Tesla again seeks shareholder nod for Musk's 2018 pay voided by judge
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Tesla is seeking shareholder approval for CEO Elon Musk's $56 billion pay package that was set in 2018 but rejected by a Delaware judge in January. The compensation includes no salary or cash bonus but sets rewards based on Tesla's market value rising to as much as $650 billion over the next 10 years. Musk's pay was rejected by Kathaleen McCormick of Delaware's Court of Chancery, who called it an 'unfathomable sum' that was unfair to shareholders. Tesla disagrees with the court's decision and is urging shareholders to vote in favor of the pay package. The electric automaker is also asking shareholders to approve its decision to move the company's state of incorporation from Delaware to Texas.
#Tesla #ElonMusk #Shareholders #ExecutiveCompensation #Delaware #Texas
https://finance.yahoo.com/news/tesla-asks-shareholders-vote-musks-110946547.html
FTC Preparing Objections to Tapestry’s Capri Deal, NYT Says
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US regulators are preparing to block fashion company Tapestry Inc.'s $8.5 billion takeover of Capri Holdings Ltd., according to the New York Times. The Federal Trade Commission (FTC) is expected to discuss the case this week and may decide to file a lawsuit. The potential lawsuit could prevent the creation of a US-based luxury conglomerate to compete with European fashion companies. Tapestry sells luxury goods under the Coach, Kate Spade, and Stuart Weitzman brands, while Capri controls high-end labels Michael Kors, Versace, and Jimmy Choo. The combined companies would be the fourth-largest luxury company in the world and second-largest in the Americas. Capri's stock price has fallen in recent trading sessions due to concerns that the FTC might block the deal. Shares of Tapestry rose 1.9% before US markets opened, while Capri's fell 2.5%.
#Ftc #Tapestry #CapriHoldings #LuxuryGoods #FashionCompanies
https://finance.yahoo.com/news/ftc-preparing-objections-tapestry-capri-114434818.html
Biden to call for tripling tariffs on Chinese metals
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President Joe Biden will call for tripling tariffs on Chinese steel and aluminum when he speaks to union members in Pennsylvania. The Biden administration says China is overproducing goods to export to the U.S., driving down prices and hurting the American economy. The current average tariff on steel and aluminum from China is 7.5%, and Biden is calling on the Office of the U.S. Trade Representative to triple the tariff rate. Critics argue increased tariffs would raise consumer prices and inflation. Biden has been ramping up his economic rhetoric against China, following in the footsteps of former President Donald Trump. The push for higher tariffs on China is aimed at resonating with blue-collar voters in Pennsylvania.
#Biden #China #Tariffs #Steel #Aluminum
https://finance.yahoo.com/news/biden-call-tripling-tariffs-chinese-110000081.html
Wall Street says a Wall Street revival is finally here
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Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and JPMorgan Chase all reported first-quarter jumps in investment banking, with revenues up 26.6% from a year ago. Bank of America saw the biggest jump of 34%, followed by 32% increases at Goldman and Citigroup. CEOs are optimistic about the turnaround, with Morgan Stanley boss Ted Pick describing the pipeline as growing and Goldman CEO David Solomon stating that the capital markets are reopening. The rebound in investment banking comes at a time when higher interest rates are impacting traditional consumer banking margins. Last year was a disappointing year for dealmaking, but executives are now more optimistic, citing the need for companies to grow or restructure following the pandemic and pressure from limited partners for private equity firms to return more capital. Trading revenue also rose for the five big Wall Street banks in the first quarter, with equities performing better than fixed income. Bank executives are cautious about hyping expectations for trading, but changing expectations for the US and global economy have increased client activity at these banks.
#WallStreet #InvestmentBanking #Revenues #Ceos #Turnaround #HigherInterestRates #Dealmaking #TraditionalConsumerBanking #PrivateEquity #LimitedPartners #TradingRevenue #Equities #FixedIncome #ClientActivity
https://finance.yahoo.com/news/wall-street-says-a-wall-street-revival-is-finally-here-080059304.html
Dollar edges down but still close to 5-1/2 month high, Fed, Middle East in focus
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The dollar edged down but was still within striking distance of its 5-1/2-month high on Wednesday, keeping the yen rooted near 34-year lows after Federal Reserve officials reiterated interest rates are likely to stay higher for longer. Recent data suggested the U.S. economy was on a different track to that which the Fed had forecast, which led investors to cut their bets on future rate cuts. Risks of a broadening Middle East conflict added to the dollar's short-term appeal as a safe-haven asset. The U.S. and its allies planned fresh sanctions against Iran over its unprecedented attack on Israel, seeking to dissuade Israel from a major escalation as its war cabinet was set to meet again on Wednesday to decide a response. The dollar was slightly lower versus the euro at $1.0628 on Wednesday, not far from the five-and-half-month high of $1.06013 it touched on Tuesday. Against a basket of currencies, the dollar was last at 106.22, just shy of the five-month peak of 106.51 touched on Tuesday. The yen last hovered just below 154.79 per dollar, its weakest level in 34 years. Market participants raised the bar of a possible intervention by the Bank of Japan (BOJ) to prop up the Japanese currency, now mentioning the 155 level from previous 152, even if they believed the BOJ could step in at any time. Hedge funds have built up their biggest bet against the yen in 17 years, raising the prospect that when Japan's embattled currency does rebound, the short-covering rally could be a powerful one. The dollar's strength has cast a shadow across the currency market, with emerging markets in Asia scrambling to stem the decline in their currencies, with the prospect of rate cuts this year in the region swiftly evaporating.
#Dollar #FederalReserve #MiddleEast #InterestRates #SafehavenAsset #Sanctions #Iran #Israel #Euro #Yen #BankOfJapan #CurrencyMarket #EmergingMarkets #Asia
https://finance.yahoo.com/news/dollar-steady-yen-fragile-fed-014158036.html
UK inflation slows by less than expected to 3.2% in March
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British consumer price inflation slowed to 3.2% in March, down from 3.4% in February, according to the Office for National Statistics. The Bank of England and economists had forecast an annual rate of 3.1%. Core inflation, which excludes energy, food, and tobacco prices, also slowed to 4.2% from 4.5% in February. Services inflation eased slightly to 6.0% in March from 6.1% the previous month.
#UkInflation #ConsumerPriceInflation #OfficeForNationalStatistics #BankOfEngland #Economists #CoreInflation #ServicesInflation
https://finance.yahoo.com/news/uk-inflation-rate-slows-3-060335284.html
Japan records a trade deficit for the third straight fiscal year despite recovering exports
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Japan recorded a trade deficit of 5.89 trillion yen ($38 billion) for the fiscal year that ended in March, marking the third straight fiscal year of deficit. The costs of energy and other imports rose, and the yen remained weak. The biggest trade deficits were in the Middle East, mainly Saudi Arabia and the United Arab Emirates, as well as Australia and Indonesia. Japan had a trade surplus with the U.S. and some European countries. Annual exports to China declined slightly, but the latest monthly data show exports to China recovering, growing 12% from the previous year. The recent decline in the value of the Japanese yen affected the trade balance, as it cost more in yen to import and boosted the value of exports when converted to yen. Data for the month of March showed Japan marked a trade surplus of 366.5 billion yen ($2.4 billion), as exports grew 7% from a year ago, while imports declined nearly 5%. Exports to the U.S. in March grew more than 8%. By product category, Japan imported food, while exporting autos, auto parts, and electrical machinery.
#Japan #TradeDeficit #Exports #Imports
https://finance.yahoo.com/news/japan-records-trade-deficit-third-030602981.html
Asian Stock Gauge Poised to Erase 2024 Gains as Worries Mount
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Asia’s stock benchmark is on track to erase all of its gains for the year as worries about higher interest rates and geopolitical tensions trigger losses across the region. The MSCI Asia Pacific Index fell as much as 0.4%, with consumer discretionary and industrials among the biggest drags. The measure was set to close below 169.39, the level reached on the last trading day of 2023, as Federal Reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut interest rates. The repricing of Fed rate bets, a stronger dollar, a flare-up in Middle East tensions, and a slow economic recovery in China are creating headwinds for the Asian gauge, which had gained more than 5% at one point in 2024. Stocks in mainland China and Hong Kong were also a drag on the regional benchmark Tuesday after mixed economic data that showed retail sales and industrial output fell short of estimates, while growth in gross domestic product exceeded estimates in the first quarter.
#StockMarket #Asia #MsciAsiaPacificIndex #InterestRates #GeopoliticalTensions #FederalReserve #JeromePowell #China #EconomicRecovery
https://finance.yahoo.com/news/asian-stock-gauge-poised-erase-004308040.html
Gold Holds Near Record as Traders Overlook Delayed Cuts Scenario
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Gold held near a record-high as investors weighed a shift in messaging from Federal Reserve chief Jerome Powell, who said the US central bank will likely keep rates on hold for longer than originally planned. The precious metal is up about 15% so far this year, driven by haven demand amid escalating geopolitical tensions. Despite a surge in Treasury yields and a stronger dollar, gold remains in a weeks-long uptrend. Long-standing supports, including robust buying by central banks and increased demand from Chinese consumers, are also underpinning prices. Spot gold was steady at $2,381.99 an ounce, close to its all-time high of $2,431.52 reached on Friday.
#Gold #FederalReserve #JeromePowell #HavenDemand #GeopoliticalTensions #TreasuryYields #Dollar #CentralBanks #ChineseConsumers
https://finance.yahoo.com/news/gold-holds-near-record-traders-003521442.html
EverWind Praises Federal Government’s Clean Energy Leadership
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EverWind Fuels, North America’s leading green fuels developer, praises the federal budget for its ongoing commitment to ensuring Canada maintains an edge in the global clean energy space. Key items in the budget include a retooled and extended Clean Fuels Fund, the Indigenous Loan Guarantee Program, and the introduction of the Clean Hydrogen Investment Tax Credit and the Clean Technology Manufacturing Investment Tax Credit. EverWind acknowledges the Mi'kmaq people as the caretakers of the land and is committed to working with them. EverWind is developing green hydrogen projects in Atlantic Canada and a green fuels project in Newfoundland & Labrador.
#CleanEnergy #Budget2024 #GreenFuels #Canada #CleanFuelsFund #IndigenousLoanGuaranteeProgram #CleanHydrogenInvestmentTaxCredit #CleanTechnologyManufacturingInvestmentTaxCredit #Mi'kmaq
https://finance.yahoo.com/news/everwind-praises-federal-government-clean-223000656.html
Smartmatic, One America News settle election defamation lawsuit
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Smartmatic has settled a defamation lawsuit against One America News (OAN) over false claims that the voting technology company rigged the 2020 U.S. presidential election. The terms of the settlement are confidential, but Smartmatic voluntarily dismissed its lawsuit against OAN. Smartmatic estimated that OAN's false claims caused significant damage to its business value. OAN is a right-wing television network that positioned itself to the right of Fox News and Newsmax. Smartmatic still has pending lawsuits against Fox News and Newsmax over their election coverage. The company is seeking $2.7 billion in damages from the Fox lawsuit. Last year, Dominion Voting Systems reached a $787.5 million settlement with Fox News over similar claims. OAN faced financial setbacks when Verizon and AT&T's DirecTV stopped carrying its programming. The case is Smartmatic USA Corp et al v Herring Networks Inc in the U.S. District Court, District of Columbia.
#Smartmatic #OneAmericaNews #Election #DefamationLawsuit
https://finance.yahoo.com/news/smartmatic-one-america-news-settle-185818715.html
Biden uses new speech to argue Trump's tax plans are a political liability
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Joe Biden argues that Donald Trump's tax plans would be politically toxic and a liability in the upcoming election. Biden claims that another round of tax cuts for the richest Americans and corporations would increase the federal deficit by $5 trillion over 10 years. He also states that these plans would worsen inflation and anger voters who believe that the wealthy and corporate America are not paying their fair share. Biden's campaign is linking tax policy with issues such as abortion and defending democracy, hoping to win over voters. However, it remains to be seen if voters will agree, as Biden still faces low approval ratings and is trailing Trump in key swing states. Trump's tax cuts, which expire in 2025, will be a major issue in the 2024 campaign. Biden plans to allow the tax cuts to expire for households earning over $400,000, while Trump wants to extend or make them permanent. The debate also includes corporate taxes, with Biden proposing to raise the statutory rate to 28% and Trump wanting to cut it to 15%. Biden's focus on taxes extends to the 2017 tax cuts and Trump's plans to repeal high-income tax provisions in the Affordable Care Act. Trump believes that his tax cuts and deregulation led to a strong economy and promises a return to those policies. He has also been fundraising from billionaires who support his tax approach. The outcome of the election will determine the future of tax policy in the United States.
#Biden #Trump #TaxPlans #PoliticalLiability #Election
Stock market today: Dow leads markets higher as earnings roll in, Powell comments on inflation
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US stocks searched for direction on Tuesday as the Dow looked to snap a six-day losing streak. The Dow Jones Industrial Average (DJIA) edged higher in afternoon trading, climbing about 0.5%, or more than 150 points. Both the S&P 500 and tech-heavy Nasdaq Composite reversed earlier losses to rise about 0.3% and 0.5%, respectively. Yields jumped on the heels of Powell's comments with the 2-year note briefly touching above 5% — its highest level since November. The 10-year Treasury yield, which touched 2024 highs on Monday, climbed about 5 basis points to trade around 4.68%. Meanwhile, earnings reports flooded in before the bell. UnitedHealth shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack. Investors were also digesting more big bank results: Bank of America reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley stock rose as it topped expectations. Elsewhere, BNY Mellon posted a loss while Johnson & Johnson reported a sizable losses on Monday as hot retail sales data fueled expectations that interest rates will stay higher for longer this year. Consensus is now for no interest rate cut until September as the strength of the economy gives reason for the Federal Reserve to take its time, though some believe politics could push policymakers to act earlier.
#StockMarket #DowJones #Earnings #Inflation
The Biden administration recruits 15 states to help enforce airline consumer laws
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The Biden administration is enlisting the help of officials in 15 states, including California, New York, and Illinois, to enforce consumer-protection laws covering airlines. The U.S. Department of Transportation will allow state attorney general offices to investigate complaints about airline service and refer cases to the Transportation Department for enforcement. The states will have access to the Transportation Department's consumer-complaint system and will be trained on federal consumer laws. The agreement aims to improve the Department's capacity to hold airlines accountable and protect passengers. Only two of the state officials who signed the agreement are Republicans, and the Department hopes to recruit more states. Congress has not yet granted states the power to enforce airline consumer-protection laws.
#BidenAdministration #AirlineConsumerLaws #ConsumerProtection #UsDepartmentOfTransportation #TransportationSecretaryPeteButtigieg #StateAttorneyGeneralOffices #FederalConsumerLaws #PassengerRights #Enforcement #Congress
https://finance.yahoo.com/news/biden-administration-recruits-15-states-170204605.html
Stock market today: Stocks wobble as earnings roll in
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US stocks searched for direction in afternoon trading on Tuesday as the Dow looked to snap a six-day losing streak. The Dow Jones Industrial Average (DJIA) edged higher, climbing about 0.5%, or more than 150 points. Both the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) reversed earlier losses with the benchmark index trading mostly flat while the Nasdaq rose about 0.1%. Bond yields remain at multi-month highs, coupled with tensions in the Middle East following Iran's weekend attacks on Israel. After the 10-year Treasury yield touched 2024 highs on Monday, the yield climbed about 4 basis points to trade around 4.66% on Tuesday. Earnings reports flooded in before the bell. UnitedHealth shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack. Investors were also digesting more big bank results: Bank of America reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley stock rose as it topped expectations. Elsewhere, BNY Mellon posted a profit beat while Johnson & Johnson reported a sizable losses. Trump Media & Technology Group, the parent company of Donald Trump's social media platform Truth Social, fell about 12% on Tuesday after the company announced it's launching a new live TV streaming platform. Stocks extended declines in mid-morning trading on Tuesday after markets initially eyed a broader comeback earlier in the session. New residential construction, including single-family and multifamily homes, tumbled by the largest amount in four years as rising mortgage rates weaken housing activity. Housing starts fell 14.7% month over month in March, dropping from a 1.55 million units annualized pace to 1.32 million units annualized. Shares of Live Nation, the parent company of Ticketmaster, fell about 7% early Tuesday after the Wall Street Journal reported the Department of Justice (DOJ) is preparing to file an antitrust lawsuit against the company as soon as next month. The Dow rose about 200 points on Tuesday as markets eyed a broader comeback to snap a six-day losing streak. BNY Mellon CEO Robin Vince commented on interest rates and markets, stating that geopolitical risks, high inflation, fiscal challenges, and the issuance of US Treasuries are factors affecting the path of interest rates. Starbucks shares fell 11.3% amid concerns of falling store traffic in the US. JPMorgan's strategy team warned of a potential market correction due to hot growth and inflation data, compounded by geopolitical developments and elevated investor positioning.
#StockMarket #Earnings #DowJones #S&p500 #NasdaqComposite #BondYields #MiddleEastTensions #Unitedhealth #BankOfAmerica #MorganStanley #BnyMellon #Johnson&Johnson #TrumpMedia&TechnologyGroup #HousingStarts #LiveNation #InterestRates #Starbucks #MarketCorrection
US homebuilding takes a step back; manufacturing turning the corner
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U.S. single-family homebuilding tumbled in March, with single-family housing starts dropping 12.4% to a seasonally adjusted annual rate of 1.022 million units. Permits for future construction of single-family houses fell to a five-month low. The housing recovery appears to be losing steam as home builder expectations of lower interest rates have faded. The average rate on the 30-year fixed-rate mortgage has drifted up towards 7%. Manufacturing, on the other hand, appears to be turning the corner, with production at factories increasing 0.5% in March.
#UsHomebuilding #Manufacturing #HousingMarket #InterestRates #MortgageRates #HousingStarts #Construction #Economy
https://finance.yahoo.com/news/us-single-family-housing-starts-124731843.html
Bill Gates Is Raking In Over $1.26 Million Per Day In Dividend Income. Here Are The 5 Stocks Paying Him The Most
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Bill Gates, the eighth richest person in the world, is expected to receive $463.2 million in dividend income this year. His investment strategy focuses on companies with strong dividend yields. The five stocks paying him the most are Canadian National Railway Co, Microsoft Corp, Waste Management Inc, Caterpillar Inc, and Deere & Co. These investments contribute over $413 million to Gates's annual dividend income, which amounts to $1,129,150.74 per day. It's important for individual investors to remember that replicating Gates's strategy may not align with their personal financial goals or risk tolerance.
#BillGates #DividendIncome #Stocks
https://finance.yahoo.com/news/bill-gates-raking-over-1-154351537.html
Portugal's far-right Chega vows legal action over 10-year Facebook curbs
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Portugal's far-right party Chega plans to take legal action against Meta Platforms' decision to restrict its Facebook account for 10 years. Chega, the third-largest political party in Portugal, had its account restricted for 3,649 days due to activity that 'disrespected our community standards'. The party will challenge the decision, claiming that Meta did not provide an opportunity to appeal. Chega's leader, Andre Ventura, called the decision 'unacceptable censorship' and urged supporters to show their indignation. Chega has a significant presence on social media, with 199,000 followers on Facebook and over 280,000 followers on TikTok.
#Portugal #Farright #Chega #Facebook #MetaPlatforms #LegalAction #Censorship
https://finance.yahoo.com/news/portugals-far-chega-vows-legal-150932125.html
Smaller US manufacturers warm to Biden's big industrial plan, survey shows
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A survey of 150 producers shows that nearly 49% believe President Joe Biden is more likely to bring about an American manufacturing renaissance, compared to just over 31% who gave that accolade to Republican candidate Donald Trump. About 15% favor an unnamed third-party candidate. Biden's industrial policy, aimed at boosting semiconductors, electric vehicles, green technologies, and other sectors, has not yet produced many manufacturing jobs. Randy Altschuler, CEO of Xometry, a Maryland-based company that provides digital sourcing services for industrial producers, said that federal investments have yet to filter down to smaller producers, but they will benefit further down the road as high-profile projects create demand for goods and services needed to complete and supply those factories. The political divide over industrial policy has narrowed in recent years, with some Republicans, like Senator Marco Rubio, advocating for a strong industrial policy while criticizing the Biden initiatives. However, the National Association of Manufacturers Political Action Committee has directed nearly three-quarters of its contributions to Republican candidates in this election cycle.
#UsManufacturing #BidenAdministration #IndustrialPolicy #Survey #Manufacturers #JoeBiden #DonaldTrump #RandyAltschuler #Xometry #Semiconductors #ElectricVehicles #GreenTechnologies #RepublicanParty #NationalAssociationOfManufacturers
https://finance.yahoo.com/news/smaller-us-manufacturers-warm-bidens-120200889.html
Stock market today: Dow futures jump over 200 points as earnings roll in
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Dow futures jumped over 200 points as earnings reports lifted the market. The Dow Jones Industrial Average (DJIA) futures gained 0.6%, while futures on the S&P 500 and Nasdaq 100 also revived. United Health beat profit estimates, Bank of America reported a drop in profit, and Morgan Stanley topped expectations. Bond yields continued to rise, reaching 2024 highs. Tensions in the Middle East between Israel and Iran are being closely watched. BNY Mellon's CEO discussed interest rates and markets, mentioning geopolitical risks, high inflation, fiscal challenges, and debt sustainability in the US. Starbucks' upcoming earnings report is expected to be impacted by falling store traffic and high prices. Market futures have been volatile, with investors hoping for a June interest rate cut.
#StockMarket #DowFutures #Earnings #InterestRates #Inflation #MiddleEastTensions