Today: September 23, 2024
Today: September 23, 2024

Uncategorized

Uncategorized

Shares gain, dollar down after moderate US CPI

Global shares and gold rose while the dollar eased on Thursday after a moderate rise in July U.S. consumer price inflation bolstered the view that the Federal Reserve is at the end of its rate hiking cycle. The consumer price index (CPI) gained 0.2% last month, the Labor Department said, lifting the annualized rate to 3.2% from 3% in June. Economists polled by Reuters expected headline CPI to rise to 3.3%. The pace of core CPI, which strips out volatile food and energy prices, slowed to 4.7% in July from 4.8%

August 10, 2023
Shares gain, dollar down after moderate US CPI
Uncategorized

Major deals in global luxury market in the past decade

Coach parent Tapestry said on Thursday it will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a top U.S. fashion house that can better compete with larger European rivals. Here are some other major deals in the global luxury space in the past decade: Deal Details Company Date Name Kering July 27, 2023 The French luxury group took a 30% stake in Italian fashion label Valentino for $1.87 billion in cash. L’Oreal April 4, 2023 French beauty firm L’Oreal bought Australian luxury brand Aesop from Natura & Co in a deal valued at

August 10, 2023
Major deals in global luxury market in the past decade
Uncategorized

US court rules Goldman Sachs investors can't proceed as a class on crisis-era claims

– Goldman Sachs shareholders cannot go forward with a class action alleging the bank misled investors about its business practices ahead of the subprime mortgage crisis, a U.S. appeals court ruled on Thursday. The New York-based 2nd U.S. Circuit Court of Appeals said that the bank’s statements about its ability to prevent conflicts of interest were not closely linked to Goldman being fined by U.S. authorities in 2010 over misleading marketing materials for a subprime mortgage product. (Reporting by Jody Godoy; editing by Jonathan Oatis)

August 10, 2023
US court rules Goldman Sachs investors can't proceed as a class on crisis-era claims
Uncategorized

US court rules Goldman Sachs investors can't proceed as a class on crisis-era claims

– Goldman Sachs shareholders cannot go forward with a class action alleging the bank misled investors about its business practices ahead of the subprime mortgage crisis, a U.S. appeals court ruled on Thursday. The New York-based 2nd U.S. Circuit Court of Appeals said that the bank’s statements about its ability to prevent conflicts of interest were not closely linked to Goldman being fined by U.S. authorities in 2010 over misleading marketing materials for a subprime mortgage product. (Reporting by Jody Godoy; editing by Jonathan Oatis)

August 10, 2023
US court rules Goldman Sachs investors can't proceed as a class on crisis-era claims
Uncategorized

US economy in 'uncharted waters' as inflation falls with low unemployment -study

U.S. Federal Reserve officials are in “uncharted waters” with no clear historical guide as they set monetary policy in an environment with inflation falling but no increase as yet in the unemployment rate, Richmond Fed staff said in a new research note analyzing a central bank rate cycle they deemed “unlike any other.” “The current cycle is the first time over the entire postwar period the (Federal Open Market Committee) has made significant progress in lowering inflation without an associated increase in the unemployment rate,” Richmond Fed staffers including senior adviser Pierre-Daniel Sarte wrote in

August 10, 2023
US economy in 'uncharted waters' as inflation falls with low unemployment -study
Uncategorized

Amazon scraps private label brands to cut costs, address antitrust scrutiny - source

– Amazon.com is shelving several private clothing brands in an attempt to reduce costs and address antitrust scrutiny, a source familiar with the matter said on Thursday. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing division, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. Amazon also is scrapping private-label furniture, phasing out its Rivet and Stone & Beam brands once their stock runs out, the report said. “If there are products that aren’t resonating with customers we deprecate those

August 10, 2023
Amazon scraps private label brands to cut costs, address antitrust scrutiny - source
Uncategorized

Amazon scraps private label brands to cut costs, address antitrust scrutiny - source

– Amazon.com is shelving several private clothing brands in an attempt to reduce costs and address antitrust scrutiny, a source familiar with the matter said on Thursday. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing division, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. Amazon also is scrapping private-label furniture, phasing out its Rivet and Stone & Beam brands once their stock runs out, the report said. “If there are products that aren’t resonating with customers we deprecate those

August 10, 2023
Amazon scraps private label brands to cut costs, address antitrust scrutiny - source
Uncategorized

US court rules no class action on Goldman Sachs crisis-era claims

Goldman Sachs shareholders cannot go forward with a class action alleging the bank misled investors about its business practices ahead of the subprime mortgage crisis, a U.S. appeals court ruled on Thursday. The New York-based 2nd U.S. Circuit Court of Appeals ruled in three pension funds’ long-running case accusing the bank of unlawfully hiding conflicts of interest when creating risky subprime securities, costing investors more than $13 billion. The court said that the bank’s statements about its ability to prevent conflicts of interest were not closely linked to Goldman being fined by U.S. authorities in 2010

August 10, 2023
US court rules no class action on Goldman Sachs crisis-era claims
Uncategorized

Ford exec expects software to boost revenue for commercial trucks, vans

– Ford Motor expects to incorporate more and better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business and grow revenues by $4,000-$5,000 per vehicle by 2026, a top executive said on Thursday. Navin Kumar, chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Kumar, speaking at a J.P. Morgan investor conference, did not give a percentage forecast for revenue or profit margin growth, but said Ford’s ability to deliver

August 10, 2023
Ford exec expects software to boost revenue for commercial trucks, vans
Uncategorized

Robinhood defeats investors' appeal over meme stock frenzy

– Robinhood Markets on Thursday defeated an appeal by investors over the stock trading platform’s decision to restrict purchases of 13 “meme stocks” during a January 2021 frenzy that squeezed hedge funds. Customers who owned stocks such as AMC Entertainment, the former Bed Bath & Beyond and GameStop claimed in the proposed class action that they lost money because Robinhood stopped them from buying more as social media-fueled trading drove prices skyward. Other holders of the stocks also said they were harmed, because the restrictions eventually caused prices of their stocks to fall. But in a

August 10, 2023
Robinhood defeats investors' appeal over meme stock frenzy
Uncategorized

Robinhood defeats investors' appeal over meme stock frenzy

– Robinhood Markets on Thursday defeated an appeal by investors over the stock trading platform’s decision to restrict purchases of 13 “meme stocks” during a January 2021 frenzy that squeezed hedge funds. Customers who owned stocks such as AMC Entertainment, the former Bed Bath & Beyond and GameStop claimed in the proposed class action that they lost money because Robinhood stopped them from buying more as social media-fueled trading drove prices skyward. Other holders of the stocks also said they were harmed, because the restrictions eventually caused prices of their stocks to fall. But in a

August 10, 2023
Robinhood defeats investors' appeal over meme stock frenzy
Uncategorized

Virgin Galactic launches tourists to edge of space

– Virgin Galactic on Thursday blasted three tourists to the edge of space aboard its air-launched VSS Unity spaceplane, a live stream showed, the Richard Branson-founded company’s second commercial mission as it starts routine flights. The rocket-powered VSS Unity craft dropped from the carrier plane over New Mexico around 9:20 a.m. local time and blasted its four passengers, a company instructor and three tourists, to an altitude of roughly 55 miles (88.51 km). (Reporting by Joey Roulette; Editing by Mark Porter and Richard Chang)

August 10, 2023
Virgin Galactic launches tourists to edge of space
Uncategorized

Coach owner's Michael Kors deal creates US giant to take on European luxury rivals

Coach parent Tapestry will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. U.S. luxury firms have consistently lagged their European peers in scale, limiting their ability to compete better. Paris-listed LVMH owns 75 brands, including U.S. jeweler Tiffany and fashion labels Louis Vuitton and Dior. Thursday’s deal will also bring under one roof Tapestry’s more affordable luxury brands Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace labels. “Scale appears to

August 10, 2023
Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
Uncategorized

Oil falls as US rate hike fears subside, China demand weighs

Oil prices fell slightly on Thursday, with Brent crude holding close to January highs, as speculation about another U.S. interest rate hike faded following inflation data and OPEC remained positive on the oil demand outlook. Both benchmarks have been on a sustained rally since June, with WTI trading at its highest this year on Thursday and Brent hitting its highest price since January. Brent crude fell 72 cents to $83.68 a barrel at 11:55 a.m. EDT (1555 GMT). West Texas Intermediate crude (WTI) was down 46 cents at $87.09, after falling by $1 earlier in the

August 10, 2023
Oil falls as US rate hike fears subside, China demand weighs
Uncategorized

Coach owner's Michael Kors deal creates US giant to take on European luxury rivals

Coach parent Tapestry will buy Michael Kors owner Capri Holdings in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. U.S. luxury firms have consistently lagged their European peers in scale, limiting their ability to compete better. Paris-listed LVMH owns 75 brands, including U.S. jeweler Tiffany and fashion labels Louis Vuitton and Dior. Thursday’s deal will also bring under one roof Tapestry’s more affordable luxury brands Kate Spade, Stuart Weitzman and Capri’s Jimmy Choo and Versace labels. “Scale appears to

August 10, 2023
Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
Uncategorized

Verizon to raise prices again (Aug. 9)

– Verizon Communications is raising prices on some of its wireless plans as the No. 1 U.S. telecom firm by subscribers looks to boost revenue growth after a post-pandemic slowdown. Customers on specific legacy Unlimited postpaid wireless plans will see a $3 increase in rates, while those on the Basic postpaid wireless plans would pay $5 more, the company said. “We felt it was the right time to take a look at pricing and remove what

August 10, 2023
Verizon to raise prices again (Aug. 9)
Uncategorized

Kellogg's 'woke' workplace diversity programs are illegal, group claims

A conservative legal group on Wednesday urged a U.S. anti-discrimination agency to investigate Kellogg Co over workplace diversity policies that it says are unlawful, and accused the cereal maker of sexualizing its products. This is the second complaint filed this week against a company by America First Legal, a nonprofit run by Stephen Miller, who was an adviser to then-President Donald Trump. America First in a letter to the U.S. Equal Employment Opportunity Commission (EEOC) said Kellogg’s hiring, training and promotion practices are designed to achieve a balance based on race and sex that violates the

August 10, 2023
Kellogg's 'woke' workplace diversity programs are illegal, group claims
Uncategorized

US inflation cooling as consumer prices rise moderately again

– U.S. consumer prices increased moderately in July as higher rents were mostly offset by declining costs of goods such as motor vehicles and furniture, a trend that could persuade the Federal Reserve to leave interest rates unchanged next month. The report from the Labor Department on Thursday also showed underlying inflation pressures subsided further last month. The annual increase in prices excluding the volatile food and energy components, the so-called core inflation, was the smallest in nearly two years. Moderate inflation, together with a cooling labor market, bolstered economists’ conviction that the U.S. central

August 10, 2023
US inflation cooling as consumer prices rise moderately again
Uncategorized

Yellen to tout U.S. economy's resilience, jobs recovery in major speech

– U.S. Treasury Secretary Janet Yellen will highlight the U.S. economy’s continuing resilience in a major speech in Las Vegas on Monday, touting the creation of 13 million new jobs and progress in driving down inflation, a Treasury official said. Yellen will speak at a training center operated by the International Brotherhood of Electrical Workers (IBEW) union after touring its cutting-edge clean energy training programs where workers learn how to install solar panels. The remarks in Nevada, likely to be a key battleground state in the 2024 presidential election, are part of a monthlong travel

August 10, 2023
Yellen to tout U.S. economy's resilience, jobs recovery in major speech
Uncategorized

Verizon to raise prices again (Aug. 9)

– Verizon Communications is raising prices on some of its wireless plans as the No. 1 U.S. telecom firm by subscribers looks to boost revenue growth after a post-pandemic slowdown. Customers on specific legacy Unlimited postpaid wireless plans will see a $3 increase in rates, while those on the Basic postpaid wireless plans would pay $5 more, the company said. “We felt it was the right time to take a look at pricing and remove what

August 10, 2023
Verizon to raise prices again (Aug. 9)
Uncategorized

Brazil airline Azul narrows loss, beating forecasts; shares jump

– Brazilian airline Azul on Thursday reported a narrower second-quarter loss, beating market expectations, and its shares jumped almost 9% as it provided its first updates after completing a broad restructuring plan earlier this year. Sao Paulo-traded shares of Brazil’s largest airline in number of flights and cities served jumped as much as 8.9% after the report, making it one of the top gainers on Brazil’s Bovespa stock index, as analysts voiced optismism about the company’s future. Azul posted an adjusted loss of 1.33 real per share for the three months ended in June,

August 10, 2023
Brazil airline Azul narrows loss, beating forecasts; shares jump
Uncategorized

Verizon to raise prices again

– Verizon Communications is raising prices on some of its wireless plans as the No. 1 U.S. telecom firm by subscribers looks to boost revenue growth after a post-pandemic slowdown. Customers on specific legacy Unlimited postpaid wireless plans will see a $3 increase in rates, while those on the Basic postpaid wireless plans would pay $5 more, the company said. “We felt it was the right time to take a look at pricing and remove what

August 10, 2023
Verizon to raise prices again
Uncategorized

US set to unveil long-awaited crackdown on real estate money laundering

– The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains. The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN is slated to propose the rule sometime this month, according to its regulatory agenda, though the timeline could

August 10, 2023
US set to unveil long-awaited crackdown on real estate money laundering
Uncategorized

Amazon scraps private label brands to cut costs, address antitrust scrutiny - source

Amazon.com is shelving several private clothing brands, a source familiar with the matter said on Thursday, as the e-commerce giant tries to cut costs and address antitrust scrutiny. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing brands, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. “If there are products that aren’t resonating with customers we deprecate those items and look for other opportunities to better meet their needs,” Matt Taddy, vice president of Amazon Private Brands, said in an

August 10, 2023
Amazon scraps private label brands to cut costs, address antitrust scrutiny - source
Uncategorized

Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

Italy’s Treasury has signed a preliminary agreement with U.S. fund KKR paving the way for the government to buy up to 20% of the company that will own Telecom Italia’s landline grid, it said on Thursday. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. The Memorandum of Understanding (MoU) signed on Thursday provides for the Treasury to take a stake of up to 20% as part of any binding offer and for the government to play a

August 10, 2023
Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

Follow