan started its campaign Tuesday to host the Expo 2030 world fair at a virtual meeting convened by the organizing body Bureau International des Expositions (BIE), Busan Metropolitan City said.Busan -- one of five cities including Rome, Moscow, Odessa and Riyadh to have submitted the bid -- was the first city to make its case online. The Busan mayor leading the Korean delegation proposed holding the fair under the theme: “The era of great change: Sailing toward a better future.”On the sidelines, the southeastern port city held a rally to raise awareness of the event, which is held every five years. Busan residents along with key city officials, council members and civic groups, took part in the gathering.Busan estimates that the 2030 world fair would bring about at least 50 million visitors and admission fees totaling 2.5 trillion won ($2.1 billion). The city believes it would have to spend 4 trillion won to prepare for the event but expects 18 trillion in economic gains including new jobs for 500,000 people.By Choi Si-young ( siyoungchoi@heraldcorp.com
Russia Defends Veto of UN Climate Change Resolution
Russia defended Tuesday its move to veto a Security Council resolution linking climate change and global security that was supported by a majority of UN member states. And not only for Russia, a number of countries supported us," Kremlin spokesman Dmitry Peskov told reporters. "The topic of climate cannot be a factor that limits the right of countries to develop," Peskov said. India also voted against the resolution, arguing that global warming was chiefly an issue related to economic development, rather than international security. Russian President Vladimir Putin was for years notorious for his skepticism about manmade global warming and saying Russia stands to benefit from it.
Naming Elon Musk person of the year is Time’s ‘worst choice ever’, say critics
Time magazine’s decision to make Tesla billionaire Elon Musk its person of the year for 2021 has been criticised because of his attitude to tax, opposition to unions and playing down the dangers of Covid. Elon Musk on the cover of Time’s upcoming issue. Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. It’s *TIME* for Elon Musk to pay his fair share in taxes. I held back on saying much about Time selecting Elon Musk as person of the years until I read their reasoning.
#VogueBookClub: A Metamorfose, de Franz Kafka
Decidi que tinha de ler Kafka no dia em que me despedi da República Checa. Após seis meses a viver em solo checo, sabia que o meu processo de assimilação cultural nunca ficaria completo sem ler aquele que é um dos autores mais importante do país. Entretanto, o tempo passou e nunca mais me lembrei desta promessa até ao dia em que me deparei com A Metamorfose numa feira em Lisboa. Apesar do grande alarido que rodeia a genialidade de Kafka, A Metamorfose é um livro fácil de ler. Omiti quaisquer resumos d’A Metamorfose propositadamente, para que se possa acompanhar o desenrolar da história sem saber de antemão o seu fim.
The U.K. lottery spent $330 million to help blighted communities rebuild. This is what happened
Local Trust, the organization formed to administer Big Local, is also using the set timeframe to study how long-term investments can better turn into tangible results. Big Local selected Hawksworth and neighboring Abbeydales and Vespers areas to help the community find new sources of pride. The virtue of patience Given the scope of the Big Local program, success is varied and the needs tend to be uniquely local. Local Trust plans to continue its monitoring of Big Local communities as their spending winds down and some move on to new forms of charitable support. The infusion of funding from Big Local was the instigator, but the people are the ones turning it into the action they need.
When Hiring Nobody Is Better Than Hiring Just Anybody
If both hiring no one or hiring “just anyone” can be harmful, how can managers know whether it’s better to take a chance on a non-ideal candidate or keep a position vacant until they’re able to find a better one? So, if both hiring no one or hiring “just anyone” can be harmful, how do managers know whether it’s better to take a chance on a non-ideal candidate or keep a position vacant until they’re able to find a better one? Hiring support staff is a common practice in health care (e.g., hiring medical scribes to support physicians) and higher education (e.g., hiring teaching assistants to support professors) and may need to increase in the future. If you don’t have any applicants who are likely to be reliable and possess a growth mindset, positive attitude, and decent communication skills, hiring nobody is probably preferable to hiring somebody — at least in the short term. In the meantime, consider how you can support your current employees and whether filling a different position may be a better approach.
Drive Innovation with Better Decision-Making
And a key culprit is the inability to make quick and effective innovation decisions. The solution here is to include in your decision-making processes the people who are most closely connected with end customers: frontline operations staff, customer service employees, salespeople, and the customers themselves. How to Avoid Common Traps A number of traditional decision-making habits can hinder agile decision-making. More often than not, at the end of decision-making processes, one individual confidently makes the final call. But in agile companies, innovation is based on discovery-driven learning.
How to Be the “Purple Squirrel” Employers are Looking For
Employers are often looking to hire what recruiters call “purple squirrels,” or a candidate with the perfect — and nearly impossible — combination of skills for a given job. Recruiters have coined the term “purple squirrels” to describe sought-after candidates with the perfect, but often impossible, combination of skills for a given job. Here are three ways in which you can develop a stronger profile as a “purple squirrel.”Hone both timely and timeless skills. Think about which timeless skills you should work on. The stronger your combination of both timely and timeless knowledge, the more you’re worth your weight in goldDiversify your portfolio.
Insurance renewal quotes: new rules mean you may not have to switch
“Avoid auto-renewing” your home and car insurance has long been basic personal-finance advice, but in the future the savings made by switching are likely to be less impressive. Customers who switch save an average of £262 on car insurance and £113 on home insurance, compared to those who auto-renew. Say goodbye to the insurance policy “loyalty penalty”. Consumers have long complained that renewal quotes for car and home insurance rise every year unless customers switch: insurers profit from consumer inertia. Compare the Market says that car insurance policies cost an average of £707 for someone switching on the renewal date, versus £401 for someone switching 20 days earlier, says Vicky Shaw in The Independent.
A Crypto Expert Explains the Bizarre 1,000% Rise of the Omicron Token
The new Omicron variant of COVID-19 is all over the news, but in the crypto community a different Omicron is top of mind: the Omicron token. The surge came after the World Health Organization named the COVID-19 variant detected in southern Africa in November "Omicron." So does Omicron (the crypto) actually have anything to do with Omicron (the COVID-19 variant)? It's really impossible to say exactly what makes someone buy a crypto like the Omicron coin. Quite possibly, some people may be confused and think the Omicron crypto has something to do with COVID-19 recovery (again: it does not).
How to free up extra Christmas cash for your business
Too few small businesses keep unnecessary costs to an absolute minimum. Claim tax breaksMany small firms do not realise they can claim valuable tax breaks. Bear down on billsToo few small businesses shop around. There is the potential to reduce your total national insurance bill by up to £4,000 a year. The cost of recruiting staff is rising and small businesses often don’t have enough of some kinds of work to justify full-time roles.
IEA cuts oil demand forecast for both 2021 and 2022 on surging Covid cases
Demand for oil is set to be lower than expected next year, the International Energy Agency said Tuesday, as it revised down its outlook by 100,000 barrels per day for both the remainder of this year and 2022. In its Oil Market Report, the IEA said global oil demand was now expected to rise by 5.4 million barrels per day in 2021 and 3.3 million barrels per day in 2022 to hit pre-pandemic levels of 99.5 million barrels per day globally. The recovery is expected to be affected by a surge in new Covid-19 cases, with jet fuel being hit hard, the report said. Its authors noted that the emergence of the new omicron variant had already brought about new restrictions on international travel. However, the IEA added that while the rise in new Covid cases was expected to slow demand, the recovery that is already underway was not expected to be completely derailed.
Treasury yields inch higher ahead of Fed meeting
The yield on the benchmark 10-year Treasury note added 1 basis point, rising to 1.4326% at 3:30 a.m. The yield on the 30-year Treasury bond saw little movement at 1.8145%. Yields move inversely to prices and 1 basis point is equal to 0.01%. The Fed is due to kick off its latest monetary policy meeting on Tuesday, in which it is expected to discuss speeding up the tapering of its bond-buying program. The meeting wraps up on Wednesday afternoon, and will be followed by a press conference with Fed Chairman Jerome Powell.
Toyota to invest $35 billion into battery-powered EVs and roll out 30 models by 2030
Toyota, one of the world's largest automakers, is planning to invest 4 trillion yen ($35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030. It aims to also increase global sales of battery electric vehicles by 3.5 million units a year by the end of the decade, CEO Akio Toyoda said Tuesday. Most of Toyota's current electric vehicle sales are hybrid electric cars that are powered by a combination of an internal combustion engine and battery-operated electric motors. The Japanese automaker will increase new investments into battery technologies by 500 billion yen ($4.4 billion) to 2 trillion yen, according to Toyoda. Toyota also plans to invest another 4 trillion yen in other types of electric vehicles, including hybrid cars, plug-in hybrids and fuel-cell electric vehicles, which use hydrogen as a power source.
UK employment continued to mend in 3rd quarter
That's 1.1 percentage points lower than the last pre-pandemic quarter (December 2019 - February 2020) but 0.2 percentage points higher than the previous quarter (May to July 2021). The U.K.'s unemployment rate, estimated at 4.2 percent, fell by 0.4 percentage points compared to the previous quarter but remains 0.2 percentage points higher than before the pandemic. Total weekly hours worked in the U.K. have been on the rise since the easing of coronavirus restrictions, the ONS noted. This article is part of POLITICO’s premium policy service: Pro Financial Services. From the eurozone, banking union, CMU, and more, our specialized journalists keep you on top of the topics driving the Financial Services policy agenda.
Cobra Resources Says Australian Drilling Results Confirm Potential Gold Mineralization
By Anthony O. GoriainoffCobra Resources PLC said on Tuesday that the preliminary results from drilling on the Clarke prospect in Australia confirmed the potential for gold mineralization. The London-listed miner said it intersected a broad zone of mineralization, and that this confirmed its orientation, and demonstrated Clarke's potential for a significant gold mineral system.
Ceconomy Shares Rise on FY 22 Sales, Ebit Expectations
Ceconomy AG's shares rose Tuesday after the electronic retailer guided for a slight increase in fiscal 2022 sales. At 0843 GMT, shares trade 2.7% higher at 3.31 euros ($3.73) after a 12.9% spike in opening trade. Sales benefited from a strong online growth and recovery since stores reopened, while adjusted Ebit came in within the group's guidance range. "This means that Ceconomy was able to compensate its 100 basis points gross margin decline to 17.1%," the equity-research firm said. Analysts at the firm said adjusted Ebit expectations should point to a figure of between EUR236 million-EUR402 million, which would fall short of market expectations of EUR403 million.
RWS Holdings FY 2021 Pretax Profit Fell on Acquisition Costs
By Xavier FontdegloriaRWS Holdings PLC on Tuesday reported a lower pretax profit for fiscal 2021 on higher costs related to its merger with SDL and exceptional items. The provider of language and intellectual-property support services made a pretax profit of 55.0 million pounds ($72.7 million) for the year ended Sept. 30 compared with a pretax profit of GBP58.7 million a year earlier.
Premier African Minerals Raises GBP800,000
By Kyle MorrisPremier African Minerals Ltd. said Tuesday that it has raised 800,000 pounds ($1.1 million) via a placing, with the proceeds to be used at the Zulu Lithium and Tantalum Project in Zimbabwe. The mining company said that it has placed 500 million new ordinary shares at a price of 0.16 pence a share.
SDX Energy: Morocco's Two-Well Campaign Delayed on Operational, Covid-19 Issues
By Sabela OjeaShares in SDX Energy PLC fell on Tuesday after it said that operational issues and Covid-19 border restrictions in Morocco has forced a delay to the current two-well campaign, which was expected to finish at the end of December. The London-listed energy company said that the current two-well campaign is now expected to be complete in the middle of the first quarter of 2022.
Ifo Institute Cuts 2022 Growth Forecast for the German Economy
By Maria MartinezThe Ifo Institute has lowered its 2022 growth forecast for the German economy by 1.4 percentage points and raised it by 1.4 percentage points for 2023. Following the revision, Ifo forecasts German GDP will expand 3.7% next year and 2.9% in 2023, after 2.5% growth in 2021. "Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy," Ifo's head of forecasts Timo Wollmershaeuser said. In the first quarter of 2022, the economy is seen stagnating. In 2022 and 2023, deficits of EUR80 billion and EUR20 billion respectively are expected by Ifo.
IOG Says First Gas From Saturn Banks Project Delayed Until Early 2022
By Joe HoppeIOG PLC said Tuesday that final pre-first gas commissioning activities at its Saturn Banks project in Norfolk, England are now expected to be delayed into the early weeks of 2022 due to difficult recent weather conditions. The U.K. gas and infrastructure operator said it was working proactively with terminal operator Perenco (UK) Ltd. and on-site contractors to complete outstanding re-commissioning work on the Saturn Banks reception facilities, necessary to bring phase one gas from the site in Bacton safely and reliably onstream. IOG also said its rig re-mobilized from Dundee back to Southwark after investigation and repair, returning in early December as forecast. The first Southwark well is expected to be have its initial drilling by the end of the week. Given a two-month drilling hiatus, first gas is expected at Southwark by mid-2022, the company said.
Cathay Pacific's Passenger Business Stayed Weak in November, With Cargo a Bright Spot
By Yongchang ChinCathay Pacific Airways Ltd.'s passenger business remained weak in November as it continued battling Covid-19 headwinds, though its cargo segment was a bright spot. The Hong Kong flag carrier's passenger load factor rose 8.2 percentage points to 26.8% in November from a year earlier while the number of passengers jumped 85%, but remained down 97% from November 2019 amid "extremely challenging" conditions, it said Tuesday. Cathay doesn't expect things to improve much in December as the emergence of the Omicron variant weighs on travel sentiment during the key year-end holiday period.
Kibo Energy Chairman to Retire in Early 2022
By Anthony O. GoriainoffKibo Energy PLC said Tuesday that Nonexecutive Chairman Christian Schaffalitzky will retire from the board early in 2022, and that the board has started the search for his replacement. The London-listed U.K. and Africa-focused energy company said Mr. Schaffalitzky's decision was part of his retirement plan as he reduces his workload across his business interests.
Kodal Minerals Shares Rise on Positive Prospects for Mali Projects
By Sabela OjeaShares in Kodal Minerals PLC rose Tuesday after the company noted positive developments for its lithium and gold projects in Mali. The London-listed miner its Fatou gold project in Mali is expected to confirm areas of known mineralization, and that it will attempt to extend the project to the north.
Cerillion Appoints Andrew Dickson as CFO
By Kyle MorrisCerillion PLC said Tuesday that it has appointed Andrew Dickson as chief financial officer after Oliver Gilchrist's decision to step down. The London-listed software provider said the board changes will take effect from the company's coming annual general meeting on Feb. 4, and that there will be a handover period to ensure a smooth transition.
Sureserve Group Appoints Sameet Vohra as Interim Chief Financial Officer
By Kyle MorrisSureserve Group PLC said Tuesday that it has appointed Sameet Vohra as interim chief financial officer with immediate effectThe U.K. compliance and energy services group said the appointment is a nonboard position and will be effective until a permanent CFO is appointed.
MTU Aero Taps Gordon Riske as New Chairman
By Ed FranklMTU Aero Engines AG said Tuesday that its supervisory board has unanimously proposed Gordon Riske as its new chairman. If the aircraft-engine supplier's annual general meeting on May 5 adopts the proposal, Mr. Riske would subsequently be elected chairman, MTU said.
Zinnwald Raises GBP5.8 Mln in Share Placing; Shares Fall
By Joe HoppeZinnwald Lithium PLC shares fell on Tuesday after it said that it has raised 5.8 million pounds ($7.7 million) through a placing and retail offer, to advance development of its Zinnwald lithium project in Germany. Shares at 0908 GMT were down 4.25 pence, or 21%, at 15.75 pence.
Thor Mining Raises GBP1.5 Mln via Placing; Shares Rise
Shares at 0912 GMT were up 0.08 pence, or 13%, at 0.65 pence. The London- and Australia-listed mining company said it placed 220 million new ordinary shares at 0.67 pence a share, a 14% premium to Monday's closing price of 0.59 pence a share. The company said that trading in its shares on the Australian Securities Exchange [ASX] will resume on Wednesday. On Monday the company requested that trading on the ASX be suspended while it completed the placing in Australia. Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
Caerus Mineral Resources Finds Economically Viable Gold Zone at Cyprus Project
By Michael SusinCaerus Mineral Resources PLC said Tuesday that it has found an economically viable gold zone for near-term development at the Troulli project in Cyprus, as well as a significant copper deposit in a former open pit. The Cyprus-focused mining company said that a recent diamond drilling has backed the evidence for the continuity of the copper zone at depth beneath the gold zone.
‘Am I the evil stepmother?’ I have one son. My husband has 4 kids and says we should split our estate 5 ways. I disagree. What now?
My husband is a wonderful, caring and loving man and is kind to my son. I’d say my husband spends more time with my son, and has had the opportunity to bond with him more. I believe that our estate should be divided in half, with my half going to my son. If you had met when your children were very young — Brady Bunch-style — then I would understand if you wanted to split your estate five ways, as your husband wishes. Consult an estate lawyer as to how much of your estate you can actually leave to your son, keeping in mind all the above.
IEA cuts 2022 oil demand outlook citing omicron hit on global growth
The Omicron variant’s emergence will allow the supply of oil to overtake the rate at which the world is consuming it, easing the supply tightness of recent months, the International Energy Agency said Tuesday. The IEA trimmed its 2022 supply forecast from non-OPEC producers by 100,000 barrels a day and cut its demand forecast by the same amount, saying it expects the surge in coronavirus cases to stymie the recovery in global demand.
MGM Resorts Sells Mirage Hotel to Hard Rock for $1.08 Billion
MGM Resorts International agreed to sell the Mirage Hotel & Casino to Hard Rock International for $1.08 billion in cash. “This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” said Bill Hornbuckle, chief executive and president MGM Resorts in a press release. Under the terms of the deal, MGM Resorts will retain the Mirage name and brand and license it to Hard Rock royalty-free for three years. MGM said back in November that it was putting the Mirage in Las Vegas up for sale. MGM Resorts shares were rising slightly in premarket trading Tuesday to $40.50.
Drahi Tightens Grip on BT’s Future, Raises Stake to 18%
Drahi’s purchase was his first move since takeover rules preventing him from further purchases after his June stock acquisition expired on Saturday. BT shares dropped as much as 5.3%. U.K. rules mean a company is obliged to make a takeover offer if they hit a 30% shareholding. Drahi’s higher stake comes two weeks after new chairman Adam Crozier took the reins of BT’s board. The cost of protecting BT’s debt against a default has been surging on speculation about a possible takeover by Drahi.
E-scooter company Tier acquires Wind Mobility’s Italian subsidiary – TechCrunch
Tier, a Berlin-based e-scooter company that’s quickly expanding throughout Europe, has acquired Vento Mobility, the Italian subsidiary of Wind Mobility. The companies are not sharing the terms of the deal, but it will mark Tier’s entry into the Italian market. Just last month, Tier also acquired Nextbike, a German bike-sharing platform, a move to both become multi-modal and further consolidate its micromobility empire. The company has raised a total of $72 million; its last funding round was a Series A back in 2019. Tier did not respond to requests for more information about what would be done with those scooters, or if Tier would inherit all, or just some key members, of Wind’s Italian staff.
Struggling to win subscribers, Netflix cuts prices in India – TechCrunch
Nearly six years after Netflix launched its service in India, the global streaming giant is still struggling to find enough customers willing to pay what is already one of the world’s most affordable prices. The Netflix Basic plan, which permits streaming on any device but caps the resolution at 480p, now costs ?199 ($2.6) in India, down from ?499 ($6.6). Netflix Standard, which improves the video resolution to HD (720p) and permits two simultaneous views, now costs ?499, down from ?649 ($8.5). Netflix Premium, which offers four simultaneous views and streams in UltraHD (4K) video quality, now costs ?649, down from ?799 ($10.5). This isn’t the first time Netflix has played around with prices in India.
Toyota commits $70 billion to electrification but hesitant about battery-powered future
1 carmaker Volkswagen, which in July predicted that half of its global vehicle sales will be battery-powered cars by that date. Tesla's market value reached over $1 trillion in October, surpassing the combined value of Toyota, VW, Daimler AG, Ford Motor and General Motors Co. The Japanese carmaker on Tuesday also said it planned to invest 2 trillion yen in battery production by 2030, up from the 1.5 trillion yen it announced earlier. That investment includes $1.29 billion for a new battery plant in North Carolina that will begin production in 2025. Story continuesIn addition to electrified cars, Toyota is also developing internal combustion engines that run on hydrogen fuel.
European markets surge as UK to turn football grounds into vaccine centres
The UK will open hundreds more vaccination sites in the coming days as it tries to ramp up delivery of booster shots. Photo: ReutersEuropean markets were up on Tuesday morning amid positive employment numbers in the UK and as the country turns football stadiums and racecourses into vaccine sites. Meanwhile, latest data reveals the number of employees in the UK was up 257,000 in the month to 29.4 million in November. On the one hand, it left rates untouched last month, specifically because it was concerned about the risk of unemployment. "Investors should understand that inflation is an important driver considered by the Federal Reserve before deciding its monetary policy.
Blinken vows to boost U.S. alliances in the Indo-Pacific to counter China
To do that, we will lean on our greatest strength: our alliances and partnerships,” Blinken said in a speech in Indonesia, outlining the administration’s Indo-Pacific plans. Blinken insisted that Washington was not trying to force countries to choose between the U.S. and China or seeking conflict with Beijing. But he laid out a list of complaints about “Beijing’s aggressive actions” from “Northeast Asia to Southeast Asia and from the Mekong River to the Pacific Islands.”Blinken is in Indonesia on the first leg of a weeklong, three-nation tour of Southeast Asia that will take him next to Malaysia and Thailand. Countering China’s growing aggressiveness in the region, particularly in the South China Sea, in Hong Kong and against self-ruled Taiwan is prominent on his agenda. “We are determined to ensure freedom of navigation in the South China Sea.
Stock futures gain ahead of Fed meeting
U.S. stock futures edged up ahead of the Federal Reserve’s two-day policy meeting, which is expected to end with the central bank signaling a faster wind-down of its bond-buying program. S&P 500 futures were up 0.3% and futures tied to the Dow Jones Industrial Average strengthened 0.3%. Changes in equity futures don’t necessarily predict moves after the markets open. Other stock indexes in Europe also mostly climbed as France’s CAC 40 gained 0.7%, the U.K.’s FTSE 250 gained 0.3% and Germany’s DAX climbed 0.5%. 10-year U.S. Treasury yields strengthened to 1.430% from 1.423%.
French billionaire denies BT takeover bid despite increasing stake
Billionaire Patrick Drahi has increased his stake in BT, tightening his grip on the telecoms giant and fuelling further speculation of a takeover bid. The French tycoon, who rattled BT by taking a 12.1pc stake in June, has now bought a further 585m shares, taking his stake to 18pc – worth more than £3bn. It marks the first move by Mr Drahi since a six-month moratorium on further share purchases expired on Saturday. The businessman, who controls telecoms group Altice, reiterated that he does not intend to make a takeover bid, though this is unlikely to dampen expectations of a move. If Mr Drahi were to buy this stake, he would hit the 30pc threshold at which a takeover offer must be tabled.
Christmas posting dates: When is the best time to use the Post Office?
The Post Office has issued advice to its customers on the best time to visit their nearest branch to avoid long queues ahead of Christmas. To avoid disappointment, Post Office is advising those posting internationally, or second class, to send packages as soon as possible. In the lead up to Christmas, many Post Office locations have extended their opening times into late evening. Anyone sending Christmas presents by post should also take note of the last posting dates. You can also search for the latest opening times of your local Post Office branch here.
Bored Ape NFT sold for $3,000 instead of $300,000 due to ‘fat finger’ error
A highly sought after non-fungible token (NFT) in the Bored Ape Yacht Club collection was accidentally sold for about $3,000 (£2,272) instead of the actual market price of $300,000 (£227,190). The apes are programmatically generated with a computer code mixing and matching their properties to make each of them unique. A seller, identified by the username maxnaut on their social media handles, hoped to list Bored Ape number 3,547 for sale at 75 ethereum (ETH) on Saturday, but due to a “fat finger” typing error, the user accidentally sold it for about 0.75 ETH, reported Cnet. The current floor price of the Bored Ape Yacht Club project – the cost a buyer would pay for an ape with common traits – is about 54 ETH ($204,813 or £155,105). Steph Curry and Post Malone are some of the other celebrity enthusiasts who own an NFT from the project and have used it as their social media profile photos.
UK financial watchdog vows to be faster, more open with redress schemes
LONDON – Britain’s financial watchdog said on Tuesday it will learn from “clear shortfalls” in the way it set up a redress scheme for customers missold interest rate hedging products. The Financial Conduct Authority set up the redress scheme nearly a decade ago for the hedging products missold from 2001, with thousands of small business receiving redress worth a total 2.2 billion pounds ($2.91 billion). “The FCA will ensure that any significant decisions on redress made in the future will be transparent, with appropriate governance, and supporting evidence will be properly recorded,” the watchdog said in a statement. ($1 = 0.7570 pounds)
More data points to latent financial stability risks
The root cause for all episodes of instability is a large-scale misjudgement of risks by savers in search of higher returns. The possibility of latent financial instability in India should be something that economic policymakers need to worry about. Second, GoI’s data shows that the number of accounts in some of its most popular small savings schemes such as Post Office Savings Account and PPF has declined in 2020-21 as compared to the previous year. Third, the rise in mutual fund portfolios suggests some of the small savings accounts may have shifted to another avenue where the risk-return equation is totally different. Policy makers, however, should not lose sight of the risks inherent in this approach because it pushes households into areas where they may misjudge risks.
Belarus Banks Readying for SWIFT Shutdown – Reports
Developed in 2014, SPFS is designed to keep banking transactions in the event of Western sanctions disconnecting Russia from SWIFT. Belarusian banks are preparing for tougher Western sanctions by signing up to Russia’s alternative to the SWIFT, the international financial messaging network that underpins the global banking system, Russia’s Moskovsky Komsomolets tabloid has reported . “It can be said that Belarusian banks have already begun to prepare for disconnection from the international payment system,” the tabloid wrote. While Russia’s SPFS can be three times cheaper than SWIFT, the network itself is only operational during weekday working hours and its messages are limited to 20kb in size. The Belgium-based Society for Worldwide Interbank Financial Telecommunications (SWIFT) network also links more than 11,000 banks operating in at least 200 countries and territories around the world.
Upbit operator Dunamu vows to go global
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, aims to become a global platform for all types of exchanges, its chief said Tuesday.“In the future, Dunamu will establish a trading channel for all digital assets to discover new opportunities such as metaverses and non-fungible tokens,” said Dunamu CEO Lee Sirg-oo in an online press conference held on its recently-launched metaverse platform 2ndblock.“Taking a step further from being a platform for stocks and cryptocurrencies, we will expand the platform to other digital assets and NFTs. We will secure a meaningful foundation for global growth beyond Korea by utilizing our digital-oriented characteristics.”According to the CEO, the cryptocurrency exchange raked in 2.82 trillion won ($2.38 billion) in revenues as of September this year, up about 16 times from the previous year’s sum. In the same period, Dunamu’s operating profit recorded 2.59 trillion won.“The strength of Dunamu is that it connects transaction of valuable targets more conveniently and safely than anyone else through technology. We will apply this success method once more to connect the blockchain world and real world, and expand the range of transactions,” Lee said.Upbit, Dunamu’s cryptocurrency exchange, had 8.9 million users and 53 trillion won in customer deposit as of November, according to the company. But there are no detailed plans now as to when and where it would happen, he added.By Kan Hyeong-woo ( hwkan@heraldcorp.com
OSHA is investigating deadly Amazon warehouse collapse
Added: 13.12.2021 22:17 | 34 views | 0 commentsThe Occupational Safety and Health Administration has opened an investigation into the collapse of an Amazon warehouse in Illinois, after an EF-3 tornado caused major structural damage to the building Friday, a spokesman confirmed to CNN.
Republicans warn Biden: The next debt limit increase won’t be so easy
Republicans warn Biden: The next debt limit increase won’t be so easyAdded: 14.12.2021 0:17 | 34 views | 0 commentsShould the GOP win a congressional majority in next year’s midterms, conservative lawmakers are already strategizing about how to force an epic fiscal showdown.
Supreme Court won’t stop vaccine mandate for New York health care workers
Added: 13.12.2021 22:00 | 31 views | 0 commentsIt is at least the fourth time the high court has decided not to block states from requiring vaccines.
The partisan divide on covid spawns a new reaction: shrugs
The partisan divide on covid spawns a new reaction: shrugsAdded: 13.12.2021 21:54 | 38 views | 0 commentsFrom the governor of Colorado to a conservative pundit, new demonstrations of weariness.
Chicago City Council set to vote on $2.9 million settlement for woman who police found naked when they broke open door of wrong home
Chicago City Council set to vote on $2.9 million settlement for woman who police found naked when they broke open door of wrong homeAdded: 14.12.2021 1:17 | 36 views | 0 commentsThe Chicago City Council is set to vote Wednesday on a proposed $2.9 million settlement for Anjanette Young, who was found naked and distraught during a mistaken police raid in 2019, according to Mayor Lori Lightfoot.
On Jan. 6 itself, Trump’s allies understood that he was the catalyst
On Jan. 6 itself, Trump’s allies understood that he was the catalystAdded: 14.12.2021 3:42 | 30 views | 0 commentsMaybe Trump couldn't control the rioters, despite what his allies thought. But for hours he didn't really try.
The worst part about Time naming Elon Musk its 'Person of the Year'
The worst part about Time naming Elon Musk its 'Person of the Year'Added: 14.12.2021 3:18 | 32 views | 0 commentsThe magazine says Musk deserves its top honor because of his bold vision for the future. But is it the future we need?
Bank of England warns on crypto-currency risks
Added: 14.12.2021 7:53 | 21 views | 0 commentsDeputy governor Sir Jon Cunliffe says assets such as Bitcoin could affect the whole financial system.
Job vacancies hit another record high
Job vacancies hit another record highAdded: 14.12.2021 7:46 | 20 views | 0 commentsThe number of openings is now 434,500 higher than pre-pandemic levels - but growth is slowing. More in www.bbc.co.uk »
737 Max: US Senate committee criticises oversight of Boeing
737 Max: US Senate committee criticises oversight of BoeingAdded: 14.12.2021 3:18 | 35 views | 0 commentsThe whistleblower report came in response to two Boeing 737 Max crashes, which killed 346 people.
Online Safety Bill: UK lawmakers recommend tighter rules for Big Tech
Added: 14.12.2021 0:02 | 34 views | 0 commentsMembers of Parliament and peers suggest adding new offenses to the Online Safety Bill and giving the regulator additional power ahead of next year's parliamentary vote.
Why Bill Gates won't join the billionaire space race
Why Bill Gates won't join the billionaire space raceAdded: 13.12.2021 23:32 | 36 views | 0 commentsThe Microsoft co-founder's one hope for 2022 is to eradicate polio.
Amtrak employee admits to stealing and reselling $76,000 worth of chainsaw parts over eight years
Amtrak employee admits to stealing and reselling $76,000 worth of chainsaw parts over eight yearsAdded: 13.12.2021 23:32 | 22 views | 0 commentsOver the course of eight??????? years, he obtained 114 chainsaws, 122 chainsaw replacement bars and 222 replacement chains from Amtrak
MGM will sell iconic Las Vegas Mirage Hotel in $1 billion deal
Added: 13.12.2021 23:29 | 19 views | 0 commentsHard Rock International and MGM Resorts International announced an agreement for Hard Rock to acquire the operations of The Mirage Hotel and Casino.
Russia threatens to nuke Europe as tensions escalate
Added: 14.12.2021 9:00 | 4 views | 0 commentsRUSSIA issues an extraordinary threat to Europe on Monday, warning it would be willing to turn nuclear weapons on the continent if its demands aren't met.
Emmett Till's Accuser Still Alive & Must Be Brought to Justice
Emmett Till's Accuser Still Alive & Must Be Brought to JusticeAdded: 14.12.2021 3:17 | 16 views | 0 commentsI feel for families of George Floyd and Ahmaud Arbery. My activism continues in solidarity with those who lost loved ones to modern-day lynchings.
Chicago City Council set to vote on $2.9 million settlement for woman who police found naked when they broke open door of wrong home
Chicago City Council set to vote on $2.9 million settlement for woman who police found naked when they broke open door of wrong homeAdded: 14.12.2021 1:16 | 19 views | 0 commentsThe Chicago City Council is set to vote Wednesday on a proposed $2.9 million settlement for Anjanette Young, who was found naked and distraught during a mistaken police raid in 2019, according to Mayor Lori Lightfoot.
Joe Manchin Might Finally Be a Force for Good
Joe Manchin Might Finally Be a Force for GoodAdded: 14.12.2021 3:17 | 17 views | 0 commentsSomeone needs to make Democrats pick which social programs to scrap.
Saudi Arabia allows free thinkers to talk to students
Saudi Arabia allows free thinkers to talk to studentsAdded: 14.12.2021 1:25 | 17 views | 0 commentsYoung men and women meet leading philosophers in a country criticised for intolerance of dissent.
Boy Scouts of America announces proposed $800 million settlement with insurer Chubb for sexual abuse victims
Added: 14.12.2021 2:16 | 17 views | 0 commentsThe Boy Scouts of America has reached a tentative $800 million settlement agreement with insurer Century Indemnity Company and other Chubb companies to contribute to a trust to compensate survivors of sex abuse, according to a press release from the organization.
Russia threatens to nuke Europe as tensions escalate
Added: 14.12.2021 9:00 | 5 views | 0 commentsRUSSIA issues an extraordinary threat to Europe on Monday, warning it would be willing to turn nuclear weapons on the continent if its demands aren't met.
Putin sounds off starting gun to war as Russian navy stalks French frigate in Black Sea
Putin sounds off starting gun to war as Russian navy stalks French frigate in Black SeaAdded: 14.12.2021 7:07 | 9 views | 0 commentsVLADIMIR Putin appears to have sounded off the starting gun for war, as Moscow has ordered the Russian navy to stalk a French frigate in the Black Sea.
‘Power Book II: Ghost’ Recap, Season 2, Episode 4
Power Book II: Ghost Gettin’ These Ends Season 2 Episode 4 Editor’s Rating 4 stars * * * * « Previous Next Photo: Myles Aronowitz/StarThe stakes in the first five minutes of episode four are high! Maybe it’s the gun Monet put to her head or the threats Monet spewed at her that have her shook. Or maybe it’s Zeke’s lying to Detective Whitman about his whereabouts the night of Professor Reynolds’s murder that has her equally shook. The timing for Lauren and Tariq to take their relationship more seriously couldn’t be worse. Brayden doesn’t know it yet, but Cane is using him to do his dirty work and get back at Tariq.
ABG Inks Deal With ABFRL to Bring Reebok to India
The deal may not close until early next year, but Authentic Brands Group has signed a long-term licensing deal with Aditya Birla Fashion and Retail Ltd., or ABFRL, one of India’s leading fashion companies, to distribute and sell Reebok products through wholesale, e-commerce and Reebok branded retail stores in India and other ASEAN countries. The deal allows ABFRL to gain a foothold in India’s fast-growing sports and activewear market. In fact, the market is projected to increase 14 percent a year through fiscal 2024 to reach $13 billion. In partnership with ABG, we plan to accelerate Reebok’s business in India, combining its global appeal and salience amongst Indian youth. ABFRL also markets brands including Ralph Lauren, Hackett, Van Heusen and Ted Baker, in the Indian region.
Ed Niles’ Futuristic Glass-and-Steel House Sells to Chemical Guys Founder
Avant-garde architect Ed Niles has designed many a wild-looking home, but the Milton Sidley house in Malibu is probably one of his most adventurous creations. The “house” is actually two separate structures connected by a skybridge hovering over the property’s driveway. As its name suggests, the Milton Sidley house was built for real estate investor Milton Sidley and his wife, who were apparently big fans of modern architecture — the couple also owned a John Lautner-designed home in Aspen. Schneider is also cofounder of the Detail Garage chain, which has dozens of locations across several states and retails Chemical Guys products. Bill and Daniel Moss of Coldwell Banker held the listing; Ty Bergman of Manor Real Estate repped the buyer.
Ocado 4Q Retail Revenue Fell on Changing Post-Lockdown Environment -- Update
By Sabela OjeaOcado Group PLC said Tuesday it benefited from strong underlying demand in the fourth quarter of fiscal 2021, though retail revenue fell amid a changing post-lockdown environment in the U.K. The online grocer and retail-technology specialist said retail revenue declined to 547.8 million pounds ($723.8 million) for the 13 weeks ended Nov. 18 from GBP570.1 million a year earlier.
Aeorema Communications Sees 1H Record Revenue, Profitability
By Kyle MorrisAeorema Communications PLC said Tuesday that it now expects record revenue for the first half of fiscal 2022 of no less than 4.5 million pounds ($5.9 million) and a return to profitability. The U.K. live-events agency also said it has appointed Hannah Luffman to the board as group commercial director.
Corcel to Sell, Restructure Debt
By Xavier FontdegloriaCorcel PLC on Tuesday said it intends to sell part of its debt, and that it has signed agreements to restructure the remaining debt with its creditors. C4 has agreed to convert this purchased debt and interest into equity as soon as is practical, it said. As for the remanding 85%--or GBP719,198 of principal and interest outstanding--Corcel has agreed with lenders to repay GBP100,000 of the principal immediately. The rest will continue to draw interest and will start to be repaid monthly from Dec. 23, 2022, the company said. Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
HSBC to Phase-Out Thermal-Coal Financing, Cuts New Funding to Incompatible Companies
By Joe HoppeHSBC Holdings PLC said Tuesday that it will phase out its financing of thermal-coal power and mining and it won't provide new financing to companies with plans that are incompatible with its own sustainability targets. The London-based bank said that it will phase out phase-out thermal coal financing in the European Union and countries in the Organization for Economic Co-operation and Development by 2030, and world-wide by 2040. It will also cut its exposure to thermal-coal financing by at least 25% by 2025 and by 50% by 2030. The bank said it expects all of its existing thermal coal-related clients to publish transition plans, and it won't provide new financing where plans are incompatible with its target of net-zero greenhouse-gas emissions from clients' portfolios by 2050. "We want to be at the heart of financing the energy transition, particularly in Asia.
Vifor Pharma Surges Again as Board Recommends CSL Bid Valuing Equity at $11.7 Bln
By Joshua KirbyShares in Vifor Pharma AG rose sharply in opening trade Tuesday after receiving an offer from Australia's CSL Ltd. that values the company at $11.7 billion. At 0812 GMT, shares in the Swiss pharmaceutical company traded 14% higher at CHF160, having surged similarly the day before.
Aberdeen Standard European Logistics Acquires EUR227 Mln Madrid Portfolio -- Deal Digest
By Joe HoppeACQUIRER: Aberdeen Standard European Logistics Income PLC, a real-estate investment company. TARGET: A portfolio of newly-built last-mile logistics warehouses in Madrid, Spain. The portfolio is let to five tenants, with Amazon Inc. Europe accounting for 43% of the total portfolio rental income. RATIONALE: The portfolio represents a net initial yield of 3.4%. All leases are upward only, annual inflation linked, and have strong rental growth potential, as well as high sustainability credentials.
Joules Group Expects 1H Pretax Profit Below Market Expectations
By Michael SusinJoules Group PLC shares were down 25% in early trade Tuesday after the company said it expects pretax profit for the first half of its fiscal 2022 to be below market expectations due to global supply-chain issues and inflationary pressures. Shares at 0811 GMT were down 48 pence at 147 pence.
NWF Group Says It Is Confident of Delivering FY 2022 Expectations
By Michael SusinNWF Group PLC said Tuesday that it is confident of delivering a performance for fiscal 2022 in accordance with the board's expectations, as the group benefited from a strong first half and approaches a seasonally important third quarter. The London-listed specialist distributor of fuel, food and feed said it expects to report underlying results for the six-month period ended Nov. 30 significantly ahead of the prior year. In the first half of fiscal 2021, the company posted a headline operating profit of 3.0 million pounds ($4 million). The Fuels and Food divisions performed ahead of the prior year, while Feeds had a "disappointing performance" with lower volumes compared with the previous year. Net debt for the six-month period was lower than the prior year and it will provide significant investment capacity, NWF said.
Nichols PLC to Repurchase 1.2% of Shares via Buyback Program
By Michael SusinNichols PLC said Tuesday that it intends to conduct a share buyback program to repurchase 1.2% of its issued share capital. The soft-drinks company--which houses the Vimto, Levi Roots and Sunkist brands--said the program will repurchase up to 453,486 ordinary shares for a price of 10 pence each.
Trident Royalties Raises $40M to Help Fund Gold-Offtake-Streams Portfolio Acquisition
By Kyle MorrisTrident Royalties PLC said Tuesday it has raised around $40.0 million to help fund the acquisition of a portfolio of gold offtake streams from investment firm Orion Mine Finance for $69.75 million. The AIM-listed royalty-and-streaming company said it has issued 84 million new ordinary shares at a price of 36 pence a share. The fundraising comprises a firm placing of 70.9 million shares and a conditional allocation of 13.1 million shares, it said.
Altus Strategies Raises GBP19.8 Mln; Shares Fall
By Anthony O. GoriainoffShares in Altus Strategies PLC fell Tuesday after the company said it has raised 19.8 million pounds ($26.2 million) via a discounted placing to new and existing institutional investors, as well as a subscription. Shares at 0800 GMT were down 7 pence, or 11%, at 56 pence.
Cohort Shares Fall on Widened 1H Loss, Lower Full-Year Expectations
By Joe HoppeCohort PLC shares fell Tuesday after it said that its first-half pretax loss widened and that its full-year performance is expected to be below market expectations. Shares at 0819 GMT were down 105.0 pence, or 18%, at 495.0 pence.
UPDATE 1-Norway wealth fund 'weeds out' nine firms over ESG risks
(Adds detail, background)OSLO, Dec 14 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, the world's largest, has conducted a risk-based screening of 442 companies this year, concluding that it would refrain from investing in nine of those firms, it said on Tuesday. "Our pre-screening builds on and strengthens our long-standing work with risk-based divestments. The Norwegian fund invests in some 9,100 companies worldwide. It uses the FTSE Global All Cap index from FTSE Russell as the basis for its own reference index. As new stocks are included in the FTSE index, the fund can screen out companies it does not want in its own portfolio based on environmental, social and governance (ESG) risks.
U.S. and China Take Steps to Reduce Financial Ties. That Spells Trouble for Chinese ADRs.
But the push toward delistings means retail investors who have relied on U.S.-listed Chinese stocks should start considering other ways to invest in China. As Barron’s warned in July, the nearly 250 Chinese companies that Congress said were listed in the U.S. as of this summer are at the epicenter of changing geopolitical priorities. Regulators in both countries are scrutinizing the variable interest entity, or VIE, corporate structure that many Chinese companies used to list in the U.S. and skirt China’s foreign ownership restrictions. Chinese companies could go private and buy out existing shareholders, opt for dual listings and eventually delist from the U.S. For retail investors, finding funds that can more easily navigate the delisting logistics may be an easier way to capitalize on the opportunities.
Chinese developers fall as debt worries mount
Shimao Group Holdings Ltd. 813, -19.92% led the declines, falling 15% in afternoon trading to extend three-day losses to 29%. China’s most indebted developer, China Evergrande Group 3333, -6.98% , slid 8.1%, while Agile Group Holdings Ltd. 3383, -11.25% fell 9.1%. The Hang Seng Mainland Properties Index , which tracks property developers and services companies, fell 7.0%, on course for its lowest close since late September. “Investor jitters that caused the sell-down in Shimao Services may not abate so soon,” brokerage CGS-CIMB said in a research note. Other property services peers also dropped, with Evergrande Property Services Group shedding 13% and Sunac Services Holdings Ltd. falling 17%.
Fast groceries startup Grovy hopes Eastern Europe and sustainability will set it apart – TechCrunch
Yet another ‘quick commerce’ 15-minute groceries startup is hoping to make a name for itself in this space, adding to the myriad of companies currently crowding out this market. But Grovy is avoid the crowded cities of Western Europem, setting its sights on becoming a daily-delivery leader in the East. It’s now finalized a €3 million financing round led by Lighthouse Ventures to expand across Central and Eastern Europe, with offices already running in Prague and Bucharest, after entering the German market in Frankfurt and Mainz. While many players rely on significant mark-ups, which can be as high as 20%, as well as low-paid gig workers, Grovy says it only employs full-time workers and leverages a 5% markup on deliveries, with a flat delivery fee that is waived for orders above €40. Justin Adam, co-founder and CEO of Grovy said: “Frankfurt and Mainz, with their high demand for quick commerce solutions, served as the perfect sandbox.
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Questor: is BAT a massive value trap or an absolute steal? We are inclined to the latter view
A stock that comes with a predicted yield of nearly 8pc and a forecast price-to-earnings ratio of almost nine is either a massive value trap or an absolute steal. Global tobacco industry cigarette or "stick" volumes are now seen coming in broadly flat, against earlier estimates of a 1.5pc decline, and BAT continues to take market share. Pricing trends for key brands such as Dunhill, Kent, Lucky Strike and Pall Mall also look positive. In addition, Jack Bowles, the chief executive, is keen to emphasise the growth that the company is generating from next-generation products (NGPs). Customer numbers for heated tobacco (Vuse), vaping (glo) and oral products (Velo) are picking up momentum and BAT still says it is on target to generate £5bn of revenues here by 2025, compared with £1.4bn in 2020.
Record jump in employment in last month before omicron
Companies filled jobs at a record pace in the month before omicron hit, piling further pressure on the Bank of England ahead of its key meeting this week. Employers added 257,000 workers to their payrolls in November – the biggest jump since records began in 2014. The figures mean the labour market has recovered to above pre-pandemic levels in all regions and suggests companies weathered the end of the furlough scheme. The Bank of England has said it will look closely at labour figures to track the economic recovery and impact of inflation. However, the emergence of omicron has prompted investors to scale back bets on an interest rate increase on Thursday.
M&S was Britain's fastest growing food retailer in last quarter -NielsenIQ
LONDON – Marks & Spencer was Britain’s fastest growing food retailer in the 12 weeks to Dec. 4, market researcher NielsenIQ said on Tuesday, providing more evidence the group’s latest turnaround plan is delivering. NielsenIQ said M&S’s sales rose 9.1% in the period year-on-year, outpacing German-owned discounters Lidl and Aldi, which recorded growth of 8.3% and 4.6% respectively. They were the only three retailers to grow sales against the same period last year. NielsenIQ said total UK till grocery sales fell 2.5% in the four weeks to Dec. 4 year-on-year. The researcher forecast British shoppers would spend 6.8 billion pounds ($9 billion) at supermarkets in the two weeks to Dec. 24.
UK shares rebound after strong jobs data, M&A lifts Rentokil to record high
– UK shares rose on Tuesday after strong jobs growth signalled that the labour market withstood the end of Britain’s furlough scheme, while pest control company Rentokil jumped to a record high after a $6.7 billion deal to buy Terminix Global. The blue-chip FTSE 100 gained 0.7% by 0804 GMT and was on course to break a four-session losing run, while the domestically focussed FTSE 250 index advanced 0.3%. Rentokil climbed 4.1% to the top of the FTSE 100 after saying it would buy U.S.-based peer Terminix Global in a cash-and-stock deal. [MET/L]British employers added a record number of staff in November, data showed ahead of the Bank of England’s policy decision on Thursday.] Online supermarket group Ocado Group gained 4.6% on winning a patent infringement lawsuit against Norwegian robotics company AutoStore Holdings Ltd in the International Trade Commission.
Moderna to produce millions of mRNA vaccines in Australia
U.S. drugmaker Moderna Inc. will produce millions of mRNA vaccines a year in Australia after agreeing to set up one of its largest manufacturing facilities outside the United States and Europe. Australian Prime Minister Scott Morrison said the plant in Victoria state was expected to produce up to 100 million mRNA vaccine doses every year when it begins operations in 2024. Moderna said in October it planned to invest up to $500 million to build a factory in Africa to make up to 500 million doses of mRNA vaccines each year, including its COVID-19 shot. COVID-19 vaccines developed by Moderna and Pfizer-BioNTech use mRNA — messenger ribonucleic acid — technology that teaches cells how to make a protein that triggers an immune response. South Korea, which has a deal with Moderna to provide bottling work for the U.S. firm’s COVID-19 vaccine, is also seeking to attract mRNA vaccine makers to start local production.
KB chairman vows to cooperate with ASEAN banks for carbon neutrality
FINANCEKB Financial Group Chairman Yoon Jong-kyoo attends the NZBA Steering Group Principals Meeting held via video conference on Monday. The commercial bank has a subsidiary in Indonesia -- PT Bank KB Bukopin -- and two subsidiaries and a representative office in Myanmar. It also owns two branches in Vietnam.The banking giant‘s brokerage unit KB Securities has two subsidiaries in Vietnam, while its insurer KB Insurance has a subsidiary in Indonesia and two offices in Vietnam. Its credit card issuer KB Kookmin Card has subsidiaries in Thailand, Indonesia and Cambodia and an office in Myanmar. KB’s net profit in the January-September period gained 31.1 percent on-year to 3.7 trillion won.By Jung Min-kyung ( mkjung@heraldcorp.com
‘Uncertainty’ leading businesses to postpone investment: poll
FINANCESeoul. Has it raised their competitiveness? Has it delivered the greater good to consumers? For all I know, the smaller businesses are overly protected, which serves interests of no one,” Lee said.Last year, about 54 percent of entire deals on second hand cars were made without dealers, according to the Korea Automobile Manufacturers Association. Many South Koreans have accused used-car dealers of fraudulent transactions, complaining of limited competition in the market.Meanwhile, half the firms surveyed by the KERI said the economic condition next year would match this year’s, with 16 percent of them saying conditions would get worse in 2021.By Choi Si-young ( siyoungchoi@heraldcorp.com
Korea to push for entry to 11-member CPTPP
FINANCEFinance Minister Hong Nam-ki speaks during a ministerial meeting at Government Complex Seoul, Monday. (Yonhap)SEJONG -- South Korea on Monday has expressed its commitment to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which is aimed at multilateral free trade agreements in the Asia-Pacific region.In addition, the nation has unveiled a policy to push for bilateral FTAs with more countries, including Mexico.In a ministerial meeting, Deputy Prime Minister and Finance Minister Hong Nam-ki said that the government “is seeking to collect public opinions and reach social consensus” over the entry to the CPTPP.The government seeks the CPTPP accession to expand trade and investment and bolster the status of Korea as a major trader in the global stage, Hong said.The CPTPP is the renegotiated version of the Trans-Pacific Partnership initiated by the former US Obama administration. In 2017, his successor Donald Trump withdrew from the TPP, widely seen as a key move to counter China’s growing economic clout.The multilateral trade pact, launched in December 2018, has been signed by 11 countries -- Japan, Brunei, Singapore, Malaysia, Vietnam, Canada, Mexico, Peru, Chile, New Zealand and Australia.Korea’s willingness toward the pact came three months after China submitted an application to accede to the CPTPP in a surprising move, with Taiwan following suit.The collective trade volume by the 11 nations participating in the CPTPP had reached about $5.7 trillion as of 2019, making up 15.2 percent of the total global trade figure.Korea’s potential accession to the CPTPP could be a major boost to expand its trade portfolio in addition to its planned implementation of the Regional Comprehensive Economic Partnership.The RCEP, which was inked in November 2020, will take effect in February 2022, as Korea’s legislative body ratified the trade deal early this month.RCEP, which covers Korea, China, Japan, Australia and New Zealand and the 10-membe
Column: Hertz symbolizes everything that's wrong with American corporations
A rental agent at a Hertz counter in Manhattan (Getty Images)Among American corporations, the rental car company Hertz has it all. [Hertz] is happy to reward executives, company insiders, and big shareholders while stiffing consumers with record high rental car costs. Warren also referred in her letter to how Hertz executives made out great on either side of the bankruptcy. In August, after exiting bankruptcy, Hertz paid out another tranche of retention bonuses. Bizarrely, once in bankruptcy Hertz became a meme stock, favored by denizens of internet message boards despite its unprepossessing condition.
Blinken's trip aims to boost U.S. ties with Southeast Asia amid rising tensions with China, says expert
U.S. Secretary of State Antony Blinken's trip to Southeast Asia is significant as it sends a strong signal that Washington is keen to strengthen relations with the region at a time of growing tensions with China, according to an expert from a think tank. Simon Tay, chairman of the Singapore Institute of International Affairs, said Blinken's swing through the region this week "must be seen clearly in the context of the Sino-American competition." "It's a big signal that he is coming to the region and starting with Indonesia," he added. This is Blinken's first visit to Southeast Asia since President Joe Biden took office in January. In his first stop in Indonesia on Tuesday, the top diplomat called on U.S. allies and partners in the region to defend the rules-based order.
Asia's low 'technology debt' is a key driver of its digital growth, says Oracle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia's low 'technology debt' is a key driver of its digital growth, says OracleChristopher Chelliah of the software company discusses the factors that have pushed Asia to adopt digital services quickly.
'Silver lining' for Southeast Asian countries that have the attention of U.S. and China: Think tank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Silver lining' for Southeast Asian countries that have the attention of U.S. and China: Think tankSimon Tay of the Singapore Institute of International Affairs discusses U.S. Secretary of State Antony Blinken's visit to the region and what the competition between the United States and China might mean for ASEAN countries.
China Mobile gets the green light to list in Shanghai after it was kicked out of New York
Hong Kong (CNN Business) China's largest telecom company has received the green light to raise billions of dollars for its 5G ambitions by listing shares in Shanghai, months after it was kicked out of New York. China Mobile said late Monday in a filing with the Hong Kong Stock Exchange, where it also trades, that it had received approval from the China Securities Regulatory Commission to move ahead with the share sale. It's not clear yet how much money China Mobile will raise. It said in the filing that it needs to conduct "preliminary price consultations" this week. Based on the stock's closing price in Hong Kong on Monday, that would place the raise at 39.16 billion yuan ($5 billion).
Toyota Seeks to Sell 3.5 Million Battery EVs Annually by 2030
By Sean McLainTOKYO--Toyota Motor Corp. on Tuesday stepped up its commitment to battery electric vehicles, saying it would have 30 EV models available by 2030, and aimed to sell 3.5 million battery EVs globally by 2030. Toyota also said that 100% of the vehicles in its luxury Lexus brand would be EVs globally by 2035. The Lexus brand aims to have battery EVs account for 100% of total sales in Europe, North America and China by 2030, Toyota said.
Antofagasta Provides Targets at Capital Market Day
By Joe HoppeAntofagasta PLC said Tuesday that it will set out a raft of new targets at its capital markets day later today, including ensuring 100% of its operational energy requirements come from renewables by the end of 2022. The Chilean copper miner said it will set out a range of ways to sustainably improve mining and improve growth. By 2025, it intends for 90% of the water used in its operations to be from seawater or recirculated water.
Ocado Group PLC Strong Underlying Demand Trend in 4Q
By Sabela OjeaOcado Group PLC said Tuesday that it benefited from strong underlying demand in the fourth quarter of fiscal 2021, but that its retail revenue declined for the fourth quarter on a changing post-lockdown environment in the U.K. The online grocer and retail-technology specialist said retail revenue declined to 547.8 million pounds ($723.8 million) for the 13 weeks ended Nov. 18 from GBP570.1 million for the same period a year earlier. The FTSE 100 company said its average orders per week were stronger. Regarding its outlook, Ocado said its full-year results for fiscal 2021 are expected to be in line with guidance and that it anticipates a return to strong, mid-teens revenue growth in 2022, at the top of the historic pre-pandemicrange of 10%-15%. Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
Altice UK Doesn't Intend to Make an Offer for BT
By Kyle MorrisAltice UK said Tuesday that it has acquired 585 million shares in BT Group PLC, increasing its stake to around 18% of the British telecommunications provider's issued share capital. BT Group said it is aware that Altice UK has increased its interest in it to 18.0% from 12.1%.
Nuformix Investor Subscription to Raise GBP1.7 Mln for Product Development
By Joe HoppeNuformix PLC said Tuesday that it will raise 1.7 million pounds ($2.2 million) through a conditional subscription with institutional investor Lanstead Capital Investors LP, allowing it to strengthen and develop its products. The subscription will be conducted in two tranches, with the first comprising 22.0 million shares and raising GBP330,000, and the second the outstanding balance. The second tranche is subject to shareholder approval, and is expected to be issued in April. Net proceeds will be primarily used to fund further research and development activities on its main assets NXP002 and NXP004, business development activities with potential licensees for both assets, and for general working capital. "I am delighted by the confidence shown by Lanstead in the future prospects of the company's products.
Rentokil Initial to Acquire Terminix
By Anthony O. GoriainoffRentokil Initial PLC said on Tuesday that it will buy Terminix Global Holdings Inc. for $1.3 billion in cash and 643.3 million new Rentokil initial shares in a deal that values the U.S. company at $6.7 billion. Terminix is a Tennessee-based provider of residential and commercial pest control services.
U.K. Payrolls Rose in Nov; Unemployment Rate Fell in 3 Mos to Oct
By Xavier FontdegloriaThe number of people employed in the U.K. rose in November, signaling that the country's job market continued to tighten despite the end of the furlough program in late September. Staff on businesses' payrolls increased by 257,000 in November from the previous month, to 29.4 million, according to data from the Office for National Statistics released Tuesday.
Nuformix 1H Loss Narrowed Slightly on Lower Costs
By Joe HoppeNuformix PLC reported Tuesday a slightly narrowed loss for the first half of fiscal 2022 on reduced expenses, and said that it is confident in its outlook. The pharmaceutical-development company posted a pretax loss for the six months ended Sept. 30 of 449,022 pounds ($593,293) from a loss of GBP475,874 for the same period a year earlier. Gross profit fell to GBP48,305 from GBP80,403, and administrative expenses fell.
Chinese Developers Fall as Debt Worries Mount
Shimao Group Holdings Ltd. led the declines, falling 15% in afternoon trading to extend three-day losses to 29%. China's most indebted developer, China Evergrande Group, slid 8.1%, while Agile Group Holdings Ltd. fell 9.1%. The Hang Seng Mainland Properties Index, which tracks property developers and services companies, fell 7.0%, on course for its lowest close since late September. "Investor jitters that caused the sell-down in Shimao Services may not abate so soon," brokerage CGS-CIMB said in a research note. Other property services peers also dropped, with Evergrande Property Services Group shedding 13% and Sunac Services Holdings Ltd. falling 17%.
Chemring FY 2021 Pretax Profit Rose
By Anthony O. GoriainoffChemring Group PLC said Tuesday that its fiscal 2021 pretax profit rose after booking lower costs, and that its performance since the start of the new fiscal year has been in line with expectations. The U.K. defense company said that for the year ended Oct. 31, pretax profit was 48.8 million pounds ($64.5 million) compared with GBP43.3 million for fiscal 2020.
Dyson supplier ATA asks Malaysia to drop charges it violated worker accommodation laws
(Reuters) - Malaysian parts maker ATA IMS said on Tuesday it has asked for charges that it violated labour laws to be dropped, saying any infractions were caused by "challenges presented during the pandemic". ATA was charged with four violations of laws relating to minimum standards for worker accommodation, the labour department said last week. ATA said in a statement the charges stem from inspections conducted in May by the labour department under the Ministry of Human Resources. The company had provided accommodation for the workers "which unfortunately conflicted with normal regulations", it said. Malaysia's labour department and attorney general's office did not immediately respond to requests for comment.
Saudi Oil Minister Says Global Production Could Plunge 30% This Decade
(Bloomberg) -- Saudi Arabia said global oil production could drop 30% by the end of the decade due to falling investment in fossil fuels. Most Read from Bloomberg“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The minister said daily oil output may fall by 30 million barrels by 2030. Prince Abdulaziz’s comments came shortly after the Saudi finance minister made a similar warning. Saudi Arabia, the world’s biggest oil exporter, is among the few countries still spending billions of dollars to raise production.
Topi is building a new payment solution designed for B2B transactions – TechCrunch
The company is working on a payment solution that is both fast and capital efficient for businesses. Topi wants to reach the ideal Venn diagram of B2B payments — a payment solution that doesn’t require any paperwork, but a payment method with some financing offers. This payment solution would be particularly useful for expensive purchases — a new machine, a big event or an upgrade for the restaurant kitchen. Topi expects to integrate its payment solution directly in the checkout flow of popular B2B merchants. Many merchants already offer financing options, but they usually just link to a help page with some information to go further.
Fresha, a business platform for salons, spas and beauty and wellness pros, extends Series C by $52.5M at a $640M+ valuation – TechCrunch
The beauty and wellness industry, annually worth some $4 trillion, is underpinned by tens of thousands of businesses and millions of professionals carrying out haircuts, treatments and workouts. “Stylists [and other beauty and wellness professionals] are not really trained in business management,” he said. Beauty and wellness had a mixed bag of luck as the pandemic took hold across the world. All of this presents a complex mix of new use cases, and customers, to sign on to a platform like Fresha’s, Miller noted. Sadly, one of the other consequences of the pandemic has been the closure of a lot of small and independent businesses.
Goldman, Morgan Stanley Say Any Drop in Stocks Likely to Be Small
Goldman, Morgan Stanley Say Any Drop in Stocks Likely to Be Small(Bloomberg) -- Wall Street’s chief bull and bear now agree on one thing: any stock market correction next year will likely be a moderate pullback, rather than a dramatic plunge. Most Read from BloombergMorgan Stanley strategists led by Michael Wilson said Monday that they are now more confident that the S&P 500 index will drop about 6.6% by the end of 2022 to 4,400 points. Current index levels, they said, indicate low single-digit returns over 12 months with a maximum drop between 5 and 10%. Now that the omicron’s risk to growth has come down, Morgan Stanley strategists point to the U.S. Federal Reserve’s likely “much faster” tapering compared to 2014 as one of the key risks for stocks. Goldman and Morgan Stanley agree that stock picking will become more important in 2022, as the post-pandemic rebound that almost indiscriminately pushed equities higher fizzles.
U.K. Housing Loses Momentum With Second Drop in Asking Prices
(Bloomberg) -- Asking prices for homes on sale in the U.K. fell for a second month in December, indicating the property market lost momentum at the end of a strong year. Most Read from BloombergThe price of property coming to the market fell by 0.7% this month, Rightmove said Monday. That’s the biggest decline since January and followed a 0.6% drop in November. Read More: London Housing Market Poised to Lag Behind U.K. Regions in 2022Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Music industry unites to pledge net-zero emissions by 2050
A number of the world’s biggest record labels have united to commit to action on their environmental impact. The three major labels – Sony Music Entertainment, Universal Music Group and Warner Music Group – plus independents such as the Beggars and Secretly groups of labels, Warp, Ninja Tune and more, have signed the Music Climate Pact which will see them pledge “actionable climate targets”. Both schemes require signatories to reduce greenhouse gas emissions to net zero by 2050, and achieve a 50% reduction by 2030. Under the terms of the pact, the companies have also pledged to collaborate on measuring carbon emissions in the music industry, to help their artists to speak out on climate issues, and to communicate with artists’ fans about how the music industry impacts on the environment. The industry is reckoning with issues including the impact of global touring, vinyl manufacturing, and the energy used to power streaming.
Ocado Retail quarterly sales fall 3.9% on labour shortages
LONDON – British online supermarket Ocado Retail on Tuesday reported a 3.9% fall in revenue in its latest quarter year-on-year, with its performance held back by labour shortages. Ocado Retail, a joint venture between Ocado Group and Marks & Spencer, said revenue totaled 547.8 million pounds ($723.7 million) in its fourth quarter to Nov. 28 versus 570.1 million pounds in the same quarter last year. Revenue had fallen 10.6% in its third quarter, hurt by a July fire at its warehouse in Erith, southeast London, which disrupted operations. ($1 = 0.7569 pounds)
UK jobs growth remains strong in November as BoE meets on rates
Figures from Britain’s tax office showed 257,000 people were added to company payrolls last month, the most since records began in 2014. Official data showed the unemployment rate fell to 4.2% in the three months to October, as expected by economists polled by Reuters and down from 4.3% in the three months to September. Excluding bonuses, earnings were 4.3% higher than a year earlier, the smallest rise since the three months to February. The ONS said it was no longer estimating underlying pay growth excluding the impact of the furlough scheme and other pandemic-related factors which have distorted the data. Job vacancies hit an all-time high of 1.219 million in the three months to November, although the pace of growth in new openings continued to slow.
UK pest control firm Rentokil to buy U.S. peer Terminix in $6.7 billion deal
-British pest control company Rentokil said on Tuesday it would buy U.S.-based peer Terminix Global in a $6.7 billion cash-and-stock deal. The deal implies a value of $55 per Terminix share, representing a 47% premium to its closing price on Monday. The boards of both the companies have backed the deal, which is estimated to close in the second half of 2022. Rentokil expects the deal to generate cost savings of at least $150 million by the third year after deal close, and to add to its earnings in the first year. Both Rentokil and Terminix provide commercial and residential pest management services.
Toyota to introduce 30 electric vehicle models by 2030
Toyota Motor Corp. announced on Tuesday that it aims to sell 3.5 million electric vehicles a year globally in 2030 — part of its plan to build momentum in its push for carbon neutrality. Toyota said it will also increase its investment in battery development to ¥2 trillion ($18 billion) from the ¥1.5 trillion previously announced and launch 30 EV models globally by 2030, President Akio Toyoda said at a press briefing. With the announcement, Japan’s largest automaker doubles the number of new EV models: the previous plan proposed 15 models by 2025. Once seen as lagging behind in the U.S., the automaker made news earlier this year with its plans for EVs. Toyota’s push into EVs comes as rivals have made aggressive commitments to electrify their lineups and build out vehicle battery manufacturing infrastructure.
Portland city bosses award $12m clean energy contract aimed at boosting racial equity to fraudster
Woke Portland city officials have awarded a nearly $12 million clean energy contract to a nonprofit run by a woman convicted of defrauding energy companies. The Portland Clean Energy Community Benefits Fund tapped her for the program, and the City Council unanimously approved the grant - despite concerns from some staff members who were concerned about the nonprofit's high personnel costs and proposed delivery timeline. But she denies she fabricated or exaggerated her proposal by claiming she 'managed' a $30 million energy upgrade program in Los Angeles, even though the program's overseers say they never heard of her. That group partnered with Energy Trust of Oregon and Portland General Electric, with Woodley receiving several accolades for her work. Portland city officials have said they were unaware of Woodley's history, and said they would delay the execution of the $11.5 million agreement with Diversifying Energy.
Seoul stocks down for 3rd day amid FOMC uncertainties
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Tuesday. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Foreigners sold a net 359 billion won and institutions offloaded 198 billion won. Overnight, the tech-heavy Nasdaq composite lost 1.39 percent and the Dow Jones Industrial Average decreased 0.89 percent. "It is likely that the investors would take their wait-and-see mode until the FOMC uncertainties are resolved," he added.
KB chairman vows to cooperate with ASEAN banks for carbon neutrality
The commercial bank has a subsidiary in Indonesia -- PT Bank KB Bukopin -- and two subsidiaries and a representative office in Myanmar. It also owns two branches in Vietnam.The banking giant‘s brokerage unit KB Securities has two subsidiaries in Vietnam, while its insurer KB Insurance has a subsidiary in Indonesia and two offices in Vietnam. Its credit card issuer KB Kookmin Card has subsidiaries in Thailand, Indonesia and Cambodia and an office in Myanmar. KB Asset Management operates a subsidiary in Singapore and an office in Vietnam, while KB Capital has subsidiaries in Indonesia and Laos.KB Financial’s net-zero goals, dubbed “KB net zero star,” focuses on reducing its portfolio’s carbon emissions by 33.3 percent by 2030, 61 percent by 2040 and ultimately achieve neutrality by 2050. KB’s net profit in the January-September period gained 31.1 percent on-year to 3.7 trillion won.By Jung Min-kyung ( mkjung@heraldcorp.com
India's Aditya Birla Fashion to buy exclusive rights to Reebok in India
REUTERS/Grigory Dukor/File PhotoBENGALURU, Dec 14 (Reuters) - India's Aditya Birla Fashion and Retail Ltd (ABFRL) (ADIA.NS)said on Tuesday it would buy exclusive rights to sell global sportswear brand Reebok's products both online and offline in the Indian market. The deal will be effective once the global ownership of the Reebok brand is transferred from Adidas (ADSGn.DE) to Authentic Brands Group (AUTH.N) under a 2.1 billion euros ($2.37 billion) acquisition announced in August. read moreABFRL said the transaction also includes buying certain assets of Reebok India Company, including inventory, current assets and liabilities. It added that the long-term licensing deal gave it exclusive rights to sell Reebok products in India and other Southeast Asian countries. The company expects to spend around 750 million rupees ($9.88 million) to 1 billion rupees ($13.17 million) to buy Reebok's inventory and other current assets and liabilities.
Why is Vox Media buying Group Nine?
And now four digital media companies are turning into two. That’s the takeaway from Monday’s news that Vox Media — my employer — is close to acquiring Group Nine, the publisher behind outlets like The Dodo and NowThis. The new deal shows that you don’t have to be public to buy a media company: Vox is private, and so is Group Nine. Two years ago, Vox Media bought New York Magazine, and has been periodically picking up small media companies — last month, for instance, it picked up podcast studio Criminal Productions. (Now Group Nine’s ownership stake in that SPAC will transfer over to Vox Media, which could then do ... something with it.)
Millennial Women Made LuLaRoe Billions. Then They Paid The Price.
Not only was the market saturated with LuLaRoe consultants, the quality of the clothes became hit or miss. In September 2017, LuLaRoe ended the 100% buyback refund policy and reverted to the 90% refund policy. Under the deal, MyDyer destroyed more than $11 million worth of LuLaRoe inventory and absolved some of the debt. “To the contrary, we remain committed to the LuLaRoe business and continue to work daily on the business. Even so, a spokesperson for LuLaRoe said, “LuLaRoe is excited for this new year with all the amazing new efforts and products we will be launching.
LuLaRoe Is Paying More Than $4 Million To Settle A Lawsuit That Claimed It Was Running A Pyramid Scheme
The embattled multilevel marketing company LuLaRoe has agreed to pay $4.75 million to settle a lawsuit filed by the state of Washington, which accused the company of engaging in a pyramid scheme. “LuLaRoe tricked Washingtonians into buying into its pyramid scheme with deceptive claims and false promises,” Ferguson said in the press release. Additionally, LuLaRoe must be more transparent with retailers to avoid future deception," the press release stated. The Washington state lawsuit is only one of several the company has been fighting in court over the past few years. A lawsuit against LuLaRoe from its former supplier, MyDyer, is still making its way through state court in Riverside, California.
Boy Scouts bankruptcy case reaches settlement, insurer agrees to pay $800M into fund for victims
The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. The Hartford has agreed to pay $787 million into the victims' fund, and the Mormons have agreed to contribute $250 million. More:In Boy Scouts bankruptcy, which sexual abuse victims will get a settlement? Although the organization was facing 275 lawsuits at the time, it’s now facing more than 82,000 sexual abuse claims in bankruptcy.
Construction on new $9.5 billion JFK terminal slated to begin in 2022
Kathy Hochul on Monday announced a $9.5 billion new plan for an international terminal at JFK Airport after the project was halted because of the pandemic. Construction of the sprawling 2.4 million square-foot terminal is expected to begin in mid-2022 and the project will create over 10,000 jobs, according to the governor. As part of the project, the Port Authority of NY and NJ will be tasked with upgrading roads, parking and utilities at the airport, officials said. At a Thursday meeting, the Port Authority Board of Commissioners will vote on the proposed lease agreement. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible.”Renderings of JFK Airport’s New Terminal One a $9.5 billion construction project.
Moderna to produce millions of mRNA vaccines in Australia
In this article MRNAEmpty bottles of Moderna Covid-19 vaccine are pictured in a vaccination center in Garlan, western France, on December 13, 2021. FRED TANNEAU | AFP | Getty ImagesU.S. drugmaker Moderna will produce millions of mRNA vaccines a year in Australia after agreeing to set up one of its largest manufacturing facilities outside the United States and Europe. Australian Prime Minister Scott Morrison said the plant in Victoria state was expected to produce up to 100 million mRNA vaccine doses every year when it begins operations in 2024. Covid-19 vaccines developed by Moderna and Pfizer-BioNTech use mRNA — messenger ribonucleic acid — technology that teaches cells how to make a protein that triggers an immune response. South Korea, which has a deal with Moderna to provide bottling work for the U.S. firm's Covid-19 vaccine, is also seeking to attract mRNA vaccine makers to start local production.
Asian Development Bank expects India's growth to continue while it tries to keep inflation in check
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian Development Bank expects India's growth to continue while it tries to keep inflation in checkAbdul Abiad of the Asian Development Bank says inflation in the country is on the "high side" and it has been affected by Covid-19 lockdowns more than other Asian economies.
Parents of suspect in Michigan school shooting due in court
The Crumbleys are scheduled to return to court on charges of involuntary manslaughter for a probable cause conference in Rochester Hills District Court Tuesday, Dec. 14, 2021. The Crumbleys are scheduled to return to court on charges of involuntary manslaughter for a probable cause conference in Rochester Hills District Court Tuesday, Dec. 14, 2021. (Oakland County Sheriff's Office via AP, File)ROCHESTER HILLS, Mich. (AP) — The parents of a Michigan teen charged with killing four students at Oxford High School are scheduled to return to court on charges of involuntary manslaughter. A probable cause conference was scheduled Tuesday in Rochester Hills District Court for James and Jennifer Crumbley. Oxford High School, about 30 miles (50 kilometers) north of Detroit, has been closed since the shooting.
Miss America turns 100. Will she last another 100 years?
FILE - Contestants in the first Miss America pageant line up for the judges in Atlantic City, N.J., in September 1921. (AP Photo/File)FILE - Contestants in the first Miss America pageant line up for the judges in Atlantic City, N.J., in September 1921. (AP Photo/File)UNCASVILLE, Conn. (AP) — As Miss America turns 100, a major question remains unanswered: Is she still relevant? Faithful Miss America organizers and enthusiasts contend the annual ritual is here to stay and will keep changing with the times. “I say in the book that it’s always been in dialogue with feminism, but behind feminism,” Mifflin said of the Miss America competition.
CSL Makes US$11.7 Billion Offer for Switzerland's Vifor Pharma
By Stuart CondieSYDNEY--Australian biopharmaceutical company CSL Ltd. said it had made an all-cash offer for Vifor Pharma Ltd. that values the Swiss pharmaceutical developer's equity at US$11.7 billion. CSL on Tuesday said it would partially fund the acquisition with a fully underwritten 6.3 billion Australian dollars (US$4.49 billion) share placement and a share purchase plan of up to A$750 million. It will also tap US$6.0 billion in existing cash and a combination of new and existing debt.
Tornado-slammed parts of Kentucky face long recovery
Andy Beshear said the death toll could grow as authorities continued to work around debris that slowed recovery efforts. Kentucky authorities said the sheer level of destruction was hindering their ability to tally the damage. Kentucky First Lady Britainy Beshear has launched a Christmas toy drive for children affected by the storm. Across the state, about 26,000 homes and businesses were without electricity, according to poweroutage.us , including nearly all of those in Mayfield. Five twisters hit Kentucky in all, including one with an extraordinarily long path of about 200 miles (320 kilometers), authorities said.
CSL Makes US$11.7 Billion Offer for Switzerland's Vifor Pharma -- Update
SYDNEY--Australian biopharmaceutical company CSL Ltd. has made an all-cash offer for Vifor Pharma Ltd. that values the Swiss pharmaceutical developer's equity at US$11.7 billion. It will also tap US$6.0 billion in existing cash and a combination of new and existing debt. The offer was unanimously recommended by Vifor's directors and Patinex AG, Vifor Pharma's largest shareholder with a 23.2% stake, agreed to tender its shares, CSL said. The tender offer is subject to a minimum acceptance rate of 80% and is expected to commence around Jan. 18, CSL said. Vifor has a market capitalization of 9.11 billion Swiss francs (US$9.88 billion) after its shares surged 18% on Monday's confirmation of talks with CSL.
Sasol Lowers Coal-Production Forecast for Secunda Operations in South Africa
By Anthony O. GoriainoffSasol Ltd. said Tuesday that it is lowering its coal production forecast for the Secunda Synfuels Operations project in South Africa for fiscal 2022. The South African chemicals-and-energy group said that some incidents were encountered at the end of October which resulted in the loss of more than 1 million metric tons of coal production.
Ceconomy Sees Slight Organic Increase in FY 2022 Sales
By Joshua KirbyCeconomy AG said Tuesday that it expects a moderate increase in sales in fiscal 2022, but warned that uncertainty remains high amid pandemic-related restrictions and supply-chain pressures. The German electronics retailer, which owns the MediaMarkt and Saturn chains, said it sees a slight increase in sales in the fiscal year to Sept. 30, 2022, and a "very clear" increase in adjusted earnings before interest and taxes, excluding associates.
CSL Makes US$11.7 Billion Offer for Switzerland's Vifor Pharma -- 2nd Update
SYDNEY--Australian biopharmaceutical company CSL Ltd. said it has made a US$11.7 billion all-cash offer for Switzerland's Vifor Pharma Ltd. as it aims to add renal-disease and iron-deficiency capabilities to its portfolio. It will also tap US$6.0 billion in existing cash and a combination of new and existing debt. The offer was unanimously recommended by Vifor's directors and Patinex AG, Vifor Pharma's largest shareholder with a 23.2% stake, agreed to tender its shares, CSL said. The tender offer is subject to a minimum acceptance rate of 80% and is expected to commence around Jan. 18, CSL said. Vifor has a market capitalization of 9.11 billion Swiss francs (US$9.88 billion) after its shares surged 18% on Monday's confirmation of talks with CSL.
FOREX-Dollar hits one-week high on hawkish Fed views, Omicron fears; Aussie slides
The risk-sensitive Australian dollar dropped as much as 0.64% to a one-week low. The Fed's two-day meeting that begins later Tuesday headlines a string of central banks announcing policy decisions this week, including the European Central Bank and Bank of England on Thursday and the Bank of Japan on Friday. The U.S. central bank is expected to announce it will wrap up its bond buying stimulus sooner than previously communicated, potentially setting up earlier interest rate increases next year. "That leaves a very high bar for the Fed to deliver a 'hawkish surprise'," Westpac strategists wrote in a client note. The euro slipped 0.07% to $1.1278 after touching a one-week low of $1.12605 overnight.
Stocks Fall, Futures Waver Amid Fed, Virus Risks: Markets Wrap
(Bloomberg) -- Stocks fell Tuesday and U.S. equity futures wavered amid caution over economic risks from the omicron virus strain and central bank efforts to curb high inflation. Most Read from BloombergMSCI Inc.’s Asia-Pacific share index fell for a third session, with Chinese property and technology stocks struggling. Fed rate decision, Wednesday. BOE rate decision, Thursday. ECB rate decision, Thursday.
Government’s landmark cladding fix proved pointless as Rics refuses to change guidance
The Government’s landmark cladding policy has turned out to be pointless and potentially dangerous after it was overruled by a property industry consensus. The Royal Institution of Chartered Surveyors, a trade body, has defied the Government guidance, announced in July, that external wall safety (EWS1) forms should no longer be required for buildings less than 18m high. Rics’ Independent Standards and Regulation Board has confirmed that it will not change its guidance for valuers to request the forms. This means that people living in an estimated 77,500 blocks between 11m and 18m high will still need to pass an EWS1 to make their properties mortgageable. In some cases the cost of remedial works are £100,000 per leaseholder.
Pension transfer gone wrong: ‘the mistake that cost me £117k’
Billions of pounds are lost to poor pension transfer advice each year, as savers are given unsuitable guidance or lured into overly risky investments. Mr Rowland lost thousands of pounds in interest payments and forfeited his gold-plated final salary pension after receiving unsuitable investment advice in March 2017. The adviser contacted Mr Rowland and recommended that he transfer his pensions into an overseas pension, which was said to offer tax-efficient savings. Mr Rowland was awarded the maximum compensation available, £85,000, based on how much he would have had had he not been advised to transfer his pension. A large number of advisers have closed their pension transfer businesses after increasing regulation and unaffordable insurance premiums forced them out.
Europe's biggest battery storage system to be built in Teesside
The biggest battery storage system in Europe is to be built in Teesside in a boost for the UK’s bid to attract international green investment. Singapore-based Sembcorp Industries is intending to create a facility with lithium-ion batteries capable of holding 360MW of energy at the Wilton International development site in Redcar. The project will help Britain manage intermittent flows of renewable power by storing the excess to be released when there is less wind or sunshine. Sembcorp’s plant will be able to supply power to the grid in milliseconds, helping stabilise the system. The UK is Europe's most active battery storage system market, according to an analysis in October by S&P Global Platts.
How Octopus Energy swam into a winning position amid energy crisis that ruined competitors
With investment growing and rivals floundering, Octopus looks increasingly well-placed to fulfil his vision. And further licensing deals for Kraken are not guaranteed, with some potential buyers resistant to change. Octopus has recently taken on 580,000 customers from collapsed rival Avro Energy - an almost 24pc increase to its books which now stand at 3.1m. “They’re good at customer service,” says Investec’s Martin Young. Building an energy company was not the original goal but the sector was chosen for its reputation of high costs and poor service.
Korea, Australia adopt joint statement touching South China Sea
In the wake of Monday’s summit between South Korea and Australia, President Moon Jae-in and Prime Minister Scott Morrison adopted a joint statement touching on the tricky situation in the South China Sea.“As major maritime trading nations, Australia and South Korea recognize that the stability of the Indo-Pacific depends on adherence to international law in the maritime domain, including in the South China Sea,” said the joint statement signed by the two leaders.The South China Sea is a marginal sea of the Western Pacific Ocean. China claims most of the sea as its territory and strongly opposes outside intervention.Tensions between China and the US have recently escalated as the US and the European Union are concerned about China’s violation of international law in the sea through high-level consultations. The US also warned that it could trigger a mutual defense treaty after China used water cannons on two Philippine supply boats heading to the sea.The joint statement said the two leaders underscored that disputes must be resolved peacefully and in accordance with international law, including the United Nations Convention on the Law of the Sea.“They also reaffirmed the importance of upholding freedom of navigation and overflight, and agreed to strengthen coordination to uphold these principles, which must not be undermined in the context of increasing risks of instability in the maritime domain.”President Moon, who distanced himself from the diplomatic boycott of the Beijing Winter Olympics on Monday, appears to be on the side of Australia when it comes to the issue of the South China Sea.Australia is the top US ally, participating in the AUKUS, Quad and Five Eyes, which the US leads to check China. Morrison said the member states of the Association of Southeast Asian Nations should be able to make their own economic decisions at a joint press conference Monday, speaking of the sea.The two leaders also agreed to support peace on the Korean Peninsula.“Leaders unders
China urged to cut interest rates, boost infrastructure spending to hit 5 per cent GDP growth next year
Authorities need to boost domestic demand, including consumption and investment, to counter the property slump and any slowdown in exports, Zhang Bin and Zhu He, research fellows at China Finance 40 Forum, wrote in an article on Monday. Photo: Xinhua
Joshua Bellamy, Ex-Jet, Is Sentenced to 3 Years in Covid-19 Aid Scheme
A former wide receiver for the New York Jets who fraudulently obtained more than $1.2 million in Covid-19 relief money and spent tens of thousands of dollars of that on luxury items has been sentenced to more than three years in prison, federal prosecutors said. The former N.F.L. player, Joshua J. Bellamy, 32, of St. Petersburg, Fla., pleaded guilty in June to conspiracy to commit wire fraud. Prosecutors with the U.S. Attorney’s Office for the Southern District of Florida say Mr. Bellamy obtained a Paycheck Protection Program loan of $1.2 million for his company, Drip Entertainment L.L.C., by using false information. They say he used the loan’s proceeds on personal items, including more than $104,000 in luxury goods from Dior, Gucci and other merchants, and on $63,000 in purchases at the Seminole Hard Rock Hotel and Casino in Hollywood, Fla.At a hearing in federal court in Fort Lauderdale on Friday, Mr. Bellamy was sentenced to 37 months in prison on the conspiracy charge and also ordered to serve three years of supervised release and pay $1.2 million in restitution and $1.2 million in forfeiture, according to a statement from federal prosecutors.
U.S. solar industry will grow 25% less than expected during 2022 thanks to supply chain issues and rising costs, new report says
Rows of solar panels at the Toms River Solar Farm which was built on an EPA Superfund site in Toms River, New Jersey, U.S., 26 May, 2021. The U.S. solar industry will grow 25% less than previously forecast during 2022 thanks to supply chain constraints and rising raw material costs, according to a report released Tuesday by the Solar Energy Industries Association and Wood Mackenzie. The quarterly update showed that prices continue to rise as the industry grapples with the same cost pressures impacting every corner of the economy. During the third quarter costs rose across the utility, commercial and residential solar segments for a second-straight quarter. In the utility and commercial segments, the year-over-year price increases were the highest since Wood Mackenzie began tracking the data in 2014.
Despite omicron risks, Invesco's top global strategist lists emerging markets — including China — as top 2022 investment picks
Despite the new omicron wave, she lists emerging markets — including China — as 2022's top places to put money to work. "We always knew it would take longer for emerging markets to get populations vaccinated. "So, that means 2022 should be for emerging markets what 2021 was for developed markets in terms of participating in a more robust reopening of their economies." So far this year, the iShares MSCI Emerging Markets ETF, which tracks large and mid-sized publicly traded companies in developing regions, is dramatically underperforming the S&P 500. Beijing regulators are seeking more control over industries including tech, gaming, e-commerce and education.
China's Weibo shares tumble 9% after regulator slaps fine on social media giant's operator
Hong Kong-listed shares of Chinese social networking giant Weibo tumbled more than 9% on Tuesday, as its operator was fined three million yuan ($471,151) by regulators. The Cyberspace Administration of China said on its official WeChat account that it fined Weibo's operator BJ Weimeng Innovation and Technology Company because some accounts and content violated relevant laws and regulations. Weibo has faced 44 fines totaling 14.3 million yuan ($2.24 million) in the period from January to November this year, according to the regulator. Its Nasdaq-listed shares tumbled 6% overnight on Wall Street, and plunged over 26% year-to-date. Responding to the fine, Weibo said it will put in place the necessary rectification, exercise its responsibility, and keep improving its governance, according to a CNBC translation.
European markets head for lackluster open as omicron concerns weigh on sentiment
LONDON — European stocks are expected to open in positive territory but sentiment remains cautious amid the continuing spread of the omicron Covid variant. European stocks slipped Monday as traders reacted to developments regarding the omicron Covid variant. U.K. Prime Minister Boris Johnson confirmed yesterday that at least one patient infected with the new omicron variant of Covid-19 has died in the country. Mainland China reported its first case of the omicron Covid variant Monday in the city of Tianjin, about a two hours' drive from capital Beijing. In Asia-Pacific markets overnight, Chinese stocks declined, tracking other losses in the region, as the omicron variant returned to focus.
New York City to mandate Covid vaccines for all private sector workers
New York (CNN Business) All private sector employers in New York City will now be required to implement a Covid-19 vaccine mandate by December 27, the city's mayor Bill de Blasio announced Monday. "It's unclear if the city has authority to issue such a mandate," Wylde said, adding that the city business leaders are "very supportive" of vaccines. For instance, unlike the city, New York State does not have a vaccine mandate for private employers. And the Biden administration's vaccine mandate for employers with 100 or more workers has been held up by court challenges. Wylde said there is concern over a lack of coordination for federal, state and city health policies.
Get ready for even more bitcoin and other exotic ETFs in 2022
New York (CNN Business) This was a big year for new exchange-traded funds, or ETFs, the popular investments that make it easy to buy a basket of stocks, cryptocurrencies or other assets. Numerous bitcoin ETFs launched in 2021, with more likely in 2022. Several experts even predict that there could be new ETFs for ethereum and other cryptocurrencies. Expect even more esoteric funds to launch as well. Silvergate SI eBay EBAY Funko FNKO The Defiance NFT ETF is based off an index and owns shares of companies like bitcoin bank, pop culture figurines giantand Playboy owner Plby
Lyft won't require its staff to return to the office until 2023
(CNN Business) Lyft is giving its employees another year to work remotely, a dramatic step among major businesses that are continuing to delay a return to the office. The rideshare company said Wednesday that it won't require its staff to return to the office until 2023. Lyft did not cite concerns about the new Omicron coronavirus variant in its statement, instead pointing to the "flexibility" desired by its employees. "We've heard from our team members that they value continued flexibility in determining where they work and would benefit from additional time to plan," said Ashley Adams, a Lyft spokesperson. "We're already seeing an increasing number of team members choose to work from the office, and we're excited to offer more opportunities for those interested in getting together," Adams said.
Stocks move south in Asia after tech fuels a retreat on Wall Street
BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. Shares in Shanghai-based Shimao Group Holdings 813, -12.99% sank 12.6% in Hong Kong on Tuesday on concerns about its financial situation. Another worry is China’s first reported case of the omicron variant of the coronavirus first identified in Wuhan in late 2019, Yeap added. Stocks have been mostly pushing higher, despite a volatile stretch in late November as worries about the omicron variant of the coronavirus roiled markets. The yield on the 10-year Treasury TY00, was steady at 1.42% after falling to 1.41% Monday from 1.49% late Friday.
Stocks move south in Asia after tech fuels a retreat on Wall Street
BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. Shares in Shanghai-based Shimao Group Holdings 813, -12.99% sank 12.6% in Hong Kong on Tuesday on concerns about its financial situation. Another worry is China’s first reported case of the omicron variant of the coronavirus first identified in Wuhan in late 2019, Yeap added. Stocks have been mostly pushing higher, despite a volatile stretch in late November as worries about the omicron variant of the coronavirus roiled markets. The yield on the 10-year Treasury TY00, was steady at 1.42% after falling to 1.41% Monday from 1.49% late Friday.
Footprint Said to Agree to Gores SPAC Merger as Koch Invests
(Bloomberg) -- Footprint Inc., a materials science technology company seeking to eliminate single-use plastic, has agreed to merge with Gores Holdings VIII Inc., a special purpose acquisition company led by billionaire Alec Gores, according to people with knowledge of the matter. The new entity will be led by Footprint co-founder and CEO Troy Swope and be listed with the ticker ‘FOOT’ on Nasdaq. Bloomberg News in August reported Footprint was in talks to go public through a deal with a Gores SPAC at a valuation of as much as $3 billion. The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said. Story continuesGores Holdings VIII, led by Gores and CEO Mark Stone, raised $345 million in a February IPO.
Stocks move south in Asia after tech fuels a retreat on Wall Street
BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. Shares in Shanghai-based Shimao Group Holdings 813, -12.99% sank 12.6% in Hong Kong on Tuesday on concerns about its financial situation. Another worry is China’s first reported case of the omicron variant of the coronavirus first identified in Wuhan in late 2019, Yeap added. Stocks have been mostly pushing higher, despite a volatile stretch in late November as worries about the omicron variant of the coronavirus roiled markets. The yield on the 10-year Treasury TY00, was steady at 1.42% after falling to 1.41% Monday from 1.49% late Friday.
GLOBAL MARKETS-Asian stocks dip as Omicron spreads, Fed decision looms
China's CSI300 index was 0.39% lower, after health authorities in Tianjin detected the country's first Omicron case, while Britain reported the first death from the variant. Hong Kong's Hang Seng Index was down 1.2%, also dragged down by persistent concerns over the health of China's property sector. The combination of economic risks from the Omicron variant and a potentially more hawkish tone from the Fed on Wednesday dampened risk appetite in Asia. The dollar edged higher ahead of the upcoming meetings, with investors eyeing the possibility that the Fed will start to raise interest rates in 2022. The benchmark U.S. 10-year Treasury yield traded little changed at 1.422% after falling on Monday as traders positioned for a hawkish Fed.
The U.S. dollar 'is winning the digital currency space race,' Circle CEO explains
Circle Co-Founder, Chairman, and CEO Jeremy Allaire testified about stablecoins, cryptocurrency, and digital assets before the House Financial Services Committee. Video TranscriptJEREMY ALLAIRE: The United States and the US dollar is winning the digital currency space race today. Dollar stablecoins are doing trillions of dollars of transactions. So the United States is winning. And so I think that's one really, really critical thing to understand.
Sailor charged in Navy ship fire was angry about washing out of SEALs, prosecutors say
The court proceedings, known as an Article 32 hearing in the military justice system, are scheduled to continue through Thursday as Navy prosecutors work to convince a hearing officer, Navy Capt. Angela Tang, that they have enough evidence to prosecute the sailor in connection with the July 2020 fire. Prosecutors said Mays was angry about being a deck seaman aboard the ship instead of a SEAL — the job he joined the Navy to do. Mays’ supervisor, Boatswain’s Mate 2nd Class Beau Benson, testified Monday that Mays was unhappy working in the deck department of the ship. The first witness scheduled to appear Tuesday is the government’s key witness, the sailor who prosecutors say saw Mays walking with a bucket into the Lower V just before the fire began.
Is the ports logjam really getting better? The numbers don’t tell the whole story
The dwindling number of ships directly offshore can’t be disputed — but the total number of vessels waiting hasn’t gone down because the ports have suddenly sped up operations. The California agencies that regulate air quality said that they were not consulted on the shift before it was announced, though they are cautiously optimistic that it could help improve the situation. “We have not specifically looked at the air quality impacts associated with this change,” Michael Benjamin, chief of the California Air Resources Board’s air quality planning and science division, said in an email. “We do not yet know what the net impact or benefit of these potentially higher emissions would be for our region’s air quality,” agency spokesperson Nahal Mogharabi said. And the ports will probably continue to be a bottleneck for U.S. imports for months to come.
LETTER: Columnist points at wrong people for crime wave
Then he blames some authority figures because they don’t wear their masks. I say no to Mr. Pitts’ ridiculous notions. When will some innocent bystander be murdered in the course of this crime wave? Mr. Pitts ends his column with the absurd statement, “Why wouldn’t they rob and steal?” Let’s call the smash-and-grabs what they are: violent crimes. People such as Mr. Pitts serve only to incite more of these events.
Michigan State University faculty, staff to receive $1,500 bonuses
The Detroit NewsMichigan State University is slated to give some faculty and staff $1,500 bonuses, the school announced Monday. Those eligible are regular and temporary faculty, academic staff and support staff employees; research and post-doctoral fellows; as well as graduate teaching and research assistants, he said. He also said the additional 5% match to university retirement contributions would be restored. Days after the announcement, the MSU Faculty Senate approved a resolution seeking a retroactive restoration of all pandemic-associated salary reductions and retirement matches. "Faculty and academic staff are struggling with increased teaching, research, and service workloads while managing our own family responsibilities," the authors wrote.
Genetic diagnostics startup wins $4.5M venture investment
Copyright © 2021 Albuquerque JournalAlbuquerque startup Circular Genomics won a $4.5 million venture investment to advance breakthrough technology to diagnose depression and other neurological disorders. “It can predict a patient’s sensitivity to anti-depressants to advise psychiatrists before treatment,” Mellios told the Journal. ‘Circular’ RNAThe company’s breakthrough is based on “circular RNA,” something that medical researchers discovered only in the past decade. “Circular RNA is naturally expressed in the body, and it evades that rapid degradation common in linear RNA,” Hafez said. That takes longer, but, once achieved, allows third-party labs to analyze blood samples for doctors using Circular Genomics product.
Colorado reaches settlement over 2015 Gold King Mine spill
DENVER – A mining company has agreed to pay Colorado $1.6 million to resolve its liability for natural resource damage related to the 2015 Gold King Mine spill that fouled rivers in Colorado, New Mexico and Utah. The proposed consent decree with Sunnyside Gold Corp. follows Sunnyside settlements with New Mexico and the Navajo Nation earlier this year. Sunnyside operated a mine next to Gold King near Silverton that closed in 1991. A federal investigation found that bulkheads to plug that mine led to a buildup of water from Gold King containing heavy metals. Weiser, Dan Gibbs, executive director of the Colorado Department of Natural Resources, and Jill Hunsaker Ryan, executive director of state health department, will work with local governments and not-for-profit groups to determine how to allocate the money.
Mercedes-Benz EQB review: a seven seater for the
Seven seats and a fairly powerful 4x4 system are different in this market, though with a starter price of £52,145, the expense isn’t. In this case the battery has a capacity of almost 80kWh yet uses only 66.5kWh of it in the interests of longevity. Similarly, the maximum rapid charge rate of the EQB is just 100kW, which is a bit slower than you’ll get in many of those aforementioned alternatives. The EQB 350 model tested here offers a maximum power of 288bhp and 383lb ft. Top speed is limited to 99mph and 0-62mph achieved in 6sec, with a range of 257 miles, which is low(ish) compared to rivals.
Global supply chain: Toyota extends Japan production stoppages
As well as disruptions caused by the pandemic, car makers have also been impacted after one of the industry's biggest suppliers of computer chips suffered a major fire at one of its factories in Japan. In March, Renesas warned it could have a "massive impact" on its ability to fulfil orders.
Osaka Gas to enter fixed-line telecommunications sector
Osaka Gas President Masataka Fujiwara | KYODOOsaka Gas Co. plans to enter the fixed-line telecommunications business as early as fiscal 2022, a first time among major city gas suppliers in Japan, President Masataka Fujiwara has said. Osaka Gas, which mainly serves western Japan, will enhance customer convenience by adding the fixed-line telecom business to the comprehensive services it offers customers, such as gas appliances and water repairs, according to Fujiwara. Osaka Gas has gained about 1.56 million electricity contracts thanks to the liberalization of electricity and gas retailing in Japan, but its core gas business has lost about 1.29 million contracts in the meantime. Fujiwara also expressed the company’s intention to start supplying gas in urban areas in India, which has continued to post economic growth. “If emerging countries are growing, they can’t rely solely on renewable energy,” Fujiwara said, pledging that Osaka Gas will “contribute to (resolving) social issues by increasing the use of natural gas during the transition” to a carbon-free society.
Japan yet to see if South Korea can meet CPTPP's high standards, top spokesman says
Japan’s top government spokesman said Tuesday it will be too early to comment on the prospect of South Korea joining the 11-member Trans-Pacific Partnership before it becomes clear whether the country can fully meet the high standards of the free trade pact. South Korea expressed its willingness to join the pact the previous day. Japan’s relations with South Korea remain chilly over issues stemming from wartime history, with the two countries embroiled in a dispute over compensation for wartime labor. Japan has welcomed the envisaged accession to the CPTPP by the U.K. and Taiwan, but has taken a cautious stance on China. The CPTPP’s 11 members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Solomon police arrest opposition party figure
Late last month anti-government protests sparked widespread looting and arson in the Solomon Islands' capital HoniaraHoniara (AFP) – Police in the restive Solomon Islands said Tuesday they had arrested a leading member of the opposition in connection with deadly riots that rocked the country last month. Advertising Read moreUnited Party president John Kwaita was reportedly arrested by armed police at his home late Monday on unspecified charges. "We can confirm that a prominent Solomon Islander has been arrested yesterday evening in relation to the rioting," a police spokesman told AFP. Late last month anti-government protests sparked widespread looting and arson in the capital Honiara, causing US$67 million worth of damage and leaving the city's Chinatown district in ruins. The protests were sparked by opposition to veteran Prime Minister Manasseh Sogavare, who is keen to forge closer ties with Beijing.
Hypersonic flight: Chinese scientists create prototype with an engine design abandoned by Nasa
The Boeing Manta X-47C was a programme to verify Ming Han Tang’s design. It was terminated by the US government in the early 2000s because of technical difficulties and cost. Photo: Handout
Morning Digest: Conservative pollster musters up a tie for Matt Bevin
State Sen. Jim Banks, a favorite of anti-establishment groups, raised the most money, though his $161,000 haul was far from eye-popping. Ex-Wisconsin state Sen. Pam Galloway barley did any fundraising, but she lent her campaign $100,000. State Rep. Pam Tucker, who has ties to Granite State conservatives, recently formed an exploratory committee. • NV-04: State Sen. Ruben Kihuen earned Sen. Harry Reid's official endorsement in early September but so far, it hasn't unleashed a fundraising bonanza for him. • OH-14: GOP Rep. David Joyce only beat conservative state Rep. Matt Lynch 55-45 in last year's primary, and Lynch is back for round two.
Street Prophets Coffee Hour: Arcadia
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When You Can't Afford To Live In Your Own Town
Once upon a time in Colorado, the mountain resort town of Aspen became a playground for the rich and famous. Jason Blevins --The Colorado SunHow can local residents, school teachers, restaurant and retail workers afford to live in multi-million dollar homes? Last week, the Aspen city council unanimously passed an emergency moratorium on permits for new home construction, renovation and short-term rentals through 2022. Original research provided by The Colorado Sun:From January through August, visitors staying in short-term rental homes in Aspen spent about $50.7 million. With the city’s 2% lodging tax, the roughly 1,200 permitted short-term rentals generated about $1 million for the city through August.
'First hot meal they’d had': José Andrés' World Central Kitchen is in Kentucky to aid in recovery
“We have teams all over, scouting and bringing meals, and learning what the folks may need,” Andrés continued in the video. I am proud of our @WCKitchen teams bringing meals all over & identifying food needs. #ChefsForKentucky pic.twitter.com/gRJ4p6fbdU — José Andrés (@chefjoseandres) December 13, 2021x Reporting in from Benton, Kentucky with my new friend Marcella, who jumped into action to support her community with meals after the tornadoes! pic.twitter.com/bjByX0L5pp — World Central Kitchen (@WCKitchen) December 12, 2021Journalist Victor Ordoñez also shared a video of a man who drove to Mayfield “with a grill and a truckload of food” to help. x This man drove half an hour with a grill and a truckload of food and parked right in the middle of #Mayfield, Kentucky.
A tale of two thefts - by Judd Legum
"Wage theft occurs whenever an employer doesn't pay workers according to the law. But it is also a product of grossly inadequate resources for enforcement. it suggests "the total wages stolen from workers due to minimum wage violations exceeds $15 billion each year." That's more than the value of stolen goods in all property crimes, according to the latest FBI statistics. Shoplifting is just a small fraction of total property crime because more than half of the value of all stolen property comes from stolen vehicles and currency.
Can today’s labor militancy become a transformative political force?
2021 has been a pivotal year for the labor movement. How do we harness the rank-and-file energy driving these actions and use it to build a more robust and powerful labor movement? And can that movement fuse with other struggles for social and economic change to be a formidable political force? These are the kinds of questions that members of Organizing Upgrade are asking on a daily basis—and, in many ways, our future depends on the answers we come up with. Tune in for new episodes of The Marc Steiner Show every Monday and Thursday on TRNN.
Progressive Lawmakers Signal Support for Four-Day Workweek Proposal
The proposal was filed earlier this year by caucus member Rep. Mark Takano (D-California) and would shorten the standard workweek by lowering the threshold for overtime compensation from 40 hours to 32 hours. Though the proposal stands little chance of passing Congress, the caucus’s support is a signal that progressives lawmakers are listening to the demands of the labor movement, which has fought to shorten the workweek for centuries and often succeeded. While the 4-day workweek proposal wouldn’t apply to gig workers and workers who are exempt from overtime, the proposal could dramatically change work culture in the U.S. and spark movements among exempt workers to demand similar change within their own workplaces. A shorter workweek could also free up hours for organizing coworkers for collective bargaining and improving other working conditions. “But to me, a reduction of working hours for the same pay isn’t about those benefits — it’s fundamentally about justice.”Copyright © Truthout.
Columbia student workers begin sixth week on strike, defying university’s strikebreaking threats
Last week saw a sharp escalation of the strike by 3,000 student workers at Columbia University in New York City, which continues in the face of strikebreaking threats by the administration. Picketing at Columbia University (WSWS Media)Columbia workers rejected this attempt at economic blackmail and held out on the picket line. A poll conducted by the Student Workers of Columbia union (SWC) bargaining committee found that 87 percent of union members and nearly 77 percent of supporters of the strike wished for the strike to continue. New York State Senator Robert Jackson also appeared at the picket line Wednesday to declare his support for striking student workers. The Columbia University administration consists of the staunchest representatives of American capitalism.
Citi Global Wealth discusses the industries investors should be exposed to
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti Global Wealth discusses the industries investors should be exposed toDavid Bailin of Citi Global Wealth says the company recommends industries that are globalizing. He adds that areas like healthcare and artificial intelligence are among those it particularly likes.
FWD Group raises $1.4 billion ahead of Hong Kong IPO: Reuters, citing sources
Asia-focused insurer FWD Group has raised $1.4 billion via a private placement of shares ahead of its long-planned initial public offering (IPO) that will now be carried out in Hong Kong, according to two sources with direct knowledge of the matter. A decision to shift to Hong Kong was made after regulatory approval for FWD's planned U.S. IPO of $2 billion to $3 billion was delayed. The sources could not be named as the information was not yet public. Founder Richard Li's weighted voting rights will be dropped to allow FWD to meet Hong Kong's listing rules which only permit companies deemed as innovative to have that share structure, the sources said. The size and time frame of the Hong Kong IPO has yet be determined, the sources said.
Elon Musk sells another $906.5 million worth of Tesla shares
SpaceX and Tesla CEO Elon Musk sold another 934,091 shares of his electric car company, which are worth around $906.49 million, according to a pair of financial filings with the Securities and Exchange Commission published late Monday. He also exercised options to buy 2.13 million shares at the strike price of $6.24 per share granted to him via a 2012 compensation package. The latest insider transactions by the Tesla CEO and centi-billionaire were part of a "Rule 10b5-1" trading plan dated Sept. 14, the filings said. In his Twitter poll, Musk wrote: "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Besides Musk, Tesla execs including CFO Zachary Kirkhorn, Chief Accounting Officer Taneja Vaibhav and Senior Vice President of Powertrain and Energy Engineering Drew Baglino have also sold Tesla shares and exercised options in December.
Fed taper will have little impact on Asia markets, UOB strategist says
The U.S. Federal Reserve's widely anticipated move to accelerate the end of its bond-buying program is unlikely to lead to volatility in Asian markets, according to a strategist from United Overseas Bank. The Fed is also expected to start raising interest rates in 2022. In 2013, the Fed triggered a "taper tantrum" when it began to wind down its asset purchase program. As a result, emerging markets in Asia suffered sharp capital outflows and currency depreciation, forcing central banks in the region to hike interest rates to protect their capital accounts. We should be able to handle a bit more of the so-called outflow of hot capital when the Fed does start hiking," Heng Koon How, head of markets strategy at UOB, told CNBC's "Squawk Box Asia" on Monday.
Asian shares mostly lower after tech-led Wall Steet retreat
Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. (AP Photo/Eugene Hoshiko)BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street retreated from recent record levels on weakness in technology shares. Hong Kong’s Hang Seng slipped 1.3% to 23,642.70 and the Nikkei 225 in Tokyo lost 0.9% to 28,391.91. Wall Street will get an inflation update on Tuesday when the Labor Department releases its Producer Price Index for November, which shows how inflation is impacting costs for businesses.
Chubb unit to pay $800 million in Boy Scouts sexual-abuse compensation agreement
The Boy Scouts of America reached an $800 million settlement with Chubb Ltd. ’s Century Indemnity Co. over childhood sexual abuse within the youth group, potentially boosting the funds available for abuse victims under its Chapter 11 plan. “‘The proposed settlement trust to compensate survivors is now expected to exceed $2.6 billion, and we anticipate additional insurance proceeds and other settlement contributions will be added to this fund in the coming weeks.’” — Boy Scouts of America
Billionaire Richard Li’s FWD to Raise $1.4 Billion, Weighs Hong Kong IPO
(Bloomberg) -- Billionaire Richard Li’s FWD Group Ltd. raised more than $1.4 billion in private placements with investors including an insurer backed by Apollo Global Management Inc. The funding comes as the Asian insurer prepares for a potential Hong Kong initial public offering after its U.S. listing plan stalled, according to people familiar with the matter. The U.S. listing could have raised as much as $3 billion, Bloomberg News has reported. Read: Hong Kong Firms Start Flagging China Risks in U.S. FilingsThe value of the insurer’s new business climbed 45% in the first half of 2021 from a year earlier. Shifting the company’s IPO to Hong Kong would follow the path of Chinese ride-hailing giant Didi Global Inc., which earlier this month decided to list in Hong Kong and to delist from the U.S. just five months after going public.
Battle over proposal to develop Westminster farmland comes to a head amid protests, opposition
“The developer is coming in and wants to do less than the minimum public land dedication,” said Karen Ray, a leader of the Save the Farm community group. “People want open space and open space doesn’t mean five-story apartment buildings — it means views and wildlife that is allowed to be wild.”To wit, she says, of three tax measures that voters in Westminster considered during last month’s election, only the one to fund open space purchases passed. Uplands is proposing to reduce its open space dedication at a cost of $5 million to $8 million. Handlin said public parks are scarce in the area and Uplands’ plans, as currently envisioned, would provide for residents several parks that don’t exist now. “If this community is not approved, none of these parks become available to the public,” Handlin said.
Oregon lawmakers pass rental assistance in special session
PORTLAND, Ore. (AP) — Oregon lawmakers on Monday passed additional safety nets to keep housed thousands of people currently struggling to pay rent or facing eviction during the pandemic and also approved money to combat illegal marijuana grows. During a one-day special legislative session lawmakers passed a $215 million package — which includes $100 million for additional emergency rental assistance for both tenants and landlords and funds to help agencies that have had a hard time getting emergency money out the door to do so more quickly. “Most of us here have been fortunate enough to be unfamiliar with the urgency, the panic and the desperation that so many in our communities are now experiencing. Having done everything in their power and everything they were told they needed to do to remain housed, they still remain in danger of losing their shelter and safety,” said Rep. Wlnsvey Campos, a Democrat.
Naming Elon Musk person of the year is Time’s ‘worst choice ever’, say critics
Time magazine’s decision to make Tesla billionaire Elon Musk its person of the year for 2021 has been criticised because of his attitude to tax, opposition to unions and playing down the dangers of Covid-19. Elon Musk on the cover of Time’s upcoming issue. Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. https://t.co/jqQxL9Run6 — Elizabeth Warren (@SenWarren) December 13, 2021It’s *TIME* for Elon Musk to pay his fair share in taxes. The author Kurt Eichenwald said it was the “worst choice ever”.”I held back on saying much about Time selecting Elon Musk as person of the years until I read their reasoning.
U.S. top diplomat Antony Blinken seeks to rally U.S. allies in Asia
U.S. Secretary of State Antony Blinken on Tuesday criticized China’s “aggressive actions” in Asia while laying out plans to more closely integrate Washington’s allies and security partners in Asia. He said the Biden administration doesn’t want conflict in Asia, and would ensure competition with China doesn’t veer into a “catastrophic” conflict. Despite the comments, Blinken faces some bruised feelings in Southeast Asia. The administration didn’t invite Singapore — arguably America’s most reliable partner in Southeast Asia — to take part in President Joe Biden’s “democracy summit” last week. That’s left the Biden administration pushing an economic “framework” for the region that so far is short on details.
Residents face being thrown out of their homes this holiday season because landlord is behind on payments
Residents, who live in some Crosby trailer homes say, although they are current on their rent, they received notices that their landlord is behind on her mortgage and their homes are being repossessed this week. SIGN UP FOR FOX 26 HOUSTON EMAIL ALERTS"Today I took off work early to go look for a place to stay. In August 2019, FOX 26 caught up with Irwin after her tenant caught her on tape calling him the n-word after she posted a sign on the property saying "Cowboys and Cowgirls only. Her son told us then, "I’m sorry she said what she said," and she quickly interrupted, "I’m not sorry. Meantime, residents say they have no idea what they’re going to do.
Bank of Japan offers huge cash injection to combat rising short-term interest rates
A businessman walks in front of the Bank of Japan headquarters in Tokyo on August 30, 2010. The Bank of Japan offered to pump a combined $97 billion into markets through temporary government bond purchases in a two-day effort to counter a rise in short-term interest rates. The central bank on Tuesday made two offers, including one to buy bonds worth 2 trillion yen ($17.6 billion) for immediate fund provision. Under another offer, it would buy 7 trillion yen to inject funds for a period between Dec. 15-16. Including an offer to inject 2 trillion yen made on Monday, the central bank offered to inject a combined 11 trillion yen in the first such operation conducted in nearly two years.
Blinken vows more US military might in Indo-Pacific
In this photo released by Indonesian Presidential Palace, Indonesian President Joko Widodo, left, walks with U.S. Secretary of State Antony Blinken, second right, as U.S. (Agus Suparto, Indonesian Presidential Palace via AP)In this photo released by Indonesian Presidential Palace, Indonesian President Joko Widodo, left, walks with U.S. Secretary of State Antony Blinken, second right, as U.S. Ambassador to Indonesia Sung Kim, second left, and Indonesian State Secretary Pratikno, right, look on, during their meeting at Merdeka Palace in Jakarta, Indonesia, Monday, Dec. 13, 2021. (Agus Suparto, Indonesian Presidential Palace via AP)JAKARTA, Indonesia (AP) — The United States will expand its military and economic relationships with partners in Asia to push back against China’s increasing assertiveness in the Indo-Pacific, U.S. Secretary of State Antony Blinken said Tuesday. To do that, we will lean on our greatest strength: our alliances and partnerships,” Blinken said in a speech in Indonesia, outlining the administration’s Indo-Pacific plans.
Afterpay Shareholders Approve All-Scrip Takeover by Block Inc. -- Update
SYDNEY--Afterpay Ltd. shareholders overwhelmingly voted in favor of the Australian buy-now-pay-later provider's acquisition by Block Inc. The ASX-listed company on Tuesday said 99.95% of votes cast at a scheme meeting went in favor of the all-scrip takeover, which valued Afterpay at about $29 billion when it was announced in August. Afterpay said the only remaining condition was the Bank of Spain's approval for a license application by Block, which wants to use Afterpay to tie its Cash App and seller ecosystems more closely together. Afterpay this month said it anticipated the Bank of Spain's approval by mid-January, which RBC Capital Markets said chimed with the timeline for similar approval of Afterpay's acquisition of Pagantis in fiscal 2021. Overseas investment regulators in Australia, New Zealand and Spain have given their go-ahead, while Australia's competition watchdog decided against a public review.
New unemployment claims fall to 52-year low: Here are the best and worst states for jobs
The national average insured unemployment rate was at 1.3% for the same week, or the lowest since December 2019. At its worst pandemic-era point in May 2020, during widespread lockdowns and layoffs, the insured unemployment rate peaked at 15.9% nationally. Other states also posted insured unemployment rates well below the national average. Meanwhile, Puerto Rico, Washington, D.C., and Alaska each posted insured unemployment rates of 2.7%, tying for the second-highest rates in the nation, based on the latest data. California followed close behind with an insured unemployment rate of 2.6%.
Oil Extends Drop With OPEC Demand Forecast Offset by Omicron
(Bloomberg) -- Oil extended declines as an increase in OPEC’s demand forecast for next quarter was offset by uncertainty over the omicron virus variant. Most Read from BloombergBrent crude fell below $74 a barrel after slipping 1% on Monday. The backwardation in Brent’s prompt timespread is inching toward a bearish contango structure -- where near-dated contracts are cheaper than later ones. The spread was 12 cents a barrel in backwardation on Tuesday, compared with $1.34 at the end of last month. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
JPMorgan in talks to pay $200 million fine over employee text messages
JPMorgan Chase & Co. is nearing a deal to pay a $200 million fine and admit that it failed to properly monitor employees’ messages, the first settlement to emerge from a regulatory sweep into how banks oversee traders’ chats. Banks are supposed to retain employees’ communications, particularly those related to customer dealings, and provide the information to regulators when requested. SEC OPENS INQUIRY INTO WALL STREET BANKS' STAFF COMMUNICATIONSBanks are required to record their employees’ work-related phone calls, emails and text messages. Monitoring communications became more challenging during the pandemic when many bank employees began working from home. Deutsche Bank Securities Inc. neither admitted nor denied Finra’s allegations.
Boy Scouts secure $800 million from Chubb insurer for sex abuse settlements
That move brings the total pot of money available to resolve claims to more than $2.7 billion. Under the Boy Scouts' proposal, those who filed claims in the organization's ongoing bankruptcy proceeding will receive settlements according to the severity of their cases and when the alleged abuse occurred. BOY SCOUTS OF AMERICA REACHES PIVOTAL AGREEMENT WITH VICTIMSCentury's contribution comes after more than a year of back-and-forth between the insurer and the Boy Scouts. They Boy Scouts filed for bankruptcy in February 2020 to resolve hundreds of lawsuits relating to accusations of sex abuse over several decades. Abuse claimants have until Dec. 28 to vote on the organization's proposed reorganization plan, which rests on the underlying settlement.
Starbucks workers at two Boston locations file for union elections
Two Starbucks locations in Boston on Monday petitioned the National Labor Relations Board to hold elections to unionize, just days after a Buffalo, New York, Starbucks store became the first of the coffee giant's 8,000 chains to vote in favor of labor representation. "We are organizing a union in Boston because we believe that this is the best way to contribute meaningfully to our partnership with the company," the letter states. NEW YORK TIMES STAFFERS REVOLT, PUSH HOLIDAY WEEKEND BOYCOTT OF ITS WIRECUTTER SERVICE AMID STRIKEThe Boston employees are seeking to vote on being represented by Workers United, a union affiliated with the Service Employees International Union – which is the same one the unionized Buffalo location joined. Another Buffalo store rejected unionization last week, while the decision at a third remains up in the air amid a conflict over voter eligibility. The labor movement is hailing the Boston unionization as welcome momentum after Starbucks expressed resistance to organizing by its employees.
Oregon Legislature approves new infusion of rental assistance, extends eviction protections
The Oregon Legislature on Monday approved $215 million in funding to extend protections for renters facing eviction and provide more rent assistance to Oregonians. The Legislature in June passed a “safe harbor” bill, which gave 60 days of eviction protection to those who had applied for rental assistance through the Oregon Emergency Rental Assistance Program but had not yet received it. Lawmakers from both parties questioned the state’s oversight of the rent assistance program in the run-up to Monday’s special session. During a committee hearing Monday, lawmakers questioned Oregon Housing and Community Services Director Margaret Salazar about the rollout of the Oregon Emergency Rental Assistance Program. Kelly said she was still waiting for rent assistance, and that her safe harbor period expired after she applied for assistance in May.
AP News in Brief at 9:04 p.m. EST
Insurer agrees to $800M settlement in Boy Scouts bankruptcyDOVER, Del. (AP) — Attorneys in the Boy Scouts of America bankruptcy case have reached a tentative settlement under which one of the organization’s largest insurers would contribute $800 million into a fund for victims of child sexual abuse. The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. In return, the local councils and national organization would be released from further liability for sexual abuse claims.
Best Credit Cards of 2022: 4 Features to Look For
But card issuers have traditionally dictated how you earn rewards in the first place. Your card would earn 3 points per dollar at gas stations, for example. If you don't spend much on gas, the card doesn't do much for you. That’s changing as more cards allow you to customize rewards to your spending. Overall, customized rewards are a win for consumers, especially if the card automatically adjusts the bonus category to match your spending.
U.S. pitches truce to Japan over Trump-era steel and aluminum tariffs
The U.S. made an offer to Japan aimed at resolving disputes over tariffs imposed on Japanese steel and aluminum under former President Donald Trump in 2018, people familiar with the situation said. The metals dispute started in 2018, when Trump imposed duties on steel and aluminum from the European Union, Asia and elsewhere, citing risks to national security. In 2020, inbound steel shipments to the U.S. from Japan totaled 732,158 tons, Census said in a separate report. While the EU responded with retaliatory tariffs on the U.S., Japan took a softer approach. The steel and aluminum tariffs remain in place on imports from the U.K. Last week, Raimondo and U.K. Secretary of State for International Trade Anne-Marie Trevelyan discussed finding a solution early next year.
Vaccine mandates rekindle fierce debate over civil liberties
That has stirred angry street protests and rekindled a searing debate over how much countries should curtail individual liberties in the name of public health. Some of the most abrupt reversals are occurring in countries where the laws and culture cherish the sanctity of personal rights. “The civil liberty argument has ebbed and flowed,” said Adam Wagner, a London-based human rights lawyer and expert on COVID-19-related laws. “If we had a higher vaccination rate, we would have a different situation.”His timing was good: Germany’s highest court recently ruled that lockdowns ordered by the government earlier this year were constitutional. When Italy required workers in October to obtain a Green Pass, certifying their vaccination status, protests erupted across the country.
Tenants asked to consider buying their landlords a Christmas present – despite increase in rents
A real estate agency in Queensland has come under fire after it emailed tenants offering them the chance to buy a Christmas gift for their landlords. Landlords have seen their passive incomes increase at your expense this year. “Housing affordability is a growing concern for Logan households and many families experience housing stress,” the report found. A separate report from Deloitte and the state government found that rental prices in Logan had increased by 4.1% from March 2020 – March 2021. It also found 7.3% increases in Brisbane, 9.8% increases in the Gold Coast and 16% increases in the Sunshine Coast.
Rio Tinto Mongolian hardball ends up looking soft
Rio is the majority shareholder in Turquoise Hill Resources (TRQ.TO), which holds 66% of Oyu Tolgoi, with the Government of Mongolia holding the remaining 34%. Rio Tinto has a $50 billion balance sheet, minimal net debt, and made a return on capital employed of 50% in the first half of 2021. Meanwhile, Oyu Tolgoi ought to generate lots of cash. - “We have proposed that the benefits of Oyu Tolgoi be in the interests of the Mongolian people,” Oyun-Erdene told a briefing. - A Rio Tinto spokesman said the offer made to Mongolia “aims to reset the relationship and allow all parties to move forward together”, without providing details.
Amtrak Worker Sold Railroad Equipment for Years to Line His Pockets, U.S. Says
For more than seven years, the authorities said, Jose Rodriguez of Brick, N.J., a senior engineer at Amtrak, obtained more than 100 chain saws and hundreds of chain saw parts from the railroad, claiming he needed them for various service projects. But instead, according to prosecutors, Mr. Rodriguez, 49, sold the equipment either through an online auction service or directly to purchasers — and lined his pockets with the proceeds. On Monday, Mr. Rodriguez pleaded guilty to one count of mail fraud for using the Postal Service to mail the equipment — which the authorities said was worth more than $76,000 — to buyers across the country, according to the U.S. attorney’s office in New Jersey. Mr. Rodriguez will face up to 20 years in prison and a fine of up to $250,000 when he is sentenced on April 19, 2022.
Stefano Tonchi exits L’Officiel in solidarity with ‘stiffed’ freelancers
Click to email this to a friend (Opens in new window)Famed editor Stefano Tonchi has cut ties with L’Officiel in solidarity with freelancers who claim they haven’t been paid by the fashion magazine, sources tell Page Six. “He has supported and collaborated with many of these people over the years,” says a source. “He wants them to get it worked out and for them to be paid what they are owed.”Tonchi — who is listed as “consulting chief creative officer” on the website — was a consultant for the brand and not a full-time employee, we’re told. We are told the alleged payment problems happened before Tonchi joined L’Officiel. The lawsuit asks for freelancers to be paid double what they owed.
Police investigating ‘suspicious death’ at Tesla plant in California
California police are investigating a “suspicious death” at Tesla’s Fremont manufacturing plant on Monday, officials said. Fremont Fire Department personnel responded to the Tesla plant just before 3:30 p.m. local time on reports of a subject down in the parking lot, according to an alert from Fremont Police Department. Police are investigating a “suspicious death” at the Tesla factory in Fremont, California. The company’s massive, 5.3 million square foot facility in Fremont employs over 10,000 people, according to Tesla. The Fremont Fire Department provided medical aid before the person was declared dead at the Tesla factory on December 13, 2021.
The record-breaking tornadoes that swept the United States, by the numbers
If the path exceeds 150 miles, the tornado would be one of 13 with such a track length. Only four tornadoes have journeyed above 200 miles, although some of the records are debatable. The epic 1925 tri-state twister is generally accepted at the longest track in the nation at 219 miles, but it is questionable as to whether it was one or several tornadoes. It is also possible the quad-state tornado consisted of more than a single tornado.
Don't expect any bold changes from Germany's new coalition, economist says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't expect any bold changes from Germany's new coalition, economist saysChristian Odendahl, chief economist at the Centre for European Reform, discusses the German economy as the country's next cabinet is formed.
Oil prices steady on demand concerns over omicron spread
Oil prices edged higher on Tuesday but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. Governments around the world, including most recently Britain and Norway, were tightening restrictions to stop the spread of the omicron variant. At least one person has died in Britain after contracting the omicron coronavirus variant, the first publicly confirmed death globally from the swiftly spreading strain. The Asian Development Bank on Tuesday trimmed its growth forecasts for developing Asia for this year and next to reflect risks and uncertainty brought on by the omicron coronavirus variant, which could also hamper oil demand. Still, the Organization of the Petroleum Exporting Countries raised its world oil demand forecast for the first quarter of 2022 and stuck to its timeline for a return to pre-pandemic levels of oil use, saying the Omicron coronavirus variant would have a mild and brief impact.
Dollar near one-week high amid hawkish Fed hopes, omicron fears
The dollar traded near a one-week high versus a basket of major rivals on Tuesday, supported by expectations of a hawkish Federal Reserve meeting this week and haven demand amid continued uncertainty about the omicron coronavirus variant. The U.S. central bank is expected to announce it will wrap up its bond buying stimulus sooner than previously communicated, potentially setting up earlier interest rate increases next year. The euro was about flat at $1.12835 after touching a one-week low of $1.12605 overnight. The dollar changed hands at 113.545 yen, another safe haven, consolidating in the upper end of the pair's trading range this month. The risk-sensitive Australian dollar eased 0.2% to $0.71215, edging back toward Monday's one-week low at $0.7111.
Gold muted as spotlight shifts to Fed meeting
Close up image of assorted gold ingots and gold coins. Gold prices were little changed on Tuesday, as cautious investors focused on key central bank meetings this week, with the U.S. Federal Reserve likely to accelerate its plans for the roll-back of its pandemic-era economic support measures. Spot gold was last down 0.1% to $1,785.65 per ounce by 0030 GMT. Apart from the Fed, the European Central Bank, the Bank of England and the Bank of Japan are also scheduled for meetings this week. The ECB, meeting on Thursday, is likely to confirm that its 1.85 trillion euro ($2.09 trillion) pandemic emergency stimulus scheme will end next March.
What the electric-vehicle boom means for charging-station business
As more electric vehicles hit the road, more EV charging stations will be needed. The Biden administration plans to have 500,000 charging stations by 2030, up from only 43,800 today. Here are three things investors need to know.
UPDATE 1-Ocado wins patent infringement trial in ITC against AutoStore
(Adds AutoStore comment)Dec 13 (Reuters) - British online supermarket group Ocado Group Plc said on Monday it had won a patent infringement lawsuit filed by Norwegian robotics company AutoStore Holdings Ltd in the International Trade Commission (ITC). AutoStore had filed the lawsuit last year in both the United States and the United Kingdom, saying it was the inventor and rightful owner of certain patents filed by Ocado. The ITC's Chief Administrative Law Judge held three of the four AutoStore patents were invalid while the fourth one was not infringed by Ocado, the British company said in a statement. AutoStore abandoned its claim over a fifth patent the night before the trial. The supermarket group said it continues to pursue its claims against AutoStore for infringement of its patents in Europe and the United States.
Australian man claiming to be Japanese Bitcoin inventor wins $27 billion court case
The jury ruled that Wright and Kleiman did not have a partnership, and Wright will not pay the estate half of the $54 billion, according to CNN. The jury also declared that Kleiman and Wright did not have a partnership in writing the Bitcoin white paper as Satoshi Nakamoto in 2008, Coingeek reported. At the trial, which began on Nov. 1, Kleiman’s brother, Ira Kleiman, claimed Wright stole the 1.1 million bitcoin that Satoshi Nakamoto mined. Story continuesLynn Wright and Information Defense Pty Ltd (Craig's company) as majority members legally wound up W&K Info Defense after Dave's death at zero value. The face behind the cryptocurrency: Before Wright came into the picture, a Newsweek report in 2014 claimed Dorian Satoshi Nakamoto, a 64-year-old Japanese American engineer, was the inventor of Bitcoin.
Shimao Plunges Again; Economy Likely Slowed: Evergrande Update
(Bloomberg) -- Shimao Group Holdings Ltd.’s shares tumbled again, sparking renewed concern over the health of China’s property sector and weighing on other developer stocks. Most Read from BloombergEconomic activity in China likely slowed in November due to the worsening downturn in the property sector and still subdued consumption. China Economic Activity Likely Slowed (8:23 a.m. HK)Economic activity in China likely decelerated in November due to the worsening downturn in the property sector and still subdued consumption. Growth in fixed-asset investment probably weakened last month, dragged down by sluggish property investment, according to the median estimate in a survey of economists ahead of data due to be released Wednesday morning. The deal will bring about 1.16 billion yuan ($182 million) of profit to Shanghai Shimao.
Stock market news live updates: Stock futures open higher ahead of Fed policy meeting
Contracts on the S&P 500 edged higher, turning positive after the blue-chip index retreated from a rally last week that helped the index post its sharpest gains since February. Microsoft, Google, Apple, Nvidia and Tesla account for more than one-third of the S&P 500's 26% return this year, according to Goldman. The Labor Department's Consumer Price Index (CPI) soared 6.8% in November compared to last year, according to figures published last week. An updated Summary of Economic Projections outlining individual members' outlooks for economic conditions and interest rates is set to accompany the statement. "Households are downbeat, according to sentiment surveys, and the so-called 'misery index' that adds together inflation and unemployment hovers around recession levels."
Bond traders stare at worst real returns in decades
Treasury investors are losing more money than they have in four decades, once inflation is taken into account. Either way, nearly two years of sub-zero real yields have penalized average savers and bond investors to the benefit of the federal government. “People have accepted negative real returns for a long period of time,” said Greg Whiteley, portfolio manager at DoubleLine Group, which oversees $137 billion in assets. The supply-demand imbalances may change next year as central banks worldwide retreat from their quantitative easing, which would lead to higher bond yields, according to JPMorgan Chase & Co. “We haven’t been excited about negative real rates,” said Christian Hoffmann, portfolio manager at Thornburg Investment Management.
Former DWP chief information security officer agrees to plead guilty to lying to authorities
A top executive who worked on security operations at the Los Angeles Department of Water and Power has agreed to plead guilty to one felony charge of making false statements, prosecutors said Monday. Former Chief Information Security Officer David F. Alexander, 54, of Arcadia lied to the FBI about a job offer that he “secretly solicited” in return for helping pass contract money to a lawyer, prosecutors said. The charge Alexander agreed to plead guilty to carries a statutory maximum sentence of five years in federal prison, prosecutors said. Former DWP General Manager David Wright has agreed to plead guilty to a bribery charge, admitting that he took bribes in exchange for supporting a $30-million, no-bid DWP contract to Paradis’ company, prosecutors said. Paradis also has agreed to plead guilty to one count of bribery and is cooperating with the ongoing federal criminal investigation, prosecutors said last month.
Peoria police: Woman admits to shooting husband's 2 stepchildren, killing 1
A woman was arrested Friday evening in Peoria after she admitted to shooting six rounds at her husband's two stepchildren, killing one of them. Peoria Police arrested Bernadette De La Garza, 43, who was charged on suspicion of one count of second-degree murder and one count of aggravated assault. Police said at about 11:45 p.m. Friday, De La Garza called 911 and reported she had shot her husband's two adult stepchildren. According to police reports, De La Garza sounded intoxicated while on the call. At the scene, De La Garza admitted to being the shooter and was taken into custody by police just before midnight.
New guitar-shaped hotel planned as Seminoles and Hard Rock buy The Mirage in Las Vegas
The Florida-based company said it will buy the Vegas property for $1.075 billion in cash, pending regulatory approval and closing conditions, and will sign a long-term lease with VICI Properties Inc. for the hotel and casino known for its volcano that erupts each evening 60-feet into the air and its atrium and aquarium.
Man charged after fatal August Lakeview hit-and-run
About 1 p.m. Aug. 14, the driver of a BMW X3 hit another vehicle in the 800 block of West Addison Street, then hit two pedestrians in the 3500 block of North Fremont Street, police have said. The driver failed to stop at a stop sign and hit the pedestrians in a crosswalk.
Greater Cincinnati, Northern Kentucky high school sports scores, Dec. 6-12
Records: Kings 4-1 (3-0 ECC), Little Miami 1-2 (1-2 ECC). Records: Seton 3-1 (3-0 GGCL), Mount Notre Dame 1-2 (1-2 GGCL). Records: Western Brown 2-1 (1-1 SBC), Batavia 2-1 (2-1 SBC). Records: Little Miami 1-1 (1-1 ECC), Anderson 0-3 (0-2 ECC). Records: Batavia 2-1 (2-1 SBC), Western Brown 2-2 (0-2 SBC).
Insurer agrees to $800M settlement in Boy Scouts bankruptcy
The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. In return, the local councils and national organization would be released from further liability for sexual abuse claims. Although the organization was facing 275 lawsuits at the time, it’s now facing more than 82,000 sexual abuse claims in the bankruptcy. The $880 million in the combined Nassar settlements represents an average of more than $1 million per victim, while the proposed $2.6 billion settlement in the Boy Scouts bankruptcy averages about $31,600 per victim.
Olentangy Schools: Teachers get 3% base-pay raises in new 3-year contract
Jim FischerThisWeek | USA TODAY NETWORKOlentangy Schools and its teachers union have agreed on a three-year contract renewal. The deal between the district and the Olentangy Teachers Association was approved by the district’s school boar Dec. 9 by a 5-0 vote. The new agreement approved Dec. 9 allows for a 3% increase annually on the base salary for teachers. “This three-year contract extension continues to do just that, and we are proud and appreciative to be teachers in this community.”Superintendent Mark Raiff concurred. “The partnership between our teachers and the administration is critical in making Olentangy Schools a top school district for student opportunity and achievement.
Lansing City Council endorses tax breaks for GM battery plant
Lansing City Council on Monday moved forward with supporting a $2.5 billion investment from General Motors Co. for a battery cell manufacturing plant near its Delta Township assembly plant. Details were first acknowledged publicly on Friday when Lansing city government released the council meeting agenda with information about the potential investment. On Monday, both Lansing council and the Delta Township board approved extending that agreement through 2046. GM spokesman Dan Flores said in a statement the company "sincerely appreciates the support of the City of Lansing and Delta Township." There will be a public hearing in Orion Township on the tax exemption request Dec. 20.khall@detroitnews.comTwitter: @bykaleahall
Hard Rock International buying The Mirage operation in Vegas
Hard Rock International bought the naming rights in May 2020 with plans to eventually open a Las Vegas Strip property. Under the terms of the agreement, MGM Resorts will keep The Mirage name and brand, licensing it to Hard Rock royalty-free for up to three years while it finalizes its plans to rebrand the property. The sale is one of several involving MGM Resorts in recent months on Las Vegas Boulevard. The company currently operates 13 hotel-casino properties in Las Vegas and 32 worldwide. MGM Resorts announced in September it will buy operations of The Cosmopolitan of Las Vegas for $1.6 billion from Blackstone.
Hard Rock International buying The Mirage operation in Vegas
Hard Rock International bought the naming rights in May 2020 with plans to eventually open a Las Vegas Strip property. Under the terms of the agreement, MGM Resorts will keep The Mirage name and brand, licensing it to Hard Rock royalty-free for up to three years while it finalizes its plans to rebrand the property. The sale is one of several involving MGM Resorts in recent months on Las Vegas Boulevard. The company currently operates 13 hotel-casino properties in Las Vegas and 32 worldwide. MGM Resorts announced in September it will buy operations of The Cosmopolitan of Las Vegas for $1.6 billion from Blackstone.
Bank of America’s top female banker in Japan emphasizes ESG
Now, the Bank of America Corp. executive is urging other female colleagues to take on new challenges as she forges a path in sustainable finance. “Honestly speaking, I had some uneasiness,” Sasada, Bank of America’s country head for Japan, said in a recent interview. She’s also behind a push to create a culture in which “every employee acts with ESG in mind,” Sasada said. BofA Japan aims to maintain a “leadership position” in the business of underwriting ESG bonds denominated in currencies other than the yen, she said. Another component of that ESG drive, addressing societal inequalities, is for Sasada to hire more women in Japan.
Vulnerable to climate change, New York constructs seawall
The project will also include gates to prevent water from seeping into Manhattan, home of the densest population in the United States. The city will also plant some 1,800 trees -- nearly double the number that the project's construction has destroyed, along with an additional 1,000 in the neighborhood, said Sara Nielsen of the New York City Parks Department. According to Jainey Bavishi, who directs the Mayor's Office of Climate Resilience, the city is investing in a "multi-layered strategy." 'Ambitious'The ESCR is just one component of a larger project announced in 2013, when the city revealed a nearly $20 billion plan aimed at "climate resilience." "I do believe that our entire climate resiliency strategy is one of the most ambitious in the United States and potentially in the world," Bavishi said.
S. Korea's ICT exports hit new monthly high in Nov.
FINANCEA container terminal at Busan Harbor (Yonhap)South Korea's exports of information and communication technology (ICT) products touched a new monthly high in November on brisk global demand for chips and displays, data showed Tuesday.Outbound shipments of ICT products reached $21.49 billion last month, up 30 percent from a year earlier, according to the data from the from the Ministry of Science and ICT.The November tally represents the largest-ever monthly amount and the 18th consecutive month of on-year gains since June last year.ICT imports stood at $12.76 billion last month, up 23.1 percent from the previous year, resulting in a trade surplus of $8.73 billion in the sector.Chips and displays bolstered the country's ICT exports in November, with semiconductor shipments surging 39.5 percent on-year to $12.09 billion, passing the $10 billion level for the seventh consecutive month.Display exports swelled 11.3 percent on-year to $2.43 billion, and overseas shipments of mobile phones surged 17 percent to $1.48 billion.By destination, shipments to China, South Korea's largest trading partner, and Hong Kong jumped 30.4 percent on-year to $10.06 billion.Exports to Vietnam rose 24.7 percent to $3.53 billion, with those to the United States advancing 34.7 percent to $2.49 billion and those to the European Union spiking 26.3 percent to $1.27 billion, the data showed.In November, South Korea's overall exports shot up 32.1 percent on-year to a record $60.44 billion thanks to strong global demand for chips and petrochemical products, extending their gains to 13 consecutive months.
Property investment platform operator Kasa attracts W19b
BUSINESSKasa Korea's corporate logo in this image provided by the fintech startup. (Kasa Korea)Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure.The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea.The fintech startup said it will use 19 billion won to enhance the security system and build other necessary infrastructure for the operation of its platform.Kasa Korea launched a digital securities exchange for commercial real estate in September last year, allowing people to trade digital asset-based securities based on commercial properties. Investors can receive monthly rents and earn capital gains when a property is sold.Kasa Korea has sold out three digital DABS since December last year and plans to trade its fourth DABS next month. It is preparing to open a property investment exchange in Singapore in the first half of next year.
S. Korea’s exports hit new all-time record: ministry
(Yonhap)South Korea’s exports from the beginning of the year to Dec. 13 surpassed the record-high annual outbound shipments of $604.9 billion, observed in 2018, setting a new all-time high. According to data compiled by the Trade Ministry and Korea Customs Service, total outbound shipments surpassed the ful-year export record at 11:36 p.m. Dec. 13. It is projected to surpass $640 billion on current trends, the Trade Ministry noted. The nation’s shipbuilding accounted for 20.3 percent of the global market on a cumulative basis as of September, gaining some 3 percentage points on-year. 8 in global trade so far this year, according to the World Trade Organization.
Korea to push for entry to 11-member CPTPP
Finance Minister Hong Nam-ki speaks during a ministerial meeting at Government Complex Seoul, Dec. 13. In addition, the nation has unveiled a policy to push for bilateral FTAs with more countries, including Mexico. In a ministerial meeting, Deputy Prime Minister and Finance Minister Hong Nam-ki said that the government “is seeking to collect public opinions and reach social consensus” over the entry to the CPTPP. The government seeks the CPTPP accession to expand trade and investment and bolster the status of Korea as a major trader in the global stage, Hong said. The collective trade volume by the 11 nations participating in the CPTPP had reached about $5.7 trillion as of 2019, making up 15.2 percent of the total global trade figure.
Property investment platform operator Kasa attracts W19b
(Kasa Korea)Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure. The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea. Kasa Korea launched a digital securities exchange for commercial real estate in September last year, allowing people to trade digital asset-based securities based on commercial properties. Kasa Korea has sold out three digital DABS since December last year and plans to trade its fourth DABS next month. It is preparing to open a property investment exchange in Singapore in the first half of next year.
S. Korea's ICT exports hit new monthly high in Nov.
A container terminal at Busan Harbor (Yonhap)South Korea's exports of information and communication technology (ICT) products touched a new monthly high in November on brisk global demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products reached $21.49 billion last month, up 30 percent from a year earlier, according to the data from the from the Ministry of Science and ICT. The November tally represents the largest-ever monthly amount and the 18th consecutive month of on-year gains since June last year. Chips and displays bolstered the country's ICT exports in November, with semiconductor shipments surging 39.5 percent on-year to $12.09 billion, passing the $10 billion level for the seventh consecutive month. Display exports swelled 11.3 percent on-year to $2.43 billion, and overseas shipments of mobile phones surged 17 percent to $1.48 billion.
Suspicious death reported at Tesla parking lot in Fremont, California
Signage is displayed on the Tesla Inc. assembly plant in Fremont, California, on Tuesday, Sept. 22, 2020. Local police and fire departments said that a suspicious death occurred at the Tesla factory parking lot in Fremont, California, on Monday afternoon. It is not clear whether any Tesla employees were involved or harmed. A local emergency alert from the Fremont Police Department, published via Nixle (a community information service) said:"On December 13, 2021 at approximately 3:26 p.m., Fremont Fire Department personnel responded to Tesla on a report of a subject down in the parking lot. The Fremont factory is Tesla's only U.S. vehicle assembly plant today.
Man posed as his brother to dodge police but brother was a wanted man
In an attempt to get himself off the hook, Jason Chia Junjie, 40, gave false information to a police officer by claiming to be his younger brother. But in a twist, the court heard that the brother was wanted by the authorities at the time and Chia was arrested. He had pleaded guilty to one count each of driving without insurance, driving while under a disqualification order, and giving false information to a public servant. Deputy Public Prosecutor Emily Koh said: "The screening of the particulars showed that (the brother) was wanted by the police. Chia finally admitted that he had given the policeman false information in a later interview.
Ex-Jet Josh Bellamy gets three years in prison for COVID-19 relief fraud
TAMPA, Fla. — Former NFL player Josh Bellamy has been sentenced to three years and one month in federal prison for fraudulently obtaining over $1.2 million in COVID-19 relief funds. Bellamy, 32, of St. Petersburg, Florida, was sentenced Friday in Tampa federal court, according to court records. He pleaded guilty in June to conspiracy to commit wire fraud. According to court documents, Yashica Bain, 38, of Miramar, previously pleaded guilty to conspiracy to commit wire fraud. She was also ordered to pay restitutionStote was charged in June 2020 with wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud.
Release Trump’s financial records to House, in accord with Jan. 6 ruling, congressional lawyers urge appeals court
The case was not resolved before Congress’s term expired in January 2020, but the newly elected House, still under Democratic control, renewed its request this February. In an Aug. 11 opinion, Mehta upheld the subpoena again but whittled down the documents lawmakers could obtain to Trump’s personal financial records from 2017 and 2018, when he was president, and records regarding the Trump Organization’s federal lease for its Washington hotel at the Old Post Office building.
At least 74 people die after tornadoes hit Kentucky
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAt least 74 people die after tornadoes hit KentuckyCNBC's Perry Russom joins The News with Shepard Smith to report on the tornado outbreak over the weekend. The tornadoes tore through six states and killed at least 74 in Kentucky alone.
Jim Cramer says the Fed needs to raise rates and explains how it may impact the market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says the Fed needs to raise rates and explains how it may impact the market"Mad Money" host Jim Cramer weighed in Monday on potential rate hikes from the Federal Reserve, offering his opinion on where he believes the impact would be felt most.
Watch Jim Cramer's full interview with union organizer and Starbucks barista Michelle Eisen
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Jim Cramer's full interview with union organizer and Starbucks barista Michelle EisenOn Monday's episode of "Mad Money," host Jim Cramer interviewed Starbucks barista and union organizer Michelle Eisen.
Small change to interest rates can cause big moves in stocks, analyst Craig Moffett says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall change to interest rates can cause big moves in stocks, analyst Craig Moffett saysMoffettNathanson founding partner Craig Moffett appeared on Monday's episode of "Mad Money" with Jim Cramer, after the Wall Street research firm was acquired by Silicon Valley Bank's parent company, SVB Financial.
Union organizer urges Starbucks to meet at bargaining table, says a new labor movement underway
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnion organizer urges Starbucks to meet at bargaining table, says a new labor movement underwayMichelle Eisen, a Starbucks barista who helped organize a successful unionization effort at her Buffalo, New York, store, appeared on Monday's episode of "Mad Money" with Jim Cramer.
Cramer's lightning round: I would sell out of Nio soon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's lightning round: I would sell out of Nio soon"Mad Money" host Jim Cramer answers callers' stock questions at rapid speed during Monday's edition of the lightning round.
Jim Cramer says his biggest Fed worry is a series of lockstep interest rate hikes
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says his biggest Fed worry is a series of lockstep interest rate hikesOn Monday's episode of "Mad Money," host Jim Cramer explained why his biggest concern involving the Federal Reserve is a series of lockstep interest rate hikes.
Here are the 10 U.S.-listed Chinese stocks with the greatest American ownership — and Alibaba's not one of them
Brendan McDermid | ReutersBEIJING — The U.S.-listed Chinese stocks with the greatest share of American ownership don't include many of the big names familiar to Wall Street, according to a Morgan Stanley report. Rising political pressure from both Beijing and Washington means more Chinese companies may need to delist from the U.S. and move to Hong Kong. But most of the affected stocks have low levels of U.S. ownership, according to a Morgan Stanley report published Dec. 9. That means if the U.S.-listed shares are delisted, investors can swap them for ones in Hong Kong. Here's the U.S. ownership of the few stocks with a market value greater than $1 billion that aren't eligible for a Hong Kong listing:
Cramer's lightning round: I would sell out of Nio soon
If that's what your concern, then you should know that because people will sell that kind of stock. Loading chart...TJX Companies: "I think TJX is unique among a lot of the retail stocks. Now, that doesn't necessarily mean it's going to continue to hold up because the retail stocks have been completely blasted. Loading chart...Brookfield Renewable Partners: "BEP is a good company because I believe in the ESG story, but remember, it's a yielder. Whether they should or not, I don't know, but that's what they're doing."
Watch Monday's full episode of Mad Money with Jim Cramer — December 13, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Monday's full episode of Mad Money with Jim Cramer — December 13, 2021"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.
8 Ways To Be More Considerate Of Sober People At Weddings
Thomas Barwick via Getty Images Even those who’ve been sober for years find weddings a bit of a challenge, experts say. Even those who’ve been sober for years find weddings to be a challenge. Hinterhaus Productions via Getty Images Giving your sober friend the option of a plus-one so they can bring a sober buddy is an especially considerate thing to do while drawing up your guest list. Ask if there’s anything you can do to make your sober guest feel more comfortable. Acknowledge that your sober guest may have adopted a similar strategy if they duck out early, Hampton said.
OPEC Doesn’t Expect Omicron to Dent Oil Demand
OPEC doesn’t expect the Omicron variant to slow oil demand next year, and it sees U.S. supply growth coming back slowly—a sign that the cartel expects to remain firmly in charge of the direction of oil prices, and that they’ll stay high. On Monday, oil prices were down slightly, with Brent crude, the international benchmark, dropping 0.6%, to $74.72 a barrel. OPEC’s monthly market analysis offers a bright picture for oil supply and demand next year, with demand returning to prepandemic levels and supply growing only slightly. OPEC had a few tumultuous years where it lost some control of the oil market to U.S. producers pumping out shale oil. U.S. producers will likely add 0.65 million barrels a day of crude in 2022 on average, and end the year at 12.8 million barrels a day, still below the 13 million barrels at the height before the pandemic.
GameStop and AMC Tumbled. Meme Stocks Are Back Under Pressure.
A ticket booth at an AMC in California. Shares of the movie-theater chain fell 15% on Monday. Photo by Kevin Winter/Getty ImagesShares of meme stock favorites AMC Entertainment and GameStop both tumbled on Monday, a possible blow to retail investors who plowed a net $32.5 million and $4.2 million into the stocks last week, according to Vanda Research. AMC shares (ticker: AMC) fell 15% to their lowest close since May, while GameStop (GME) shares fell 14% to their lowest close since March. The Omicron variant of coronavirus has revived fears that new lockdowns could keep moviegoers away from theaters.
Australia's Business Confidence Retreats From Euphoric October Highs
By James GlynnAustralia's business conditions nudged higher in November, while business confidence retreated from the euphoric highs that marked October and the end of lengthy lockdowns that impacted more than half the country's population. Business conditions rose 2 points to 12 index points while confidence was 8 points lower at 12 index points, according to the latest NAB survey released Tuesday.
Keppel Consortium to Buy Majority Stake in Shell Solar Unit for Up to US$150M
The Keppel consortium, which includes Keppel Asia Infrastructure Fund LP and an investor via Cloud Alpha Pte. Ltd., will acquire a 51% stake in Singapore-based Cleantech Renewable Assets Pte. Cleantech's existing shareholder, a unit of Netherlands-based Shell Petroleum NV, will hold the remaining stake in Cleantech. The Keppel consortium will pay US$130 million for its stake, plus up to US$20 million more based on performance milestones. It added that the acquisition marks KAIF's first renewable energy investment, forming the fund's "beachhead into the burgeoning solar-energy sector" in the Asia Pacific.
Opinion: 'Diamond-handed HODLers' of GameStop and AMC take a Monday pummeling from the soft-handed crowd
Shares in GameStop plummeted 13.9% as the stock price of fellow ur-meme AMC Entertainment fell 15.3%. Meme stocks more generally took a gentle curb stomping to start the week, thanks to growing fears around inflation, the omicron variant and anxious anticipation of Wednesday’s now all-important monetary-policy pronouncements from the Federal Reserve. For AMC, the day was just a continuation of a recent bloodbath for the cinema-chain stock. Data from HypeEquity showed that social-media mentions of both stocks soared Monday, with 15% of the posts on GameStop mentioning AMC and more than 25% of the posts on AMC mentioning GameStop. They just see it as trading.”To these midsized funds, brokers for wealth managers, and non-Ape retail players, meme stocks are now something of an investment class, with GameStop and AMC just key names in their carry.
Bitcoin and Other Cryptos Are Sinking Again. Don’t Expect a Bounce Soon.
Bitcoin and other cryptos were sinking on Monday as investors continued to worry about a worsening macro climate, tighter monetary policies and an economic slowdown related to the Omicron variant. Bitcoin is now down more than 30% in 35 days, and is off nearly $23,000 from its early November peaks around $69,000. Fundstrat expects Bitcoin to trade down over the next four to six days since it has breached recent lows around $47,660. Open interest in Bitcoin futures is also falling, down 4.1% in the last 24 hours, worth $17.2 billion in contract value. The positive spin on the liquidations and outflows is that traders are withdrawing in anticipation of another bounce higher.
Eli Lilly and Foghorn Partner Up. Foghorn Stock Soared.
Shares of Foghorn Therapeutics rose sharply Monday after the biotech company announced a partnership with Eli Lilly to create oncology medicines. Foghorn (ticker: FHTX) stock soared 55% to $18.58. Eli Lilly (LLY) closed up 1.8% to $248.53. It also will make an $80 million equity investment in Foghorn, priced at $20 a share, according to the agreement. Foghorn will lead discovery and early research activities, while Lilly will lead development and commercialization activities with participation from Foghorn in operational activities and cost sharing, according to a press release from the companies.
Tesla Stock Is Down More Than 20% From Its High. How Low Can Shares Go?
The Monday dip sent the company’s market cap below $1 trillion based on the number of shares outstanding, excluding management stock options. One of the last times Tesla stock closed in bear-market territory was February 2021. (Yes, Barron’s wrote about the single stock bear market then, too.) If that were to happen again, bullish investors would be waiting until June 2022 to see Tesla stock hit $1,300. Amazon shares went on to slide, and some investors think Tesla stock could do the same.
Putin’s coup In India Will Shock The U.S.
Russia last week announced a major new energy cooperation deal with India that threatens the very core of the U.S.’s fightback strategy against Beijing’s and Moscow’s expansionism in the Middle East and beyond. These covered a broad range of subjects, including not just oil, gas, and petrochemicals, steel, and shipbuilding, but also military matters. The opportunities for bleed-through military elements to appear in the oil and gas projects agreed between Russia and India are bad enough from the U.S. perspective. Story continuesThe scope and scale of this coup by Putin in India is as dramatic as it is unexpected, and runs contrary to the U.S.’s expectations of how well its contra-China/Russia strategy in the Middle East had been going. Putin also knows this – better than anyone – and these 28 deals with India are unlikely to be the end of his plans for India.
Dollar near one-week high amid hawkish Fed hopes, Omicron fears
The U.S. central bank is expected to announce it will wrap up its bond buying stimulus sooner than previously communicated, potentially setting up earlier interest rate increases next year. "That leaves a very high bar for the Fed to deliver a 'hawkish surprise'," Westpac strategists wrote in a client note. The euro was about flat at $1.12835 after touching a one-week low of $1.12605 overnight. The dollar changed hands at 113.545 yen, another safe haven, consolidating in the upper end of the pair's trading range this month. The risk-sensitive Australian dollar eased 0.2% to $0.71215, edging back toward Monday's one-week low at $0.7111.
Europe Plans End-Date to Long-Term Gas Deals Favored by Russia
(Bloomberg) -- The European Union is planning a hard deadline to end long-term contracts to import natural gas as part of its green shift, a setback for top supplier Russia. The plan -- set to be published on Wednesday -- will run counter to calls by Russia, which supplies about a third of Europe’s gas needs. Also See: Putin Faults EU Commission for Europe’s Soaring Gas PricesEU heads of government are due to discuss the planned measures at a summit in Brussels on Dec. 16. The ultimate remedy to the EU security of supply problems is a shift away from fossil fuels, according to the Commission’s proposals. The EU wants to eliminate greenhouse gases by 2050, leading the global fight against climate change.
Here’s what 8 financial planners say you should do with your money during inflation
With inflation rates surging at rates not seen in decades, many consumers are wondering how to keep rising prices from negatively affecting their savings and spending habits. Along with rising prices this year, there have also been supply-chain bottlenecks and rising consumer demand—all of which can cause real challenges as the average American’s purchasing power degrades over time. While the effects of inflation are not easily avoided, several financial planners tell Fortune that there are steps consumers can take to duck the worst effects. Zigmont says in general, car prices have gotten a “bit disconnected from reality,” and consumers need to ask themselves if they really need a new car right now. “Not all items have seen the same rate of inflation,” adds Appel, a CFP and founder of Wisconsin-based Kindness Financial Planning.
Stocks pull back from records, weighed down by tech, energy
The Standard & Poor’s 500 fell 0.9%, giving back some of its gains after the benchmark index climbed to an all-time high Friday. The S&P 500 fell 43.05 points to 4,668.97. Several big pharmaceutical companies, including COVID-19 vaccine makers Moderna and Pfizer were among the biggest gainers in the S&P 500 on Monday. More than 60% of the stocks in the S&P 500 fell, with technology stocks, banks and a mix of companies that rely on consumer spending weighing the index down most. Persistently rising inflation has prompted the central bank to hasten its plan to trim bond purchases that have helped keep interest rates low.
Hard Rock pays $1.08 billion for MGM’s Mirage resort in Vegas
Hard Rock International is buying the Mirage Hotel & Casino from MGM Resorts International for $1.08 billion, giving the Florida-based casino chain a prominent place on the Las Vegas Strip. Hard Rock will lease the Mirage name royalty-free for three years. The deal represents a major expansion for the Hard Rock brand, which is owned by Florida’s Seminole tribe. There was a Hard Rock casino located off the Strip for a number of years that is now owned by Virgin Hotels. MGM is in the process of acquiring the higher-end Cosmopolitan of Las Vegas, and Chief Executive Bill Hornbuckle has said he wants to reduce the company’s exposure to Las Vegas.
Fremont: Person found dead outside Tesla Motors facility
FREMONT — A person was found dead Monday outside the Tesla Motors factory, authorities said. In a statement, police said firefighters responded at 3:25 p.m. for a person seen down in a parking lot. Despite life-saving measures, the person was pronounced dead at the scene. Fremont police and Tesla security guards blocked off a driveway entrance at Kato Road, a looping road around the factory and other businesses, and Contractor Road as the investigation took place. Suspicious Death at Tesla Factory https://t.co/tdtQFkMhqg — Fremont Police Department (@FremontPD) December 14, 2021Contact George Kelly at 408-859-5180.
Insurer reaches deal on $800M settlement in Boy Scouts bankruptcy
The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. In return, the local councils and national organization would be released from further liability for sexual abuse claims. The Hartford has agreed to pay $787 million into the victims’ fund, and the Mormons have agreed to contribute $250 million. Although the organization was facing 275 lawsuits at the time, it’s now facing more than 82,000 sexual abuse claims in the bankruptcy.
Billionaire buys 500-acre Steamboat Springs ranch for $18M
A 562-acre undeveloped ranch in Steamboat Springs has sold for $17.75 million to a California billionaire. Strawberry Park Ranch, 2 miles from downtown Steamboat Springs at 40875 County Road 36, was originally listed for $18.5 million in June 2020. According to property records, Strawberry Park Ranch was sold by Redemption Ranch LLC. Strawberry Park Ranch was originally called the Perry Ranch and was formerly owned by Marjorie Perry, the sister of Charlotte Perry, who co-founded Perry-Mansfield Performing Arts School and Camp in Steamboat Springs. Marjorie was also responsible for bringing Carl Howelsen, who founded the Steamboat Springs Winter Sports Club and Winter Carnival, to Steamboat.
America’s foolish trade policy with China is a bigger problem than supply chain woes
OpinionThe best way to unclog our supply chain would be to start paying the truck drivers and warehouse workers union wages. That’s why there is a very short supply of drivers and workers available to move items along. Once merchandise is sorted at the warehouses, trains and union truck drivers are ready to move the merchandise cross country. So our trade relationship with China makes the United States very vulnerable economically and militarily. Leaders in Washington have to get the message that this trade with China and other nations must stop, now.
Tillamook man to serve 5 years in federal prison for stealing 15 firearms from a sporting goods store
A Tillamook man on Monday was sentenced to five years in federal prison for stealing more than a dozen firearms from a sporting goods store. Robert Jon Gilliam, 52, stole 15 handguns on May 8, 2020, during an after-hours burglary from Tillamook Sporting Goods -- six .45-caliber handguns, eight 9mm handguns and one .380-caliber pistol, according to federal prosecutors. Gilliam pleaded guilty to stealing firearms from a federal firearms licensee and illegally possessing a firearm as a convicted felon. Tillamook police responded to Tillamook Sporting Goods, a federal firearm licensee, after a 911 caller reported seeing a man run from the store, get into a green Subaru driven by a woman and drive away. Gilliam has prior convictions in Tillamook Count for tampering with a witness in 2015 and theft in 2010 and 2012.
Oregon Senate passes rental assistance safety nets
The Senate also voted to extend the current 60-day eviction protection period. However an estimated 8,355 households are at risk of eviction, as the safe harbor protection keeping them housed have expired as they continue to wait for aid from the state. Differing views on COVID-19 related restrictions and safety mandates also carried into Monday’s special session. Sen. Dallas Heard, R-Roseburg, was escorted out of the chamber after Senate President Peter Courtney deemed his colleague was out of order and in violation of rules for refusing to wear a mask. There is a statewide indoor mask mandate in Oregon.
NM Gas Co. asks regulators to OK rate hike
New Mexico Gas Co. has asked the Public Regulation Commission to approve a rate increase in 2023 to recoup planned investments and increasing operating costs, the utility announced Monday. The additional income would pay for investments in the utility’s pipeline network, cybersecurity programs, infrastructure maintenance and efforts to reduce greenhouse gas emissions, among other things. This is the gas company’s third rate request since 2018, although prior to that, the company had no rate increases since 2012. In the company’s last rate case in 2019, it requested a 4.2% increase on monthly bills, but the PRC only approved a 1.4% hike. In June, the PRC also approved a temporary, 30-month rate hike to allow the company to recover costs associated with last February’s deep winter freeze.
What were the 10 worst tornadoes in Kentucky history?
A series of deadly tornadoes that cut across Kentucky this past weekend killed at least 74 people, according to the latest numbers shared by Gov. Here are the names we knowOnly one other storm in state history has recorded more deaths, according to the NWS. Here's a look back at the deadliest tornadoes in state history. 1933 tornado killed as many as 36*After a tornado killed 11 Kentuckians earlier in the year, another one killed more than three times that amount on May 9, 1933. Another 1890 tornado was the worst tornado in Kentucky historyOn March 27, 1890, a tornado ravaged communities in the Louisville area, starting in Shively and eventually became an EF4 as it plotted north.
Who will pay for the damage caused by climate change?
Vulnerable countries say they urgently need finance and technical support now as they already face deadly climate impacts, which will intensify as the planet gets hotter. "We can't ignore [these impacts] anymore," says Adelle Thomas, senior Caribbean research associate at Climate Analytics. After the United Nations' global climate talks in November, policies now put the world on a path towards 2.4C. Preventative approachEvery year Fiji deals with extreme events, ranging from powerful cyclones to prolonged droughts, says Satyendra Prasad, Fiji's ambassador to the United Nations. The constant pressure to rebuild after extreme events makes it almost impossible for Fiji to invest in education, healthcare and infrastructure.
Import prices down in November for first time in 7 months on cheaper oil, raw materials
FINANCE(Yonhap)South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday.The import price index inched down 0.6 percent last month from a month earlier, according to the preliminary data from the Bank of Korea. This marked the first on-month decline in seven monthsThe decline is blamed on a fall in international crude oil prices and other raw materials, including mining products.The central bank said that the average monthly prices of Dubai oil, South Korea's benchmark, stood at $80.30 per barrel in November, down 1.6 percent from a month earlier, though the prices were still 84.9 percent higher than a year earlier.Prices of mining products and other raw materials also dropped 1.2 percent over the same period.Compared with a year earlier, however, import prices jumped 35.5 percent, the ninth consecutive increase.Meanwhile, export prices shrank 1 percent on-month in November due to declines in prices of coal, oil, computer and optical products. This marked the first on-month decline in a year.Export prices, however, surged 25.5 percent from a year earlier, which marked the 10th straight month of increase, the data showed.
Only 8.5 million of the two billion trees Trudeau promised have been planted
Share this Story: Only 8.5 million of the two billion trees Trudeau promised have been plantedOnly 8.5 million of the two billion trees Trudeau promised have been planted PM blames sourcing for slow start but claims to have plans to substantially boost the program Photo by Stephane Mahe/Reuters filesArticle content OTTAWA — The federal government has planted less than half a per cent of the two billion trees it pledged to put in the ground across Canada by 2030, The Canadian Press has learned. Article content Figures obtained through an access to information request show 8.5 million trees had been planted as of mid-November, representing just over 0.4 per cent of what the Liberals have repeatedly promised. It asserts the two billion trees would help Canada meet its climate-change targets while creating roughly 4,300 new jobs. “There will be about 30 million trees planted by the end of this year. The NDP’s natural resources spokesman, Charlie Angus, said Trudeau has “no credibility” on tackling climate change.
Seoul stocks open lower ahead of US FOMC meeting
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Tuesday. (Yonhap)South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite lost 1.39 percent and the Dow Jones Industrial Average decreased 0.89 percent. The local currency was trading at 1,184.3 won against the US dollar, down 3.5 won from the previous session's close.
[Graphic News] Korea’s whisky imports jump over 70% this year
South Korea’s imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed.The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry.It represents the first on-year increase in the country’s whisky imports since 2014.Industry sources attributed the surge to the fact that a growing number of people drink at home amid the COVID-19 pandemic.South Korea’s whisky imports had been on the skids since peaking at $264.6 million in 2007. (Yonhap)By Nam Kyung-don ( don@heraldcorp.com
China’s first floating nuclear reactor may withstand once-in-10,000-years weather event, engineers say
A model of the floating reactor. CGN, a Guangdong-based nuclear company, launched the floating reactor project, known as ACPR50S, in 2016 as a solution to the energy shortages that have affected the scale and reach of China’s maritime activities. AdvertisementNuclear scientists and engineers in China have pointed to safety management as the main concern for the floating nuclear reactor programme, with malpractice or negligence caused by inadequate training the biggest risk factor. AdvertisementIt will house two reactors and is set to be the world’s most powerful floating nuclear station with 250 megawatts of output. It will also be able to leave the port and operate in international waters in the Yellow Sea, according to the company.
US Eagle completes program surrounding cannabis banking protocols
NEW MEXICO (KRQE) – New Mexico’s attorney general says the recreational marijuana industry could be a new frontier when it comes to crime. U.S Eagle recently completed a certification program focusing on cannabis and hemp banking protocols. Attorney General Hector Balderas says because recreational marijuana is a new industry, criminals could take advantage adding that banks have the first opportunity to catch anything illegal. So there are a lot of illicit criminals who would love to wash cash and use the marijuana industry to criminalize their behavior,” Balderas said. The first recreational marijuana sales begins in April.
Insurer agrees to $800M settlement in Boy Scouts bankruptcy
FILE - In this Feb. 18, 2020, file photo, Boy Scouts of America uniforms are displayed in a retail store at the headquarters for the French Creek Council of the Boy Scouts of America in Summit Township, Pa. (Christopher Millette/Erie Times-News via AP, File)FILE - In this Feb. 18, 2020, file photo, Boy Scouts of America uniforms are displayed in a retail store at the headquarters for the French Creek Council of the Boy Scouts of America in Summit Township, Pa. The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. The $880 million in the combined Nassar settlements represents an average of more than $1 million per victim, while the proposed $2.6 billion settlement in the Boy Scouts bankruptcy averages about $31,600 per victim.
Amtrak employee admits to stealing and reselling $76,000 worth of chainsaw parts over eight years
A New Jersey Amtrak employee admitted on Monday to stealing $76,000 worth of chainsaws and chainsaw parts from Amtrak and selling them for personal profit, acting U.S. attorney Rachael A. Honig announced in a press release. In August of 2021, a manager and attendant at a Delta gas station was charged with making fraudulent fuel expenses for Amtrak vehicles. The fraud was initially discovered when a technician discovered dozens of fuel credit card charges that exceeded the associated Amtrak vehicle’s fuel tank capacity, along with premium fuel transactions. Amtrak services limited: Amtrak riders can expect reduced services in January due to federal vaccine mandateAmtrak has been struggling with the vaccination of its employees as well. Amtrak employees have until Jan. 4 to comply with the federal mandate requiring full vaccination among government contract workers.
Mayor-elect Eric Adams sets business council of corporate heavyweights
“I’m humbled by the response from our Corporate Council to lean in, roll up their sleeves, and help accelerate our recovery,” said Adams. The council was formed after a “months-long listening tour” with business leaders and current and former city officials. The council features 60 corporate leaders from companies like JPMorgan Chase. Goldman Sachs is also represented on Adams’ council. De Blasio admitted last year that he hadn’t focused on the business community and “the elites” during his two terms leading the Big Apple — before quoting socialist revolutionary Karl Marx.
Bethenny Frankel puts NYC loft on sale for $7M as custody battle nears end
The move also comes as her custody battle with Hoppy nears an end, The Post reported. While the two share 50-50 custody of their daughter, Bryn, Frankel has been named the primary parent. realtor.comThe kitchen. realtor.comThe primary bathroom has a soaking tub and an expansive shower. Their daughter, Bryn, now 11, has chosen to primarily live with Frankel despite the 50-50 child custody agreement.
He was her eyesight. She was his everything.
“No matter the topic, she knew the statutory language, the legislative history, the regulatory language, the regulatory history and all the policy documents by heart,” Deutsch said. “While all of us were fumbling around, in the early years, through our papers and files and in the later years on the computer, Rhonda would immediately know exactly what we were looking for.”
This Maryland town needed growth to survive. Nearly 20 years later, some say growth could destroy it.
Thus was set in motion a massive development that only now is coming to pass, and one that has triggered an intensifying and complex battle by environmentalists and neighbors to halt Lakeside at Trappe or reduce its size. Opponents say that if the project goes as planned, the huge development could more than quintuple the town’s population — currently about 1,200 — and transform Talbot County from a quiet, rural enclave into yet another sprawling Washington suburb. They also fear that its proposed system for handling wastewater could leave the town with an even bigger environmental problem.
Republicans warn Biden: The next debt limit increase won’t be so easy
Instead, McConnell and other leaders focused on making sure that it was Democrats, not Republicans, who would bear the political cost of raising the debt limit ahead of the midterms. In August, all but a handful of GOP senators signed a letter demanding that Democrats use a special budget process to raise the debt limit by a specified number with only Democratic votes. The idea was that the large number would give voters sticker shock and could be used against Democrats during the upcoming campaigns even though much of the debt in question was tallied while Trump was president.
One of the Nasdaq 100's latest stock inductees should continue its outperformance, traders say
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOne of the Nasdaq 100's latest stock inductees should continue its outperformance, traders sayThe Nasdaq 100 is preparing to induct a few new stock names into the index. Ari Wald of Oppenheimer and Delano Saporu of New Street Advisors share their favorite of the latest additions.
Cramer's advice on stock picking right now: 'Don't go too far off the beaten path'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's advice on stock picking right now: 'Don't go too far off the beaten path'"Mad Money" host Jim Cramer told viewers on Monday he's not concerned about market breadth, suggesting they should not stray too far "off the beaten path."
Watch Jim Cramer's full interview with MoffettNathanson founding partner Craig Moffett
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Jim Cramer's full interview with MoffettNathanson founding partner Craig Moffett"Mad Money" host Jim Cramer interviewed MoffettNathanson founding partner Craig Moffett on Monday's episode of the show, after his Wall Street research firm was acquired by SVB Financial.
Invesco's Kristina Hooper expects emerging markets to have a big year
RELATED VIDEOS01:36 Invesco's Kristina Hooper expects emerging markets to have a big year05:42 Emerging markets including China should have a big year despite the Covid-19 backdrop, Invesco's top global market strategist says02:19 One of the Nasdaq 100's latest stock inductees should continue its outperformance, traders say04:02 Goldman names Deere, GE and Lennar top 2022 picks — Traders weigh in01:36 Trading Nation: Pricing power plays01:51 Investor Rich Bernstein: 'Cryptos are the biggest financial bubble ever in history'
Watch Monday's full episode of Fast Money — December 13, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Monday's full episode of Fast Money — December 13, 2021"Fast Money" is America's post-market show. Hosted by Melissa Lee and a roundtable of top traders, "Fast Money" breaks through the noise of the day, to bring you the actionable news that matters most to investors.
Emerging markets including China to do well despite Covid-19: Invesco
RELATED VIDEOS05:42 Emerging markets including China should have a big year despite the Covid-19 backdrop, Invesco's top global market strategist says01:36 Invesco's Kristina Hooper expects emerging markets to have a big year02:19 One of the Nasdaq 100's latest stock inductees should continue its outperformance, traders say04:02 Goldman names Deere, GE and Lennar top 2022 picks — Traders weigh in01:36 Trading Nation: Pricing power plays01:51 Investor Rich Bernstein: 'Cryptos are the biggest financial bubble ever in history'
Fast Money traders name their Wall Street Person of 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFast Money traders name their Wall Street Person of 2021Is Time magazine's selection of Elon Musk as its 'Person of the Year' the mother of all tops? One trader thinks so. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
Watch CNBC's full interview with Brett Winton, Ark Invest's director of research
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Brett Winton, Ark Invest's director of researchBrett Winton, Ark Invest director of research, joins 'Closing Bell' to discuss Cathie Wood's Ark Innovation ETF, which is down 40% from February's peak.
Watch Jim Cramer's full interview with MongoDB CEO Dev Ittycheria
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Jim Cramer's full interview with MongoDB CEO Dev Ittycheria"Mad Money" host Jim Cramer interviewed MongoDB President and CEO Dev Ittycheria on Monday's episode of the show.
MongoDB CEO on how its software helps Coinbase and the company's overall customer growth since IPO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMongoDB CEO on how its software helps Coinbase and the company's overall customer growth since IPOMongoDB President and CEO Dev Ittycheria appeared on Monday's episode of "Mad Money" with Jim Cramer, discussing the company's relationship with Coinbase and its overall customer growth since its 2017 IPO.
Japan stocks set to dip as investors renew focus on omicron variant
SINGAPORE — Stocks in Japan were set to dip Tuesday, as markets stateside pulled back with the S&P retreating from a record. Meanwhile, investors will monitor the omicron variant as it comes back into focus. Japan's Nikkei futures contract in Chicago was at 28,545 while its counterpart in Osaka was at 28,430. Caution on the new omicron variant prevailed again as the U.K. confirmed Monday that at least one patient infected with the new omicron variant of Covid-19 has died in the country. The University of Oxford published results on Monday showing two-dose Covid vaccines do not induce enough neutralizing antibodies against the new variant.
Morgan Stanley: Buy the dip on these global 'reopening' stocks
The emergence of the omicron Covid variant has weighed on "reopening" stocks, but Morgan Stanley says now is the time to buy. Here are 11 of the bank's picks which it calls "the best reopening stock ideas in Europe."
Innovation ETF concerned about long-term growth, says Brett Winton, Ark Invest's director of research
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInnovation ETF concerned about long-term growth, says Brett Winton, Ark Invest's director of researchBrett Winton, Ark Invest director of research, joins 'Closing Bell' to discuss Cathie Wood's Ark Innovation ETF, which is down 40% from February's peak.
Solar power advocates slam new California proposal to reduce subsidies
California regulators on Monday proposed significant changes to the state's solar incentive program in a move vehemently opposed by industry advocates. The new policy would reduce payments granted to solar customers for the excess power they generate — a policy known as net-energy metering — and also add monthly charges for customers. Southern California Edison, one of the state's largest utility companies, said the proposed decision is a "meaningful step toward modernizing California's rooftop solar program." The ultimate decision could wind up looking nothing like Monday's proposed decision. A number of parties, including SEIA and the California Solar & Storage Association, submitted proposals for the committee to review in March.
Small change to interest rates can cause big moves in stocks, analyst Craig Moffett says
Longtime Wall Street analyst Craig Moffett told CNBC's Jim Cramer on Monday that investors cannot forget the influence Federal Reserve policy can have on the stock market. Wall Street is awaiting any potential changes to the Fed's timeline for interest rate hikes given months of hot inflation readings. Terminal value is a key part of discounted cash flow models, which is an important valuation tool used by analysts like Moffett as they evaluate companies and their stocks. The Fed's approach to its benchmark interest rate — which is currently at near-zero levels, where it's been since March 2020 — "obviously affects the way you think about terminal value," Moffett said. Wall Street also expects central bankers' consensus projections for interest rate hikes to be moved up to next year from 2023.
Cramer's advice on stock picking right now: Choose top-tier stocks that 'trade on today's earnings'
"We can make money with a narrow market or one that has better breadth. For example, he said there are upstart companies involved in marketing and database management, "even though we've already had better versions of the same thing like Salesforce, Shopify or Oracle." "These better versions have much cheaper stocks — they trade on today's earnings, not tomorrow's sales," he said, contending that's an especially important criterion for successful stocks in a higher interest rate environment. If the Fed does, in fact, embark on a hawkish tilt, Cramer said investors will "have fewer winners to pick from. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.
MGM Resorts to sell Mirage hotel and casino for $1.08 billion to Hard Rock
Vehicles pass in front of MGM Resorts International The Mirage Resort & Casino in Las Vegas, Nevada, U.S., on Wednesday, April 25, 2018. MGM Resorts International said on Monday it would sell the operations of the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash. The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The sale is expected to close in the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees. The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.
MGM is selling operations of The Mirage to Hard Rock for more than $1 billion
New York (CNN Business) MGM Resorts International announced Monday that it's selling the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion. "This announcement marks the culmination of a series of transformational transactions for MGM Resorts during the last several years," said Paul Salem, MGM's chairman, in a statement. MGM put The Mirage, which it had owned for 21 years, up for sale in November. The Mirage is located in the heart of the Las Vegas Strip and is known for its exploding volcano. MGM owns about a dozen properties in Las Vegas, including the Bellagio, MGM Grand and Mandalay Bay.
MGM Resorts to Sell Mirage Hotel & Casino Ops to Hard Rock Intl for $1.08B
By Maria ArmentalMGM Resorts International said it will sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.08 billion. Under terms of the deal, MGM Resorts will retain The Mirage name and brand and license it to Hard Rock, royalty free, for up to three years. Hard Rock said it plans to build an iconic guitar-shaped hotel.
U.S. former officials urge 'speedy' resolution of 5G wireless aviation dispute
FILE PHOTO: Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C.WASHINGTON (Reuters) - Six former chairs of the U.S. Federal Communications Commission (FCC) on Monday urged the Biden administration to quickly resolve a dispute over the planned use of 5G wireless spectrum that the aviation industry says poses an air safety risk. Former FCC chairs Ajit Pai, Tom Wheeler, Julius Genachowski, Michael Copps, Michael Powell and Mignon Clyburn said in a joint letter they were concerned about the Federal Aviation Administration’s (FAA) recent efforts to revisit the FCC’s 2020 decision to allow use of the C-Band spectrum. The former officials said the agencies should work to "resolve the FAA’s concerns expeditiously, but this debate should not be fought publicly in a way that undermines consumer confidence in the process." (Reporting by David Shepardson; Editing by Chris Reese)
Company Earnings Calendar - Yahoo Finance
WebinarYahoo Finance Plus presents 'Argus Investment Strategy: The Year Ahead'Argus will discuss their 2022 forecasts on Tuesday, 12/14 at 2PM ET as the pandemic continues to challenge the markets.
Retail traders are 'a force to be reckoned with': Youtube influencer Matt Kohrs
Youtube Host Matt Kohrs joins Yahoo Finance to discuss the rise of the retail trader and his growing following on Youtube. JULIE HYMAN: That was stock market influencer, Matt Kohrs, starting his show last Friday on YouTube. MATT KOHRS: Yeah, definitely, like, we were a little bit talking about there, the definition of life-changing. JULIE HYMAN: Matt Kohrs, I wish I could talk to you for much longer. Matt Kohrs, stock market influencer, thanks for being here today.
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MGM Resorts to sell Mirage hotel and casino for $1.08 billion to Hard Rock
The logo of the Mirage Casino and Resort is seen on the Las Vegas Strip in Las Vegas(Reuters) -MGM Resorts International said on Monday it would sell the operations of the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash. The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The sale is expected to close in the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees. The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property. (Reporting by Praveen Paramasivam and Nathan Gomes in Bengaluru; Editing by Aditya Soni)
MGM Resorts to sell Mirage hotel and casino for $1.08 billion to Hard Rock
MGM Resorts International said on Monday it would sell the operations of the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash. The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The property is known for its entertainment options and 90-foot Strip-side volcano. CLICK HERE TO READ MORE ON FOX BUSINESSThe sale is expected to close in the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees. The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.
Forget Black Friday: True Holiday Discounts May Be Coming in January
Many retailers may wind up with a surplus of certain items after the holiday shopping season is over. All those people who tried to score deals during Black Friday may be in for an unpleasant surprise: the true discounts are coming in January. Amid shipping delays and stores over-ordering inventory to prevent running out during critical times, many retailers may wind up with a surplus of certain items after the holiday shopping season is over. Anticipation to this year's holiday shopping period has led to much talk of pent-up demand — after a year of putting off major purchases, many predicted that shoppers would return to physical stores with a renewed vengeance. That, in turn, could lead to many retailers marking down the surplus of inventory still in stores.
How companies are helping parents and caregivers with ‘work-life integration’
Booth enrolled Lila in a crafts class — to get a Netflix break twice a week — with an on-screen tutor named Amy, and now artwork festoons her bedroom. Even as the pandemic wanes, SitterStream will still be available for parents. Webb Chappell/for The Boston GlobeAnd, in some cases, companies are going even further to address employee satisfaction in other realms. Last fall, Patten served as a “return to work buddy” for an employee who was coming back from parental leave. “It’s not work-life balance; it’s work-life integration,” she says.
Harvard Business School Club of Wisconsin honors CEOs of health systems during pandemic
The COVID-19 pandemic challenged health care providers to collaborate, instead of competing. Since the virus was first identified in Wisconsin nearly two years ago, the health care systems have worked together to provide care. The Harvard Business School Club of Wisconsin honored the CEOs of five health systems with its Wisconsin Business Leader of the Year award Monday during a virtual event. The increased communication among the health care systems during the pandemic has aided in new projects, Jacobson said. Four health care systems and the Milwaukee County Behavioral Health Division are working together to build and operate a new psychiatric emergency department.
Fired Black educators reach $9.25M settlement with CPS
Ending nearly a decade of litigation, Chicago Public Schools and the Chicago Teachers Union have reached a $9.25 million settlement over the layoffs of entire school staffs that disproportionately affected hundreds of Black educators on the South and West sides. Many of those schools were in Black communities, and an uneven number of Black educators lost their jobs. Despite white students making up 10.9% of CPS’ enrollment this year, 48.8% of the district’s teachers are white. In 2006, about 33% of CPS teachers were Black, according to an earlier ruling by Judge Sara Ellis who cleared one of the lawsuits for trial earlier this year. The Board of Education will pay $1.7 million toward the settlement while the board’s insurance will cover the rest, officials said.
Sports betting at Chicago stadiums gets OK from City Council committee
After furious lobbying behind the scenes and a clash of the titans in public, a joint City Council committee agreed Monday to lift the Chicago ban on sports betting to allow sportsbooks in and around five stadiums. The City Council’s Committee on Zoning and License advanced the stalled sports betting ordinance to the City Council floor after the addition of a clause without real teeth aimed at appeasing the Black Caucus. With those changes, the joint committee approved the mayor’s ordinance by a vote of 19 to 7. “The city could lose $10 million to $12 million per year and potentially make the new Chicago casino less successful if we are right,” Bluhm said. Ethics Committee Chair Michele Smith (43rd) noted that revenues from a Chicago casino will be used to shore up police and fire pension funds hovering dangerously close to insolvency.
How Long Island businesses are implementing state's new mask rules
The rules apply in restaurants, grocery stores, offices and arenas, among other indoor spaces, and businesses can alternatively choose to admit only vaccinated patrons to avoid enforcing the mask rule. Kathy Hochul has asked counties to enforce the mandate, but Long Island officials appear willing to do so in a limited way, if at all. "We’re just putting up the signs and making sure everyone is wearing a mask basically," he said. Unions representing supermarket workers endorsed the state rules on Monday but said enforcement was the responsibility of companies, not workers. The mask rules cover any indoor public space that is not a private residence, according to a spokeswoman for the governor.
Hochul: New JFK terminal will be a 'first-class experience' for travelers
The 2.4 million-square-foot New Terminal One will be built in phases on the sites of the outdated Terminals 1 and 2, and the former Terminal 3, Hochul said. "So, whether they arrived here in coach, when they arrive and open the doors and come into our terminal, it’ll be a first-class experience," Hochul said at a news conference at the airport. "Today's announcement loudly proclaims the confidence the private sector has in the future of JFK Airport and of our region," said Port Authority Executive Director Rick Cotton in a statement. As part of the project, Port Authority will fund improvements to local roads, parking and utilities, including a new electrical substation, officials said. COVID-19's effect on air travel, Hochul said, necessitated changes to the original New Terminal agreement, which was reached in 2018.
Bus woes continue for Stillwater schools; delays and canceled routes expected next week
Families of students attending Stillwater Area Public Schools were warned Monday to expect delays and canceled bus routes next week. “Our bus company has informed us that it is not able to cover all of our bus routes next week,” Superintendent Malina Lansfeldt said in a note to parents. We are doing our best to work with the bus company to identify the affected routes, so we can communicate with families about disruptions in a timely manner. Families “are encouraged to make alternative plans to get your child to school next week,” Lansfeldt said. “Despite the changes we’ve made in recent months to increase the efficiency of our transportation services, the bus company continues to experience delays and canceled routes,” Lansfeldt said.
Man federally indicted with robbery after charges say he hid in a West St. Paul Menards, surprising morning manager
A man indicted after authorities said he robbed a Menards store in West St. Paul in September had a history of bank robbery in Kansas, according to court documents. According to the complaint, the manager of the Menards at 1445 S Robert St., arrived at the store about 4:30 a.m. on Sept. 28 to open the building. According to store video, Graham had entered the store the night before and had waited there until morning, charges say. The manager was left zip-tied in his office and Graham left the Menards on foot about 4:45 a.m., the complaint states. According to the West St. Paul police, he got away with a small amount of cash.
Insurer agrees to $800M settlement in Boy Scouts bankruptcy
– Attorneys in the Boy Scouts of America bankruptcy case have reached a tentative settlement under which one of the organization’s largest insurers would contribute $800 million into a fund for victims of child sexual abuse. The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. In return, the local councils and national organization would be released from further liability for sexual abuse claims. “This is an extremely important step forward in the BSA’s efforts to equitably compensate survivors, and our hope is that this will lead to further settlement agreements from other parties,” the Boy Scouts said in a prepared statement.
Boston prepares for winter weather with new plows, plans for Mass and Cass population
“Winter is coming,” Wu said during a winter storm preparedness press conference Monday morning. Unlike many previous years, the city has made it through early December without a major storm or declaring a snow emergency. Despite hiring woes in other sectors of the economy, public works staffing levels are robust and ready to take on the winter, officials said. Wu also promised to house the homeless population at Massachusetts Avenue and Melnea Cass Boulevard during snow emergencies. “Our city departments and cabinets have been hard at work to quickly identify transitional spaces with services to ensure everyone is housed this winter.” Wu said.
Insurer agrees to $800M settlement in Boy Scouts bankruptcy
Attorneys with an ad hoc group called the Coalition of Abused Scouts for Justice, which represents about 18,000 abuse claimants, said in a news release that the Century settlement is another reason for victims to vote for the BSA’s reorganization plan. “Not only is the coalition creating the biggest possible compensation fund for survivors — it’s the only fund on the table, and it vanishes with a ‘no’ vote,” said attorney and coalition co-founder Anne Andrews. “The coalition also continues to work with the Boy Scouts of America on accountability and safety measures to ensure that no child will have to endure the horrific harm and abuse our clients have suffered.”The coalition, which is affiliated with more than two dozen law firms, has played a dominant role in the bankruptcy despite the existence of an official committee charged with representing the best interests of all abuse claimants. It also has been at the center of various disputes over information sharing and how the BSA’s reorganization plan and trust distribution procedures were crafted.
Insurer agrees to $800M settlement in Boy Scouts bankruptcy
— Attorneys in the Boy Scouts of America bankruptcy case have reached a tentative settlement under which one of the organization’s largest insurers would contribute $800 million into a fund for victims of child sexual abuse. The payment would bring the amount of money in the proposed trust to more than $2.6 billion, which would be the largest sexual abuse settlement in U.S. history. The settlement comes as more than 82,000 sexual abuse claimants face a Dec. 28 deadline to vote on a previously announced Boy Scouts reorganization plan. In return, the local councils and national organization would be released from further liability for sexual abuse claims. Although the organization was facing 275 lawsuits at the time, it’s now facing more than 82,000 sexual abuse claims in the bankruptcy.
Manchin hits Dems' $2T bill as too costly, talks to Biden
The legislation limits many of Democrats' priorities to just a few years to limit the measure's 10-year price tag. With the current bill emerging from more than seven months of often bitter negotiations among Democrats, reconfiguring it that dramatically seems all but impossible at this point. In his first public comments since a pair of government reports were issued last week, Manchin said one showing that inflation is rising at an annual rate of 6.8%, the most in four decades, was “alarming." He also expressed dismay at a Republican-requested analysis that said the legislation would add an additional $3 trillion to federal deficits if all its programs were made permanent. Democrats have derided that report by the nonpartisan Congressional Budget Office as ridiculous since they say they would find ways to pay for any extensions of the bill's programs.
EXPLAINER: How does an officer use a gun instead of a Taser?
Reasons that have been cited include officer training, the way they carry their weapons and the pressure they feel during dangerous and chaotic situations. To avoid confusion, officers typically carry their stun guns on their weak sides — the side of their nondominant hand — and away from handguns that are carried on their dominant hand’s side. That’s how Potter carried hers, and the chief of her suburban Minneapolis police department at the time of the shooting said that’s how the department’s officers were trained. Prosecutor Erin Eldridge told jurors in her opening statement that the Brooklyn Center Police Department's policy requires that officers carry their Taser on their nondominant side and their firearm on their dominant side. In keeping with that, Potter carried her gun on her right and her Taser on her left.
Ocado sees off legal threat from rival robot retailer
Online grocer Ocado has won the first round in a patent-infringement case filed in the US by rival AutoStore. Three AutoStore patents are invalid, while Ocado does not infringe a fourth, US International Trade Commission Judge Charles Bullock ruled. The decision will still have to be reviewed by the commission and the final verdict is expected to be released in April. AutoStore, which started in the 1990s with a vertical grid robotic warehouse system, says its technology forms the basis of Ocado’s business-to-business platform. Marks & Spencer is currently the main partner for Ocado’s grocery website, having bought a 50pc stake for £750m two years ago.
How the Great Resignation is turning into the Great Reshuffle
The Great Resignation of the past year appears to still be in full swing: according to the Bureau of Labor Statistics, nearly 3% of the US workforce resigned in October, following a record-high in September. As often discussed, some resignations are people taking sabbaticals, early retirement or dropping out of the workforce for caring responsibilities. Workers – globally, in many instances – aren’t just leaving the workforce; millions of people are reconfiguring their careers. “For talented individuals, in high-demand industries like tech, we’re seeing a lot of movement,” says Anthony Klotz, an associate professor of management at Texas A&M University, US, and the originator of the term ‘Great Resignation’. “There’s now a greater ability for people to fit work into their lives, instead of having lives that squeeze into their work,” says Klotz.
Human lie detector Steve van Aperan reveals how to spot if someone dislikes your Christmas gift
A change in tone, increase in blink rate and 'fake' smiling are three common tell-tale mannerisms of deception, according to 'human lie detector' Steve van Aperan. 'Fake' smilingMr van Aperan said facial expressions are known as 'micro-expressions' - small hints of concealed emotions - with the most common being a 'fake' smile compared to engaging in a 'real' smile. 'A lot of people think liars look away when they're fibbing, when in fact it's the opposite,' Mr van Aperan said. ",' Mr van Aperan said. Mr van Aperan said when someone is telling a lie they often attempt to manipulate their own tone of voice to try to increase the believability.
Billionaire Elon Musk, CEO of Tesla and SpaceX, named Time's 2021 'Person of the Year'
Share this Story: Billionaire Elon Musk, CEO of Tesla and SpaceX, named Time's 2021 'Person of the Year'Billionaire Elon Musk, CEO of Tesla and SpaceX, named Time's 2021 'Person of the Year' From hosting Saturday Night Live to dropping tweets on cryptocurrencies and meme stocks that have triggered massive movements in their value, Musk has dominated the headlines Photo by Mark Mahaney/TIMEArticle content Tesla Chief Executive Officer Elon Musk was named Time magazine’s “Person of the Year” for 2021, a year that saw his electric car company become the most valuable carmaker in the world and his rocket company soar to the edge of space with an all-civilian crew. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Musk is also the founder and CEO of SpaceX, and leads brain-chip startup Neuralink and infrastructure firm The Boring Company. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Share this article in your social networkAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Import prices down in November for first time in 7 months on cheaper oil, raw materials
(Yonhap)South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday. This marked the first on-month decline in seven monthsThe decline is blamed on a fall in international crude oil prices and other raw materials, including mining products. Prices of mining products and other raw materials also dropped 1.2 percent over the same period. Compared with a year earlier, however, import prices jumped 35.5 percent, the ninth consecutive increase. Meanwhile, export prices shrank 1 percent on-month in November due to declines in prices of coal, oil, computer and optical products.
CNBC Markets Now: December 13, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Markets Now: December 13, 2021CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator. DESCRIPTION if talent is NOT MICHAEL SANTOLI: CNBC Markets Now provides a look at the day's market moves with commentary and analysis.
Truist creates 2022 top stock list, which excludes Amazon but retains its $4,000 price target
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTruist creates 2022 top stock list, which excludes Amazon but retains its $4,000 price targetYoussef Squali of Truist Securities joins 'Closing Bell' to discuss Truist's 2022 top picks for the internet and digital media space. Squali picks a couple stocks he believes are primed for growth.
Oppenheimer's John Stoltzfus on how to find opportunity heading into the end of the year
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOppenheimer's John Stoltzfus on how to find opportunity heading into the end of the yearJohn Stoltzfus, chief investment strategist at Oppenheimer Asset Management, joins Worldwide Exchange to discuss his market outlook.
Options Action: Big bets against ARKK
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Big bets against ARKKOptimize Advisors' Mike Khouw on big options bets against the Ark Innovation ETF. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
ETF Spotlight: Aerospace & Defense, ITA
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: Aerospace & Defense, ITACNBC's Morgan Brennan delivers Wednesday's edition of ETF Spotlight where she highlights the aerospace and defense sector. Lockheed Martin, General Dynamics and Boeing have negatively weighed on the ETF in recent days after earnings misses.
ETF Spotlight: Consumer Staples, XLP
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: Consumer Staples, XLPCNBC's Carl Quintanilla brings us Thursday's edition of ETF Spotlight where he highlights the Consumer Staples sector, the worst performing sector of the year.
What to expect from the Fed meeting
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat to expect from the Fed meetingCNBC's Steve Liesman discusses what investors should expect from the Fed meeting. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
ETF Spotlight: Transportation, XTN
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: Transportation, XTNCNBC's David Faber discusses Tuesday's edition of the ETF Spotlight. Faber highlights the transportation sector where Avid Budget Group, CAR, is up 744% year-to-date.
ETF Spotlight: The IYT transports ETF
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: The IYT transports ETFCNBC's Morgan Brennan breaks down Tuesday's edition of ETF Spotlight where she highlights the iShares DJ Transports ETF, ticker IYT. Brennan discusses one of the ETF's top holdings, UPS, who beat on their Q3 earnings report.
Globetrotting for gains — The Chartmaster says 'buy China'
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobetrotting for gains — The Chartmaster says 'buy China'Carter Worth of Worth Charting says now's the time to buy the FXI. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
Best trades on CNBC Monday: Cramer says 'buy' this discount retailer stock, Apple inches toward $3 trillion market cap, and pros buy Amazon
Best trades on CNBC Monday: Cramer says 'buy' this discount retailer stock, Apple inches toward $3 trillion market cap, and pros buy AmazonPublished Mon, Dec 13 2021 5:21 PM EST Updated 18 Min Ago
Watch CNBC's full interview with Bret Winton, Ark Invest's director of research
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Bret Winton, Ark Invest's director of researchBret Winton, Ark Invest director of research, joins 'Closing Bell' to discuss Cathie Wood's Ark Innovation ETF, which is down 40% from February's peak.
ETF Spotlight: Communication Services, XLC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: Communication Services, XLCCNBC's Morgan Brennan brings 'Squawk on the Street' Wednesday's edition of ETF Spotlight where she highlights the communication services sector. Top holdings include Meta, Alphabet and T-Mobile, which is 9% year-to-date.
Stock futures tick higher ahead of key inflation data, Fed meeting
U.S. stock index futures were little changed during overnight trading on Monday after the major averages started the week in the red as Covid omicron fears hit sentiment. S&P 500 futures were up 0.11%, while Nasdaq 100 futures were 0.08% higher. During regular trading, the Dow slid 0.89%, or 320 points, while the S&P 500 dipped 0.9%. The market will get fresh inflation data Tuesday when November's producer price index number is reported. Despite Monday's decline for equities, the S&P 500 is roughly 1.6% below its Nov. 22 all-time intraday high.
Yakama Nation seeks food sovereignty in new farming venture with weighty history
They’re selling it back to the Confederated Tribes and Bands of the Yakama Nation. The laws changed and in 1954, the Inabas bought property within the Yakama Nation that came with water rights. Now, Lon Inaba is getting ready to retire and the Yakama Nation is starting to take over. Virgil Lewis is the vice-chairman of the Yakama Nation Tribal Council. “Our grandparents and great grandparents they could never make it farming,” Rigdon says.
Rivian Stock: R1T Pickup Named 2022 MotorTrend Truck Of The Year
Rivian's (RIVN) R1T all-electric pickup has won the prestigious Golden Caliper award as MotorTrend's Truck of the Year for 2022. Rivian stock rose but was well off morning highs. "The 2022 Rivian R1T shows the world a new way to build a pickup and new ways to think about truck design, engineering, and use case," MotorTrend wrote in its review. Rivian stock came public Nov. 10, climbing as high as 179 on Nov. 16. YOU MAY ALSO LIKE:Is Rivian Stock A Buy Now?
Woolworths' 1H Australian Food Earnings to Drop on Covid Costs -- Update
SYDNEY--Woolworths Group Ltd. expects first-half earnings from its Australian food business to fall by as much as 9.2% largely due to costs related to the Covid-19 pandemic. The retailer on Tuesday said it anticipates Covid-related costs of between 210 million and 220 million Australian dollars (US$150.6 million-US$157.8 million) for July-December. Australian food earnings before interest and tax will fall to A$1.19 billion-A$1.22 billion, from A$1.31 billion a year earlier, it said. Woolworths expects direct Covid-related costs in Australian Food of about A$150 million, which equates to 0.6% of sales. Woolworths expects first-half Ebit for Big W of between A$20 million and A$30 million, down from A$133 million a year earlier.
Alcoa to Join S&P MidCap 400
By Maria ArmentalAlcoa Corp. will replace Hill-Rom Holdings Inc. in the S&P MidCap 400 before trading begins on Dec. 20, according to S&P Dow Jones Indices. S&P 500 constituent Baxter International Inc. acquired Hill-Rom in a deal that closed today. Write to Maria Armental at maria.armental@wsj.com
Stock Market Falls As It Looks To Fed Meeting; These Are The Trouble Spots
If the stock market gets its customary Santa Claus Rally this month, it may come in split fashion. X Indexes are diverging, and after a period of outperformance, many leading stocks are again faltering. Although the S&P 500 lost 0.9% Monday, it is still trading near record highs. On Friday, it made a new closing…
Broadcom Stock, Repligen, Home Depot, Nucor Among 18 New Stocks On IBD Watchlists
Best Growth Stocks To Buy And Watch: See Updates To IBD Watchlists10:15 AM ET Find the best stocks to buy and watch by seeing which top growth stocks were just added to the IBD...10:15 AM ET Find the best stocks to buy and watch by seeing...
Alcoa Corp. to move to S&P midcap index next week
S&P Dow Jones Indices said late Monday that Alcoa Corp. AA will move to the S&P MidCap 400, replacing Hill-Rom Holdings Inc. HRC, effective at the start of trading on Dec. 20. S&P 500 spx constituent Baxter International Inc. BAX is acquiring Hill-Rom in a deal completed Monday. Alcoa announced a five-year asset and capacity review in 2019. The stock traded 5% higher in the after-hours session, after ending the regular trading day down 2.1%. Then Alcoa Inc. was dropped from the Dow Jones Industrial Average djia in 2013, and renamed itself Arconic, spinning off its aluminum operations under a newly formed company that took its old name.
Alcoa Corp. to move to S&P midcap index next week
S&P Dow Jones Indices said late Monday that Alcoa Corp. AA, -2.09% will move to the S&P MidCap 400, replacing Hill-Rom Holdings Inc. HRC, , effective at the start of trading on Dec. 20. S&P 500 SPX, -0.91% constituent Baxter International Inc. BAX, +2.89% is acquiring Hill-Rom in a deal completed Monday. Alcoa announced a five-year asset and capacity review in 2019. The stock traded 5% higher in the after-hours session, after ending the regular trading day down 2.1%. Then Alcoa Inc. was dropped from the Dow Jones Industrial Average DJIA, -0.89% in 2013, and renamed itself Arconic, spinning off its aluminum operations under a newly formed company that took its old name.
Biden’s biggest challenges in 2022? Convincing Americans ‘the United States is on the right track,’ winning the economy battle, analysts say.
“The biggest challenge for Biden is to convince the American people that the United States is on the right track,” said Ed Mills, Washington policy analyst at Raymond James. Worryingly for Biden and congressional Democrats, Americans see the GOP as better able to handle them, according to the survey. Now see: U.S. inflation rate swells to 39-year high of 6.8% as Americans pay higher prices for almost everythingBiden’s and Democrats’ response? Doubling down on their agenda, namely the still-under-debate Build Back Better social-policy and climate plan. Pivoting to the president’s Build Back Better plan, Psaki said the legislation would “start cutting costs early next year,” including for child care.
How to help tornado victims in Kentucky, and 8 simple rules to maximize wealth
Prosecutors say Richard Sears told investors he was developing a new breed of cattle but never delivered on promised returns. Read MoreWas the deadly Kentucky tornado due to climate change? Read MoreHow to help tornado victims in Kentucky and elsewhere — ‘We’re going to grieve and then we’re going to rebuild’Tips on where to donate to help disaster victims, who often need help for months and even years after the public has moved on. Read More8 simple rules to maximize wealth—at any ageA few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation. Read MoreSupermodel Irina Shayk Selling a Swanky NYC Condo for $8.2MThe model Irina Shayk is cat-walking away from her apartment in New York City.
Samsara IPO: 5 things about the cloud-based operations company
Founded in 2015, Samsara offers a cloud-based platform that allows businesses to use Internet-of-Things connected devices that can range from video cameras to data-collecting equipment to help run operations. ARR is a metric often used by software-as-a-service companies to show how much revenue the company can expect based on subscriptions. Competitors are not direct but offer specific services that Samsara offers via suiteSamsara said no specific company competes toe-to-toe with its connected operations cloud suite. Many IPOs of late have had early backers of the company commanding a majority stake in the company, and therefore, majority voting power. The company raised $930 million in funding prior to the IPO, according to Crunchbase data.
UPDATE 1-Canada's Scotiabank pauses mid-January return-to-office plan as Omicron fears rise
(Adds background)By Nichola SaminatherTORONTO, Dec 13 (Reuters) - Bank of Nova Scotia will pause its plan for employees working remotely to return to its Toronto head office starting on Jan. 17, Canada's third-largest lender said on Monday, as concerns mount about the Omicron coronavirus variant. "Based on the Government of Ontario’s latest guidance, Scotiabank is pausing its plans to begin a phased and gradual return to office for employees working remotely, and will reassess timing in the new year," the bank said in a statement. When Scotiabank employees do begin to return to offices, the move will be staggered for different groups, with the majority of head-office employees working in a hybrid model, according to the statement. Canadian banks have been more willing than global banks, including U.S. counterparts, to delay the return to offices of remote workers amid pandemic uncertainties including, most recently, the emergence of Omicron. All of Canada's five largest lenders have required employees to register their vaccination status to return to their premises.
Hyundai's Ioniq 5 EV crossover will start at $39,700 when it arrives
Hyundai finally announced pricing for its hotly anticipated Ioniq 5 crossover EV, which is scheduled to hit select dealer show floors later this month. Depending on the battery size and drive type, prospective buyers should expect to pay between $39,700 and $54,500 for one of their own. Don't expect to see any of the smaller battery models on US roads to start. Hyundai is initially focusing on producing units with the larger battery pack and saving the 220 mile, 168 HP SE Standard Range until spring 2022. Find out later this week when our First Look at Hyundai's newest EV goes live.
Market recap: Monday, Dec. 13
BloombergBank of Thailand Governor Sethaput Suthiwartnarueput talks about the outlook for the economy and monetary policy. Sethaput said last week the central bank expects the economy to expand by less than 1% in 2021 as a result of the Covid-19 outbreak, and the recovery will be uneven and slower than in other countries in the region. He also discusses what policies of the Federal Reserve and the People's Bank of China mean for Thailand. He speaks on "Bloomberg Markets: Asia."
Wallstreetbets Founder on the state of meme stocks: 'Institutions have wisened up'
Wallstreetbets Founder Jaime Rogozinski joins Yahoo Finance to recap the year that was for meme stocks and where that style of trade might head in the future. Video Transcript- Jared, we can't talk about the meme stocks without talking about the Reddit forum Wallstreetbets. But a lot of these retailer-- when people refer to these retail participants, they're more often referring to these meme stocks. You're talking about these meme stocks, these retail traders, in a different sense than necessarily the buy-and-hold investors. Do you think that that's going to continue to be a feature that these traders look for going forward?
Investors who entered the market during the pandemic weren't 'short term risk-takers': Charles Schwab
Jonathan Craig, Charles Schwab Head of Investor Services, joins Yahoo Finance to discuss retail trading trends over the past year. Joining us now is Jonathan Craig. JONATHAN CRAIG: Sure, and first, thanks Julie, for having me. It is such an exciting time, as you point out, for the retail investor. Jonathan Craig is Charles Schwab Head of Investor Services.
Amazon facility collapse in Illinois investigated by OSHA, Labor Department says
The Occupational Safety and Health Administration has opened an investigation into the deadly collapse of an Amazon facility that was struck by a tornado in Edwardsville, Illinois, a Labor Department spokesperson confirmed on Monday. The tornado caused the sides of the facility to collapse and its roof to cave in, Edwardsville Fire Chief James Whiteford said over the weekend. "OSHA has had compliance officers at the complex since Saturday, Dec. 11 to provide assistance," the spokesperson said in a statement. "OSHA has six months to complete its investigation, issue citations and propose monetary penalties if violations of workplace safety and or health regulations are found." Amazon spokesperson Kelly Nantel confirmed awareness of the investigation, adding that the company was working closely with federal and state officials to aid relief efforts.
Investors Turn Towards Farmland as Inflation Hedge
Farmland has been an attractive asset to own because of its potential for returns during inflationary periods. As inflation has risen in 2021, more investors are drawn to allocating money to the sector as a hedge, according to asset managers. Similar to the value of homes rising exponentially in the U.S,, farmland has also appreciated during the global pandemic. The correlation between agricultural land and inflation has been “pretty strong,” said Kuethe. The majority of investors in farmland are institutional investors.
Virgin Atlantic Gets $530M Infusion as Airline Industry Takes New Hits
Virgin had been scheduled to IPO earlier this year but reportedly delayed plans until early next year. Richard Branson's Virgin Group and Delta Air Lines raised $530 million in new funding for struggling airline Virgin Atlantic as the aviation industry struggles with new Covid-19 travel restrictions. The new funds will help the airline balance its finances, cut debt, improve liquidity and withstand any prolonged downturn from a virus. Sky News reported in August that Virgin Atlantic was considering an IPO and a possible listing on the London Stock Exchange to reinforce the company's finances as it banked on a rebound in transatlantic travel. An IPO would be the first time Virgin Atlantic has sold stock to the public since launching operations in 1984.
Why Treasury Investors May Be In For More 'Real-Return' Losses
Treasury investments are supposed to provide a safe and steady income stream, but most investors today are losing money once surging inflation is factored in. In fact, treasury investors are losing more money than they have in four decades, Bloomberg reports, adding that if market forecasters are correct "they’re unlikely to come out ahead for years." Treasury securities, which include Treasury bills, notes, and bonds, are considered "one of the safest investments because they are backed by the full faith and credit of the U.S. government," according to the U.S. Securities and Exchange Commission. That reality isn't expected to change anytime soon, Bloomberg notes, citing bond market projections that 10-year Treasury yields will hold below the inflation rate for the next decade. That means investors expect 10-year yields, currently trading around 1.44%, to trail inflation by about 1% annually over the next decade.
UBS French Tax Fines Slashed By $3 Billion
Investment bank UBS Group AG was ordered to pay $2 billion by a French appeals court, an amount that was lowered from its original $5 billion penalty. UBS Group was found guilty in 2019 of helping its wealthy French clients avoid paying taxes on some of their assets. The Swiss banking behemoth now has to pay 800 million euros in damages and interest, with 1 billion euros confiscated, according to a French criminal court that upheld the guilty verdict. The original penalty was 3.7 billion euros, or about $4.2 billion, and was reduced to only 3.75 million euros. In 2009 UBS did admit to helping Americans evade taxes and paid a penalty of $780 million after settling on the amount.
Here Are Some of the Biggest Market Risks in 2022
Bloomberg forecasters took a shot at predicting some of the market risks over the next 12 months. Bloomberg says a three-month return to the toughest 2021 restrictions could see global economic growth slow to 4.2% in 2022 versus a base forecast of 4.7%. Rising rates appear inevitable as inflation soars, which could be bad news for the markets. While China has a reputation for quickly recovering from economic setbacks, it might not be as easy in 2022. Bloomberg notes the pandemic economies were worse back then and many were surprisingly better in 2021.
Parthenon Snaps Up Credit Rating Agency Kroll in $900M Deal
Management and buyout firm Parthenon Capital on Monday agreed to acquire a controlling stake in credit rating agency Kroll Bond Rating Agency in a bid to scale its operations. Credit rating agencies like KBRA evaluate companies and the securities they issue, and investors use the ratings to determine what securities are worth. Rating actions often move markets, and some investors are restricted from buying securities that lack credit ratings. Separately, competing rating agency DBRS was bought by Chicago-based financial services firm Morningstar in 2019 for $669 million. While there is rarely a wave of consolidation in the ratings agency space, these companies have been adding to their war chest by beefing up their data operations.
Meme Stocks Slide Amid Mounting Market Uncertainty
A year after surprising investors will their remarkable market comeback, so-called meme stocks have been quickly losing steam in recent weeks. FOMO, or fear of missing out, was a big driver of meme stocks, Mike Bailey, director of research at FBB Capital Partners told Bloomberg. AMC Entertainment shares sold off after news late last week that some key executives sold shares. Still, longer-term meme stock investors that have hung in have done well. GameStop shares are up more than 900% over the past year and AMC Entertainment stock has risen by about 500%.
Colorado to collect $1.6 million in latest settlement over 2015 Gold King Mine blowout
The Sunnyside Gold Corporation will pay $1.6 million to settle environmental damage claims connected to the 2015 Gold King Mine spill that released a yellow plume of heavy metals into the Animas River, the Colorado Attorney General’s Office announced Monday. The $1.6 million settlement marks the latest in a series of such agreements stemming from the Gold King Mine spill. Sunnyside agreed earlier this year to pay $10 million to the Navajo Nation and $11 million to New Mexico. Another part of that could be because of the complicated liability issues surrounding the Gold King Mine spill. The Sunnyside Gold Corporation did not own the Gold King Mine nor was the corporation responsible for the 2015 spill, Gina Myers, director of the company’s reclaiming operations, said in an email.
MGM Resorts International selling Mirage operations for over $1B
MGM Resorts International has reached an agreement to sell the operations of The Mirage to Hard Rock International for $1.075 billion in cash, according to an announcement from the company. The Mirage is shown on the Las Vegas Strip, Nov. 18, 2009. (Las Vegas Review-Journal, file)Plexiglass is installed throughout many areas as the Mirage reopens following a COVID-19 shutdown on Thursday, Aug. 27, 2020, in Las Vegas. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesMGM Resorts International has reached an agreement to sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash, subject to customary working capital adjustments, according to an announcement from the company. “This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” said Bill Hornbuckle, CEO & President, MGM Resorts International.
Station Casinos pitching project near downtown Las Vegas
The Las Vegas Planning Commission is scheduled on Tuesday to consider Station’s proposed Wildfire Casino at 2700 Fremont St., just south of Charleston Boulevard. The Wildfire Casino sign is shown with the Fiesta and Texas Station hotel-casinos in the background on North Rancho Drive in Las Vegas on Thursday, April 7, 2016. The Las Vegas Planning Commission is scheduled on Tuesday to consider Station’s proposed Wildfire Casino at 2700 Fremont St. (Las Vegas Review-Journal)With a groundbreaking around the corner for its newest Las Vegas resort, Station Casinos is also eyeing a project — a much smaller one — near downtown. The Las Vegas Planning Commission is scheduled on Tuesday to consider Station’s proposed Wildfire Casino at 2700 Fremont St., just south of Charleston Boulevard. Station operates several Wildfire-branded casinos in the valley, including on Rancho Drive less than 2 miles from North Las Vegas Airport.
Editorial: Before the Loop can rise from the pandemic, City Hall must make it safer
Nothing in that plan should take away from resources and energy devoted to any other part of the city. By the same token, City Hall must understand that any kind of road map for recovering from the damage wrought by the pandemic will never get off the ground without making security in the Loop the first priority. There’s no single solution—most likely the best approach combines retailers beefing up security with an increased CPD presence downtown, along with tougher punishment for smash-and-grab cases.
Harley to take electric motorcycle company public via SPAC
MILWAUKEE — Harley-Davidson will take its electric motorcycle division public through a blank-check company, valuing the enterprise that has been part of the Harley for 10 years at $1.77 billion. Under the agreement, the special purpose acquisition company AEA-Bridges Impact Corp. will buy Harley-Davidson’s LiveWire and make it the first publicly traded electric motorcycle company in the U.S. next year. LiveWire has been part of the Milwaukee motorcycle maker for 10 years and became a separate unit in 2019. Companies going the SPAC route often feel more license to highlight projections for big growth they’re expecting in the future, for example. ABIC’s shareholders will own about 17%, and ABIC’s founders and Taiwanese powersports company KYMCO will own approximately 4% each.
Faraday Future Reaches Production Milestone #3 with the Start of Construction for All Remaining Production Areas at Hanford Plant
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The foregoing list of factors is not exhaustive. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Indiana board set to divvy out $500M in development grants
The Regional Economic Acceleration and Development Initiative program comes as Indiana has seen many years of uneven economic and population growth. The 2020 census found that Indiana’s population grew 4.7% over the past decade, with Indianapolis and its surrounding counties seeing three-quarters of that growth. Meanwhile, much of rural Indiana lost population as 49 of the state’s 92 counties had few residents. Many of the grant proposals included plans aimed at encouraging more housing construction, building new recreation facilities and attracting businesses. For instance, the application from a group of seven rural western Indiana counties included a plan for giving vacant land in the small town of Sullivan to home builders and covering 10% of builders’ utility costs in order to address stagnant housing availability.
Kentucky's 2021 tornadoes: How they compare to KY's deadliest in 1890
But how do the recent tornadoes compare to Kentucky's deadliest? What's Kentucky's deadliest tornado event? Kentucky's deadliest tornado event occurred on March 27, 1890, when 76 died in Jefferson County. More:Live updates: Kentucky tornado death toll rises to 74, with 100+ still unaccounted forHow big was Kentucky's deadliest tornado? More:After surviving tornado, Mayfield residents anxiously wonder where they go from hereAdam Hensley is a digital producer with the USA Today Network.
WH aims to restore faith in government by improving services
Biden President Joe Biden signs an executive order to improve government services, in the Oval Office of the White House, Monday, Dec. 13, 2021, in Washington. “The bottom line is we're going to make the government work more effectively,” Biden said before signing the order in the Oval Office. “The fight to improve government services requires a broad retooling of the bureaucratic wiring and flattening of the hierarchy. Medicare recipients are to be able to access personalized online tools for saving money on drugs and managing their health care. It should become easier to update mailing addresses with the government or change names with the Social Security Administration.
Fiscal update will include $40B to cover compensation for First Nations kids: Indigenous affairs minister
Fiscal update will include $40B to cover compensation for First Nations kids: Indigenous affairs ministerThe spending is contingent on Ottawa and child welfare advocates reaching an agreement over compensation the Canadian Human Rights Tribunal has orderedOTTAWA — The Liberal government is preparing to spend $40 billion to compensate First Nations children harmed by Ottawa’s underfunding of child and family services on reserve, as well as on reforming the current system. Article contentCrown-Indigenous Affairs Minister Marc Miller made the announcement Monday, the day before the government planned to release a fiscal update where the money will be set aside. Try refreshing your browser, or Fiscal update will include $40B to cover compensation for First Nations kids: Indigenous affairs minister Back to videoThe spending is contingent on Ottawa and child welfare advocates reaching an agreement over compensation the Canadian Human Rights Tribunal has ordered the federal government pay First Nations children and their relatives. They suffered as a result of the government’s inadequate funding for child and family services in their communities, which resulted in families being separated. “This is 30 years of the cost of failure — and that cost is high,” Miller said.
Russia Gets Tough on Coronavirus. And What Does Surkov's Departure Say About Modern Russia
From today — that’s Thursday the 20th of February — most Chinese citizens will be temporarily blocked from entering Russia as part of Moscow’s latest moves to contain the spread of coronavirus. The ban covers all Chinese citizens traveling to Russia on employment, tourist and student visas. to discuss Russia’s latest moves to stop the coronavirus spread is Alexander Gabuev , chair of the Asia-Pacific programat Carnegie Moscow Center.
Putin Forever? And Russia's Economy Rocked by Coronavirus Fallout
This week on the podcast:— In a televised statement to Russia’s parliament, Vladimir Putin backed a constitutional shake-up that could see him remain president for another two full terms. — Last week, Russia rejected a proposal from Saudi Arabia to cut oil production in response to the economic fallout of the coronavirus, kicking off an “oil price war” and sending global energy prices tumbling. In the studio to weigh up those claims and assess the real damage is Natasha Doff, economy and government editor at Bloomberg News here in Moscow. From Russia With News is hosted by Jake Cordell and produced by Pjotr Sauer. The episode was recorded and edited at CM Records Studio in central Moscow.
Inslee announces climate package for 2022
Jay Inslee today announced his climate proposals for the 2022 legislative session, which will bolster Washington’s leadership in clean energy and economic growth. The governor put forward a $626 million investment in a climate strategy that will:Decarbonize the building sectorSuccessfully implement the Climate Commitment ActInvest more in clean transportation. Build the clean energy future in Washington. “We have made good progress in our state, but it is not enough, and we must do more. Now is the time to act boldly and quickly — to protect the planet and to grow our economy with clean energy jobs,” Inslee said.
China’s Property Crisis Likely Dragged Economy Down in November
(Bloomberg) -- Economic activity in China likely slowed in November due to the worsening downturn in the property sector and still subdued consumption. Growth in fixed-asset investment probably weakened last month, dragged down by sluggish property investment, according to the median estimate in a survey of economists ahead of data due to be released Wednesday morning. There’ll be more emphasis on easing of monetary rather than fiscal policy, given the financial pressures local governments are under, he said. That boost may continue into 2022 with Beijing allowing local governments to start selling next year’s bonds from Jan. 1 to speed up spending, according to 21st Century Business Herald. What Bloomberg’s Economists Say...China’s economy likely continued to stabilize in November but remained stuck in low gear.
Kevin Miller on Building a Remote Business During a Pandemic
But for me, it was a time of immense growth and progress,” Miller writes in a blog post. When Miller and longtime friend Jon Zacharias began their SEO agency, they had zero full-time employees. In every sense, Miller and Zacharias built their company through nothing but hard work and tenacity. Giving Employees the Flexibility to Build the Life They Want“Human beings are more than what they do at work,” Miller notes, mentioning that benefits are helpful for building relationships, but they aren’t the complete story. Mental health is a major priority at GR0; so much so that Miller provided all employees with a free Headspace membership.
Mortgage Points vs Credits: What’s The Difference?
In this article, we’ll be giving you a short and sweet Mortgage 101 crash course covering mortgage points and credits. Points and credits allow the buyer to make a tradeoff between upfront fees and interest rates. Points, which are also known as discount points, will lower interest rates in exchange for the buyer paying more upfront. Credits, also known as lender credits, will lower the buyers closing costs in exchange for presenting a higher interest rate. When considering how points and credits will accompany your mortgage decision, always be sure to make note of how your interest rates will be affected.
Schumer, Warren: The Next President Can and Should Cancel Up To $50,000 In Student Loan Debt Immediately; Democrats Outline Plan for Immediate Action in 2021
The resolution outlines how the President should use executive authority to cancel student loan debt and ensure there is no tax liability for Federal student loan borrowers resulting from administrative debt cancellation. Over 100 community, civil rights, consumer, and student advocacy organizations have already come out in support of using executive authority to cancel student loan debt. Canceling student loan debt would help boost our struggling economy and close the racial wealth gap that has persisted for far too long." "Before the COVID-19 pandemic, millions of Americans were already confronting burdensome student loans, with the national student loan debt at a record $1.5 trillion. - Becky Pringle, President of National Education AssociationOver 325 organizations have called on President Biden to cancel federal student debt using executive action.
Experts, lawmakers call for Biden to push back the return of student loan payments—again
The CARES Act, passed on March 27, 2020, paused federal student loan payments through Sept. 30, 2020 and temporarily set the federal student loan interest rate to 0%. A recent survey of 33,703 student loan borrowers by the Student Debt Crisis Center found that even among student loan borrowers with full-time employment, 89% say they're not financially secure enough to begin making payments after Feb 1. And 21% say they will never be financially secure enough to resume payments. "It is clear that payments should not resume until your administration has fully delivered on the promises you made to student loan borrowers to fix the broken student loan system and cancel federal student debt." Moreover, with Omicron spreading, the uncertainty with what happens next demands at least one more extension of the student loan payment pause."
Billionaires' wealth rises to $10.2 trillion amid Covid crisis
The world’s billionaires “did extremely well” during the coronavirus pandemic, growing their already-huge fortunes to a record high of $10.2tn (£7.8tn). UBS said billionaires’ wealth had hit “a new high, surpassing the previous peak of $8.9tn reached at the end of 2017”. “Wealth concentration is as high as in 1905, this is something billionaires are concerned about. The UBS report did not rank the fortunes of the world’s wealth, but the richest person on the planet is Jeff Bezos, the founder and chief executive of Amazon, with $189bn. In the US, 98 billionaires donated a total of $4.5bn, in China 12 billionaires gave $679m, and in Australia just two billionaires donated $324m.
How to help tornado victims in Kentucky and elsewhere: 10 things you can do right now
On late Friday and early Saturday, no fewer than fifty tornados ripped across six states with a health toll of at least 90 people. However, the worst-hit state was Kentucky, where 80 of those 90 confirmed deaths have taken place, reports The New York Times. Beyond the cost to human life, the tornados left a trail of destruction in their wake that obliterated more than 1,000 homes and shut off electricity and water to thousands. Commenting on the level of destruction, Kentucky Governor Andy Beshear said (via The Hill), “I don’t think we’ll have seen damage at this scale, ever.”Relief and reconstruction efforts are expected to run well into 2022, but for those who want to help the tornado victims today, we’ve assembled a list of charities and that you can donate to to help fund relief efforts right now.
Facebook doesn’t have an amazing company culture anymore, according to this list
HubSpot has the best company culture, followed by RingCentral, Boston Consulting Group, and Microsoft. Adobe rounds out the top five on the annual list compiled by Comparably. The roster stretches to 200 companies (100 large companies and 100 small and medium-sized ones, which merit their own list), but noticeably absent from this year’s list is Facebook. The social media platform has been criticized for, among other things, allowing the spread of hate speech and not doing enough to combat misinformation. The next month, Frances Haugen identified herself as the whistleblower and testified before Congress, calling the company “morally bankrupt.”
How to Sell Your Ideas up the Chain of Command
For example, an Accenture study showed that nearly three-fourths of ideas submitted through corporate online suggestion tools languished and were never implemented. We’ve found that the key to selling your idea up the chain of command is to understand the psychology of higher-ups—to get inside their heads. Your manager’s manager? A much better approach is to enlist your boss as an ally in selling your idea to the right department or up the chain of command. To sell your ideas up the chain of command, think about the psychology behind managers’ resistance and reframe your proposals in a way that makes you a more persuasive advocate for change.
She Left College to Start a Billion-Dollar Company. Now, She's Building a $1 Million School for Female Founders
gushes Kendra Scott over the sound of a cheering roomful of college-age women. A disincentive to explore business education, Scott argues, is one of the roots of women's under-representation in the entrepreneurial elite. It's both a lofty goal and a utilitarian one, and it's something Scott says she's sought to address in her company as well. Because Kendra Scott is such a female-dominated firm, "we are creating a kind of utopia," she says. But perhaps the biggest priority for Scott, now that the Kendra Scott Women's Entrepreneurial Leadership Institute has a proper semester under its belt, is figuring out how to grow it.
Sensemaking for Sales
Sales teams using sensemaking methods capitalize on those shortcomings by aiding, organizing, and simplifying buyers’ product research. Sensemaking Versus Traditional ApproachesOur analysis revealed three ways in which reps engage customers with information: giving, telling, and sensemaking. In other words, sensemaking sellers aren’t trying to solve a specific industry or demographic challenge. Two-thirds of buyers said they believe the claims of sensemaking reps, whereas only 28% believe those of telling reps and 13% believe those of giving reps. Sensemaking in ActionLet’s look at how two software companies have applied their unique sensemaking sales approaches.
Why the Workplace is Actually a Good Place to Heal
MORRA AARONS-MELE: I’m Morra Aarons-Mele, and this is the Anxious Achiever. In fact, Susan says the workplace is actually a caring, healing lab, a place where we can learn to heal from past hurts, anxieties, and fears. SUSAN SCHMITT: There are actually several reasons why the workplace is the perfect place for emotional healing. Some people actually respond from the place of fighting, they’re the bullies in the workplace. And so the next morning, I woke up really early, and I just felt really emotional.
Today's Mortgage Rates Ease Lower | December 13, 2021
30-year fixed-rate mortgage rates todayThe 30-year rate is 3.613%. View Rates for December 13, 202115-year fixed-rate mortgage rates todayThe 15-year rate is 2.576%. ?Current mortgage refinance ratesThe average refinance rates for 30-year loans, 15-year loans and ARMs are:The refinance rate on a 30-year fixed-rate refinance is 3.773%. Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. ...Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
The 10 Hottest U.S. Cities for Buying and Selling Homes in 2022
To assemble the list, Realtor.com combined forecasted sales growth and forecasted price growth in the 100 largest markets in the United States. It expects Salt Lake City, Utah, named as the overall hottest market, to see year-over-year home sales growth of 15.2% and year-over-year price growth at 8.5% in 2022. Boise, Idaho, with 12.9% expected sales growth and 7.9% expected price growth, ranked second on the list. Spokane, Washington, with 12.8% expected home sales growth and 7.7% expected price growth, ranked third while Indianapolis and Columbus, Ohio, rounded out the top five. The hottest housing markets in the U.S. for 2022Here are the top ten hottest housing markets for 2022, according to Realtor.com.
Housing Market Madness: This 4-Bedroom Home Just Sold for $1 Million Over Asking Price
A 2,400-square foot, four-bedroom home in San Francisco recently sold for an eye-watering $1 million above asking price, local CBS affiliate KPIX 5 reported last week. The home on Lansdale Avenue was originally listed for $2,495,000, but it sold for $3.5 million three days later. Historically low mortgage rates have only helped to push home prices higher. Data from Redfin shows that of the homes sold in June, an astonishing 56.5% went for above the list price. In the past, many owners were happy to sell when they got an offer in the neighborhood of an aspirational asking price.
How to Get a Mortgage With Bad Credit
Check your credit report and credit scoreYour first step toward getting a mortgage with bad credit is to find out exactly what information is contained in your credit report (your credit score is based on this report). They are offered by traditional mortgage lenders like banks, as well credit unions, private mortgage lenders and non-bank lenders that often operate primarily online. How to Get a Mortgage with Bad Credit FAQs Can you buy a house with bad credit? chevron-down chevron-up How hard getting a bad credit mortgage is will depend on your credit score. SummaryGetting approved for a mortgage when you have bad credit is hard, but can be done as long as you have a credit score of at least 500.
Stock Market Today: Stocks Slide to Start the Week
Equities took a step back Monday as investors reacted to weekend omicron developments and looked ahead to this week's Federal Reserve meeting. While much of last week was spent cheering data indicating that omicron might be a milder version of the COVID coronavirus, the strain still might be able to hamper economic activity. And in the U.S., average daily new COVID cases have eclipsed 100,000 for the first time in two months. Meanwhile, some investors have their eyes trained on Wednesday, when the Federal Open Market Committee will announce its latest policy decisions. Michael Reinking, senior market strategist for the New York Stock Exchange, also pointed investors in the direction of the New York Fed's survey of Consumer Expectations.
Stock Market Today: S&P 500 Sets Record Despite Sizzling Inflation
Kiplinger economists peg 2022 inflation at 2.7%. Oppenheimer analyst Ray McDonough also waxed optimistic about the company's total cloud revenue, which grew 22% year-over-year and fiscal 2022 cloud guidance, which is expected to reach the mid-20% range. Oppenheimer analyst Ray McDonough also waxed optimistic about the company's total cloud revenue, which grew 22% year-over-year and fiscal 2022 cloud guidance, which is expected to reach the mid-20% range. The online pet supplies retailer reported revenue of $2.21 billion, which was in line with what Wall Street pros were projecting. "Analysts still expect the S&P 500 to report high, single-digit earnings and revenue growth in calendar year 2022," says John Butters, senior earnings analyst for FactSet, in a 2022 outlook.
FedEx Stock: Will FDX Earnings Deliver the Goods?
Still, of those remaining on the earnings calendar, results from shipping giant FedEx (FDX, $246.79) will certainly be in focus amid global supply-chain disruptions. Baird Research analyst Garrett Holland has an Outperform (Buy) rating on FedEx ahead of earnings. For the full fiscal year, Shanker is targeting for earnings per share (EPS) of $18.49, which is lower than analysts' consensus estimate for earnings of $19.62 per share. Of the 31 pros following the stock tracked by S&P Global Market Intelligence, 18 have a Strong Buy rating, eight call it a Buy and five say Hold. One of those with a Buy rating is Mizuho Securities analyst Gregg Moskowitz.
5 of the Best Financial Gifts for Grandkids
College Savings Plans The average cost to attend an in-state public university was $26,820 last year while private universities averaged $54,880, according to The College Board. Any contributions, like those to a 529 college savings plan, will certainly be appreciated. Another college savings plan -- a Coverdell ESA -- lets you spend the money on primary and secondary schools, too. Custodial Investment Account These accounts are a good way to teach a newcomer to invest. Municipal Bonds Soltow prefers municipal bonds to the classic financial gift of EE savings bonds.
How to Help Tornado Victims (Safely)
International relief organization CARE has will go directly to Kentucky tornado victims. For the 2021 tax year, people who take the standard deduction can deduct up to $300 of cash donations to charity. The $300 amount is per person, so if you’re married, you can deduct a total of $600 on your 2021 tax return. If you still itemize, you can deduct charitable contributions made before year-end on Schedule A of your 2021 tax return. As was the case in 2020, itemizers can deduct donations of up to 100% of their adjusted gross income.
Lululemon: LULU Stock One of the Best in Apparel, Says Argus
The upgrade comes amid a decent-but-not-great 2021 for LULU stock. He also notes that LULU stock trades at 42 times Argus’s 2023 earnings estimates, so it’s hardly cheap. But shares “deserve to trade at higher multiples given the company’s increasing comp sales, strong brands, and prospects for continued growth,” he says. Argus Research is in the majority as it pertains to its bullish sentiment on Lululemon shares. LULU stock currently garners 14 Strong Buys and five Buys from the analyst community, versus 10 Holds and just 1 Strong Sell.
Meta Promotes Michelle Klein to VP, Global Business Marketing
Meta named its replacement for vice president of global business marketing and chief creative officer Mark D’Arcy, who left the company in August, tapping Michelle Klein for the role.
How Retailers Can Leverage Influencers, Video and Live Commerce to Build Trust and Community This Holiday Season
Usually, these engagements can be activated faster than a campaign, which makes them ideal for deployment this holiday season. Another growth area to focus on is live commerce, which combines the power of live streaming video with the convenience of ecommerce. And the consultancy predicts that live commerce could account for as much as 20% of all U.S. ecommerce by 2026. How can retailers jumpstart live commerce this holiday season? Encourage employee-influencers to go live on TikTok and Instagram with holiday gift ideas, tips for holiday shopping and positive stories about the holiday shopping season.
How Nescafe Used Passion-Point Insights to Enrich Personas and Launch New Products
To help Nescafe answer this question, the brand worked with Amazon Ads to combine buy, browse and streaming signals to create passion-point insights. Lastly, insights about the super-premium audience found these consumers showed earth-friendly attitudes.The audience also over-indexed with electric vehicle ownership and seeking tropical lifestyles. The campaign launched in April 2021 and ran for two months, and revealed that using Amazon Ads insights to reach potential customers could pay off. Together with Amazon Ads, Nescafe was able to fulfill its biggest campaign goal—to drive growth by reaching existing or new customers where they are. Learn more about how Amazon Ads and brands are using insights to define the next chapter of their business.
How Google Has Been Supporting British Black-Owned Business
Minority-owned businesses make up a sixth of the six million businesses registered across the U.K., generating revenue of at least $100 billion (74 billion pounds) a year, research by Open Think Tank revealed in February. And yet repeatedly these entrepreneurs share the same stories of a struggle to generate start-up funding in comparison to white male-founded businesses.
That same old song is becoming a new value differentiator
Producers of ads, movies, TV, and Broadway and Las Vegas shows, as well as countless products, games, digital streaming services, and devices, can’t get enough of old music hits, especially from the 1960s and ’70s. Against this appetite for audio content, it may not be surprising that classic pop song catalogs are attracting fevered interest. Oldies but goodiesIndeed, seeing the new value potential at stake, music corporations around the world are anteing up big money for classic pop catalogs, sometimes just to market a handful of memorable tunes. They’re under no illusion that old songs will return to the top of the charts—although a few may surprise. There’s so much to do that the fans would crave.”From “Heart of Gold” to gold rushBut not all pop catalogs are created equal.
Lessons for investors from the 1800s
The information available is limited – there are no earnings – but includes prices, market capitalisation and dividends. It is possible that any apparent anomalies could not have been profitably exploited given higher trading costs or lower liquidity. Today, investors can easily buy a momentum ETF that constantly rebalances into stocks with strong momentum or a value ETF that holds stocks viewed as cheap on certain metrics. The problem with the race to find new factors for smart-beta funds to exploit is the risk of data mining. If you look at enough historical data, you can always find patterns that turn out to be simply statistical flukes.
Amazon worker turned down last-minute shift at Illinois warehouse doomed by tornado
An Amazon employee says she turned down a last-minute shift Friday at the Illinois warehouse where a tornado ended up demolishing the building that day, killing six coworkers. Emily Epperson told “Fox & Friends” on Monday that she narrowly avoided being in the doomed warehouse in Edwardsville because of an ankle injury. Six Amazon warehouse workers were killed after a deadly tornado rampaged through Edwardsville, Illinois. Fox NewsHer comments came as the federal Occupational Safety and Health Administration announced it has opened an investigation into the Amazon warehouse collapse. Emily Epperson admitted she was scheduled to work at the Edwardsville distribution center on the day the tornado hit.
Rosie O’Donnell ditches the East Coast for a $4.6M Hollywood farmhouse
While most celebrities have fled Hollywood in the past year, Rosie O’Donnell is moving there. This marks the first home for O’Donnell in the Golden State, as she’s lived most of her life on the East Coast. Realtor.comThe kitchen with an expansive marble island. realtor.comThe primary bedroom comes with a fireplace. realtor.comThe primary bathroom.
Ex-NFL player Bellamy gets 3 years for COVID relief fraud
Former NFL player Josh Bellamy has been sentenced to three years and one month in federal prison for fraudulently obtaining over $1.2 million in COVID-19 relief funds. Bellamy, 32, of St. Petersburg, Florida, was sentenced Friday in Tampa federal court, according to court records. He pleaded guilty in June to conspiracy to commit wire fraud. According to court documents, Yashica Bain, 38, of Miramar, previously pleaded guilty to conspiracy to commit wire fraud. She was also ordered to pay restitutionStote was charged in June 2020 with wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud.
Fed's been slow to move and liquidity unprecedented, says RBC's Gerard Cassidy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's been slow to move and liquidity unprecedented, says RBC's Gerard CassidyGerard Cassidy of RBC Capital Markets, joins 'Closing Bell' to discuss Morgan Stanley CEO James Gorman's comments in an interview with CNBC's Wilfred Frost. Cassidy talks Fed, interest rates and more.
Peloton fires back at 'Sex & the City' plot twist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeloton fires back at 'Sex & the City' plot twistMark Douglas, MNTN president & CEO and Peloton SVP and head of global marketing Dara Treseder, discuss the company's ad campaign to deal with a situation that occurs in the first episode of 'And Just Like That,' a new chapter of 'Sex & the City.'
Eugene Profit says we're dealing with a lot of excesses in the market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEugene Profit says we're dealing with a lot of excesses in the marketEugene Profit, Profit Investments CEO, and Chris Verrone, Strategas head of technical strategy, join 'Closing Bell' to discuss today's market environment and its ability to shrug off negative news.
Dow closes down 300 points, S&P and Nasdaq close lower, as well
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDow closes down 300 points, S&P and Nasdaq close lower, as wellEugene Profit, Profit Investments CEO, and Chris Verrone, Strategas head of technical strategy, join 'Closing Bell' to discuss Monday's market close.
Cowen names its top semiconductor picks for 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCowen names its top semiconductor picks for 2022Matt Ramsay of Cowen Research joins 'Closing Bell' to discuss his top semiconductor stock picks heading into the new year.
Watch CNBC's full interview with Truist Securities managing director Youssef Squali
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Truist Securities managing director Youssef SqualiYoussef Squali of Truist Securities joins 'Closing Bell' to discuss Truist's top picks for 2022 in the internet and digital media space. Squali picks a couple stocks he believes are primed for growth.
Dollar Tree, Apple, and Amazon: Pro Market Movers Dec. 13
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDollar Tree, Apple, and Amazon are today's top stock picks for investors: Pro Market Movers Dec. 13Jim Cramer, Mark Mahaney of Evercore ISI, Toni Sacconaghi of Bernstein Research, Gene Munster of Loup Ventures, Joe Terranova of Virtus Investment Partners, Eric Sheridan of Goldman Sachs, John Blackledge of Cowen and Company, Brenda Vingiello of Sand Hill Global Advisors, Jim Lebenthal of Cerity Partners, Stephanie Link of Hightower Advisors, and Noah Poponak of Goldman Sachs explain why they are buying, selling, or holding specific stocks and ETFs
Biden unveils plan to build 500,000 EV charging stations across the U.S.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden unveils plan to build 500,000 EV charging stations across the U.S.President Joe Biden today unveiled a plan to build half a million electric vehicle charging stations across the United States. The initiative is called the 'Biden-?Harris Electric Vehicle Charging Action Plan.' The U.S. will spend $7.5 billion to make it happen as part of the $1 trillion infrastructure bill.
Morgan Stanley CEO Gorman calls for the Fed to raise interest rates soon
With economic growth currently strong, the Federal Reserve should raise interest rates soon to combat a future downturn, Morgan Stanley CEO James Gorman said Monday. "We are heading toward a rising interest rate environment," Gorman told CNBC's Wilfred Frost during an interview on "Closing Bell." That would allow the Fed to begin hiking rates as soon as March 2022, though markets see the first increase likely happening in May. Gorman said the Fed is "10 rate increases from normal," or the rate that would be considered neither too loose nor too tight. Rather than slow the recovery, Gorman said rate hikes would stabilize the economy, even if it might upset financial markets for a spell.
U.S. Senate panel faults FAA oversight of Boeing
The FAA, the report said "should take immediate action to address undue pressure at the Boeing" safety oversight office, adding that it is "chronically understaffed." It said the FAA Boeing oversight office lacks enough safety engineers, and it must improve its safety culture. Last month, three U.S. House Democrats asked Dickson to provide more details on the agency's oversight of the Boeing 737 Max and questioned whether the manufacturer had been held fully accountable. The Senate report said the 737 Max crashes and U.S. grounding lifted in late 2020 "cost Boeing more than $20 billion and inflicted significant reputational harm to the U.S. aviation safety oversight system." He said the FAA was delegating fewer responsibilities to Boeing for aircraft certification and was "demanding more transparency" from manufacturers.
'Higher raises are expected for all types of workers' in 2022, says think tank CEO
Companies are setting aside more money for pay raises in 2022 than they have in more than a decade, according to a recent survey by The Conference Board. Almost half of respondents, 46%, said that worker shortages played a factor in salary increase plans, while 39% cited increased inflation, Steve Odland, CEO of The Conference Board, points out. "The higher raises are expected for all types of workers," Odland says. "The Conference Board expects blue-collar, manual services, and tech workers to see robust wage growth in 2022," says Odland. "In this economic environment, the upward momentum around salary increase budgets is likely to continue into early 2022," Odland says.
Famous LA shopping center adds barbed-wire-like fence to deter smash and grabs
New York (CNN Business) As a recent wave of mob-led store robberies has put retailers, mall operators and communities on edge, one popular shopping center is keeping an unusual security measure in place through the holiday season. The Grove, a famous open-air shopping complex in Los Angeles, has added a high coil fence barrier that resembles barbed wire at the property's entrances and exits. Management added the "tangled tape" coil fencing, which is made from a custom aluminum-and-steel mesh, ahead of Thanksgiving weekend. The Grove in Los Angeles is using coil wire fencing as a heightened security measure around its property. Walmart WMT "The coil wire is a reasonably new technology in retail crime prevention," said Mike Lamb, an expert in retail security and former vice president of asset protection and safety at, Home Depot and Kroger.
Why smash-and-grab theft at pharmacies can be more dangerous for consumers
Many of the items stolen from these vendors are regulated, such as over-the-counter medications and baby formula. “But they might not meet with their fence every day, so they keep [the stolen goods] in their car." Experts agree one of the reasons people steal these items is that there’s a robust market for these types of goods online. “It all comes back to the ease of reselling products online — that’s what has driven the increase we’re seeing. “When it comes to over-the-counter medication or baby products and food, consumers should avoid third-party marketplaces altogether.
Puerto Rican factory worker survives Kentucky tornado, but 'everything is gone.'
A Mayfield candle factory worker who had left Puerto Rico two years ago to work in Kentucky spoke emotionally about surviving a tornado that left her with no job, car or home. She left her family in Puerto Rico two years ago to work at the Mayfield Consumer Products’ factory. “I’ve always been working so hard and now everything is gone — I have no way to support myself right now." Miranda had moved to a sheltering area inside the factory when they got the tornado warnings. Many, like Miranda, work in factory and construction jobs,In an interview with NBC's Nightly News, Mayfield Mayor Kathy Stewart O'Nan said the town is "gone."
Stocks pull back from records, weighed down by tech, energy
(AP Photo/Seth Wenig, File) FILE - The New York Stock Exchange is seen in New York, in this Nov. 23, 2020, file photo. The S&P 500 fell 0.9%, giving back some of its gains after the benchmark index climbed to an all-time high Friday. ADVERTISEMENTThe S&P 500 fell 43.05 points to 4,668.97. Several big pharmaceutical companies, including COVID-19 vaccine makers Moderna and Pfizer were among the biggest gainers in the S&P 500 Monday. More than 60% of the stocks in the S&P 500 fell, with technology stocks, banks and a mix of companies that rely on consumer spending weighing the index down most.
'Meme Stocks' Officially Over As Crash Wipes Out $80 Billion
The analysis looks at the 25 most-popular stocks with meme traders plus those most highly shorted compiled by Solactive for the new Solactive Roundhill Meme Stock ETF. Assessing Brutal Meme Stock DamageMeme stock pain is reaching levels their fans haven't seen before. Fans of meme stocks might point out they're still up for the year. The index of the 25 meme stocks is now flat for the year. Meme Stocks Are CrashingAll but one of the 25 top meme stocks dropped in the past monthCompany Symbol 1-mo.
Sprouts Farmers Market Stock Shows Rising Relative Strength
Sprouts Farmers Market (SFM) had its Relative Strength (RS) Rating upgraded from 79 to 83 Monday. XAs you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength. The score shows how a stock's price performance over the trailing 52 weeks holds up against all the other stocks in our database. Start HereSprouts Farmers Market stock is trying to complete a cup with handle with a 27.71 buy point. Sprouts Farmers Market stock holds the No.
Alphabet Inc. Cl A stock falls Monday, underperforms market
Shares of Alphabet Inc. Cl A GOOGL, -1.47% slid 1.47% to $2,916.53 Monday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -0.91% falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Alphabet Inc. Cl A closed $102.80 below its 52-week high ($3,019.33), which the company achieved on November 19th. The stock demonstrated a mixed performance when compared to some of its competitors Monday, as Apple Inc. AAPL, -2.07% fell 2.07% to $175.74, Microsoft Corp. MSFT, -0.92% fell 0.92% to $339.40, and Meta Platforms Inc. FB, +1.44% rose 1.44% to $334.49. Trading volume (1.1 M) remained 432,500 below its 50-day average volume of 1.5 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Here are the 'key underpriced risks' for junk bonds following a year for the record books
Credit conditions haven’t been this loose for U.S. companies in many years, helping fuel the roughly $500 billion record borrowing spree this year in the “junk” or high-yield bond market, according to BofA Global. But easy borrowing conditions also can make the “market vulnerable to a risk reset,” warned Oleg Melentyev’s high-yield credit team in its 2022 outlook, particularly if an “overtightening” of central bank policy takes hold or other “key underpriced risks” jolt the roughly $1.6 trillion high-yield bond market. Central Bank policy error is a top underpriced risk BofA GlobalA new coronavirus variant tops their underpriced “exogenous” risks, or factors largely outside of the control of governments or corporations. Read: 5 things to watch for when the Federal Reserve announces its policy decision WednesdaySo far, funds that track high-yield bonds have been relatively resilient. The SPDR Bloomberg High Yield Bond ETF JNK, one of two main U.S. high-yield bond market exchange-traded funds, and the iShares iBoxx $ High Yield Corporate Bond ETF HYG both were up about 1.2% on the month through Monday, according to FactSet data.
Netflix Inc. stock falls Monday, underperforms market
Shares of Netflix Inc. NFLX, -1.16% slid 1.16% to $604.56 Monday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -0.91% falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Netflix Inc. closed $96.43 short of its 52-week high ($700.99), which the company achieved on November 17th. Despite its losses, the stock outperformed some of its competitors Monday, as Amazon.com Inc. AMZN, -1.54% fell 1.54% to $3,391.35, Walt Disney Co. DIS, -1.49% fell 1.49% to $150.43, and Comcast Corp. Cl A CMCSA, -1.53% fell 1.53% to $47.71.true Trading volume (2.4 M) remained 1.3 million below its 50-day average volume of 3.7 M.
Bank of America Corp. stock falls Monday, underperforms market
Shares of Bank of America Corp. BAC slid 2.11% to $43.58 Monday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA falling 0.89% to 35,650.95. The stock's fall snapped a two-day winning streak. Bank of America Corp. closed $5.11 below its 52-week high ($48.69), which the company achieved on November 3rd. Trading volume (38.2 M) remained 5.4 million below its 50-day average volume of 43.6 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Johnson & Johnson stock outperforms competitors on strong trading day
Shares of Johnson & Johnson JNJ rallied 1.79% to $168.45 Monday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA falling 0.89% to 35,650.95. Johnson & Johnson closed $11.47 short of its 52-week high ($179.92), which the company achieved on August 20th. The stock demonstrated a mixed performance when compared to some of its competitors Monday, as Roche Holding AG Part. Trading volume (10.7 M) eclipsed its 50-day average volume of 7.2 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Apple Inc. stock falls Monday, underperforms market
Shares of Apple Inc. AAPL, -2.07% slid 2.07% to $175.74 Monday, on what proved to be an all-around dismal trading session for the stock market, with the NASDAQ Composite Index COMP, -1.39% falling 1.39% to 15,413.28 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Apple Inc. closed $3.89 short of its 52-week high ($179.63), which the company reached on December 10th. The stock underperformed when compared to some of its competitors Monday, as Microsoft Corp. MSFT, -0.92% fell 0.92% to $339.40, Alphabet Inc. Cl A GOOGL, -1.47% fell 1.47% to $2,916.53, and International Business Machines Corp. IBM, -1.22% fell 1.22% to $122.58. Trading volume (149.4 M) eclipsed its 50-day average volume of 82.8 M.
Microsoft Corp. stock outperforms competitors despite losses on the day
Shares of Microsoft Corp. MSFT, -0.92% slid 0.92% to $339.40 Monday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.91% falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Microsoft Corp. closed $10.27 short of its 52-week high ($349.67), which the company reached on November 22nd. The stock demonstrated a mixed performance when compared to some of its competitors Monday, as Apple Inc. AAPL, -2.07% fell 2.07% to $175.74, Alphabet Inc. Cl A GOOGL, -1.47% fell 1.47% to $2,916.53, and SAP SE ADR SAP, +1.89% rose 1.89% to $137.95. Trading volume (28.0 M) eclipsed its 50-day average volume of 25.0 M.
Moderna Inc. stock rises Monday, outperforms market
Shares of Moderna Inc. MRNA, +5.81% rose 5.81% to $271.99 Monday, on what proved to be an all-around grim trading session for the stock market, with the NASDAQ Composite Index COMP, -1.39% falling 1.39% to 15,413.28 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Moderna Inc. closed $225.50 short of its 52-week high ($497.49), which the company reached on August 10th. The stock outperformed some of its competitors Monday, as AbbVie Inc. ABBV, +0.83% rose 0.83% to $126.51, Amgen Inc. AMGN, +0.24% rose 0.24% to $211.39, and AstraZeneca PLC ADR AZN, +1.04% rose 1.04% to $54.58. Trading volume (10.5 M) remained 2.3 million below its 50-day average volume of 12.8 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Tesla Inc. stock underperforms Monday when compared to competitors
Shares of Tesla Inc. TSLA, -4.98% shed 4.98% to $966.41 Monday, on what proved to be an all-around grim trading session for the stock market, with the NASDAQ Composite Index COMP, -1.39% falling 1.39% to 15,413.28 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. Tesla Inc. closed $277.08 short of its 52-week high ($1,243.49), which the company reached on November 4th. The stock demonstrated a mixed performance when compared to some of its competitors Monday, as Toyota Motor Corp. ADR TM, -3.42% fell 3.42% to $176.12, General Motors Co. GM, -6.45% fell 6.45% to $59.13, and Honda Motor Co. Ltd. ADR HMC, -2.46% fell 2.46% to $27.77. Trading volume (25.3 M) remained 1.4 million below its 50-day average volume of 26.8 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
J.Jill's Stock Rises on 3Q Profit Swing, 4Q Guidance
J.Jill Inc.'s stock rose 20% to $17.50 in after-hours trading following third-quarter results and fourth-quarter guidance. The retailer swung to a $11.2 million profit for the quarter ended Oct. 30, from a loss of $23.2 million a year earlier. On a per-share basis, the profit was 79 cents, or 65 cents as adjusted. Net sales rose to $151.7 million from $117.2 million a year earlier. It said it now forecasts capital spending this business year to be about $6 million, down from its earlier view of about $8 million, and expects to close approximately 20 stores in fiscal 2021.
Berkshire Hathaway Inc. Cl B stock rises Monday, outperforms market
Shares of Berkshire Hathaway Inc. Cl B BRK inched 0.62% higher to $290.01 Monday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA falling 0.89% to 35,650.95. This was the stock's third consecutive day of gains. Berkshire Hathaway Inc. Cl B closed $5.64 short of its 52-week high ($295.65), which the company achieved on November 8th. Trading volume (4.8 M) eclipsed its 50-day average volume of 3.9 M.
Woolworths' 1H Australian Food Earnings Will Drop on Covid Costs
By Stuart CondieSYDNEY--Woolworths Group Ltd. expects first-half earnings from its Australian food business to fall by as much as 9.2% largely due to costs related to the Covid-19 pandemic. The retailer on Tuesday said it anticipates Covid-related costs of between 210 million and 220 million Australian dollars ($150.6 million-$157.8 million) for July-December. Australian food earnings before interest and tax will fall to A$1.19 billion-A$1.22 billion, from A$1.31 billion a year earlier, it said.
ADRs Close Lower, Vale Rises
The Asian index fell 2.2% to 204.18. And the emerging-markets index fell 2.1% to 335.71. Vale SA was among those whose ADRs traded actively. Brazilian iron-ore producer Vale SA's ADRs rose 1.8% to $13.76 after the company said it agreed to sell its 50% stake in steel tubes and laminates maker California Steel Industries. Financing structures, cash flows and timing all remain unclear "leaving a still uncertain outcome from a modelling perspective," RBC said.
Here are the 'key underpriced risks' for junk bonds following a year for the record books
Credit conditions haven’t been this loose for U.S. companies in many years, helping fuel the roughly $500 billion record borrowing spree this year in the “junk” or high-yield bond market, according to BofA Global. But easy borrowing conditions also can make the “market vulnerable to a risk reset,” warned Oleg Melentyev’s high-yield credit team in its 2022 outlook, particularly if an “overtightening” of central bank policy takes hold or other “key underpriced risks” jolt the roughly $1.6 trillion high-yield bond market. Central Bank policy error is a top underpriced risk BofA GlobalA new coronavirus variant tops their underpriced “exogenous” risks, or factors largely outside of the control of governments or corporations. Read: 5 things to watch for when the Federal Reserve announces its policy decision WednesdaySo far, funds that track high-yield bonds have been relatively resilient. The SPDR Bloomberg High Yield Bond ETF JNK, +0.02% , one of two main U.S. high-yield bond market exchange-traded funds, and the iShares iBoxx $ High Yield Corporate Bond ETF HYG, both were up about 1.2% on the month through Monday, according to FactSet data.
Berkshire Hathaway Inc. Cl B stock rises Monday, outperforms market
Shares of Berkshire Hathaway Inc. Cl B BRK.B, +0.62% inched 0.62% higher to $290.01 Monday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -0.91% falling 0.91% to 4,668.97 and Dow Jones Industrial Average DJIA, -0.89% falling 0.89% to 35,650.95. This was the stock's third consecutive day of gains. Berkshire Hathaway Inc. Cl B closed $5.64 short of its 52-week high ($295.65), which the company achieved on November 8th. Trading volume (4.8 M) eclipsed its 50-day average volume of 3.9 M.
Stocks Could Rally Soon. A More Hawkish Fed May Be Priced In.
Within months, the Fed will be buying zero dollars in Treasury bonds, compared with $65 billion a month as recently as November. And once the Fed has ended its bond-buying program, it will turn its attention to lifting short-term interest rates. That doesn’t mean investors should blindly pour money into stocks: More volatility could be ahead. In the few months ahead of an initial rate increase, the market usually rises only minimally, according to Credit Suisse. The rough waters in stocks are likely to be fairly temporary: The bull market can probably keep on chugging along—if the Fed doesn’t tighten policy too aggressively.
Herschel Walker’s son protests high gas prices, but critics say his $1,300 sweatshirt demonstrates he’s full of hot air
If gasoline prices are hitting you hard, Christian Walker, son of retired NFL, and USFL, great and Georgia Republican Senate candidate Herschel Walker, wants you to know he’s feeling the pain at the pump as well. Christian took to Instagram and Twitter TWTR, -2.11% to share his thoughts about paying $98.37 for roughly 21 gallons of gas. But on social media, some were quick to note that the issue couldn’t be affecting Christian all that much, given that he was wearing a Givenchy hoodie that costs nearly $1,300. And the discussion led both Herschel and Christian Walker’s names and that of Givenchy to trend on Twitter on Monday. Prices more recently have receded, with the national average retail price now $3.30 and average prices at or below $3 in a quarter of all states, according to AAA.
Housing Market Madness: This 4-Bedroom Home Just Sold for $1 Million Over Asking Price
Courtesy of CompassA 2,400-square foot, four-bedroom home in San Francisco recently sold for an eye-watering $1 million above asking price, local CBS affiliate KPIX 5 reported last week. The home on Lansdale Avenue was originally listed for $2,495,000, but it sold for $3.5 million three days later. Data from Redfin shows that of the homes sold in June, an astonishing 56.5% went for above the list price. In the past, many owners were happy to sell when they got an offer in the neighborhood of an aspirational asking price. While there are already some signs that 2021’s extraordinary real estate landscape is starting to normalize, 2022 isn’t shaping up to be a buyer’s market just yet.
Canada's Scotiabank pauses plan for employees to return to head office in January
TORONTO, Dec 13 (Reuters) - Bank of Nova Scotia will pause its earlier plan for employees working remotely to return to its head office starting on Jan. 17, Canada's third-largest lender said on Monday. "Based on the Government of Ontario’s latest guidance, Scotiabank is pausing its plans to begin a phased and gradual return to office for employees working remotely, and will reassess timing in the new year," the Toronto-based bank said in a statement. When employees do begin to return to offices, it will be staggered for different groups, with the majority of head-office employees working in a hybrid model, according to the statement. (Reporting by Nichola Saminather; Editing by Peter Cooney)
New York’s MTA to Give Fare Incentives to Boost Ridership
Each week, riders would pay the current $2.75 single-ride fare for their first 12 trips starting every Monday and any additional rides during that week would be free, according to the MTA. The MTA board plans to vote at its monthly meeting on Wednesday on the temporary fare program, which would begin March 1 and would last at least four months. The agency needs to restore ridership after subway usage plunged by as much as 90% during the pandemic. Weekday subway ridership last week was about 57% of 2019 levels. MTA estimates the fare-capping incentive will cost as much as $20 million during the four-month pilot program, according to Tim Minton, spokesman for the MTA.
Elon Musk named ‘person of the year’
ReutersGlobal stock markets fell and the dollar gained ground on Monday as investors weighed new concerns over the Omicron variant and waited for news from a host of central bank meetings this week. The U.S. Federal Reserve is expected to signal a faster wind-down of asset purchases, which could move it one step closer raising interest rates. The Fed's policy-setting committee will also update its members' rate expectations over the next couple of years. Fears over the Omicron variant of COVID-19 weighed on markets after British Prime Minister Boris Johnson warned of a "tidal wave" of new cases, and the World Health Organization said it poses a "very high" global risk, with some evidence that it evades vaccine protection.
Midwestern tornadoes: Walmart, Lowe's donate supplies to help recovery efforts
Walmart and Lowe's are sending supplies and monetary donations to aid in relief and recovery efforts in areas of the South and Midwest that were devastated by severe tornadoes over the weekend. On Saturday, Walmart tweeted that the company is sending water and supplies to residents impacted by the "devastating tornadoes" in Kentucky, Illinois, Tennessee, Arkansas and Missouri. Meanwhile, Lowe’s announced that it's planning to donate to relief and recovery efforts after tornadoes caused "catastrophic and unprecedented damage." The donation will go toward Lowe's disaster relief partners, including the American Red Cross, and Lowe's nonprofit Pro customers to provide emergency shelter, critical relief supplies, food and blood center operations to residents. Beshear announced the creation of a tornado relief fund for the western part of the state and also called on people to donate blood, which has been running in short supply during the pandemic.
Is Another Market Bubble About to Burst? These Analysts Think So
A Stifel Equity Research team predicts that the S&P 500 index will see a correction in the first quarter of next year. The market is headed for an impending bubble burst, with “poor monetary and fiscal decisions since COVID-19” pushing it into shaky territory, a team lead by Barry Bannister, managing director and market strategist for Stifel Equity Research, said Monday. “Later in 2022-23E, we believe the ‘behind-the-curve’ Fed might create the third bubble in 100 years, by 2023 to 6,750 for the S&P 500 (Nasdaq [approximately] 25,000),” the Stifel team said, MarketWatch reports. Rate repression may again create a bubble that bursts (always do), followed by a lost decade,” it said. The Stifel team recommends that the Fed begin a tilt into "hawkish" territory to stave off major market disruptions.
Jim Cramer Talks With Boot Barn CEO
Boot Barn (BOOT) - Get Boot Barn Holdings, Inc. Report, stock has been on an upward climb for two years and now the company wants to build many more stores than originally forecast. Jim Conroy, president and CEO of Boot Barn, told Jim Cramer on a recent episode of the Mad Money TV show that the 500 stores the company had projected building when it went public in 2014 simply isn’t enough. Over the past two years Boot Barn shares are up more than 200%. Boot Barn had initially emphasized brick and mortar locations as central to its strategy. Boot Barn also offers fulfillment from their stores to speed up shipping, as well as in-store returns of online items.
Vox Media In Talks To Acquire Group Nine Media, Internal Memos Show
Vox CEO Jim Bankoff and Group Nine CEO Ben Lerer sent emails to their employees after the Wall Street Journal reported news of a potential merger. Two of the biggest players in digital media may soon become one company as Vox Media and Group Nine Media seek to merge. Vox Media, which owns brands like Vox.com, New York Magazine, Eater and The Verge, is seeking to acquire 75% ownership of Group Nine Media through an all-stock transaction. The Wall Street Journal reported news of the potential merger, which prompted Vox CEO Jim Bankoff and Group Nine CEO Ben Lerer to send emails confirming it to their employees. Founded in 2016 and now with our 600 employees, Group Nine Media is behind online publications like Thrillist, PopSugar and NowThis.
Forrester Research CEO adopts ‘Anywhere Work,’ without mandatory days in the office
“Our feeling was, we can’t compete for talent if we’re going to be requiring a certain number of days in the office,” Colony said. They still need to be close to a Forrester office. Darren Donovan, the former head of KPMG’s Boston office, retired from his longtime job at the end of September. But Rosengren’s departure opened the door for Donovan’s first new role after retirement: chair of the Boston Private Industry Council’s board. So Montgomery and PIC executive director Neil Sullivan tapped Donovan, who was already on the PIC board.
Rendering shows 7 buildings replacing west side of Cherry Creek mall
An image submitted to the city last week shows a possible layout for the large development that could replace the west side of the Cherry Creek Shopping Center. The image, which shows seven buildings and a large grassy lawn surrounded by wide walkways, was included in the “large development review” document submitted by Denver-based development firm East West Partners. The eastern side of Cherry Creek Shopping Center features the traditional mall layout, and has numerous high-end tenants. The plan calls for a “landscape bridge” to be constructed over a portion of Cherry Creek North Drive, providing easy pedestrian access to the creek from which the neighborhood derives its name. East West is required to hold meetings with neighbors as part of the large development review process.
Column: Dan Hampton’s review of Bears latest performance reflects his latest DUI offense: ‘Too many stupid mistakes’
Too many drinkers get away with it. Just visit any bar on any given night and watch those customers who stumble to their vehicle, turn the key and tell themselves they’ll get home just fine. I once left a bar not too far from Winfield and watched not one, not two, but three guys stumble out of the joint, obviously tanked, and hop into their vehicles without thinking twice. Of course not. Did they hesitate to get behind the wheel?
As week warms up, we could reach 64 on Wednesday. That would tie a 50-year-old record in Chicago.
The record high in the Chicago area for Dec. 13 is 67 degrees set in 1975 and the record low is minus-13 set in 1903. For Dec. 14, the record high is 66, also set in 1975, and the low is minus-9 set in 1901. Dec. 15?s record low is minus-12, also set in 1901.
Chicago manufacturing incubator among 60 finalists named by Biden administration for $1B in grant money
Led by Chicago manufacturing incubator mHUB, the group finds itself among a relatively small contingent to advance to the next round: There were 529 applicants for the grants. That means roughly 11% of submissions made it to this point. The finalists will be pared down to 20 to 30 regional coalitions that will be eligible for up to $100 million in grants that could shape manufacturing, clean energy and life sciences hubs around the country.
Purple Line bus-rapid transit project receives approval by feds to enter development phase
The Purple Line has received approval to enter the project development phase of the Federal Transit Administration’s New Starts program, Metro Transit said Monday. Project leadership now transitions from Ramsey County to the Metropolitan Council. The development phase is the third of five stages in a federal process to complete the Metro Transit line, which backers project will start service in 2026. The latest approval follows an October vote by the Ramsey County Board in October to commit $39.9 million of county funding needed to help fuel the two-year development phase. Supporters say the development project will be a boost for employers who believe frequent, all-day BRT service will attract and retain workers.
Detroit Regional Partnership in the running for $100 million federal grant
The Detroit Regional Partnership has received $500,000 to build out an "advanced mobility cluster" and is one of 60 finalists in the running for up to a $100 million federal grant. The DRP advanced to Phase 2 of the Economic Development Administration’s $1 billion Build Back Better Regional Challenge. Projects that could be a part of the mobility cluster, the DRP said, include "a regional tech incubator, new proving and testing grounds, an advanced mobility innovation district, site readiness programs, and a radical inclusion accelerator." The EDA will award 20 to 30 applicants each up to $100 million. The administration initially received 529 applications from regions in all 50 states and five territories.
McDonald's must do more to help Black franchise owners, group says
Leslie PattonBloombergAs association of Black owners of McDonald’s Corp. franchises says the company needs to do more to reduce the inequities they face, beyond the $250 million that the fast-food chain is providing for new minority store owners. McDonald’s last week pledged to do more to recruit, train and invest in minority franchisees, including offering them loan assistance. In its statement Monday, the National Black McDonald’s Operators Association said it’s encouraged by the moves but added that minority restaurant owners still face structural difficulties. “McDonald’s needs to address the systemic barriers to success that are currently facing existing Black franchisees,” said Larry Tripplett, chairman and chief executive officer of the association, which was founded more than four decades ago. Last week, McDonald’s settled a lawsuit in which it was accused of discrimination by the Black franchise operators of four of its restaurants in Tennessee.
Oil and Gas prices effective Dec. 13, 2021
Natural Gas —$3.83 per MMBtuToday’s AAA Oklahoma average gas price at the pump. Current - Regular: $2.891; Mid-grade: $3.158; Premium: $3.373; Diesel: $3.152Yesterday – Regular: $2.901; Mid-grade: $3.160; Premium: $3.386; Diesel: $3.154Year ago - Regular: $1.889; Mid-grade: $2.141; Premium: $2.361; Diesel: $2.142Oklahoma crude oil prices effective Monday. Oklahoma SweetSunoco Inc. —$67.75Oklahoma SourSunoco Inc. —$55.75Oklahoma oil and gas drilling activity posted Nov. 30COMPLETIONNo Postings. 1 Well; C NW1/4 SW1/4 of 33-01S-05W; TD 8,727. NOTIFICATION OF WELL SPUDSeminole: Reach Oil & Gas Co. Inc.; NW1/4 NW1/4 NW1/4 SW1/4 of 26-08N-05E; Hudson No.
Floating wetlands tackle one aspect of complex Sonoran sewage crisis
Those removal rates still didn’t bring the water’s pathogen levels into compliance with the federal environmental standards, García Hernández said. At the Sweetwater Wetlands in Tucson, a wastewater treatment project, the wetland operates with this same idea. This project could be important for small communities with scant resources for modern wastewater treatment, said Zamora of the Sonoran Institute. If CEA Guaymas could get to the point of financial viability, the local government could then take the reins, Romano said. San Carlos is no longer just a vacation spot for snowbirds and expat retirees, said Juan Romero, an entrepreneur and builder who is raising a 6-year-old daughter in San Carlos with his wife, Karla Garcia-Romero, a health coach.
USA Gymnastics, USOPC reach $380M settlement with victims
Denhollander has been one of the most outspoken Nassar victims from the outset of the scandal. She said it was important to move past the legal proceedings so women can move forward with their lives and get the help they need. “The frank reality is the longer this goes on, the more difficult it is for survivors,” she said. “So many of these women, they can’t access medical care without a settlement. The settlement comes nearly four years after an emotional sentencing hearing in Michigan in which hundreds of women detailed their experiences with Nassar and the toll it took on their lives.
NatWest fined £264m after accepting deposits of laundered money in bin bags
A Bradford based jewellery business suspected of money laundering deposited £700,000 in cash in black bin bags at a NatWest branch in a single day, a court has heard. But during a three-year period the business managed to deposit £365 million, including £264 million in cash, with NatWest. In October, NatWest, which is part of the Royal Bank of Scotland group, pleaded guilty to three offences under the Money Laundering Regulations. Alison Rose, the chief executive officer of NatWest, said: "NatWest takes its responsibility to prevent and detect financial crime extremely seriously. "We deeply regret that we failed to adequately monitor one of our customers between 2012 and 2016 for the purpose of preventing money laundering.
Thieves make off with Ontario car flipper's Mercedes during private Auto Trader sale meet
This advertisement has not loaded yet, but your article continues below. Try refreshing your browser, or Thieves make off with Ontario car flipper's Mercedes during private Auto Trader sale meet Back to videoThe man, being identified only as Marco for security reasons, told the two male shoppers that they could not drive the vehicle as it was uninsured, but allowed one of them to sit in the driver’s seat. “He was in the car revving the engine, with one foot out the door and I was by the door just holding it open,” Marco told CTV News Toronto. “Then my phone rang and when it did I backed away from the car. I’m out of $65,000, which was everything that I had for my young age of 21 and some money I borrowed from my mother as well.”
Student Loan Forgiveness Isn’t Happening, Experts Say. Here’s How to Prepare as Payments Resume
Federal student loan payments will resume in less than two months, and experts say you shouldn’t set your strategy based on the perceived likelihood that student loan forgiveness is coming. Why Experts Say Mass Student Loan Debt Cancellation Probably Won’t HappenWe talked to at least a dozen experts throughout the year to better understand the student loan landscape and over the summer even asked some of them to share their student loan forgiveness predictions. Davidson & Co recently surveyed student loan borrowers to better understand their sentiment on student loan forbearance and wide-scale forgiveness. 5 Ways to Prepare for Student Loan Repayment in 2022The repayment break for student loan borrowers ends next month. With student loan forgiveness an increasingly unlikely outcome, here’s how you can prepare to restart payments on your student loans in early 2022.
Morgan Stanley CEO says he was wrong on return-to-office push: 'Everybody's still finding their way'
Morgan Stanley CEO James Gorman walked back an edict that employees should be back at the office by now and issued a new forecast for how long companies would delay the return. In June, Gorman told conference attendees that he would be "very disappointed" if his workers hadn't returned to Morgan Stanley buildings by Labor Day. "Everybody's still finding their way and then you get the omicron variant; who knows, we'll have pi, we'll have theta and epsilon, and we'll eventually run out letters of the alphabet. Still, more than half of Morgan Stanley employees have been back at the firm's New York headquarters, home to the bank's trading operations, Gorman said. About 65% of vaccinated employees have returned to that building, and 95% of employees have gotten the jab, he said.
Murdaugh blamed some problems on addiction; bond set at $7M
FILE - Alex Murdaugh awaits the beginning of his bond hearing in the Richland Judicial Center in Columbia, S.C., Tuesday, Oct. 19, 2021. The family’s law firm, located in the most impressive building in town after the courthouse, has spent a century winning multimillion-dollar verdicts. Lee’s bond order surpassed amounts recommended by prosecutors, who had recommended the judge either set bond at the $6.2 million Murdaugh was accused of stealing or a lesser figure of $4.7 million — about $100,000 for each count. Defense attorneys had asked the judge to set bond at a maximum of $200,000 and indicated they would ask Lee reconsider her Monday decision. A spokesperson for the state Attorney General’s Office said although the new grand jury indictments now supersede the arrest warrants that Newman denied bond on, Murdaugh will remain at a Richland County detention center unless he posts the $7 million bond.
How an Impossible Steel Drum Gets Built
Five years ago, Josh Quillen, a member of S? Percussion, a Brooklyn-based music ensemble, spoke with a maker and tuner of steel drums named Kyle Dunleavy about building a potentially unworkable design. Musical steel drums, also called pans, are fashioned from industrial barrels of the type used for storing crude oil or hazardous waste. “I wanted a pair of double seconds that would have at least three octaves of notes on them,” Quillen said recently. Inside, the drums’ notes were bubbles of different sizes and shapes swelling outward. It was a complex problem, because every note on a steel drum interacts with its neighbors.
Take Action Now to Curb Inflation - The New York Times
Students used to look at me quizzically when I mentioned the word “inflation,” as if I were reminiscing about the invention of the spinning jenny. But President Biden and Jerome Powell, the chair of the Federal Reserve, need to take action now. The Covid pandemic delivered supply shocks in the form of disrupted workforces and supply chains. Last year, the Federal Reserve, which oversees interest rates and the nation’s banks and monetary supply, instituted a new framework. It proposed that inflation levels of higher than 2 percent, the Fed’s traditional target, could make up for the lower levels of inflation the economy experienced in the years after the 2008 financial crisis but before the Covid-19 pandemic.
Judge Grants $7 Million Bond for Alex Murdaugh Following Slew of New Criminal Charges
On Thursday, while Murdaugh was already awaiting a bond hearing on 27 financial charges, a grand jury issued seven new indictments against him consisting of 21 additional financial charges. Murdaugh is now accused of defrauding his law firm, former clients and other alleged victims of more than $6.2 million in total. Immediately after the bond was set, Murdaugh's attorney, Dick Harpootlian, asked Lee to reconsider its dollar amount, claiming that Murdaugh would be unable to pay the $7 million required for release, according to multiple outlets. murdaugh family Maggie, Paul and Alex MurdaughNo suspects have been arrested in connection with the murders. Murdaugh, a scion of a legal dynasty in the South Carolina Lowcountry, has been named as a person of interest, his attorney has said.
Tory Burch Has So Many Bags and More on Sale Starting at Just $49
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Unemployment payments backlog draws hundreds to Kentucky's capital
Added: 18.06.2020 19:02 | 17 views | 0 commentsHundreds of people who lost jobs during the coronavirus crisis but have been unable to get their unemployment insurance checks converged at the Kentucky Capitol in Frankfort early Wednesday to seek in-person help.
Report: Businesses to lose collective 3.1 million days of operation from flooding in 2022
Report: Businesses to lose collective 3.1 million days of operation from flooding in 2022Added: 13.12.2021 11:42 | 37 views | 0 commentsAs climate change increases sea level, fuels more extreme rainfall and supercharges hurricanes, American businesses are set to collectively lose millions of days of operation in coming years due to flood-related damages, according to a new report.
California to propose reforms to rooftop solar policy
Added: 13.12.2021 13:52 | 29 views | 0 commentsCalifornia is expected to propose changes this week to a state policy that allows owners of private homes with solar panels to sell their excess energy into the electric grid at or near the retail rate.
Manchin cites a blind trust to justify climate votes. But much income from his family’s coal company isn’t covered.
Manchin cites a blind trust to justify climate votes. But much income from his family’s coal company isn’t covered. Added: 13.12.2021 11:00 | 36 views | 0 commentsContrary to his public statements, documents filed show that the senator's blind trust is much too small to account for all his reported earnings from the coal company.
These companies dominated 2021
These companies dominated 2021Added: 13.12.2021 18:50 | 19 views | 0 commentsSource: markets.financialcontent.comOil prices began 2021 just under $50 a barrel. They are now trading just north of $70 and in October reached $85 -— a seven-year high. So it should come as no surprise that energy stocks are among the market's biggest winners this year. More in www.cnn.com » Stocks Tags: Oil
Disgraced lawyer Alex Murdaugh speaks out in court as bond set at $7M
Disgraced lawyer Alex Murdaugh speaks out in court as bond set at $7MAdded: 13.12.2021 20:17 | 20 views | 0 commentsSpeaking publicly for the first time in months, the prominent South Carolina attorney accused of a slew of mostly financial crimes blamed some of his problems on a 20-year-long opiate addiction.
Biden to sign executive order to improve ‘customer’ experience when accessing government services
Biden to sign executive order to improve ‘customer’ experience when accessing government servicesAdded: 13.12.2021 13:08 | 35 views | 0 commentsThe move to improve services such as claiming retirement benefits builds on the president’s theme of showing that government can work.
Democrats’ plan to cap insulin prices faces GOP threat, skeptical advocates
Added: 13.12.2021 13:00 | 36 views | 0 commentsTouted by President Biden, a proposed $35 monthly limit on insulin co-pays could fall during a Senate review.
TV: Sony investment in Bad Wolf brings ambitions of growth
TV: Sony investment in Bad Wolf brings ambitions of growthAdded: 13.12.2021 10:17 | 42 views | 0 commentsBad Wolf makes His Dark Materials and will co-produce Doctor Who from 2023.
Post Office scandal: Government to foot bill for postmasters' compensation
Added: 13.12.2021 19:50 | 20 views | 0 commentsThe Department for Business said that the impact on postmasters' lives "cannot be overstated".
NatWest fined £265m over money-laundering failures
Added: 13.12.2021 16:44 | 27 views | 0 commentsThe state-backed bank had pleaded guilty to failing to prevent money-laundering of nearly £400m.
Three simple words Disneyland employees are never allowed to say to curious fans
Three simple words Disneyland employees are never allowed to say to curious fansAdded: 15.01.2018 16:14 | 13 views | 0 commentsDisneyland is supposed to be a fun experience for visitors - and a lot of work goes into making it so
Remarkable number of hair straightener users have no idea what GHD stands for
Remarkable number of hair straightener users have no idea what GHD stands forAdded: 15.01.2018 14:56 | 13 views | 0 commentsPeople are astonished by the simple acronym used by the hair straightener company
Russian chefs in naked lockdown protest after virus strips them of income
Added: 09.06.2020 14:14 | 15 views | 0 commentsRussian restaurant owners stripped of their income by the coronavirus lockdown are campaigning for their businesses to be allowed to reopen by posting pictures of themselves naked on social media.
Man Arrested For Returning Used Enemas To CVS On A Regular Basis
Man Arrested For Returning Used Enemas To CVS On A Regular BasisAdded: 30.09.2020 6:06 | 15 views | 0 commentsSource: www.yelp.comA Florida man has been arrested for allegedly returning dozens of used enemas to a Jacksonville CVS. The Jacksonville Sheriff's Department launched an investigation after they were tipped off that a man had repeatedly been returning multiple saline laxative enemas to the same CVS. According to a release from the Sheriff's Department the suspect had been returning six pack containers of enemas for more than three months. CVS is contacting anyone they know purchased enemas from the store to return them immediately and in encouraging anyone with information to please come forward. More in www.inquisitr.com » Employees, CVS Tags: FloridaComments: Comments: Tags advertisingCopyright © 2008 - 2021 USweekly - all rights reserved Contact us
'Catastrophic' flooding underway as dam failures in Michigan force thousands to evacuate
Added: 20.05.2020 16:45 | 10 views | 0 commentsThe collapse of the Edenville Dam and Sanford Dam in Michigan released floodwaters that have inundated houses and businesses on the Tittabawassee River.
'Very unusual': Arctic air set to hit Eastern US with record-low temperatures for May
'Very unusual': Arctic air set to hit Eastern US with record-low temperatures for MayAdded: 06.05.2020 18:59 | 11 views | 0 commentsThe blast of cold air set to hit the Eastern U.S. this week could bring record-low temperatures and snowfall and frost in some Northeast states.
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communities
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communitiesAdded: 29.05.2020 11:23 | 11 views | 0 commentsThe coronavirus pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.
Dow CEO Jim Fitterling on the company's flooded Michigan facility
Dow CEO Jim Fitterling on the company's flooded Michigan facilityAdded: 22.05.2020 16:15 | 10 views | 0 commentsSource: www.todayonline.comJim Fitterling, chairman and CEO of Dow, joins "Squawk on the Street" to discuss the evacuation and flooding of its facility in Michigan. More in www.cnbc.com »
Island nations facing a 'perfect storm' as the coronavirus intersects with hurricane season
Added: 12.06.2020 7:57 | 17 views | 0 commentsAs well as being threatened by a global recession, extreme weather and the ongoing health crisis, many island economies have been hit hard by plummeting international tourism amid the pandemic.
Biden signs $1.9T relief bill before speech to nation
Biden signs $1.9T relief bill before speech to nationAdded: 11.03.2021 20:35 | 19 views | 0 commentsSource: www.tovima.grThe signing came hours before Biden delivers his first prime-time address since taking office Marking a year of loss and disruption, President Joe Biden on Thursday signed into law the $1.9 trillion relief package that he said will help the U.S. defeat the coronavirus and nurse the economy back to health. The signing came hours before Biden delivers his first prime-time address since taking office. He’s aiming to steer the nation toward a hungered-for sentiment — hope — as he marks one year since the onset of the pandemic that has killed more than 529,000 Americans. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval... More in article.wn.com » Economy Tags: President
Russia 'Better Prepared' Than NATO for Large-Scale War, Swedish Military Report Concludes
Added: 12.03.2021 7:04 | 19 views | 0 commentsDespite NATO's elevated military spending and its positioning of troops further eastward and closer to Russia, Russia still has the edge in the event of a major conflict, the Swedish Defence Research Agency concluded after running simulations.
China to begin trial of two Canadians for alleged espionage soon, state media reports
Added: 12.03.2021 5:25 | 19 views | 0 commentsBeijing (CNN)Two Canadian citizens charged with espionage in China could go on trial "soon," according to the state-run Global Times newspaper. Michael Kovrig and Michael Spavor have been detained since December 2018 and were charged in June last year with spying. In an article published late Thursday, the Global Times said that their cases had previously been delayed due to the coronavirus pandemic but were now proceeding.
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger Target
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger TargetAdded: 12.03.2021 3:06 | 16 views | 0 commentsSource: www.upi.comWhile the past year has been financially and emotionally crippling for millions of Americans, the nation's tech giants have not only survived, but thrived. This week marks the unhappy one-year anniversary of when the weight of the coronavirus pandemic seemed to really hit the U.S., when Tom Hanks and Rita Wilson both announced they'd tested positive for COVID-19 and the NBA halted its season - two major indicators life was about to go sideways. At the same time, the stock market was tanking, with the Dow absorbing its biggest single-day percentage decline since the "Black Monday" crash of 1987; the tech-heavy Nasdaq was beat up nearly as bad, dropping more than... More in article.wn.com » Tom Hanks Tags: NBA
China wraps up annual session, paves way for Xi's third term
Added: 12.03.2021 2:13 | 17 views | 0 commentsChina wrapped up this year's annual session of the country's parliament after paving the way for a controversial third term for President Xi Jinping, with its neighbor Japan increasingly on guard against the Asian power's ambition. In a bid to cement the authority of the Communist Party, the National People's Congress on Thursday adopted a resolution to alter Hong Kong's electoral system so that the mainland can exclude pro-democracy activists from the political arena in the territory. Also at the parliament, the Chinese government pledged to take measures to surpass the United States as the world's biggest economy by 2035, highlighting Xi's eagerness to remain in power at least for the next...
Emmanuel Macron leading EU against Biden as bloc poised to snub US in China row
Emmanuel Macron leading EU against Biden as bloc poised to snub US in China rowAdded: 13.12.2021 8:45 | 34 views | 0 commentsEMMANUEL MACRON is leading the EU towards a diplomatic row with the US over the boycotting of the Winter Olympics in China.
London gym owner defies lockdown to remain open and says: ‘I would rather go to jail for a night than shut now’
London gym owner defies lockdown to remain open and says: ‘I would rather go to jail for a night than shut now’Added: 12.11.2020 11:35 | 19 views | 0 commentsA London gym owner who is defying lockdown laws to remain open has said: "I would rather go to jail for a night than shut now.”
Loss of Greenland Ice Sheet Reached a Record Last Year
Added: 20.08.2020 16:01 | 16 views | 0 commentsThe ice loss in 2019 was more than twice the annual average since 2003, scientists said.
Farmed seafood supply at risk if we don’t act on climate change
Farmed seafood supply at risk if we don’t act on climate changeAdded: 13.12.2021 16:16 | 28 views | 0 commentsSource: aminoapps.comThe supply of farmed seafood such as salmon and mussels are projected to drop 16 per cent globally by 2090 if no action is taken to mitigate climate change, according to a new study. Ocean-farmed seafood or mariculture is often seen as a panacea to the problems of depleted stocks of wild fish and growing human demand, and is expected to grow substantially in the coming years. But the new modelling study highlights the industry is as vulnerable to the effects of climate change as any other. If we continue to burn fossil fuels at our current rate, the amount of seafood such as fish or mussels able to be farmed sustainably will increase by only eight per cent by 2050, and decline by 16 per cent by 2090. More in www.sciencedaily.com » Dell, Climate change, Fuel Tags: Stocks
Amazon warehouse hit by tornado, 6 confirmed dead, report says
Amazon warehouse hit by tornado, 6 confirmed dead, report saysAdded: 13.12.2021 19:33 | 20 views | 0 commentsA warehouse near St. Louis reportedly suffers a direct hit that brings down a wall the size of a football field.
PS5 restock tracker: Walmart has consoles today, PlayStation Direct tomorrow
Added: 13.12.2021 18:46 | 16 views | 0 commentsThere are at least two PS5 restocks planned for this week, here's how to get in on one.
Luxe Pack New York 2021 postponed to October 27th and 28th
Luxe Pack New York 2021 postponed to October 27th and 28thAdded: 07.12.2021 20:17 | 21 views | 0 commentsSource: www.vanityfair.comDue to the continual COVID-19 limitations mandated in New York City for large industry gatherings, Luxe Pack New York will be postponed to October 27th - 28th. “The good news is that large venues and arenas have reopened, and we remain optimistic that the additional time will allow for ultimate progression for the safest trade show setting. Our main objective is to provide the industry with the optimal scenario for fostering successful packaging collaborations unlike ever before,” said the... - / , More in www.premiumbeautynews.com » New York Tags: New York City
UKinbound again asks for emergency financial support for sector
UKinbound again asks for emergency financial support for sectorAdded: 13.12.2021 10:41 | 24 views | 0 commentsUKinbound and 67 business leaders from the tourism industry have written to the prime minister, Boris Johnson, to ask for emergency financial support in light of the Omicron travel restrictions.
Christmas decoration safety is top concern for Americans this holiday season
Christmas decoration safety is top concern for Americans this holiday seasonAdded: 13.12.2021 20:56 | 6 views | 0 commentsA new study revealed the safety hazards that people look to avoid when decorating their houses.
Parents Fed Up w/Dem Covid Policies Aimed At Kids
Parents Fed Up w/Dem Covid Policies Aimed At KidsAdded: 13.12.2021 19:12 | 17 views | 0 commentsFor adults, life is closer to pre-pandemic normalcy. But for kids, school disruptions and restrictions continue.
California to propose reforms to rooftop solar policy
Added: 13.12.2021 21:16 | 8 views | 0 commentsCalifornia is expected to propose changes this week to a state policy that allows owners of private homes with solar panels to sell their excess energy into the electric grid at or near the retail rate.
US cities are breaking all-time homicide records this year
US cities are breaking all-time homicide records this yearAdded: 13.12.2021 21:16 | 7 views | 0 commentsSource: www.briggsfreeman.comOne of the fastest-growing cities in the country, the capital of Texas is nearing the end of its deadliest year on record in 2021 as cities nationwide are experiencing a rise in homicides and gun violence incidents that began last year when the pandemic tightened its grip on the US. More in www.cnn.com » Tags: Texas
USC student struck and killed by suspected street racer
Added: 13.12.2021 20:31 | 8 views | 0 commentsA University of Southern California student was struck and killed over the weekend by a driver believed to be taking part in a street race, police said Monday.
Pay more than we receive! 'Absent' EU blasted as French MEP points to UK vaccine success
Pay more than we receive! 'Absent' EU blasted as French MEP points to UK vaccine successAdded: 13.12.2021 17:56 | 20 views | 0 commentsA FRENCH MEP has blasted the European Union, claiming the work it does is not worth the money France pays in, saying: "France pays much more money than it receives".
Miami faculty upset at Mario Cristobal contract after pay cuts
Members of Miami's faculty are reportedly upset after seeing the university sign new football coach Mario Cristobal to an $80 million contract after a year of pandemic cuts, according to the Miami Herald. Besides forcing faculty to teach in person, the university has slashed more than $100 million in its matching contributions to faculty retirement plans and forced staff to accept compensation cuts. But several faculty members tell the Miami Herald that they believe the cuts helped bankroll spending on athletics and construction projects. Miami, which is a private, non-profit university with 19,096 full-time undergraduate and graduate students, hired Oregon coach Cristobal last week after dismissing Manny Diaz. On top of the reported 10-year, $80 million contract, Miami reportedly had to pay Oregon $9 million to buy out Cristobal's contract along with $4 million to Diaz.
She Left College to Start a Billion-Dollar Company. Now, She's Building a $1 Million School for Female Founders
gushes Kendra Scott over the sound of a cheering roomful of college-age women. A disincentive to explore business education, Scott argues, is one of the roots of women's under-representation in the entrepreneurial elite. It's both a lofty goal and a utilitarian one, and it's something Scott says she's sought to address in her company as well. Because Kendra Scott is such a female-dominated firm, "we are creating a kind of utopia," she says. But perhaps the biggest priority for Scott, now that the Kendra Scott Women's Entrepreneurial Leadership Institute has a proper semester under its belt, is figuring out how to grow it.
How Sustainable Companies Keep Their Cred After They Go Public
This language was eventually changed to "sustainable principles and objectives framework," or SPO framework, before the company went public. A July 2020 amendment to Delaware law made it easier for companies to adopt a public benefit corporation model, she adds, which helps to explain the sudden increase in IPOs. But with the rise of the benefit corporation, sustainability no longer had to take a back seat to profits or dividends. Make sustainability part of your financial structureEnsign-Barstow encourages companies to adopt a B Corporation status, or a public benefit corporation status. It's not impossible for companies to adopt benefit corporation status when they're already public, but it is easier to do so pre-IPO, to circumvent shareholder involvement.
How to Automate Your Hiring Process Without Missing Good Candidates
And a combination of software from HR tech companies Greenhouse and Lever can typically get the job done for around $150 to $300 per person hired. "It's been vital to helping us scale with a pretty lean team," Dowling says. Still, it's not quite as easy as pushing a button and waiting for the perfect hire to walk in the door. Whether you plan on hiring continuously or only a few candidates, Dowling strongly suggests negotiating with your ATS provider on terms. Dowling admits that's one of the primary reasons she has put off doing it herself.
Upside Foods Sues an Ex-Employee Over Secret Lab-Grown Meat Tech
In May the company—whose investors include Softbank, Tyson Foods, Whole Foods, and Bill Gates—rebranded from its former name, Memphis Meats. Upside Foods confirmed that Genovese’s day-to-day involvement with Upside finished in April. We are not able to comment further given the confidentiality of personnel issues,” says Jaci Kassmeier, Upside Foods’ vice president of people. After Genovese’s departure, Blue Sky began to fall apart. After Genovese’s departure, Blue Sky began to fall apart.
Funniest Tweets About Peloton's Sex and the City PR Crisis
But either way, Twitter thinks the Peloton crisis PR team clearly deserve all kinds of awards:This content is imported from Twitter. 11/10 for the speediness of Peloton’s response ? https://t.co/ilg9qnEj2N — Ali Finnegan PR (@alifinnegan4) December 13, 2021This content is imported from Twitter. Peloton’s PR team after watching And Just Like That pic.twitter.com/4jN6eY55Ic — Cathy Torres (@theRealCTorres) December 13, 2021This content is imported from Twitter. lol nice job Peloton PR https://t.co/CnhJRuW97t — Willy Chu (@willychu) December 13, 2021This content is imported from Twitter. The devil works hard but Peloton’s PR team works harder — Rachel (@rachel_parker) December 13, 2021This content is imported from Twitter.
Why Is Wall Street So Chill About Omicron?
Photo: Richard Drew/AP/ShutterstockThe arrival of Omicron in the U.S. looks likely to complicate the country’s exit from a seemingly endless pandemic. Ben: The U.S. is already dealing with about 120,000 COVID infections a day and is now facing a new wave of the Omicron variant. At the end of the day, Wall Street is betting more money than not that COVID is essentially over. There’s also a fatalistic streak in Wall Street’s outlook on Omicron. What’s optimistic about the Wall Street outlook is not that everyone will be happy and healthy.
Joe Manchin Might Finally Be a Force For Good
Democrats are treating this, and the political press is reporting it, as a setback for their efforts. The pushback against Biden’s plan by centrist Democrats reveals the limits of the party’s appetite to tax the wealthy. (Even inflation hawks like Larry Summers say the bill won’t have a detectable impact on prices.) Worse, they will have a stronger incentive to boycott Biden’s childcare and pre-k programs than they did to boycott Obamacare. Manchin, of course, created many of the Democrats’ problems by opposing the tax increases they needed to fund the bill.
James Brown Estate Sold for a Reported $90 Million
The sale is the latest development in settling 15 years of dispute over Brown’s estate. Still, Adele Pope, a former executor of Brown’s will, has an ongoing lawsuit against Brown’s estate. And Russell Bauknight, the fiduciary for the James Brown Estate and Trust, filed another against Pope. “The James Brown Estate and related Trust are very proud and excited to work with Larry Mestel and Primary Wave,” Bauknight said in a statement. The major publishing companies are active, too, with Paul Simon selling his catalog to Sony Music Publishing, and Bob Dylan selling to Universal Music Publishing for over $300 million.
What's in Biden's electric vehicle strategy? 500,000 new charging stations and more
The Biden administration released a federal strategy Monday to go from 100,000 charging stations for electric vehicles across the country to 500,000 and to bring down the cost of electric cars. Biden’s $2 trillion social and environmental policy bill, now pending in the Senate, includes a $7,500 tax credit to lower the cost of electric vehicles. Electric vehicle savings: How you can save $10,000 on electric vehicles with tax credits, discounts and good timingThe Biden administration wants “to make electric vehicles accessible for everyone,'' Harris said. Another key component of the electric vehicle strategy is to increase domestic manufacturing of EV batteries and components. Even at 2 million, EV sales still would be only about 12% of U.S. new vehicle sales.
Opinion : President Biden’s pen is not enough to fight climate change. Congress must act.
But there are limits to what Mr. Biden can promise with his pen alone. Some 17 million cars, trucks and SUVs are sold in the United States every year, dwarfing the federal fleet. It might be harder than expected to replace all the federal government’s vehicles with cleaner ones or to rebuild special-purpose buildings. Even then, Congress will have to allocate money over the course of decades to see through the transition Mr. Biden has mapped out. President Donald Trump canceled a similar executive order that President Barack Obama issued.
Morgan Stanley CEO James Gorman: It always surprises me how little the market prices in the reality around rates
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley CEO James Gorman: It always surprises me how little the market prices in the reality around ratesMorgan Stanley CEO James P. Gorman joins 'Closing Bell' to discuss the state of the markets and whether the Federal Reserve will have to play catch up to tamp down inflation.
Watch CNBC's full interview with Morgan Stanley CEO James Gorman
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Morgan Stanley CEO James GormanMorgan Stanley CEO James P. Gorman joins 'Closing Bell' discuss the state of the markets and whether the Federal Reserve will have to play catch up to tamp down inflation.
Retirees in search of income and some inflation protection may want to consider real estate investment trusts
MBPROJEKT_Maciej_Bledowski | iStock | Getty ImagesFor retirees searching for investment income and protection from inflation, one solution may be real estate investment trusts. REITs, as they're called, are companies that own and/or operate properties like office buildings, shopping malls, apartment complexes and warehouses. Due to their legal structure, REITs are required to pay out 90% of their taxable income to shareholders in the form of dividends. The average dividend yield on REITs is in the neighborhood of 3%, according to October data from industry group NAREIT. "You can't think about a real estate company as being similar to every other one," Brown said.
Electric startups Lucid Air and Rivian are snapping up all the awards this year
The new Rivian R1T battery-electric pickup landed one of the auto industry’s most prestigious awards Monday, with Motor Trend magazine naming it Truck of the Year. But the R1T’s win comes barely a month after the influential magazine handed the trophy for Car of the Year to another EV startup, Lucid, and its new Air sedan. 2022 Car of the Year finalist, Lucid Air, takes the stage at the 2021 L.A. Auto Show on Nov. 17, 2021. So far, Rivian and Lucid have delivered only a handful of retail vehicles. The added range, performance and features offered by products like the Lucid Air and Rivian R1T should help, analysts suggest.
Microsoft Stock Flashes New Buy Opportunity; Is This Mega Cap Worth Adding To Your Portfolio?
Microsoft stock has created a new buying opportunity for investors which is why it's this week's pick for the IBD 50 stock to watch. But the market's recent downturn brought many stocks lower, including Microsoft as shares retreated to the 5% buy zone. The stock market is currently exhibiting an unusual configuration where most stocks aren't performing well. Microsoft Stock: Cloud-Computing, Metaverse PlayDespite the stock market's current uncertainty, Microsoft stock shows longer term prospects for growth. Late Oct. 26, Microsoft delivered strong earnings for its fiscal first quarter which caused the stock to rise 4.2%.
Ralph Lauren Is Ready For Next Year, Says Cowen. Why That Makes It a Buy.
Ralph Lauren has prepared itself for growth this holiday season and beyond, analysts at Cowen said in a note on Monday. Like other retailers that have supported their digital sales channels alongside their bricks-and mortar operations, Ralph Lauren remains focused on digital growth, Kernan wrote. “It’s possible Ralph Lauren could increase its marketing investments to nearly 7% to 8% of sales,” Kernan said in an email. But Ralph Lauren has some other plans up its sleeve. While Cowen cautioned that competition from “younger, upstart brands” could pressure the stock in the future, Ralph Lauren could benefit from a few trends.
Dow Jones Falls 250 Points, But JPMorgan Upgrade Lifts Coca-Cola Stock; Tesla Dives Below Key Support Level
Coca-Cola (KO) was the standout performer in the Dow Jones industrials today, up 2.5%, helped by an upgrade from JPMorgan to overweight from neutral. Dow Jones TodayThe Dow Jones industrials were down 0.7%, while the S&P 500 lost 0.6%. Two real estate investment trusts, which have been seeing a lot of money flow lately, were among the top gainers in the S&P 500. Stock Market DirectionDespite gains for the stock indexes last week, market direction is still unclear. Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
CH Robinson Worldwide Stock Reaches 80-Plus RS Rating Benchmark
On Monday, CH Robinson Worldwide (CHRW) reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 81, up from 75 the day before. Try This Simple RoutineCH Robinson Worldwide stock broke out earlier, then fell back below the prior 104.45 entry from a consolidation. CH Robinson Worldwide stock earns the No. Why Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockEvaluate Any Stock With Stock Ratings, IBD Charts And Stock Checkup
Eli Lilly hikes quarterly dividend 15%
Eli Lilly & Co. LLY said Monday that its board hiked its dividend by 15%. The drug maker said the 98-cents-a-share dividend will be paid to shareholders of record as of Feb. 15 on March 10. Shares of Lilly rose 1.8% to $248.61 in late session trading, and are up 55% over the past 12 months, compared with a 25% rise in the S&P 500 index SPX.
Boeing, Home Depot share losses lead Dow's nearly 200-point fall
The Dow Jones Industrial Average is down Monday afternoon with shares of Boeing and Home Depot seeing the biggest drops for the blue-chip average. Shares of Boeing BA, -3.74% and Home Depot HD, -2.45% have contributed to the index's intraday decline, as the Dow DJIA, -0.89% was most recently trading 193 points (0.5%) lower. Boeing's shares have dropped $7.07, or 3.5%, while those of Home Depot have dropped $9.70, or 2.3%, combining for a roughly 111-point drag on the Dow. Other components contributing significantly to the decline include Dow Inc. DOW, -2.49% , American Express AXP, -2.20% , and Chevron CVX, -2.04% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
5 things to watch for when the Federal Reserve announces its policy decision Wednesday
The Fed is also expected to pencil in more rate hikes over the next three years. At the moment, markets are discounting about 2½ rate hikes next year. How these projections are revised “will lead to a lot of conclusions about whether or not, in the market’s mind-set, two [rate hikes] becomes three or three [rate hikes] becomes four.”Goodbye ‘transitory,’ hello…? Analysts now expect the Fed to boost the number of rate hikes up to a total of nine over the same period. Any change in the forward guidance about rate hikes?
Tesla slides into bear market territory as valuation falls below $1 trillion
Tesla Inc.’s valuation fell under $1 trillion on Monday, with a loss of more than 4% sending the stock flirting with bear market territory. Tesla shares TSLA, -4.98% were down 4.7%, bringing December losses to more than 14%, which is shaping up to be the stock’s worst monthly performance since March 2020.
Meta Platforms Pays $60 Million to Meta Financial for Rights to ‘Meta’ Name
The logo of Meta Platforms, the company formerly known as Facebook. Justin Sullivan/Getty ImagesMeta Platforms, the company formerly known as Facebook, spent $60 million to buy the naming rights to the word “Meta” held by the financial services company Meta Financial Group. In a filing with the Securities and Exchange Commission, Meta Financial (ticker: CASH) disclosed that it agreed to sell the Meta name and related names, including Metabank and Meta Financial Group, as well as all Meta-related domain names and social media accounts, to a company called Beige Key LLC.
Dow industrials, S&P 500 book worst day in about 2 weeks as omicron jitters resurface ahead of key Fed decision
The Dow Jones Industrials Average DJIA, -0.89% fell nearly 320 points, or 0.9%, to 35,651. The S&P 500 index SPX, -0.91% also closed down 0.9% to reach 4,668, falling below 4,700. The Fed concludes a meeting of its rate-setting committee on Wednesday. Consumer data published Friday showed consumer prices increased last month at the fastest annual rate since 1982, which is likely to embolden the Fed, with the rate of inflation well above its target 2% annual rate. Meanwhile, U.K. Prime Minister Boris Johnson warned of a tidal wave of omicron cases, re-igniting jitters about the global economic impact of the COVID pandemic in 2022 and beyond.
Treasury yields decline as investors await Fed meeting
Treasury yields declined Monday as investors awaited a meeting this week of Federal Reserve policy makers that’s expected to see the central bank speed up its wind-down of monthly asset purchases in the face of stubbornly high inflation. For the week, however, the yield bounced 14.5 basis points for its largest such rise since the week ended Feb. 19. All eyes are on the two-day meeting of the Fed’s policy-setting Federal Open Market Committee, or FOMC, that will conclude Wednesday. Fed Chairman Jerome Powell last month opened the door last month to speeding up the tapering process, while hot inflation data last week helped cement market expectations for such a move. Investors are also paying heed to the spread of the omicron variant of the coronavirus that causes COVID-19.
Eli Lilly hikes quarterly dividend 15%
Eli Lilly & Co. LLY, +1.85% said Monday that its board hiked its dividend by 15%. The drug maker said the 98-cents-a-share dividend will be paid to shareholders of record as of Feb. 15 on March 10. Shares of Lilly rose 1.8% to $248.61 in late session trading, and are up 55% over the past 12 months, compared with a 25% rise in the S&P 500 index SPX, -0.91% .
UPDATE 1-Canada has proposed aligning electric vehicle tax policy with U.S. to settle dispute -PM
(Adds comments by Trudeau, political details)OTTAWA, Dec 13 (Reuters) - Canada has proposed aligning its electric vehicle tax policy with that of the United States to settle a dispute over proposed U.S. credits for American-made vehicles, Prime Minister Justin Trudeau told reporters on Monday. Canada dramatically hardened its tone with Washington on Friday, threatening to slap tariffs on a range of American goods unless the matter was resolved. Trudeau said his government was working hard to ensure the United States understood the credit was bad for both nations, given the integrated nature of the continental auto industry. Months of lobbying have done little to dissuade U.S. legislators, who are considering a new $12,500 tax credit that would include $4,500 for union-made U.S. electric vehicles. Canada says this is equivalent to a 34% tariff on Canadian-assembled electric vehicles.
Which countries are best for crypto mining?
Bitcoin’s global hash rate was historically dominated by China until September 2021, when Chinese regulators issued a blanket ban on all crypto mining and transactions. During a recent podcast by the famous investor and crypto advocate Anthony Pompliano, the CEO of the Compass Mining – Whit Gibbs – confirmed the US was actively into mining Bitcoin. Kazakhstan is just behind the US in terms of its share of the global Bitcoin mining market, with 18.1% of all crypto mining. Story continues“I don’t believe that they’re mining Bitcoin to skirt sanctions,” he opined. Gibbs concluded that crypto mining had definitely become a massive global business, with its own economy made up of mining ‘rig’ suppliers, developers and the miners themselves.
GME, AMC, down as meme stocks stumble
GameStop (GME) and AMC (AMC) stocks slid on Monday closing down nearly 14% and 15%, respectively. The pressure on shares of both the video game retailer and cinema chain operator follow recent weekly declines for the flagship meme stocks favored by retail traders. AMC shares were trading as low as 16% during the afternoon session on Monday, adding to its loss on Friday of nearly 7%. Orders by retail customers on Fidelity shows AMC and GME as two of the top 10 trades, with more Buy than Sell orders. Meme stocks under pressure on MondayGameStop shares came under pressure, falling as much as 10% during one session after its quarterly results earlier this month.
Lucid Group stock rallies after Nasdaq Tech 100 inclusion
ReutersShares of Gamestop and AMC Entertainment tumbled to multi-month lows on Monday as some investors appeared to sour on the names that had produced eye-watering gains earlier in the year. Video game retailer GameStop was recently down about 11% at $141.74, briefly touching its lowest level since April, while movie theater operator AMC slumped 14% to $23.64, a level last seen in May. The sell-offs come amid declines in other buzzy assets, whose prices have in some cases been sliding for weeks as worries over a more hawkish Federal Reserve and a COVID-19 resurgence shake some corners of the market. Rallies in GameStop and AMC captivated Wall Street earlier in the year and put a spotlight on the retail investors that helped drive the moves, often coordinating in forums such as Reddit's WallStreetBets.
'Misery Index' at recession-like level despite high growth: Oxford Economics
“The misery index after dropping for several months never fell to levels consistent with past expansions,” Schwartz wrote in the report. Rising inflation is clearly the main culprit in this year’s high misery index. Higher prices have eaten away at wages, wiping out much of the gains associated with increased worker compensation resulting from labor shortages. “From the macro lens, households are responding more to the upbeat job market than to the downbeat sentiment readings or the spike in the misery index. McDonald’s (MCD) similarly noted that higher prices “have been pretty well received by customers.” Economists have observed that companies’ feel emboldened by consumers’ apparent willingness to pay higher prices.
10-year fixed student loan refinance rates drop as 5-year variable rates edge up
Rates for well-qualified borrowers using the Credible marketplace to refinance student loans fell for 10-year fixed-rate loans and rose for 5-year variable-rate loans. Student loan refinancing weekly rate trendsIf you're curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Current student loan refinancing rates by FICO scoreTo provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Jan. 31, 2022. As long as that relief is in place, there’s little incentive to refinance federal student loans. A student loan refinancing calculator can help you estimate how much you might save.
Ares Jumps Into Private Credit With $8 Billion Fund
Low interest rates and low yields are tempting new players into the arena. Alternative investment manager Ares Management ARES has raised $8 billion for a fund making direct loans to small and midsize U.S. businesses as it looks to boost market share in the hot private-credit market. The new Ares fund raised almost twice its initial target of $4.5 billion and nearly three times the amount the company got for the direct-lending fund it launched in 2018, the Wall Street Journal reports. “More than anything, it’s about low interest rates,” Kipp deVeer, head of Ares Credit Group, told the Journal. Separately, HPS Investment Partners, a private company, closed a nearly $12 billion direct-lending fund in September, according to the Journal.
Infineon, Other Chip Stocks Cited by Cowen on EV Growth
It sees 'accelerating content growth opportunity for power semiconductors in the drivetrains of tomorrow's electric vehicles.' Cowen has put together a basket of semiconductor stocks that it sees benefiting from the explosive growth in electric vehicle production. “We anticipate a tipping point in EV adoption, driven by increased consumer awareness, improving economics, and government/regulatory support.”That will drive “material power semiconductors growth throughout this decade-plus trend,” he said. He has a price target $265 for NXPI, up 19% from the recent level of $223.61. The price target is $65 for ON, up 3% from the recent level of $63.12.
Op-Ed: Why a union victory at a single Starbucks is a good sign for the labor movement
Last week’s union victory at a single Starbucks in Buffalo, N.Y., may seem small, but it has huge symbolic importance. The tiny acorn of a union victory in Buffalo could soon become a fast-growing oak in which workers across America’s service sector move toward union membership. That, of course, is the age group of Starbucks workers. The union victory in Buffalo came despite Starbucks’ fierce anti-union efforts, showing how far some corporations will go to keep out unions. But the union victory in Buffalo could help overcome that hesitancy.
Thousands in Oregon face eviction as lawmakers scramble
Due to the immense backlog of rental assistance applications, Gov. Following the expiration of the federal eviction moratorium, other states have implemented similar eviction limitations. In Connecticut and Virginia, a landlord must file for federal rental assistance before removing a tenant. From 1,000 to 3,000 new rental assistance applications are submitted each week. Of the $289 million of federal rental assistance funds in Oregon, $119 million has yet to reach renters.
Lunken Airport Terminal redevelopment with hotel, restaurant and event space headed to City Council for final approval
Plans for a new hotel, bar and restaurant at Cincinnati's historic Lunken Airport Terminal took a step closer to reality Monday when the city's budget and finance committee approved a long-term lease and tax incentives for the developer. The developer, vR Group, disclosed plans earlier this year to redevelop the site at 262 Wilmer Ave. in the East End. The developer also led the remake of Hotel Covington and its restaurant Coppin's before deciding to expand to the Ohio side of the river. On Dec. 3, the Cincinnati Planning Commission approved vR's plans to renovate the building, including a 55-room hotel, bar, restaurant, and event space totaling 71,500 square feet of commercial space. The estimated $20 million project will be presented to Cincinnati City Council for final approval on Wednesday.
One pedestrian dead, another injured after being struck by vehicle on Columbus' South Side
One pedestrian is dead and another is injured after being struck by a vehicle Sunday on the city's South Side. The crash happened just after 6 p.m. Sunday near the corner of South High Street and Rumsey Road, according to a crash report filed with the Ohio Department of Public Safety. Christopher Ray Cook, 48, of Clarksburg, Ross County, was walking north along South High Street with his dog. Billie Jo Slark, 43, of Columbus, was also walking in the same direction at that time, police reported. Nicholas Manos, 35, of the South Side, was driving his 2014 Nissan Cube northbound on South High Street when he struck Cook and Slark while they were crossing the street, according to the police report.
Greater Columbus groups offer help in Kentucky following deadly tornadoes
mtrombly@dispatch.com@MonroeTromblyHow to help Kentucky tornado victimsLooking for ways to help? Team Western Kentucky Tornado Relief Fund: Kentucky Gov. Kentucky Tornado Relief Fund: The University of Kentucky College of Medicine has established a GoFundMe page collecting donations at gofundme.com/f/ukcom-student-effort-for-tornado-relief-in-ky.Kentucky Volunteer Organizations Active in Disasters: Visit kentuckyvoad.org. Mercy Chefs: The nonprofit that serves meals following natural disasters has set up at His House Ministries, 1250 KY-303, Mayfield, Kentucky, and will distribute food over the next few days. Relevant Church: The church in Mayfield, Kentucky, is taking donations for a tornado relief fund at wearerelevant.churchcenter.com/giving/to/mayfield-tornado-relief.
Colorado reaches proposed settlement for 2015 mine spill
DENVER — A mining company has agreed to pay Colorado $1.6 million to resolve its liability for natural resource damage related to the 2015 Gold King Mine spill that fouled rivers in Colorado, New Mexico and Utah. The proposed consent decree with Sunnyside Gold Corp. follows Sunnyside settlements with New Mexico and the Navajo Nation earlier this year. Sunnyside operated a mine next to Gold King near Silverton that closed in 1991. A federal investigation found that bulkheads to plug that mine led to a buildup of water from Gold King containing heavy metals. Weiser, Dan Gibbs, executive director of the Colorado Department of Natural Resources, and Jill Hunsaker Ryan, executive director of state health department, will work with local governments and not-for-profit groups to determine how to allocate the money.
Iowa GOP leaders talk tax cuts as revenue growth continues
DES MOINES, Iowa (AP) — A trio of Iowa state budget experts predicted Monday that state revenue will increase by about 3% for the current fiscal year and 1.7% next year, leaving billions of dollars in unspent money that Republican leaders say should be returned to Iowans in the form of tax cuts. Iowa and many other states experienced a boost from federal COVID-19 aid, which fueled increased consumer spending through this year and is reflected in increased tax collections and more state revenue. The challenge is to determine what happens to state revenue when the impact of the federal funding wanes. It all means Iowa is likely to end the current year with an unspent balance of $1.3 billion. Kim Reynolds and lawmakers must use the Monday estimates to design a state budget.
Rishi Sunak told to abandon tax rises as omicron surges
Mr Sunak, the Chancellor, is to increase National Insurance contributions in April to raise £12bn a year and plans to put up corporation tax in 2023. Economists have warned the country now faces its highest tax burden since 1951. Lord Bilimoria said: "This is absolutely the wrong time to have the highest tax burden for 70 years. It is the worst possible time to have such a high tax burden. "More reason to cancel the coming National Insurance increase to limit the damage to incomes."
Aerial photos show Michael Jackson's Neverland restored to its 'children's fairytale' state
Clinton friend Burkle was a financial adviser to Michael Jackson after meeting him at an event for under-privileged children in the mid-2000s. Billionaire Ron Burkle purchased Michael Jackson's Neverland for $22 million in December last year - and exclusive DailyMail.com aerial photos show the work he put in to make it a fairytale land once more. Burkle was a financial adviser to Michael Jackson after meeting him at an event for under-privileged children in the mid-2000s. ‹ Slide me › AFTER- BEFORE: Billionaire Ron Burkle purchased Michael Jackson's Neverland Ranch for $22 million in December last year. Stunning DailyMail.com aerial photos show that he's restored it back into a fairytale 'children's paradise'.
Opinion | Finally, a Sort of Real Number for Donald Trump’s Entirely Subjective Worth
And yet the company has excited traders enough to boost its current market value to more than $2 billion. The second biggest name at TMTG is Devin Nunes, whom Trump just appointed as the company’s CEO. The ridicule that’s gushing down on Trump’s company from the tech and financial press is wholly warranted. Will TMTG end up a financial winner like Trump Tower, or a dud and an embarrassment like Trump Steaks? Changing users’ media habits with a new site can be formidable.
NLRB staffer charged with selling confidential docs to law firm consultant
The seal of the National Labor Relations Board (NLRB) is seen at their headquarters in Washington, D.C., U.S., May 14, 2021. Federal prosecutors in White Plains, New York, charged Anett Rodrigues, 53, with conspiracy to commit honest services wire fraud, honest services wire fraud and bribery. The complaint says Rodrigues improperly accessed more than 4,000 confidential board documents since 2017 at the request of the unidentified consultant. Rodrigues took pictures of the documents with her cell phone and sent them to the consultant, who then sold them to law firms and other clients, prosecutors said. As a field examiner for the NLRB, Rodrigues is responsible for investigating unfair labor practice complaints and overseeing union elections.
Consumers spending at ‘faster rate’ than Bank of America CEO has ever seen
The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter. “[Consumers are] earning more money, but now they are worried that these costs are going to go up faster than their wages,” he said. MediaNews Group via Getty ImagesNow, nearly two years into the pandemic, Moynihan said he’s feeling confident about where the economy stands. “The US consumer is spending money, a lot of money, spending at a faster rate than I have ever seen, and I’ve been tracking this data for 15 years,” he said. Moynihan says the increase in consumers spending on BofA’s network is happening mainly in entertainment, travel and restaurants.
New city education chief floats more elite schools with different admissions criteria
Banks told Pix 11 Monday that he will consider establishing new specialized high schools with reworked admissions criteria. “Our goal is not to dismantle specialized high schools,” Banks said. The mayor-elect has said he wants more specialized high schools. New Department of Education head David Banks has said he plans to reform the entrance examinations for specialized high schools. Briefly a school safety agent himself, Banks said school staffers view the unarmed officers as welcome members of the school community.
Kentucky tornado leveled restaurant owned by same family for 75 years
A Kentucky restaurant leveled in last week’s deadly tornadoes had belonged to three generations of the same family for 75 years, the heartbroken owner said Monday. “My grandparents started it,” Suzanne Flint told CNN as she stood in front of the rubble that had for decades been Carr’s Barn in Mayfield, ground zero for the devastation caused by Friday’s twisters. Wayne and Suzanne Flint said they are overwhelmed by the suffering around them, including among members of their own staff. Once he and his wife got to visit where their restaurant had been, the area “was like a war zone,” he told Fox Weather. “I couldn’t believe it.”Carr’s Barn has been owned by the same family for 75 years.
Feds launch probe into deadly Amazon warehouse collapse
OSHA announced Monday it has opened an investigation into the deadly collapse of an Amazon warehouse in tornado-ravaged Edwardsville, Ill., that killed at least six employees. “OSHA has six months to complete its investigation, issue citations and propose monetary penalties if violations of workplace safety and or health regulations are found. The deadly warehouse collapse killed at least six Amazon employees. FacebookThe victims were Etheria S. Hebb, 34, a delivery driver from St. Louis; Deandre S. Morrow, 28, of St. Louis, Mo. “Our thoughts and prayers are with the victims, their loved ones, and everyone impacted by the tornado,” an Amazon representative said.
Rivian's Amazon partnership can make it a leader in last mile delivery, says Deutsche Bank analyst
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian's Amazon partnership can make it a leader in last mile delivery, says Deutsche Bank analystEmmanuel Rosner, Deutsche Bank analyst, joins 'Power Lunch' to discuss his outlook and price target for Rivian.
Rivian R1T named MotorTrend's truck of the year
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian R1T named MotorTrend's truck of the yearPhil LeBeau reports Rivian R1T has been named as the MotorTrend truck of the year.
Goldman names Deere, GE and Lennar top 2022 picks — Traders weigh in
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman names Deere, GE and Lennar top 2022 picks — Traders weigh inGoldman Sachs is getting bullish on the industrial, agriculture and housing spaces in 2022, and named Lennar, Deere and GE as top stock plays. Ari Wald of Oppenheimer and Delano Saporu of New Street Advisors weigh in.
Oppenheimer sees a 13% S&P 500 gain next year on a resilient economy, strong earnings
Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2021 in New York City. Oppenheimer expects the stock market to pull off another strong year with double-digit returns on the back of the economic recovery from the pandemic.
Markets are strong because we're at peak inflation, says Hightower's Stephanie Link
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are strong because we're at peak inflation, says Hightower's Stephanie LinkStephanie Link, Hightower chief investment strategist, joins 'Power Lunch' to discuss what investors should be looking forward to in the markets with next week's Fed meeting.
More Americans see inflation as the biggest risk to their retirement plans
Inflation is not just a day-to-day worry for Americans. It is now also their top risk for retirement. A survey from Allianz Life Insurance Company of North America finds that 25% of Americans see rising inflation as the single greatest risk to their retirement plans. That's up from 8% who said they saw higher prices as a risk to their retirements in 2020. Much of that increase in the index, which tracks the prices of consumer goods and services, was driven by soaring food and energy prices.
Kevin O'Leary says one mistake cost this couple a six-figure 'Shark Tank' deal: I 'wouldn't have done it that way'
Sometimes, even a great business or product idea can't save you from the perils of inexperience. On Friday's episode of ABC's "Shark Tank," a husband-and-wife pair of business owners learned that lesson the hard way. The duo, Chris and Elisa Cirri, pitched their Wallingford, Connecticut-based start-up, called Santa's Enchanted Mailbox, on the holiday-themed episode. The couple sought an investment of $150,000 in exchange for a 30% stake in their business, but not a single Shark bit. Kevin O'Leary agreed, noting that he "wouldn't have done it that way."
OSHA is investigating deadly Amazon warehouse collapse after Illinois tornado
New York (CNN Business) The Occupational Safety and Health Administration has opened an investigation into the collapse of an Amazon warehouse in Illinois, after an EF-3 tornado caused major structural damage to the building Friday, a spokesman confirmed to CNN. At least six Amazon workers died at the warehouse building collapse. "I can confirm that OSHA has opened an investigation into the building collapse at the Amazon Warehouse in Edwardsville IL due to a tornado. OSHA, which investigates all workplace fatalities and catastrophes, "has six months to complete its investigation, issue citations and propose monetary penalties if violations of workplace safety and or health regulations are found," Allen added. Amazon AMZN A spokesperson forsaid in an email Monday that the company is supporting OSHA's effort.
Vox Media is nearing an acquisition of Group Nine Media
New York (CNN Business) Vox Media, owner of Vox, The Verge, New York magazine and other digital media sites, is nearing a deal to acquire Group Nine Media, CEO Jim Bankoff told his company's staff Monday. Group Nine formed in 2016 as a merger of NowThis, The Dodo, Thrillist and Seeker. In October 2019, the company acquired women-focused digital media brand PopSugar. The month prior to that deal, Vox had acquired New York Media , which includes that company's namesake print magazine along with websites The Cut, Vulture and more. The Wall Street Journal was first to report the acquisition talks, and Bankoff referred to its article in his memo, saying it had sped up the timing of the announcement.
UPS Pays $1 Million To Settle Wage Theft Allegations Over Charitable Deductions
UPS workers in New York will receive more than $1 million from UPS after alleging the company illegally redirected money from their paychecks to a charitable campaign. The wage theft lawsuit revolves around the shipping company’s annual fundraiser for the United Way. The United Way will keep the money that UPS donated. UPS workers around the country chipped in more than $54 million in 2019, according to a UPS Foundation report. AdvertisementIn their lawsuit, the workers faulted the way UPS allegedly incentivized managers to hit contribution targets at their facilities.
IBD Live Q&A And Two Key Stock Lists For Dec. 13, 2021
IBD being the efficient organization it is terminated my IBD Live! The screen for finding stocks "IBD Article Last 2 Years" is not working. I also am not recieveing daily emails about IBD Live anymore. Scott should be man of the year ? hahaha, THAT would be the topED - Good market wrap on Friday. live answeredwho do i call if i am not reciving IBD Live email alerts?
Ex-NFL player Bellamy gets 3 years for COVID relief fraud
TAMPA, Fla. (AP) — Former NFL player Josh Bellamy has been sentenced to three years and one month in federal prison for fraudulently obtaining over $1.2 million in COVID-19 relief funds. Bellamy, 32, of St. Petersburg, Florida, was sentenced Friday in Tampa federal court, according to court records. He pleaded guilty in June to conspiracy to commit wire fraud. According to court documents, Yashica Bain, 38, of Miramar, previously pleaded guilty to conspiracy to commit wire fraud. She was also ordered to pay restitutionStote was charged in June 2020 with wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud.
IBD Screen Of The Day: Mutual Fund Buys Target These Stocks Near Buy Points
In today's IBD Screen of the Day, we look at some of the stocks that are near buy points and have shown increasing fund ownership. The company has been growing steadily and holds a three-year EPS growth rate of 19%. Allegro MicroSystems boasted record sales and profit in its most recent Q2 earnings report. Fundamentals have been strong for BHP; it has a three-year EPS growth rate of 19% and an IBD EPS Rating of 98. If You Want To Find Winning Stocks, Better Know ItIBD Live: Learn And Analyze Growth Stocks With The Pros
U.S. oil futures finish with a modest loss
Oil futures declined on Monday, with U.S. benchmark prices posting a modest loss as traders continued to monitor the impact of the omicron variant of the coronavirus on global economic activity, and demand for energy. The U.S. Federal Reserve is also scheduled to make an announcement on monetary policy on Wednesday. "If the Fed gets too aggressive, it can slow the economy, but I think those fears are a bit overplayed," said Phil Flynn, senior market analyst at The Price Futures Group. For now, it's likely more of a "worry trade" for oil because of weakness in stocks, he said. January West Texas Intermediate crude CLF22, -0.39% fell 38 cents, or 0.5%, to settle at $71.29 a barrel on the New York Mercantile Exchange, following a climb of 1% on Friday.
Fed Meeting: Stock Market Ready For Faster Taper — But Not This
Stock market and bond market investors have already built a whole lot of hawkishness into their monetary policy outlooks. Still, there's some chance that the Fed could deliver an even more hawkish, negative surprise for the stock market. Yet as early evidence showed the omicron variant appears relatively mild, the stock market took off last week. The implication: Even though Fed asset purchases are often seen as fuel for higher stock prices, stock market investors aren't especially worried about a faster taper. The last time the Fed shrank its balance sheet amid interest-rate hikes, the stock market had a bear-market scare in late 2018.
Lennar Stock Earnings Due As November Housing Data Rolls In
Lennar stock and other housing names fell on Monday. Lennar EarningsEstimates: Wall Street expects Lennar earnings per share to jump 47% to $4.15. Lennar Stock, Homebuilding StocksLennar stock was down 2.8% to 113.65 in the stock market today. The National Association of Home Builders' December Housing Market Index is set for release on Wednesday. Lennar stock fell slightly the day after the report.
Delta Shares Lower After Plan to Invest in Virgin Atlantic, Aeromexico and LATAM
By Michael DabaieDelta Air Lines shares were 3.2% lower, at $36.95, outpacing losses in the transportation and logistics sector, after the airline company said it would make investments in Virgin Atlantic, Aeromexico and LATAM of about $1.2 billion. The airline said it is investing in Virgin Atlantic, Aeromexico and LATAM as each carrier emerges from restructuring or recapitalization. Upon completion of their respective processes, Delta is targeting a 20% equity stake in Aeromexico and a 10% equity stake in LATAM. Delta said it would maintain its 49% equity stake in Virgin Atlantic. Virgin Atlantic said Monday it is getting a 400 million pound, or $530.8 million, new investment from shareholders Virgin Group and Delta.
U.S. oil futures finish with a modest loss
Oil futures declined on Monday, with U.S. benchmark prices posting a modest loss as traders continued to monitor the impact of the omicron variant of the coronavirus on global economic activity, and demand for energy. The U.S. Federal Reserve is also scheduled to make an announcement on monetary policy on Wednesday. "If the Fed gets too aggressive, it can slow the economy, but I think those fears are a bit overplayed," said Phil Flynn, senior market analyst at The Price Futures Group. For now, it's likely more of a "worry trade" for oil because of weakness in stocks, he said. January West Texas Intermediate crude CLF22, -0.40% fell 38 cents, or 0.5%, to settle at $71.29 a barrel on the New York Mercantile Exchange, following a climb of 1% on Friday.
Oil prices end lower as traders monitor omicron spread, this week's Fed decision
Oil prices ended lower Monday, with traders monitoring the spread of the omicron variant of the coronavirus that causes COVID-19, and looking to this week’s Federal Reserve decision on monetary policy for clues on the economic outlook and energy demand. “Omicron so far does not look deadly, but there are still lingering concerns about potential oil demand destruction from it,” said Phil Flynn, senior market analyst at The Price Futures Group. February Brent crude BRN00, +0.17% BRNG22, +0.17% , the global benchmark, declined 76 cents, or 1%, to $74.39 a barrel on ICE Futures Europe. In addition to the impact of omicron, demand concerns are on the rise due to struggles of some emerging market economies and oil consumer nations, he said. For now, it is likely more of a “worry trade” for oil because of weakness in the U.S. stock market, he said.
Holy Cow! Colorado rancher bilked investors out of $5M in cattle ponzi scam
A Colorado rancher has been sentenced to nearly 3 ½ years in prison for bilking investors out of nearly $5 million in a cattle ponzi scheme straight out of the Wild West. Prosecutors say he began enlisting backers in 2008 through mailings targeting people with hunting licenses. But prosecutors say Sears never bought all the cattle he had promised investors he would, and ceased buying new stock at all after 2011, while continuing to raise money. Instead, he used the money to pay off tax debts he owed and to pay back earlier investors, according to court documents. In all, prosecutors say Sears raised around $7 million from dozens of investors and misappropriated nearly $5 million.
Milwaukee car thieves are crazy for Hyundais and Kias
The city of Milwaukee, Wisconsin, is another metro area dealing with rising crime rates, car theft in particular having become another epidemic. Thieves stole 4,254 vehicles in Milwaukee last 2020, a figure that was 29% up on the number of thefts in 2019. As various outlets have reported, from the beginning of this year until October 18, 8,432 car owners had their rides stolen, a supercharged boost of nearly 172%. The city's prior high was nearly 8,500 car thefts in 2006; this year is on pace to break 10,000 stolen cars. One report saying Hyundai thefts were up by 1,715%, Kia thefts up 3,183%, both brands making up two-thirds of total thefts.
Americans’ Wealth Is Getting More Concentrated in Stocks — and That Could Be a Big Problem
Stocks represent 24% of total household assets as of the end of September, according to a recent research note from Wells Fargo. The soaring level of stocks in portfolios may be a warning sign, according to Wells Fargo’s equity analysts. When the value of stocks rise, investors feel richer and are therefore more likely to go out and spend money, maybe on expensive holiday gifts or traveling. Humans are very emotional and are driven primarily by fear and greed, explains Sam Stovall, chief investment strategist at the investment research firm CFRA Research. A recent study from Charles Schwab found that 15% of U.S. stock market investors got their start in 2020.
Social Security Schedule: When You’ll Receive Payments For The Remainder of 2021
With the news surrounding new COLA increases to monthly social security benefit checks, the remaining payments for December can be a bit confusing. See: Social Security: How to Boost Your Benefit by $800Find: 10 Reasons You Should Claim Social Security EarlySocial Security recipients will see larger checks starting January 2022 as a result of a 5.9% increase from the new cost of living adjustment. Social Security Income payments will be paid on Dec. 30 for all those who are eligible. Users can apply for social security benefits online now through the mySocialSecurity function. Story continuesMore From GOBankingRatesThis article originally appeared on GOBankingRates.com: Social Security Schedule: When You’ll Receive Payments For The Remainder of 2021
Porch pirates plundering your parcels? You may already have the protection you need
Porch pirates plundering your parcels? However, credit card purchase protection is often considered “secondary coverage,” so it may only take effect after you've exhausted your home insurance. That can include items stolen from your car, your hotel room and, yes, your front porch. Keep in mind that any items you claim will need to be worth more than your deductible. Some policies also have higher limits for stolen items, so it pays to compare.
How to give crypto, NFTS, and stocks as a holiday gift
Bloomberg(Bloomberg) -- Bitcoin dropped below a closely watched price level as the slide in the largest cryptocurrency from its all-time high extended into a fifth week. Most Read from BloombergZero Taxes, Golf and Beach Houses Create a Crypto Island ParadiseChina Is Building the World’s Largest National Park SystemBoris Johnson’s Furious MPs Worry That His Next Misstep Could Be FatalThe digital asset dropped as much as 8.4% to $45,773 on Monday in New York trading. The decline pushed it below its averag
Amazon seller: AWS outage led to 'huge backups' for orders
Reuters(Reuters) -Chinese artificial intelligence start-up SenseTime Group postponed its $767 million Hong Kong initial public offering (IPO) on Monday after being placed on a U.S. investment blacklist. SenseTime said it remained committed to completing the offering and would publish a supplemental prospectus and an updated listing timetable. Reuters first reported earlier on Monday the company's plan to withdraw the offering and update its prospectus to include the potential impact of the U.S. investment ban, with the aim of relaunching the IPO process. However, instead of setting its listing price on Friday, as scheduled, it found itself in urgent talks with the Hong Kong Stock Exchange and its lawyers over the future of the deal amid reports about the looming blacklist.
Potlatch Is Closing in on a Test of Their April/May Highs
We recommended the long side of PCH on May 12, writing that "traders could go long PCH risking to $56. The $110 area is our longer-term price target after our $78 target." In this daily Point and Figure chart of PCH, below, we can see an upside price target of $75. Here the software projects a $125 price target. $75 is our first price target.
5 Top Stock Decliners for Monday Amid Meme-Stock Slump
Stocks fell Monday as investors turned wary ahead of a crucial Federal Reserve update later this week. Investors turned away from higher-risk propositions, dragging down the meme stock sensation. AMC Entertainment AMC | Down 15%Shares of AMC Entrainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report also fell in Friday's meme-stock slump. Tesla TSLA | Down 6.1%Shares of electric-vehicle giant Tesla (TSLA) - Get Tesla Inc Report dropped after Elon Musk was named Time magazine's "Person of The Year." Dollar Tree DLTR | Down 0.7%Shares of Dollar Tree (DLTR) - Get Dollar Tree, Inc. Report edged lower after activist investor Mantle Ridge announced efforts to try to replace the Dollar Tree board.
DocuSign is Only the Latest Case of Profitless Investing
Paul Price advises against playing with high-flying names with no history of profitability. Paul Price/Eric Reed/12092021One of the quirks of Wall Street is the (temporary) success of companies that don’t make any money. These companies are good at generating attention and users, but not great at generating profit. “What is the stock market's equivalent to playing with fire?” Paul Price asked recently on Real Money. Price notes that “market darling DocuSign Inc. (DOCU) - Get DocuSign, Inc. Report benefited from being a ‘stay at home’ play during the Covid-19 lockdowns.
Amazon Named Cowen's Top Megacap Stock Pick for 2022
'We forecast Amazon's e-commerce revenue to accelerate starting in the second quarter of 2022,' said Cowen analyst John Blackledge. Cowen has named Amazon (AMZN) - Get Amazon.com, Inc. Report its top megacap stock pick for 2022, based on the retail/technology giant’s strong fundamentals. “We forecast AMZN's e-commerce revenue to accelerate starting in the second quarter of 2022, as it starts to lap easing comparisons,” Cowen analyst John Blackledge wrote in a commentary. Amazon stock recently traded around $3,406, down 1.1%. “Amazon remains well positioned to prosper from the secular shift toward e-commerce and the public cloud over the next decade.
Dow Lower as Investors Focus on Upcoming Fed Decision, Omicron Spread
Stocks are lower ahead of a crucial Federal Open Market Committee meeting this week and worries about the spread of the Omicron variant. Stocks were trading lower Monday as investors contemplated an upcoming Federal Reserve decision on tapering and the rise in Covid omicron infections around Europe. Stocks reversed premarket gains following a U.K. report of the first patient to die from an infection of the Covid omicron variant, which was first identified in the U.K. on Nov. 27. The U.S. Federal Reserve's Federal Open Market Committee is widely expected to accelerate the tapering of its monthly bond purchases when it concludes its two-day policy meeting Wednesday. Pfizer (PFE) - Get Pfizer Inc. Report shares rose 4.3% after it said it would buy San Diego-based biotech Arena Pharmaceuticals (ARNA) - Get Arena Pharmaceuticals, Inc. Report for around $6.7 billion in cash.
Canada proposes deal to align electric vehicle credits with U.S.
Brian PlattBloombergPrime Minister Justin Trudeau says Canada has put forward “a number of solutions” for resolving its complaint over a proposed U.S. tax incentive on electric vehicles made only by unionized American workers. Canada has slammed the tax credit as a violation of the North American trade pact between Canada, the U.S. and Mexico, saying it amounts to unraveling five decades of integration in the auto sector. On Friday, Canada sent a letter to U.S. Senate leaders threatening to levy targeted tariffs on U.S. goods and take other retaliatory measures under the USMCA trade deal if its concerns aren’t addressed. The proposed tax incentive is a part of the $1.75 trillion Build Back Better Act currently before the U.S. Senate. But cars made in the U.S. by union-represented workers would be allowed an additional $4,500 in credits under that bill, to the consternation of Mexico and Canada.
Movandi Outlines Five Key Megatrends for 5G mmWave in 2022 and Beyond
Although it might not appear so at first glance, Wi-Fi and mmWave systems are complementary, and there are big benefits when they are. Wi-Fi is ubiquitous, with an installed base of at least 22 billion devices 1, all of which are ultimately connected to Ethernet infrastructure. But Wi-Fi networks must support a large number of distributed access points and the fiber backbone connectivity can be expensive. Together, this hybrid “WiFive” approach brings the unique characteristics and massive available bandwidth of millimeter-wave frequencies together with the huge installed base of Wi-Fi devices to allow gigabit speeds and lower latency to be achieved at very low cost. In addition, new managed service providers will emerge with a WiFive Network as a Service model designing, implementing, and operating these hybrid networks.
Bank of England opens the door to bigger mortgages
The Bank of England is to consider relaxing mortgage affordability tests in a move that will stoke fears over a further surge in house prices. Threadneedle Street will launch a consultation on reforming lending rules early next year, potentially allowing thousands of borrowers to take out bigger loans. The rules limit the number of mortgages that banks can lend at high loan-to-income ratios and introduce affordability checks, stopping households building up too much debt. The Bank estimates that one in 20 borrowers took out smaller mortgages than they would have been able to because of the affordability test, amounting to about 30,000 households a year. The plans for a weakening of lending rules were first revealed by The Telegraph last week.
South Africa’s omicron Covid outbreaks may already be running out of steam
Omicron outbreaks in South African hotspots may be running out of steam less than three weeks after the new variant was identified, data suggests. Louis Rossouw, of the Covid-19 Actuaries Response Group in South Africa, said that although the country had surpassed the peak of previous waves some areas were beginning to see a lull. "In Gauteng, cases are still levelling off. Tshwane cases are relatively flat, with a slight increase in the most recent days." Statisticians in South Africa have also noted that the case fatality rate – the percentage of people who go on to die from an infection – has fallen considerably since the arrival of omicron.
Senior Living: Watch your holiday credit spending
Share this Story: Senior Living: Watch your holiday credit spendingSenior Living: Watch your holiday credit spending It's easy to go overboard when you're filled with festive cheer -- but make sure you don't pay the price later. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content An Equifax Canada survey suggests 64 per cent of Canadians checked their credit reports in the past year. Try refreshing your browser, or Senior Living: Watch your holiday credit spending Back to video “While there are still a lot of worried people, it’s encouraging that consumers are taking the time to better understand their relationship with credit,” said Julie Kuzmic, Equifax Canada’s senior compliance officer for consumer advocacy. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Only 8.5 million of the two billion trees Trudeau promised have been planted
Share this Story: Only 8.5 million of the two billion trees Trudeau promised have been plantedOnly 8.5 million of the two billion trees Trudeau promised have been planted PM blames sourcing for slow start but claims to have plans to substantially boost the program Photo by Stephane Mahe/Reuters filesArticle content The federal government has planted less than half a per cent of the two billion trees it pledged to put in the ground across Canada by 2030, The Canadian Press has learned. Article content Figures obtained through an access to information request show 8.5 million trees had been planted as of mid-November, representing just over 0.4 per cent of what the Liberals have repeatedly promised. Try refreshing your browser, or Only 8.5 million of the two billion trees Trudeau promised have been planted Back to video Prime Minister Justin Trudeau made the pledge during the 2019 election campaign, and the goal was repeated during the government’s 2020 throne speech setting out policy objectives. It asserts the two billion trees would help Canada meet its climate-change targets while creating roughly 4,300 new jobs. “There will be about 30 million trees planted by the end of this year.
German court jails operators of darknet cyber hub
A regional court in the German city of Trier on Monday handed out prison sentences to eight individuals for running a "darknet" web hub. The facility's servers enabled online trading involving drugs, contract killings, money laundering, and images of child abuse. The trial of the defendants — seven men and one woman — has lasted a year. The court sentenced the main defendant, a 62-year-old Dutchman, to five years and six months in jail. The equipment was used to operate darknet networks such as "Wall Street Market" and "Fraudsters."
Ottawa earmarks $40B for Indigenous child welfare compensation
The federal government is setting aside $40 billion in its fall economic update for First Nations child welfare as it continues talks on settling compensation claims. The money is to cover the cost of settling a Canadian Human Rights Tribunal order, two class action lawsuits and long-term reform of the Indigenous child welfare system over a five year period, according to one source with knowledge of the negotiations. Two sources have told CBC News the government will make its plans known this afternoon. The Globe and Mail first reported on the development earlier today. This offer does not represent a final agreement; the parties have until December 31 to finalize one.
Meme stocks AMC and GameStop tumble to lowest levels in months as investors dump risky positions
In this article AMCGMEDado Ruvic | ReutersSpeculative trades including GameStop and AMC Entertainment were hit hard Monday amid a broad market sell-off, as investors dumped risky meme names after a head-turning year. GameStop — once at the center of the meme stock mania, tumbled more than 12% during midday trading — bringing its month-to-date losses to nearly 29%. Shares of AMC fell 17%, pushing their monthly decline to over 32% and hitting their lowest level since June. Still, Monday's sell-off doesn't make a huge dent in the meme stocks' meteoric rallies this year. AMC shares are still up more than 970% on the year, and GameStop has a rally of over 630% in 2021 under its belt.
Nordic Social Democracy Is Good for Everybody Except the Rich
Comparing incomes across countries poses certain difficulties: incomes are paid in different currencies, products have different prices, tax levels are different, and benefit levels are different. With this knowledge in hand, it becomes possible to see, e.g., how Danish GDP stacks up against US GDP or how the median Danish income stacks up against the median US income. The universal welfare state really does provide benefits to everyone even those who are not net beneficiaries of redistribution. For those people, the main benefits of the welfare state are that it smooths out lifetime incomes and protects you from steep income drops. Finally, you might even just care that other people in your society have good lives for less self-serving reasons.
Amazon preparing its next offensive, but it can’t bust unions forever
APThe National Labor Relations Board, or NLRB, just ruled that a historic union vote among Amazon warehouse workers in Bessemer, Ala., was not valid. There, Amazon’s workers are already unionized—and actively demanding better wages and working conditions. In November, unionized Amazon workers in Germany walked off their jobs for higher pay. While Bessemer warehouse workers were being bombarded with anti-union propaganda, the company was practically minting money with record profits. Amazon’s workers have made the company one of the most valuable on earth—and their CEO the second-wealthiest man on this planet.
Was the Kentucky tornado outbreak rooted in climate change?
Andy Beshear of Kentucky, the hardest-hit state, told President Joe Biden over the telephone. “More unpredictable weather can be expected countrywide as rising temperatures result in unseasonable–and unprecedented–weather patterns,” AP and CNN reported. But research hasn’t advanced far enough to link specific storms to global warming, scientists cautioned. “The specific impact on these specific storms, I can’t say at this point. There were fewer twisters in Texas, Oklahoma, Colorado and Kansas and more in Illinois, Missouri, Mississippi, Alabama, Arkansas, Tennessee and Kentucky.
From West Virginia to DC, Poor People’s Campaign targets Manchin
Poor People's Campaign in the nation's capitalMARTINSBURG, W. VA.—After decorating their cars with messages and holiday streamers, hundreds of Poor People’s Campaign activists descended on D.C. today in yet another show of support for President Biden’s Build Back Better social programs expansion legislation. Several days before the car caravan, the five leaders of the West Virginia Poor People’s Campaign—including West Virginia native and longtime union organizer Stewart Acuff–demanded Manchin stop ducking meetings and explain his stands to the PPC face-to-face. There was one “virtual” meeting in February, via zoom, and none since, despite repeated demands, rallies and town halls in West Virginia. We are the 187,000 children living in poverty in West Virginia and the more than 108,000 people without health insurance. 75% of West Virginia voters see the importance of the job creation potential of the Build Back Better Agenda.
Send Holiday Cheer (and Treats) Near and Far With Starbucks's Deliver It Forward Program
If you're a Starbucks fan, we've got generous news — they're paying it forward this holiday season. Even more, Joe and the brands will be paying it forward to Atlanta's frontline workers by surprising them with fan-favorite Starbucks holiday drinks and treats. How to Participate in the Starbucks Delivers Uber Eats Deliver It Forward ProgramOpen the Uber Eats app and add your Starbucks order to your cart. To check Starbucks Delivers availability, customers can visit the delivery locator in the Uber Eats app to see if delivery is available in their area. How Many People Can You Share the Deliver It Forward Code With?
Nothing changed and everything changed in Succession’s third season
The scene that best explains “All the Bells Say”The core of “All the Bells Say” is a long, long scene featuring just Kendall, Roman, and Shiv. In Succession’s third season, nothing changed. What’s more, Kendall, Roman, and Shiv might finally be on the same page with each other, but they continue to casually hurt many other people. The promotional materials for Succession’s third season were largely head fakes toward a grand war between Kendall and Logan. And what changes in season three of Succession is that Kendall, Roman, and Shiv finally realize they have each other.
Rivian R1T is first electric pickup to win MotorTrend's 'Truck of the Year'
If the rave reviews (including Mashable's ) didn't convince you about Rivian's first auto, an all-electric truck called the R1T, maybe this will: It was just named MotorTrend's Truck of the Year for 2022 . MotorTrend's head of editorial Ed Loh called it a historic win. It's the first all-electric truck to win and the first time MotorTrend has given a car maker the top title for its first vehicle. Its most glaring shortcoming is its steep price, although it still qualifies for the full federal electric vehicle tax credit. Credit: MotorTrend
Address to Alaska Federation of Natives 2019 Convention – Mike Dunleavy
I have many friends and relatives that live in rural Alaska. You know firsthand the difficult challenges living in rural Alaska presents. To that end we will be putting more resources into public safety and rural Alaska stands to benefit from this approach. The majority of this money will be going to schools in rural Alaska to address the reading performance of our younger students. The Alaska Education Challenge stemmed from recognizing the need for meaningful educational changes.
Take Action Now to Curb Inflation - The New York Times
Students used to look at me quizzically when I mentioned the word “inflation,” as if I were reminiscing about the invention of the spinning jenny. But President Biden and Jerome Powell, the chairman of the Federal Reserve, need to take action now. The Covid pandemic delivered supply shocks in the form of disrupted workforces and supply chains. Last year, the Federal Reserve, which oversees interest rates and the nation’s banks and monetary supply, instituted a new framework. It proposed that inflation levels of higher than 2 percent, the Fed’s traditional target, could make up for the lower levels of inflation the economy experienced in the years after the 2008 financial crisis but before the Covid-19 pandemic.
NatWest bank fined $351 million for failing to prevent money laundering
NatWest has been fined $350.9 million for failing to prevent the laundering of nearly $528 million, capping the first criminal money laundering case against a British bank. The fine would have been north of $396 million, but a deduction was made for the bank’s guilty plea, the judge said. NatWest is Britain’s biggest business bank and is still majority taxpayer-owned after a 59 billion pound-plus state bailout during the financial crisis. One of the bank’s relationship managers “lost his perspective,” a NatWest lawyer said. To which the answer is, they didn’t miss it,” John Kelsey-Fry, lawyer for NatWest, told the court.
Troubled Staten Island high school locked down over shooting threats: cops
A Staten Island high school that has been marred by recent violence briefly went into lockdown Monday morning amid threats of a shooting, law enforcement sources said. The threats targeting students at Susan E. Wagner High School were made in a Snapchat post and prompted the lockdown around 10:50 a.m., the sources said. Students at Wagner High School staged a walkout on Monday to protest recent violence at the school. A student at Wagner High School was stabbed by another student on October 22, 2021, while other student taped it. School officials said the threats were quickly deemed not credible and the shutdown was lifted about an hour later, sources said.
Federal Reserve chairman slammed for calling inflation 'transitory'
A top economist slammed the Federal Reserve on Sunday, saying chairman Jerome Powell’s decision to describe the wave of price increases as “transitory” was a terrible move. El-Erian said Sunday that the Fed can still address inflation head-on if they move quickly to “ease their foot off the accelerator” by gradually tightening monetary policy. Mohamed El-Erian has repeatedly said that the Fed is underestimating the inflationary risks in the US economy. “Look, it’s important to stop inflation being embedded into the system because two things happen when inflation gets embedded. According to the The Bureau of Labor Statistics, prices for food and other necessities have risen 6.8 percent in the last year.
Inside the abandoned sex dens Jeffrey Epstein shared with Ghislaine Maxwell
Photos discovered in a government raid show Ghislaine Maxwell planting a kiss on Jeffrey Epstein from an unknown period of time. Jeffrey Epstein’s Little St. James Island home. SplashNews.comEpstein purchased Little St. James, which spans over 70 acres, in 1998 for only $7.95 million at the time. RM / SplashNews.comBG Group Demolition crews tear down the Palm Beach home of late financier and sex offender Jeffrey Epstein in Palm Beach, Florida, on April 20, 2021. The Palm Beach Post-USA TODAY NEAerial views of Jeffrey Epstein’s Palm Beach home before it was demolished.
The secret settlements that helped a baseball star play on
Puig maintained that the relatively small payout indicated he was innocent. There was, potentially, another reason: because his accuser wanted to get something while she still could. Less than a month earlier, Puig’s attorneys had disclosed to the woman’s attorneys his financial “condition,” which they said showed his limited ability to pay. The documents, reviewed by The Post, showed that Puig’s $50 million-plus in major league earnings had been reduced to overdrawn checking accounts, expired endorsement deals and an MLB retirement account emptied of roughly half a million dollars.
FBI issues warning against Christmas scams
The FBI recently issued a press release detailing ways that consumers can stay safe from seasonal shopping scams. Two of the most common scams are non-delivery scams and non-payment scams. In the second situation, the seller ships out the item, but the buyer never sends the payment (or provides a fraudulent payment). Those options allow scammers to quickly receive their funds, and usually in a way that’s impossible to refund the victim. As is the case with previous payment options, it’s very difficult (or impossible) to return funds to a victim through a gift card.
Here are ETF investment areas slated for growth in 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere are ETF investment areas slated for growth in 2022Jay Jacobs of Global X ETFs joins the 'Halftime Report' to discuss the year's ETF performances and where opportunities for growth in the ETF space will be in 2022.
Watch Monday's full episode of the Halftime Report — December 13, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Monday's full episode of the Halftime Report — December 13, 2021"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.
Final Trades: PayPal, Peloton, Abbvie & more
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: PayPal, Peloton, Abbvie & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Stick with M&A boutiques and investment banks, says Piper Sandler's Jeff Harte
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStick with M&A boutiques and investment banks, says Piper Sandler's Jeff HarteJeff Harte, Piper Sandler senior research analyst, joins 'The Exchange' to discuss 2021's big year for mergers and acquisitions.
Dividend-paying stocks are the best inflation hedge, says Hennion & Walsh's Kevin Mahn
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDividend-paying stocks are the best inflation hedge, says Hennion & Walsh's Kevin MahnKevin Mahn, Hennion & Walsh Asset Management president and CIO, joins 'The Exchange' to discuss what he considers to be the best inflation hedge. Mahn picks stocks he believes are best for dividend yields in today's inflation environment.
Not buying a home is a 'no-brainer,' says 'Shark Tank'-winning CEO: 'I'd rather rent and invest the money'
If you're weighing the pros and cons of renting versus buying a home, you have probably compared the amount you pay in rent and a typical mortgage payment. "The argument is always: If your mortgage payment is less than your rent, then you should buy a home, right? But that math actually doesn't work out, because there are a lot of costs to homeownership outside of your mortgage payment," he says. If that 'Rule of 150' monthly cost is higher than your rent, then it makes sense to rent. For example, the median monthly mortgage payment for homebuyers with a 5% down payment is $1,533, according to Redfin.
Watch CNBC's full interview with Goldman Sachs' Noah Poponak on his top '22 stock pick
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Goldman Sachs' Noah Poponak on his top '22 stock pickNoah Poponak, Goldman Sachs sr. equity research analyst, joins 'The Exchange' to discuss Goldman's top stock pick for 2022: Boeing. Poponak explains the company's decision to make Boeing the top pick, why air travel will return to more normal levels and more.
Debating Apple's stock price as the company nears a $3 trillion market cap
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDebating Apple's stock price as the company nears a $3 trillion market capDanielle Shay, Simpler Trading director of operations, Tim Seymour, Seymour Asset Management CIO, join 'The Exchange' in Rapid Fire, where they discuss Apple's stock price as the company approaches a $3 trillion market cap.
Monthly child tax credit payments will expire at the end of the year if Congress doesn't act
DjelicS | E+ | Getty ImagesFor 35 million families with 65 million kids that have relied on monthly child tax credit payments, the new year might not be a happy one. How to prepareYou need at least $1 million saved to retire in these cities Enhanced child tax credit The American Rescue Plan, enacted in March, expanded the existing child tax credit, increasing the amount and scope of the benefit. In just a few months of families receiving payments, data showed how the enhanced child tax credit helped. Without an expansion Not expanding the enhanced child tax credit would mean that mean thousands of dollars suddenly disappear from family budgets overnight. If the enhanced credit lapses at the end of the year, the same family would get only $1,800 through the child tax credit in 2022.
Here's why Goldman Sachs named Boeing its top stock pick for 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Goldman Sachs named Boeing its top stock pick for 2022Noah Poponak, Goldman Sachs sr. equity research analyst, joins 'The Exchange' to discuss Goldman's top stock pick for 2022. Poponak explains the company's decision to make Boeing its top pick, why air travel will return to more normal levels and more.
90% of bitcoin's supply has been mined and 4 other crypto updates you should know
Crypto executives testified before CongressOn Wednesday, crypto industry executives testified before the House Financial Services Committee. Arrow Glacier upgrade to Ethereum went liveArrow Glacier, an upgrade to the Ethereum network, activated on Thursday. The upgrade pushed back the so-called "difficulty bomb," which could potentially slow or freeze mining on Ethereum, back to June 2022. By that time, developers hope to have transitioned Ethereum from a proof of work model for mining to a proof of stake model. Developers plan to introduce the "bomb" to motivate the transition to proof of stake, since it will make proof of work mining significantly more difficult.
OSHA opens probe into deadly Amazon warehouse collapse in Illinois
The site of a roof collapse at an Amazon.com distribution center in Edwardsville, Illinois. The Occupational Safety and Health Administration is investigating a collapse at an Amazon warehouse in Edwardsville, Illinois, an agency spokesperson said Monday. The National Weather Service said a tornado touched down in Edwardsville, Illinois, at approximately 8:35 p.m. local time on Friday. In a statement, Amazon spokesperson Kelly Nantel told CNBC in a statement: "OSHA investigates all workplace fatalities and we are supporting them." WATCH: Six Amazon employees dead after tornado hits Illinois warehouse
Retailers are already gearing up for a huge returns season
“Then in March 2020, there was a giant step change and suddenly retailers had no choice because more people started shopping online and have remained shopping online. “The focus on returns has definitely intensified,” said Bill Inzeo, global retail technology strategist at retail technology company Zebra Technologies. The problem of online returns has only become more pressing under the supply chain crisis that has thinned out retail shelves, Shamiss said. Now, however, it is refurbishing returns items to fold back into a retailer's supply chain to keep up with consumer demand and backfill inventory, he said. Kohl’s holiday return policy lets shoppers return items within 180 days, with the exception of electronics.
Harris Reveals Plan to Build 500,000 Electric Vehicle Charging Stations
The Biden administration released an ambitious federal strategy Monday to build 500,000 charging stations for electric vehicles across the country and bring down the cost of electric cars with the goal of transforming the U.S. auto industry. The law also provides an additional $2.5 billion for local grants to support charging stations in rural areas and in disadvantaged communities. Biden’s $2 trillion social and environmental policy bill, now pending in the Senate, includes a $7,500 tax credit to lower the cost of electric vehicles. Currently, the U.S. market share of plug-in electric vehicle sales is one-third the size of the Chinese EV market. Even at 2 million, EV sales still would be only about 12% of U.S. new vehicle sales.
Trident Royalties to Buy Gold Streams Portfolio for $69.8 Million
By Jaime Llinares TaboadaTrident Royalties PLC has reached a deal to acquire a portfolio of gold offtake streams from investment firm Orion Mine Finance for $69.8 million, and will raise $35.0 million to help fund the deal. The AIM-listed royalty and streaming company said that it will pay approximately $9.8 million in new Trident shares, and the balance in cash. Shares will be placed at 36 pence each.
Altus Strategies Buys Royalties Portfolio for $24.0M; Will Hold Placing
By Joe HoppeAltus Strategies PLC said Monday that it has entered two sale and purchase agreements to acquire a portfolio from Newcrest Mining Ltd. for $24.0 million, financed through a proposed $25.0 million share placing and subscription. The mining company said that the portfolio consists of royalties on two producing gold mines, one near-production gold mine and up to 21 near-term development and exploration stage projects, and is being acquired through a strategic joint venture with AlphaStream Ltd., a specialist mining royalty and streaming company.
East Stone Acquisition Shares Climb 18%
By Chris WackEast Stone Acquisition Corp. shares were up 18% to $16.56 on day when the company seemingly has not released any news or filings. The stock hit its 52-week high of $18.35 earlier in the session.
Pfizer Shares Climb 5% Following Deal to Acquire Arena Pharmaceuticals
Pfizer Inc.'s stock gained 5% to $55.53 after reaching a $6.7 billion deal to acquire Arena Pharmaceuticals Inc.Pfizer's stock on Monday traded as high as $55.73, making it the second best performer on the S&P 500 by percentage gain on Monday, behind Moderna Inc., according to FactSet. Arena's stock surged 80% to $90.01, snapping a two-day losing streak and on track for the largest one-day percent increase on record. Pfizer said it would pay $100 a share for Arena, more than double Friday's closing price of $49.94. Arena could be a significant revenue contributor for Pfizer from 2025 to 2030, said Mike Gladstone, Pfizer's global president for inflammation and immunology. The deal is expected to close in the first half of 2022, pending regulatory approvals.
Ampio Pharma Shares Drop to 52-Week Low After Offering Prices
By Chris WackAmpio Pharmaceuticals Inc. shares were down 30% to 69 cents, a 52-week low, after the company said it has entered into definitive agreements with institutional investors for the purchase and sale of 25 million common shares, and warrants to purchase 15 million shares. The company said the shares and warrants would be available at a combined purchase price of 90 cents a share in a registered direct offering. The warrants will have an exercise price of $1.10 a share, will be exercisable immediately and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about Wednesday. Write to Chris Wack at chris.wack@wsj.com
SAP Stock Gets a Lift as UBS Analyst Boosts Rating to Buy
The SAP campus in Walldorf, Germany. Alex Kraus/BloombergShares of SAP are trading higher after UBS analyst Michael Briest raised his rating on the German enterprise-software firm to Buy from Neutral, seeing room for gains driven by an acceleration of the company’s shift to the cloud. Briest revised his forecast for the company’s 2022 growth in revenue from cloud-based sales to 24%, from 22%, saying he is more confident that SAP (ticker: SAP) will benefit next year from a growing backlog of orders in 2021. He expects the company will report 23% year-over-year growth in its backlog for the December quarter, compared with 22% in the third quarter.
Kabbage is offering small business lines of credit in second product launch since it was acquired by Amex
Now renamed Kabbage from American Express, the financial technology company is offering eligible small businesses lines of credit of $1,000 to $150,000. Earlier this year, Kabbage started offering checking accounts for businesses as its first product launch under its new ownership. “You’re seeing more investment [by small businesses] in digital experience, e-commerce, online ordering and delivery and payment processing and accounting,” Petralia said. Since the acquisition of Kabbage for an undisclosed sum late last year, American Express now provides capital for loans by Kabbage. Kabbage’s business is not broken out by its corporate parent, but its activity has grown since the acquisition, Petralia said.
Gold futures up a second straight session to settle at a 3-week high
Gold futures climbed on Monday for a second session in row to tally their highest finish in three weeks. Still, the precious metal "appears to be stuck in a range ahead of this week's [Federal Reserve] meeting, and likely to remain so until it becomes clearer as to how quickly the Fed is likely to accelerate its tapering program when the FOMC concludes its meeting on Wednesday," said Michael Hewson, chief market analyst at CMC Markets UK. February gold GCG22, +0.17% rose $3.50, or 0.2%, to settle at $1,788.30 an ounce after trading between an intraday high of $1,792.80 and low of $1,782.20. The settlement was the highest for a most-active contract since Nov. 22, FactSet data show.
The Fed Must Tame Inflation Without Bursting the Equity Bubble. It Won't Be Easy
Inflation will need to be tamed at the same time that asset-price and credit-market bubbles are to be found both at home and abroad. Today, the U.S. economy is suffering from a twin good-and-services inflation and asset-price inflation problem of meaningful proportions. It could do so in the time-honored way of raising interest rates by an amount sufficient to bring aggregate demand back in line with aggregate supply. The big fly in the ointment with a Fed go-it-alone approach, however, is that unduly raising interest rates would risk bursting asset-price bubbles both at home and abroad. It is also the case considering the highly compromised emerging-market economic fundamentals in the wake of the pandemic and the mountain of emerging-market debt.
'Bored Apes' shoots for the moon
Few things have been more fascinating and frustrating to witness in 2021 than the rise of million-dollar NFT profile pic projects. Such has been the pitch of Bored Apes Yacht Club (BAYC), which has become the break-out NFT project of the year as more users have raced to buy the pictures of monkeys and sent floor prices soaring to hundreds of thousands of dollars. The game has an admittedly steep challenge ahead of it, building a mainstream game around a community with a prohibitively expensive barrier to entry. Weighing the exclusivity of the core NFT project with the democratization of assets needed to build up a substantial user base is a balance that has yet to be achieved, or even attempted, at scale. Yuga Labs, the developer behind BAYC, has previously detailed that they are working on a token tied to the project.
SPAC regulation: Expert breaks down how the SEC will approach next moves
Reuters VideosHarley-Davidson wants to capitalize on Wall Street's new love affair with electric vehicles and so it is spinning-off its electric motorcycle unit LiveWire. The iconic motorcycle company announced Monday that LiveWire will start trading on the stock market via a SPAC merger or deal with special purpose acquisition company AEA-Bridges. The SPAC deal values LiveWire at $1.7 billion. EVs are the hot trade right now as the push for green vehicles goes mainstream. LiveWire will trade on the New York Stock Exchange, under the ticker symbol L-V-W. Shares of Harley-Davidson surged 11 percent in mid-day trading.
The Fed's credibility 'has been hurt' amid inflation discussion, professor says
ReutersThe U.S. Senate Commerce Committee on Thursday is set to hold a confirmation hearing on President Joe Biden's nominee to head the National Highway Traffic Safety Administration (NHTSA), an agency without a permanent leader for nearly five years. The Democratic president's nominee is Steven Cliff, a former California Air Resources Board official who since February has served as NHTSA's deputy administrator. Cliff has been a key figure in the Biden administration's proposed rewrite of vehicle fuel economy standards through 2026 and is overseeing its safety investigation of electric car maker Tesla Inc.
Markets are watching central banks and coronavirus, strategist says
Video Transcript- I want to stick with the markets and welcome in Brian Jacobsen, Senior Investment Strategist at Allspring Global Investments. BRIAN JACOBSEN: Yeah. BRIAN JACOBSEN: Yeah. So, we actually think that could be the big thing for 2022 is a nice surge in productivity. And so, we actually think that the market has actually already kind of priced that profit margin compression in.
Unemployment rate will drop to nearly 3% in 2022: JP Morgan economist
Down goes the U.S. unemployment rate in 2022, contends J.P. Morgan chief U.S. economist Michael Feroli. "I think by the end of the year [2022] we could see the unemployment rate around 3%," said Feroli on Yahoo Finance Live. The unemployment rate dipped 0.4% to 4.2% in November. In January, the unemployment rate stood at 6.3%. A key risk to the jobs market remains the Omicron variant and whether it slows the hiring plans of companies down.
3-year fixed personal loan interest rates plunge while 5-year rates bump up
Personal loan interest rates fell for 3-year fixed terms, dropping by 0.29%. Whether a personal loan is right for you often depends on multiple factors, including what rate you can qualify for. Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly. Current personal loan rates by credit scoreDepending on factors such as your credit score, which type of personal loan you’re seeking and the loan repayment term, the interest rate can differ. How to get a lower interest rateMany factors influence the interest rate a lender might offer you on a personal loan.
GoPro Stock Surges After Analyst Calls Company a 'Standout'
"Upcoming catalysts include the resumption of international travel which should drive unit sales higher," Wedbush's Alicia Reese wrote in a note for investors. GoPro ( (GPRO) - Get GoPro, Inc. Class A Report) shares spiked this morning after Wedbush analyst Alicia Reese called it a "standout" and boosted it from neutral to outperform. At the start of 2021, GoPro shares were at the $8 line and have, after a high of $13.54 in March, ebbed around $10. She added that impact from costs related to research and development and manufacturing are not expected to make a material difference. "The bottom line, in our view, is that GoPro has found its groove, even amid current supply-chain tumult," Reese wrote.
Editorial: Legalize street food. L.A.’s iconic sidewalk vendors are still being penalized
Out of an estimated 10,000 sidewalk food vendors in the city of Los Angeles, fewer than 200 have received permits, according to a report released in August. But the commissaries in the region are designed and priced to accommodate food trucks and they rarely have the kitchen space that street vendors need. State food-safety laws written for large mobile food sellers apply to street vendors without actually being practical for street vendors. The law was supposed to bring street vendors out of the underground economy and into a regulated marketplace where they could become licensed, taxpaying legal businesses. The law barred local governments from adopting blanket bans on street vending and from treating street vending as a crime.
3 Market Catalysts Watch This Week: Action Alerts PLUS
Action Alerts PLUS co-portfolio managers Chris Versace and Bob Lang highlight what they're watching in the market ahead of the holidays. Head to Monday's Daily Rundown to hear what Lang and co-manager Chris Versace are only telling members of the Action Alerts PLUS investing club.
Flood Costs in Several States' Commercial Real Estate Set to Soar
Flood damage from climate change could cost the commercial real estate industry $16.9 billion a year by 2052, a report says. Flood damage from climate change could cost the commercial real estate industry $16.9 billion a year by 2052, according to a study published by First Street Foundation. In other real estate news this month, Dana Anspach, president of Sensible Money, explained on TheStreet.com how financial advisers can incorporate income-producing real estate into a financial plan. "Many rental real estate holdings are cash-flow positive, but tax-negative or neutral, she said in an interview with TheStreet.com’s Robert Powell. "And that is not an easy thing to model using most financial planning software packages.”Vanguard Real Estate ETF (VNQ) - Get Vanguard Real Estate ETF Report returned 33% year to date through Friday, including dividends, compared with 27% for the S&P 500 index, according to Morningstar.
11th grade Brockton High School student killed in car crash
“Principal [Cynthia] Burns and her team worked in partnership with the district’s mobile crisis team to identify the student’s friends and classmates to offer grief counseling,” she said in a statement. A Brockton High School student was killed Sunday night in a one-vehicle accident and the school is offering grief support. Brockton fire responded to 401 East Street at 9:35 p.m. Sunday and found the driver trapped inside the vehicle, said Deputy Chief Joseph Solomon. No one else was inside the vehicle, Solomon said. National Grid responded to the accident to restore power in the area after the crash caused a power outage, Solomon said.
San Jose: Authorities announce arrests in large-scale catalytic converter theft operation
The arrests, which occurred over the past month, capped a six-month investigation of converter thefts in San Jose and the Bay Area conducted by San Jose police — led by its Burglary Prevention Unit — the Santa Clara County District Attorney’s Office, and the San Mateo and Sacramento county sheriff’s offices. Fifteen mostly San Jose residents, whose ages range from 22 to 81, were arrested on suspicion of crimes encompassing grand theft, receiving stolen property, possessing illegal weapons, and assault with a deadly weapon, according to San Jose police. San Jose police released figures indicating that reported catalytic converter thefts in the city rose from 84 in 2019 to 784 in 2020 to 1,087 through the end of Oct. 2021, a 1,200% increase in less than two years. Similar trends and converter theft spikes have been reported this year in other nearby cities including San Leandro, Livermore, San Bruno, and Santa Cruz. San Jose police served an array of search warrants over the past month and reportedly seized hundreds of severed catalytic converters, cordless saws they say were used to cut catalytic converters.
Kentucky tornado disrupts GM Corvette production
General Motors Co. is halting production of the Chevrolet Corvette at its Bowling Green Assembly plant in Kentucky after tornadoes this weekend damaged the plant, the company confirmed Monday. A Saturday morning tornado caused damage to the Corvette plant, including the roof and an employee entrance, spokesman Dan Flores said, adding a "small number of employees that were onsite are all safe." GM has teams working to fix the damage from the tornadoes that Kentucky Gov. One of the tornadoes went through four states on a 200-mile path, multiple outlets reported. Ford Motor Co. and Stellantis NV reported no damage to their facilities from the tornadoes.
Biden administration announces EV charging network plan
Washington — The Biden administration announced a federal strategy Monday shaping the roll-out of $7.5 billion for electric vehicle charging approved through the bipartisan infrastructure bill. The White House also will issue guidance for states and cities to deploy the network by mid-February and charger standards by mid-May. "Our nation's ability to manufacture, charge and repair electric vehicles will determine many things. Harris said the biggest barrier to consumers buying electric vehicles is concern over where they would charge it, which the administration's plan hopes to address. "We need to make the shift faster and make sure it is driven by the United States."
Voters refuse to move casino license to New Orleans suburb
P2E spent $5 million on the campaign, according to filings with the state Board of Ethics. The company also donated $1 million to Hurricane Ida relief efforts in St. Tammany, according to the newspaper. Two nonprofits, Watchdog PAC and Stand Up St. Tammany, mounted a vigorous opposition effort with television commercials, billboards and mailers. But Scott Wilfong, of Watchdog PAC, said he anticipated the campaign would reach $1 million. P2E representatives claimed the opposition effort was funded by rival casinos on the Mississippi Gulf Coast that wanted to preserve their business with southeast Louisiana travelers.
Voters refuse to move casino license to New Orleans suburb
P2E spent $5 million on the campaign, according to filings with the state Board of Ethics. The company also donated $1 million to Hurricane Ida relief efforts in St. Tammany, according to the newspaper. Two nonprofits, Watchdog PAC and Stand Up St. Tammany, mounted a vigorous opposition effort with television commercials, billboards and mailers. But Scott Wilfong, of Watchdog PAC, said he anticipated the campaign would reach $1 million. P2E representatives claimed the opposition effort was funded by rival casinos on the Mississippi Gulf Coast that wanted to preserve their business with southeast Louisiana travelers.
Almost a THIRD of 20 to 30-year-olds are using Buy Now Pay Later schemes for their shopping
Almost a third of young adults in the UK are using controversial Buy Now, Pay Later schemes for their shopping. Almost a third of young adults in the UK are using controversial Buy Now, Pay Later schemes for their shoppingThe schemes, which are now provided by most household name retailers including Klarna and Clearpay, let customers pay for their shopping in monthly instalments interest-free rather than upfrontHow buy now, pay later schemes work and what are the risks to consumers? So clients aren't coming to us because of Buy Now, Pay Later, that's usually the tip of the iceberg. ‘There's normally some underlying issues – payments to Buy Now, Pay Later products are worse than them, making their financial situation even worse. BBC Panorama spoke to three of the popular Buy Now, Pay Later schemes and raised some of the concerns around affordability checks and debt.
El-Erian says 'transitory' was the 'worst inflation call in the history' of the Fed
Calling inflation "transitory" was a historically bad move for the Federal Reserve, according to Allianz Chief Economic Advisor Mohamed El-Erian. "The characterization of inflation as transitory is probably the worst inflation call in the history of the Federal Reserve, and it results in a high probability of a policy mistake," the former Pimco CEO and current Queens' College president said Sunday on CBS' "Face the Nation." "So, the Fed must quickly, starting this week, regain control of the inflation narrative and regain its own credibility," he added. Though the number was only slightly ahead of Wall Street expectations, it still marked the biggest 12-month move since 1982, back when the U.S. was battling the worst inflation it had ever seen. Fed officials long had said they expected the inflation surge to be "transitory," as it is being driven by supply chain and demand factors largely associated with the pandemic.
Plan B keeps shoppers away from the high street as Dyson tells staff to keep going to work
Shoppers stayed away from the high street after Boris Johnson announced "Plan B" restrictions to tackle omicron in a blow to retail and hospitality companies at their busiest time of year. Meanwhile Dyson became the latest company to tell some staff they should continue coming to the office amid a growing business backlash against the new restrictions. Shopper numbers were down 1.1pc in the week to Dec 11 compared with the previous seven days, according to Springboard, driven by a 2.7pc drop in visits to high street shops. Footfall was particularly subdued on Saturday - typically a peak trading day ahead of Christmas - with a 1.2pc drop in numbers. The data covers the period after Plan B rules were announced but before the new advice to work from home where possible took effect on Monday.
GCHQ sends out brainteaser Christmas card - can you solve the festive puzzles?
GCHQ has revealed this year's official Christmas card from its director Sir Jeremy Fleming - containing a brainteaser aimed at aspiring young spies. Image: This year's GCHQ Christmas card containing a brainteaser of seven 'fiendish' puzzlesThis year's card sets a not-so-secret mission through a set of puzzles that increase in difficulty as you move through the challenge. He added: "That's why this year's Christmas puzzles are aimed at young people. I am keen to encourage STEM skills, thinking differently, and help foster the next generation of talent. Download GCHQ's Christmas card here.
Chevrolet stops Corvette production in Kentucky due to tornado damage
Try refreshing your browser, or Chevrolet stops Corvette production in Kentucky due to tornado damage Back to videoWork is underway to repair the damage to the plant’s roof and employee entrance and to reopen the facility. Until then, Chevrolet is just one of many parties that has deal with the tornadoes’ impact. This isn’t the first time that Corvette production has stalled recently. The storms in the U.S. Midwest have killed over 90 people and in some cases levelled entire towns, according to Road & Track. GM has yet to confirm when production will resume, though it’s predicted things could be back on track by December 20.
Two men arrested following seizure of variety of drugs, firearms and cash in N.B.
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NatWest Fined £265 Million After Money Laundering Guilty Plea
(Bloomberg) -- NatWest Group Plc was fined 265 million pounds ($351 million) at a sentencing hearing after pleading guilty to failing to prevent money laundering in a case that heard details of hundreds of thousands of pounds being couriered in black garbage bags and branch vaults overflowing with bank notes. Most Read from BloombergThe bank admitted to three criminal charges in October, accepting that it failed to prevent money laundering at an English gold dealer. NatWest took in some 365 million pounds in deposits, more than two-thirds of which was in cash, across some 50 branches. The deposits piled up despite the gold dealer forecasting an annual revenue of just 15 million pounds per year. The gold dealer was shut down after a police investigation in 2016 into what was alleged to be “an extremely sophisticated” money laundering operation.
Stocks fall after the Market's best weekly gain since February
Damian J. TroiseAssociated PressStocks fell in morning trading on Wall Street Monday in a sluggish start to the week following the market’s best weekly gain since February. The Dow Jones Industrial Average fell 222 points, or 0.6%, to 35,740 and the Nasdaq fell 0.4%. Bond yields fell. :3 reasons why a Roth IRA could be the smartest retirement savings plan for youHealth care companies gained ground. Persistently rising inflation has prompted the central bank to hasten its plan to trim bond purchases that have helped keep interest rates low.
Inflationary Wave Changes Political Terrain for Right-Wing Populists
But Mr. da Silva has already incorporated the economic crisis into his recent campaign. And prices are now rising at an official rate of more than 20 percent annually, with some unofficial estimates even higher. In the United States, prices are rising at their fastest rate since 1982. And left-leaning populists, such as those in power in Argentina, are also contending with fierce inflationary currents, which have put them on the defensive. That low-growth backdrop allowed powerful central banks in the United States, the European Union and Britain to keep interest rates low.
After 15 Years of Infighting, James Brown’s Estate Is Sold
Even with her spousal status unclear, Ms. Hynie, along with five of Brown’s children, tried after Brown’s death to set aside his will and negotiate a settlement to give themselves significant shares of the estate. For more than a decade, Brown’s heirs and estate administrators, including Mr. Bauknight and Adele Pope, a former executor, have battled in court over the value of his estate. Mr. Bauknight estimated it at about $5 million, but Ms. Pope, who was removed from her position in 2009, put it at $84 million. Asked if the recent sale had not supported Ms. Pope’s valuation, Mr. Bauknight defended it as accurate at the time of Brown’s death. To negotiate the acquisition of Brown’s estate, Mr. Mestel enlisted one of music’s legal heavyweights, John Branca, who was Michael Jackson’s longtime lawyer and is one of the executors of Jackson’s estate.
Black Women Make Waves in Hair Care
@naptural85, has posted hair tutorials on YouTube for Black women, like herself, with natural, coily hair. She also taught viewers how to create nourishing shampoos, deep conditioners and hair masks for optimal hair health and growth. Eventually many of her more than two million followers encouraged her to produce her own line of hair products. Now, as the co-founder of Melanin Haircare, she joins the ranks of Black, female-owned companies that sell products that cater to the needs of Black hair. Black-owned hair care companies are growing, increasing their market share to $2.5 billion in 2021, according to Mintel, spawning waves of Black, female hair-care enthusiasts with business acumen.
Snatch-and-grab crooks swipe $1M in watches from Chicago Lamborghini dealer
Shocking surveillance footage captures armed smash-and-grab crooks swiping at least $1 million in watches from a Chicago Lamborghini dealership — a crime which the owner angrily blamed on Democratic bail reforms. Chicago police are investigating a smash-and-grab robbery at the Gold Coast Exotic Motors dealership, which lost at least $1 million in watches. “We’re here to run a legitimate business, not be a Western shootout,” co-owner Joe Perillo told ABC 7. “He was smart enough not to raise the gun, because my people had guns,” he told Fox 32 of the crook who was armed. They lost Macy’s, they’re losing Neiman Marcus — they may lose this store,” Perillo warned of his dealership that also sells other high-end cars like Bentleys.
‘The deals are just horrible’: Shoppers say a lack of holiday discounts has dampened spending
Analysts say retailers have become more discerning in the types of products they mark down, and by how much. This season’s discounts, which range from 5 percent to 25 percent, are markedly lower than the historical average of 10 percent to 30 percent, according to Impact Analytics and Cowen & Co. Many stores have “the lowest level of clearance goods in five years or more,” Cowen analysts wrote in a recent research note. At Macy’s, executives said promotions across the industry hit a “historical low” in 2021.
Inflation next summer will be ahead of what Fed thinks, says CNBC's Steve Liesman
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation next summer will be ahead of what Fed thinks, says CNBC's Steve LiesmanCNBC's Steve Liesman reports on the biggest risk to the markets and Treasurys today. Trader Joe Terranova, Virtus Investment Partners senior managing director, joins the 'Halftime Report,' to discuss the Fed's next move.
Jim Cramer says Dollar Tree is a buy as activist Mantle Ridge targets company's board
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says Dollar Tree is a buy as activist Mantle Ridge targets company's boardMad Money host Jim Cramer breaks down why he likes shares of Dollar Tree and reacts to activist group Mantle Ridge's move to nominate 11 candidates to the company's board.
Joe Terranova covers recent portfolio moves, including his CrowdStrike buy
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJoe Terranova covers recent portfolio moves, including his CrowdStrike buyJoe Terranova, Virtus Investment Partners senior managing director, joins the 'Halftime Report' to discuss his portfolio and the moves he's made recently.
Watch CNBC's full interview with ServiceNow & EY CEOs on powering the digital economy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with ServiceNow & EY CEOs on powering the digital economyServiceNow CEO Bill McDermott and EY Global CEO Carmine Di Sibio join 'TechCheck' to discuss how expanding the two companies' partnership has helped digitize tax functions. "In a post-pandemic or even endemic world, the experience has to be brought to the customer," says McDermott. "Think of us as the enterprise platform for workflow and any problem."
Airtable CEO Howie Liu says growth is about adding more seats across every company out there
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAirtable CEO Howie Liu says growth is about adding more seats across every company out thereAirtable, a cloud collaboration service, just secured $735 million in its recent funding round. Airtable CEO Howie Liu joins 'TechCheck' to discuss the competitive landscape and its potential to reach its customers.
Op-ed: These 3 market sectors shone even as investors grew weary of hearing about inflation
From Federal Reserve Chair Jerome Powell to my bike store, we hear commentary galore (is it transitory, lukewarm, or hot? ), but what does the market really think? This year is no exception and provides interesting insights into how investors may have felt about inflation all along. If investors really hated inflation, which clocked at an annual rate of 6.8% in November, the highest level since 1982, they would not have kept the rally going all year. That acknowledgement does not imply that the market either likes inflation or feels equally comfortable with all equity sectors in a rising price environment.
Watch now: ETF Edge on this year's top themes and 2022's "shiny new object"
[The stream is slated to start at 1:00 PM ET. Please refresh the page if you do not see a player above at that time.] CNBC's ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.
How dollar stores became America's leading retailers
That's good news for discount dollar stores—they're proliferating faster than any other retailer. In 2020, there were more than 34,000 dollar stores across the U.S. Popular chains include Dollar Tree and Family Dollar (both owned by Dollar Tree), Dollar General, 99 Cents Only Stores and Five Below. The biggest companies — Dollar General, Dollar Tree and Family Dollar — make up almost half of new store openings in the US. Opponents argue that the rash of new discount stores opening in poor communities give their residents limited access to fresh produce. In the second quarter of 2021, same-store sales at Family Dollar, Dollar Tree and Dollar General dropped significantly from the previous quarters.
Silicon Valley Bank agrees to acquire boutique media and telecom research firm MoffettNathanson
SVB Financial Group, the parent company of Silicon Valley Bank, has agreed to acquire technology, media and telecommunications research MoffettNathanson. The deal combines SVB's technology investment banking unit with a research division founded by veteran analysts Craig Moffett and Michael Nathanson. Nathanson covered media at Bernstein from 1998 to 2010 before moving to Nomura until 2013. MoffettNathanson doesn't expect any changes for its clients of equity research, the company said. Both Moffett and Nathanson have made long-term commitments to SVB to stay with the company.
Patek Philippe's Tiffany Blue Nautilus watch fetches $6.5 million at auction
The first of the new limited edition Patek Philippe Tiffany & Co. Nautilus watches sold at auction on Saturday for $6.5 million — more than 120 times its retail price. The sale cements the reputation of the Patek Philippe Nautilus Ref. The watch, auctioned off by Phillips in association with Bacs & Russo in New York, was the first of 170 limited edition Nautilus Ref. Launched in 2006, the Nautilus Ref. 5711 with a Tiffany Blue face and decided to make 170, as the very final production of the Ref.
How this 26-year-old CEO went from ‘joking’ about dropping out of college to running a $4 billion company
He and two friends at Canada's Waterloo University couldn't know if their business idea for self-driving vehicles would catch on. "Either you learn a lot, and it doesn't work out and you go back to school," Rodrigues says. Rodrigues's godfather, a former employee at a GPS tech company, arranged for them to borrow a $30,000 GPS system. Skupien left the start-up in 2017, but Moak remains by Rodrigues' side as Embark's chief technology officer. Interestingly, he's not alone: Last year, then-25-year-old Austin Russell took self-driving vehicle technology company Luminar public with a multibillion-dollar valuation.
Consumer inflation rises at fastest pace in nearly 40 years — five experts weigh in
Here's what five experts have to say about inflation, its impact on the Federal Reserve and what it says about the U.S. economy. I think that's why the market so far has reacted okay. We think that's too aggressive, especially where you consider with the 10-year below 1.50%. If they want to preserve any type of yield curve, I think they're going to go at a more cautious pace." I mean, I think [Fed Chair Jay Powell] correctly anticipated this.
These two popular stocks have enough pricing power to withstand inflation, traders say
Investors don't have to dig to find pricing power in this market, two traders say. "I think Apple still looks very attractive," the firm's senior technical research analyst said, adding that he took note of Apple's "incredible pricing power" when he recently upgraded his iPhone. "We've seen prices go up over 80% since 2007," when Apple launched its first iPhone, he said. Apple's stock has climbed more than 4,050% over that time frame. Shares closed nearly 3% higher on Friday at $179.45.
Apple nears $3 trillion market cap. Why it still has more room to run at record highs
Apple shares hit all-time highs again Monday, extending a record run for a fifth session in a row. If the stock gains just 2% to trade at $182.86, that would give the company a $3 trillion market cap, the largest S&P 500 stock by far. Microsoft is the second largest stock on Wall Street, behind Apple, and one of a handful of stocks with market caps above $1 trillion. Tasked with choosing her favorite trillion-dollar stock, Laffer Tengler Investments CEO and Chief Investment Officer Nancy Tengler opted for Amazon. And I think that's going to work to their benefit."
The backdoor Roth IRA may be on the chopping block. Here's what you can do now
This month may be the last chance for high-income savers to take full advantage of the 'backdoor' Roth. If the Build Back Better bill, passed by the House in November and now under consideration by the Senate, becomes law, it could limit high-income savers' options to convert their savings into Roth IRAs and Roth 401(k)s, which offer tax-free withdrawals in retirement. The most immediate restriction, unless lawmakers amend the date, would start in 2022, when you would no longer be allowed to convert after-tax contributions -- say from a non-deductible IRA -- into a Roth. Converting to a Roth would let your money not only grow tax-free but also would let you make tax-free withdrawals too. What high-income savers can do nowRead More
Biden aims to cut bureaucratic runaround for gov’t services
(AP Photo/David Zalubowski, File)FILE - Travelers queue up at the south security checkpoint Nov. 23, 2021, at Denver International Airport in Denver. The White House released details about the order on Monday, ahead of a planned afternoon signing by Biden. The order comes at a critical juncture for Biden to show that he can deliver results. “The fight to improve government services requires a broad retooling of the bureaucratic wiring and flattening of the hierarchy. It should become easier to update mailing addresses with the government or change names with the Social Security Administration.
Rivian Stock: R1T Pickup Named 2022 MotorTrend Truck Of The Year
Rivian's (RIVN) R1T all-electric pickup has won the prestigious Golden Caliper award as MotorTrend's Truck of the Year for 2022. Rivian stock rose but was well off morning highs. "The 2022 Rivian R1T shows the world a new way to build a pickup and new ways to think about truck design, engineering, and use case," MotorTrend wrote in its review. Rivian stock came public Nov. 10, climbing as high as 179 on Nov. 16. YOU MAY ALSO LIKE:Is Rivian Stock A Buy Now?
Dow Jones Loses 350 Points As Fed Meeting Looms; EV Stocks Skid, But Covid Stocks Rally
XThe Dow Jones industrials fell 1%, the Nasdaq lost 1.3% and the S&P 500 gave up 0.8% in the stock market today. Shares are now about 19% below the 75.39 potential buy point of a cup base, according to MarketSmith chart analysis. Shares remain well extended from a 43.10 buy point of a cup base, after reaching the 20%-25% profit-taking goal last week. Among semiconductor ETFs, iShares Semiconductor (SOXX) and VanEck Semiconductor (SMH) fell nearly 2% apiece. Shares climbed past a 57.66 buy point and were trading near the entry at midday.
Clene Shares Rise 11% After Grant Awarded for Manufacturing Facility
By Chris WackClene Inc. shares were up 11% at $5.32 after the company said it received a $1 million grant award from the Maryland Department of Housing and Community Development to further support the redevelopment of the Clene manufacturing facility in Elkton, Md. The company said the legacy site is being redeveloped for pharmaceutical product development to increase Clene's manufacturing capacity and support anticipated product commercialization for amyotrophic lateral sclerosis with Clene's lead asset, CNM-Au8.
Zinnwald Lithium to Raise at Least GBP4.0 Mln in Share Placing
By Joe HoppeZinnwald Lithium PLC said Monday it intends to raise at least 4.0 million pounds ($5.3 million) through a share placing, to advance development of its Zinnwald lithium project in Germany. The Germany-focused lithium development company said it will issue new ordinary shares at a price of 15.5 pence each, a 17.5% discount to the five-day volume-weighted average price of its shares as of Friday.
TotalEnergies SE: Disclosure of Transactions in Own Shares
Regulatory News:In accordance with the authorization given by the ordinary shareholders' general meeting on May 28, 2021 to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) (Paris:TTE) (LSE:TTE) (NYSE:TTE) declares the following purchases of its own shares (FR0000120271) from December 6 to December 10, 2021:Daily weighted average purchase Total daily price of the Amount of Market volume (number shares transactions (MIC Transaction date of shares) (EUR/share) (EUR) Code) 06.12.2021 603,615 43.4033 26,198,881.12 XPAR 06.12.2021 177,238 43.3827 7,689,070.60 CEUX 06.12.2021 58,781 43.4066 2,551,484.94 TQEX 06.12.2021 58,988 43.4080 2,560,551.10 AQEU 07.12.2021 594,000 44.1211 26,207,954.78 XPAR 07.12.2021 180,000 44.1219 7,941,949.92 CEUX 07.12.2021 54,998 44.1214 2,426,586.45 TQEX 07.12.2021 54,928 44.1212 2,423,487.63 AQEU 08.12.2021 712,638 44.1302 31,448,884.55 XPAR 08.12.2021 222,380 44.1455 9,817,076.96 CEUX 08.12.2021 27,000 44.0789 1,190,129.36 TQEX 08.12.2021 35,000 44.1103 1,543,860.96 AQEU 09.12.2021 702,068 43.8787 30,805,856.43 XPAR 09.12.2021 184,024 43.9152 8,081,453.89 CEUX 09.12.2021 31,000 43.9298 1,361,824.89 TQEX 09.12.2021 59,500 43.9017 2,612,152.34 AQEU 10.12.2021 591,690 44.1156 26,102,764.10 XPAR 10.12.2021 240,000 44.1202 10,588,850.40 CEUX 10.12.2021 30,000 44.1174 1,323,522.78 TQEX 10.12.2021 45,000 44.1074 1,984,834.13 AQEU Total 4,662,848 43.9348 204,861,177.31Transaction details
Bank of England to Raise Captial Buffer Requirement for UK Banks
By Jason DouglasLONDON--The Bank of England said that from December next year U.K. banks will need a larger cushion of capital to protect against losses. The BOE's Financial Policy Committee said Monday that from Dec. 13, 2022, the countercyclical capital buffer for U.K. banks will increase to 1%, from 0% currently.
Mid-America Apartment Communities Promotes 5 Executives
Mid-America Apartment Communities Inc.'s Brad Hill has been appointed chief investment officer, one of several promotions disclosed Monday. Rob DelPriore has been promoted to executive vice president, chief administrative officer and general counsel. Joe Fracchia has been promoted to executive vice president, chief technology and innovation officer. Tim Argo has been promoted to executive vice president, chief strategy & analysis officer. And Andrew Schaeffer has been promoted to senior vice president, treasurer and director of capital markets.
UK Watchdog to Probe Ritchie Bros. Acquisition of Euro Auctions -- Update
By Joe HoppeThe U.K.'s competition regulator said Monday that it is inviting comments on the expected acquisition of Euro Auctions Group by Ritchie Bros. Auctioneers Inc., to consider whether it could substantially reduce competition. The U.K. Competition and Markets Authority said it is considering whether the acquisition could substantially lessen competition within the U.K. for goods and services, and invited comments from interested parties before Jan. 4. Ritchie, a machinery auction house, acquired Euro Auctions--which conducts unreserved heavy equipment auctions with onsite and online bidding--on Aug. 8 for around $1.08 billion. "As previously announced, receiving merger clearance from the U.K. Competition and Markets Authority is one of the conditions of Ritchie Bros.' acquisition of Euro Auctions. Ritchie Bros. is in contact with the CMA and can confirm that the statement made today by the CMA is part of the normal merger review process in the U.K.," a spokesperson for Ritchie Bros. said.
Imago BioSciences Shares Down 15% After Cancer Drug Data
By Michael DabaieImago BioSciences Inc. shares fell 15% to $16.98 in afternoon trading after presenting data at a conference over the weekend. The clinical stage biopharmaceutical company said it presented data from its ongoing Phase 2 study of bomedemstat in advanced myelofibrosis. The company said bomedemstat demonstrated encouraging and distinct clinical benefit to patients with advanced myelofibrosis and the data highlights the rationale for bomedemstat as potential MF mono- or combination-therapy. The updated Phase 2 MF data "remains interesting - but a single-agent path forward seems unlikely," Stifel said in an analyst note. The company also said it presented data for its Phase 2 clinical study of bomedemstat in patients with essential thrombocythemia.
Opinion: Spread the love -- and 3 other things new investors need to know
At Schwab we call this cohort of new investors “Generation Investor” (or Gen I), and our research shows that they make up 15% of all current U.S. stock market investors. Schwab conducted two different studies exploring what drives new investors’ decision making, investing priorities, goals, expectations, and more. The research shows that Gen I investors are confident in themselves and bullish on the markets. At the same time, a unique thing that Gen I investors share is having only seen one market cycle. Schwab Intelligent Portfolios Premium® are made available through Charles Schwab & Co., Inc. (“Schwab”), a dually registered investment adviser and broker-dealer.
Life at Sea: Superyachts That Make Permanent Vacations on the Water a Reality
Now, those with an affinity for the sea can unite the concepts of salt water escapes with daily life by residing within a new floating hometown. Competing community yacht designers build the equivalent of cruise ships for a group of private owners. Alister Punton, CEO of Miami-based Storyline Cruises, describes life aboard the Narrative as endless exploration shared with like-minded shipmates. We offer those same comforts so people can take home with them.”The Fort Lauderdale-headquartered Residences at Sea owns The World–the only “residential mega yacht” currently at sea. British Columbia-based International Marine Floatation Systems designs everything from individual floating homes to the marinas joining them.
Polestar’s Plans, as Predicted by the Ultra-Modern Precept Concept
Now it has stepped out from Volvo’s shadow with its own well-proportioned Precept concept sedan—a harbinger of things to come. The car is a precursor of Polestar’s future design direction, and will reach production in modified form as the Polestar 5 in 2024. The Polestar Precept, with its pillarless doors open wide to show off the show interior. The Polestar interior features flax fiber trim, a large central screen, and a floating console. Thomas Ingenlath, Polestar CEO, saysthe Polestar 5 “will not be that far off” from the Precept concept.
How to help tornado victims in Kentucky and elsewhere — ‘We’re going to grieve and then we’re going to rebuild’
It took hours this weekend for tornadoes to cut a path of destruction in Kentucky, Arkansas, Missouri and Tennessee. Team Western Kentucky Tornado Relief FundThis is a relief fund created by Beshear’s office and it’s already raised more than $2.3 million, Beshear said, according to Fox 5 Atlanta. American Red CrossThe organization says it’s providing disaster relief in Kentucky and the various other regions where the tornadoes touched down. United WayThe United Way is another national organization with local chapters than can make an on-the-ground impact. Community Foundation of West Kentucky and Mayfield Community Foundation are two examples of local foundations, Webster said, noting she was still compiling a complete list.
Lucid shares higher as company joins Nasdaq-100 index
Lucid Group (LCID) shares are on the rise today, getting a big boost as the electric vehicle (EV) maker announced it's been added to the Nasdaq-100 Index. Lucid shares will be added prior to the market open on December 20, 2021. "We are proud to join the prestigious Nasdaq-100 Index, a recognition of our progress establishing Lucid in the EV market and our future growth strategy," Sherry House, Lucid’s CFO said in a statement. Along with Lucid, the Nasdaq added Airbnb, Inc. (ABNB), Fortinet (FTNT), Palo Alto Networks (PANW), Zscaler (ZS), and Datadog (DDOG) to the index. Listing on an index like the Nasdaq-100 typically is positive news for a company’s stock, because index funds and mutual funds that track the Nasdaq-100 will have to add these new index entrants to their funds.
Stablecoin hearing 'is going to be a lot more contentious' than previous Congressional hearing
Motley FoolShares of Chinese electric car manufacturer Nio (NYSE: NIO) crashed 4% in very early trading this morning before beginning to bounce around, first higher, then lower again. A confluence of negative macroeconomic news headlines out of China may be weighing on Nio shares. First and foremost, of course, is the worry that the United States Securities and Exchange Commission (SEC) may begin delisting Chinese shares because of China's failure to permit its companies to subject themselves to audit inspection by the U.S. Public Company Accounting Oversight Board. On top of that worry, though, last week Chinese property giant China Evergrande Group finally and officially placed itself in default when it missed a final deadline to pay interest due on about $1.2 billion worth of international loans.
Billionaire Israel Englander Snaps Up These 3 “Strong Buy” Stocks
The platform revealed that each has earned a “Strong Buy” analyst consensus and boasts significant upside potential. Buy), and his $15 price target implies an upside of 59% for the coming year. NUVB shares are trading for $9.13, and their average price target of $16 suggests room for a 69% upside from that level. Buy) rating, along with a price target of $11, suggesting it has room for 65% upside by the end of next year. (To watch Dodge’s track record, click here)Overall, Thorne has a unanimous Strong Buy consensus rating based on 4 positive reviews.
Governor: More than 60 dead in Kentucky tornadoes
AutoblogAfter one of the twisters landed in Kentucky and traversed 227 miles on the ground, killing more than 50 people, Governor Andy Beshear said his state suffered "the worst, most devastating tornado event in Kentucky's history." The storms also made their presence felt at the GM Bowling Green Assembly Plant that builds the Chevrolet Corvette, and the National Corvette Museum in Bowling Green, Kentucky. This is yet another interruption for the plant, which can't seem to catch a break, running behind on C8 Corvette production since it started building the car. In July, Tony Johnson, Chevrolet's director of car and crossover marketing, said the Bowtie was “not even close” to catching up to demand for the only product it makes.
Tesla stock dips below $1,000 per share, lowest since October
Tesla (TSLA) shares dipped below $1,000 each on Monday, to their lowest level since October. Traders highlight the stock dipped below its 50-day moving average, which is commonly considered a warning sign. "A retracement to the 100 day [moving average] at $865 would be a downside technical target to watch," Jay Woods, chief markets strategist at DriveWealth told Yahoo Finance. Bianco Research President Jim Bianco points out "TIME Magazine's Person of the Year has historically been a great contrarian Indicator. Bianco highlights Amazon's (AMZN) Jeff Bezos was named TIME Magazine's Person of the Year in 1999.
American Express stock is headed at least 20% higher: Wells Fargo
Wells Fargo says buy the dip on American Express (AXP). Analyst Donald Fandetti is out Monday reiterating an Overweight rating (Buy equivalent) and $200 price target on shares of American Express. The results were paced by the company's largest segment, Global Consumer Services. Meanwhile, profits at Amex's Global Commercial Services segment notched a profit of $718 million from $272 million last year. Profits in the Global Merchant and Network Services segment clocked in at $529 million, compared with $326 million a year earlier.
AbbVie Shares Rise; Wells Fargo Lauds Growth Prospects
'Our head-to-head analysis suggests that ABBV's ex-Humira business is bigger and growing faster than Eli Lilly,' Wells Fargo says. AbbVie (ABBV) - Get AbbVie, Inc. Report shares rose on Thursday after Wells Fargo analyst Mohit Bansal initiated coverage of the pharmaceutical titan at overweight on strong growth prospects. “Our head-to-head analysis suggests that ABBV's ex-Humira business is bigger and growing faster than Eli Lilly (LLY) - Get Eli Lilly and Company Report but is trading at 15 times estimated 2022 earnings.” That’s more than a 50% discount to Lilly, he said. AbbVie has industry-leading 20% compound-annualized growth for earnings per share based on 2021-25 estimates for its non-Humira business, Bansal said. Further, “we don’t think the company is getting enough credit for its Allergan Aesthetics business execution,” which includes Botox, the analyst said.
Jayapal says CBO scores are 'outdated,' don't count 'wellbeing of planet,' amid spending bill backlash
Jayapal argued this approach to understanding Democrats' bill is incorrect. Jayapal also said the reconciliation bill would save the federal government money over two decades. Meanwhile, Republicans are hammering the reconciliation bill as irresponsible federal spending right when Americans are being hit hard by inflation – and they're leaning on moderate Sens. In fact, Sen. Lindsey Graham, R-S.C., said on "Fox News Sunday" it was Manchin's idea to have the CBO score reconciliation as if it were permanent. Democrats are shooting to pass the reconciliation bill through at least the Senate before the New Year.
Tesla Again Is Sued Over Sexual Harassment
A second lawsuit charging Tesla with sexual harassment has been filed, media reports say. A female employee has filed a lawsuit against Tesla (TSLA) - Get Tesla Inc Report for sexual harassment. Erica Cloud, a Tesla assembly line worker, accused the defendants, including her former manager, of “continuous and pervasive” sexual harassment. The lawsuit also alleges that the Austin company and other defendants failed to prevent and take corrective actions over sexual harassment and retaliation. Her lawsuit against Tesla alleged rampant sexual harassment at its main factory in Fremont, Calif.TheStreet has requested comment from Tesla.
The Restaurant Industry Just Had Its Best Month In A Decade
The restaurant industry had its best sales growth in over a decade last month, according to the analytics firm Black Box Intelligence. Black Box found that restaurant sales in November were 8.3% greater than in November 2019, and were 2.3% better than October, making for the best month in sales growth for the industry. "It tracks with what we’re seeing in the industry and with the restaurant brands we work alongside," says John Owen, President of Acrelec Americas, a global technology company focused on reinventing the customer experience for restaurant and retail brands. In July, Black Box reported 11 consecutive weeks of restaurant sales growth. Chipotle (CMG) - Get Chipotle Mexican Grill, Inc. Report saw its numbers fall roughly in line with the Black Box report as its same-store sales grew by 15.1%.
Decimal Mistake Costs Bored Ape NFT Owner $270,000
An online trader named Max accidentally typed in 0.75 ethereum instead of 75 ether for a prestigious NFT and saw it snapped up in seconds. A prestigious Bored Ape NFT that was meant to sell for $300,000 instead went for $3,000 after the owner made a mistake with a decimal point. Launched last spring on the ethereum blockchain, the Bored Ape Yacht Club is a collection of over 10,000 NFTs that became extremely popular among both art collectors and investors. But instead, CNET first reported that the user accidentally typed in 0.75 ether into the listing on the NFT marketplace OpenSea. Bored Ape NFTs, in particular, are extremely popular for trading purposes and some speculated that it was purchased by a bot programmed to instantly catch NFTs listed for far below market.
The Walls Are Closing in on the Fed
Initially, the Fed had a dual mandate: to get employment growth to pre-Covid levels and inflation moderating at around 2%. The Fed can keep on reiterating that inflation is "transitory," which in its defense might be true, but it all depends on how one defines transitory. Over the last decade, the Fed has always reacted to any problem by printing even more money. Whether we like to admit it or not, this entire market has been driven by all the liquidity that has been fed to it over the past decade. The only question is, how far down is that Fed put today, given the debt and inflation in the system?
Home sale prices from Santa Clara, The Peninsula and Santa Cruz areas, December 12, 2021
Residential transactions in Santa Clara, The Peninsula and Santa Cruz areas. Click here to browse previous weeks’ transactions. Aptos 95003227 Alta Verdi Dr $2,000,00011-19-2021 3646 SF 4 BR 5 BTH427 Cliff Dr $1,500,00011-19-2021 2237 SF 3 BR 3 BTH149 Hahns Rd $641,00011-18-2021 1152 SF 0 BR 0 BTH280 Marlin Ct $970,00011-19-2021 1328 SF 2 BR 2 BTH9757 Monroe Ave $575,00011-19-2021 1068 SF 2 BR 1 BTH9933 Monroe Ave $1,260,00011-17-2021 1632 SF 3 BR 2 BTH2160 Penasquitas Dr $860,00011-16-2021 1544 SF 3 BR 2 BTH957 Pinetree Ln $1,950,00011-19-2021 1620 SF 3 BR 2 BTH10 Seacliff Dr $779,00011-19-2021 1536 SF 2 BR 2 BTH214 Seascape Resort Dr $649,50011-17-2021 628 SF 1 BR 1 BTHAtherton 94027195 Alta Vista Dr $21,200,00011-09-2021 3010 SF 4 BR 3 BTH273 Austin Ave $20,880,00011-12-2021 7030 SF 5 BR 5 BTHBelmont 940022509 Cipriani Blvd $2,508,00011-15-2021 1990 SF 4 BR 3 BTH300 Davey Glen Rd 3626 $600,00011-12-2021 730 SF 1 BR 1 BTH901 Holly Rd $2,000,00011-12-2021 1800 SF 3 BR 2 BTH2523 Lincoln Ave $2,710,00011-12-2021 1950 SF 3 BR 2 BTH1502 Pine Knoll Dr $3,525,00011-12-2021 2220 SF 2 BR 3 BTHBen Lomond 95005275 Fairview Ave $535,00011-17-2021 1152 SF 2 BR 2 BTH9580 Glen Arbor Rd $820,00011-18-2021 1300 SF 2 BR 1 BTHBoulder Creek 95006390 Band Rd $225,00011-19-2021 1177 SF 2 BR 1 BTH149 Brookside Dr $653,00011-16-2021 981 SF 2 BR 1 BTH1075 Elsie Mae Dr $471,00011-19-2021 1280 SF 2 BR 1 BTH610 Mitchell Dr $1,010,00011-18-2021 2366 SF 4 BR 2 BTH14303 W Park Ave $830,00011-19-2021 901 SF 2 BR 2 BTH300 Wooded Way $766,00011-18-2021 1340 SF 3 BR 1 BTHBrisbane 94005112 Rock Wren Ln 1162 $1,160,00011-12-2021 1781 SF 2 BR 2 BTHBrookdale 95007973 Forest Ave $850,00011-16-2021 1461 SF 3 BR 2 BTH11470 Highway 9 $707,00011-