There likely will be no nasty tweets in the middle of the night excoriating the Federal Reserve to lower interest rates. Nor will its officials be called “boneheads” should their actions not be in keeping with President Joe Biden’s wishes. But that doesn’t mean the U.S. central bank won’t face pressure as it looks to […]
President Joe Biden will oversee an economy that is “in the late stage of an epic bubble,” billionaire real estate developer Jeff Greene told “The Claman Countdown” Wednesday. Greene argued that the economy’s growth had been “fueled by extreme overvaluations, explosive price increases, absolutely frenzied issuance with these SPACs and IPOs and hysterical price speculation. […]
U.S. stock futures were flat in overnight trading on Wednesday after the major averages hit record highs on inauguration day. Dow futures rose 24 points. S&P 500 futures ticked 0.05% higher and Nasdaq 100 futures rose 0.15%. Major U.S. airline United dipped more than 2% in extended trading on Wednesday after missing on the top […]
Procter & Gamble on Wednesday raised its outlook for the second consecutive quarter. It also said its second-quarter revenue rose 8%, fueled by higher demand for its cleaning products and shaving and styling products as the pandemic continues to guide consumer behavior. The company, whose brands include Tide, Pampers and Bounty, now expects sales growth of 5% to 6% […]
Shares of Stellantis – the merged automaker of Fiat Chrysler and France-based Groupe PSA – jumped by more than 11% in their trading debut on the New York Stock Exchange on Tuesday. The $52 billion merger was finalized Saturday, and the combined company’s shares started trading Monday under STLA on Euronext in Paris and the […]
The Paycheck Protection Program, a vital lifeline that helped keep pandemic-ravaged small businesses afloat, fully reopened to all participating lenders on Tuesday after initially limiting who was eligible. In an attempt to rectify past criticisms that the program favored larger borrowers, the rescue fund – which provides forgivable loans to businesses if they maintain their […]
Gary Gensler’s nomination to head the U.S. Securities and Exchange is welcome news for the cryptocurrency industry given his ongoing and deep interest in the technology. Why it matters: Although the SEC has conveyed some of its views via enforcement actions and the like under Trump-era chair Jay Clayton, the industry has been yearning for even more […]
Alibaba founder Jack Ma has emerged after weeks out of the spotlight, which sparked speculation about his whereabouts as his companies face increased regulatory scrutiny. Alibaba’s Hong Kong-listed stock was up over 8% on news of his reappearance. In a video posted on Chinese social media, Ma addressed rural teachers as part of one his […]
Wall Street may be facing an uncomfortable four years after President-elect Joe Biden’s team confirmed on Monday it planned to nominate two consumer champions to lead top financial agencies, signaling a tougher stance on the industry than many had anticipated. Gary Gensler will serve as chair of the Securities and Exchange Commission (SEC) and Federal […]
The U.S. government has asked Australia to scrap proposed laws that will make it the first country in the world to force Facebook Inc and Alphabet Inc’s Google to pay for news sourced from local media outlets. In a submission asking the government to “suspend” the plans, assistant U.S. trade representatives Daniel Bahar and Karl […]
Representatives of fuel suppliers to Venezuela, importers of Venezuelan oil and advocacy groups said this month they plan to press the incoming administration of U.S. President-elect Joe Biden to reverse a ban on crude-for-diesel swaps. The Trump administration since the last quarter of 2020 has barred companies from sending Venezuela diesel in exchange for crude. […]
The head of the International Monetary Fund on Monday said the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook and a growing divergence between rich and poor countries. IMF Managing Director Kristalina Georgieva, who has long advocated a new allocation of the IMF’s own currency, Special […]
