Category: News
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Federal Reserve Divided on Interest Rate Hike in June Amidst Banking Stress
The Federal Reserve is divided over whether or not to raise interest rates at its next meeting in June.[0] Some members of the Federal Open Market Committee (FOMC) are advocating for another hike to ensure that inflation remains subdued, while others are open to holding the rate steady to assess whether the previous hikes have…
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Morgan Stanley CEO James Gorman to Step Down, Three Internal Candidates Identified as Potential Successors
Morgan Stanley’s CEO, James Gorman, has announced that he will step down from his role within the next year, to be replaced by three strong internal candidates.[0] Gorman, who has been at the helm of the company for 13 years, has overseen the transformation of the bank into a wealth management giant in the aftermath…
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Kia and Hyundai Reach $200 Million Settlement for Theft-Vulnerable Cars
Korean automakers Kia and Hyundai have agreed to a class-action lawsuit settlement worth $200 million over claims that many of their cars are far too vulnerable to theft.[0] The settlement covers roughly 9 million owners of Hyundai or Kia vehicles made between 2011 and 2022 and have a traditional “insert-and-turn” steel key ignition system.[1] The…
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The Potential Consequences of a US Debt Default: Increased Interest Rates, Job Losses, and Economic Recession
The United States is currently facing a potential debt crisis as lawmakers struggle to come to an agreement on raising the debt ceiling. If the country defaults on its debt, the consequences could be severe and far-reaching, impacting not only the US economy, but also global financial markets. Historical precedent shows that the most common…
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Walmart Reports Strong First Quarter Earnings Amid Consumer Behavior Shifts and Economic Slowdown
Walmart, the largest retailer in the United States, is expected to report first-quarter earnings of $1.31 per share on revenue of $148.7 billion.[0] Analysts will be closely watching for insights into consumer behavior and shopping trends.[1] Walmart is projected to report a rebound in earnings due to solid growth in same-store sales, as cash-strapped consumers…
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Asian Markets Rise on US Debt Ceiling Optimism, Mixed on Chinese Economic Data
Most Asian stock markets rose on Thursday, tracking gains on Wall Street amid optimism that the U.S. debt ceiling will be raised. For the first time since September 2021, the Nikkei 225 Index surpassed the significant psychological level of 30,000 by jumping 0.8 percent to reach 30,093.59.[0] Boosted by a weaker yen, exporters saw the…
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Founder of Theranos, Elizabeth Holmes, Loses Final Bid to Delay Prison Sentence
Elizabeth Holmes, the founder of Theranos, has lost her final bid to delay the start of her prison sentence of more than 11 years.[0] Holmes, who was convicted of four counts of defrauding investors in 2022, had requested to go to prison on May 30.[1] However, the judge who oversaw her trial, Edward Davila, did…
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Elon Musk’s Attack on George Soros Sparks Controversy and Accusations of Anti-Semitism on Twitter
Tesla CEO Elon Musk has come under fire after attacking billionaire George Soros on Twitter, just days after Soros’s investment fund sold off its entire stake in Tesla. In a series of tweets, Musk accused Soros of hating humanity and wanting to erode the fabric of civilization, before comparing him to the Marvel comic book…
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Home Depot Reports Drop in Sales and Income, Lowers Expectations for the Year
Home Depot, the US home improvement retailer, has reported a 4.5% fall in sales at stores open for at least a year, as well as a 6.4% drop in income compared to the same period last year. Home Depot CEO Ted Decker said that the company had expected a year of moderation for the home…
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US Retail Sales Rebound in April, But Fall Short of Expectations
Retail sales in the United States increased by 0.4% in April from the previous month, according to the advance estimates released by the Department of Commerce. This marks the first increase in two months, following declines of 0.7% in February and March.[0] However, the figure is below the expected 0.8% increase, and reflects only half…