Global Steel Rebars Market Report 2024: The U.S. Market is Estimated at $8.9 Billion, While China is Forecast to Grow at 4.6% CAGR
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The global market for Steel Rebars is projected to reach a size of US$357.1 Billion by 2030, growing at a CAGR of 4% over the analysis period 2023-2030. Deformed Steel Rebars is projected to reach US$266.2 Billion by the end of the analysis period. The Steel Rebars market in the U.S. is estimated at US$8.9 Billion in 2023. China is forecast to reach a market size of US$172.7 Billion by 2030 with a CAGR of 4.6%. Other noteworthy markets include Japan and Canada, each forecast to grow at 2.3% and 3% respectively over the 2023-2030 period. Germany is forecast to grow at approximately 2.6% CAGR within Europe. The report provides insights from domain experts and influencers in the industry.
#SteelRebars #MarketReport #GlobalMarket #China #Us #Cagr
https://finance.yahoo.com/news/global-steel-rebars-market-report-085900532.html
UN says solutions exist to rapidly ease debt burden of poor nations
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Rebeca Grynspan, the UN's trade and development chief, stated that the heavy debt burden facing developing countries can be alleviated through readily available measures. In 2022, developing countries paid almost $50 billion more to their external creditors than they received in fresh disbursements. Grynspan emphasized that the small and medium-sized countries are the ones in distress, spending more on debt than on human development. Currently, there are 52 countries either in debt distress or on the brink of it. Grynspan plans to address the issue during the meetings of the International Monetary Fund and World Bank. She called for an internationally-agreed, stable mechanism for debt restructuring and highlighted the need for immediate relief for countries suffering from cascading crises during the COVID-19 pandemic. Grynspan suggested removing surcharges that 17 countries pay to the IMF, which would free up $2 billion. She also supported the idea of providing guarantees to lower interest rates in developing countries and accelerating the IMF's Resilience and Sustainability Trust. Other proposals included swapping debt for nature and automatically suspending interest payments for countries affected by natural disasters.
https://finance.yahoo.com/news/un-says-solutions-exist-rapidly-054211182.html
Japan Inc makes a renewed U.S. push as China fears mount
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Japanese companies are increasingly focusing on the United States as concerns about Chinese demand and Beijing's influence over supply chains grow. Companies such as Yaskawa Electric, Asahi, Renesas Electronics, and Honda have expressed interest in expanding in the U.S. or have announced plans to do so. While Japan remains tied to China through trade and manufacturing operations, Tokyo has pledged to limit supply-chain exposure to China. The caution is due to economic security risks, pessimism about Chinese demand, and a weakening economy. Japanese automakers are particularly interested in the U.S. market as their sales decline in China. Toyota plans to boost investment in its EV battery plant in North Carolina, while Honda will invest in transforming its Ohio plants into an EV hub. However, Japan Inc remains heavily reliant on China as a manufacturing base and market. Last year, mainland China was Japan's largest source of imports and its second-largest export market. The United States was its top export market. Some companies see the U.S. market as a better long-term option, while others are unable to leave the Chinese market due to their reliance on it.
#JapanInc #China #UnitedStates #SupplyChains #Trade #Manufacturing #Automakers #EvBattery #Investment
https://finance.yahoo.com/news/analysis-japan-inc-makes-renewed-081418124.html
Biden gets Trumpy on trade
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President Joe Biden has begun the process of hiking US tariffs on Chinese steel and aluminum imported to the United States, borrowing a move from former President Donald Trump. Biden wants to triple the tariff, from 7.5% to 22.5%, claiming that China undercuts market prices by subsidizing its domestic manufacturers. He also plans to prevent China from importing metals through third parties and investigate unfair Chinese practices in the shipbuilding industry. While Trump imposed tariffs on hundreds of billions of dollars of imports during his presidency, Biden's approach is more targeted, focusing on protecting specific sectors of the US economy. The new steel and aluminum tariffs are likely to have a minimal impact, as China only accounts for a small percentage of imported steel and aluminum. Many economists hope that Biden will not make extensive use of tariffs, as they can cause distortions and raise costs for industries. However, protectionism is becoming a political necessity as politicians compete to protect manufacturing jobs. Trump has criticized Biden's approach and has proposed even higher tariffs if he is elected for another term.
#JoeBiden #DonaldTrump #Tariffs #UschinaTrade #Protectionism
https://finance.yahoo.com/news/biden-gets-trumpy-on-trade-210820760.html
Stock market today: Tech leads stock slide, Nvidia falls almost 4%
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US stocks fell on Wednesday, with the S&P 500 ending down about 0.6% and the tech-heavy Nasdaq Composite leading the losses, falling over 1%. Nvidia fell almost 4% and Meta slid over 1%. The tech sector was the worst-performing sector in the S&P 500, falling nearly 1.5%. Stocks have struggled to reprise their early-year rally, buffeted most recently by worries over heightened tensions in the Middle East and uncertainty over the timing and depth of rate cuts. United Airlines shares rose more than 17% after posting better-than-expected quarterly results. ASML fell more than 7% after missing order estimates. Oil futures fell roughly 3% as the risk of a widening conflict in the Middle East appeared to ease. Mortgage demand picked up for the second consecutive week even though rates rose during that period. The S&P 500 closed lower for a fourth straight day, marking its first four-day losing streak since late December into the start of 2024. Investors increasingly expect a 'no landing' scenario for the US economy, in which inflation doesn't reach the Fed's 2% target, but the US economy keeps growing. Higher rates haven't always been a problem for stocks, as the S&P 500's monthly return has actually delivered its best annualized average returns when the 10-year Treasury yield was higher. Earnings season is under scrutiny as companies that miss estimates for both earnings per share and revenue have seen a negative stock reaction of more than 10% the next day. United Airlines stock rose more than 10% after reporting better-than-expected quarterly results. US stocks rebounded in early trade on Wednesday, with the S&P 500 and Dow Jones Industrial Average both up roughly 0.4%. Netflix shares have had a great ride this year, up 27% year to date. Investors are still hoping for rate cuts in 2024. Tesla shares have had an awful start to 2024, down about 90% from their October 2020 peak. Shares of Zoom and Peloton hit fresh lows.
#StockMarket #Tech #Nvidia #Meta #UnitedAirlines #Asml #OilFutures #MortgageDemand #UsEconomy #EarningsSeason #Netflix #Tesla #Zoom #Peloton
Biden Calls China ‘Xenophobic,’ Ramping Up 2024 Campaign Rhetoric
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President Joe Biden called China 'xenophobic' and highlighted their economic woes during a campaign stop in Pennsylvania. He mentioned that China has a population with more people in retirement than working and that they are not importing anything. Biden also called for higher tariffs on Chinese steel and aluminum and criticized Trump's policies towards Beijing. He vowed to continue efforts to deny China advanced technology like computer chips. Chinese officials have recently sought to boost investor confidence overseas, but foreign businesses' direct investment into China slumped to a 30-year low in 2023. Imports into China have been weak due to falling commodity prices and weak domestic demand.
#Biden #China #Xenophobic #Tariffs #Steel #Aluminum #Technology #Imports
https://finance.yahoo.com/news/biden-calls-china-xenophobic-ramping-205516808.html
BofA CEO explains inflation is shifting consumer spending
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Bank of America CEO Brian Moynihan discusses the bank's better-than-expected first quarter earnings and the state of the US consumer. Moynihan notes that US consumer activity is slowing down but not stopping, and that consumers are spending on discretionary purchases and necessary purchases at about the same levels as before the pandemic. He believes the Federal Reserve is winning the fight against inflation, but it will take time. Moynihan also explains why Bank of America's credit card business is seeing success.
#BankOfAmerica #Inflation #ConsumerSpending #UsConsumer #FederalReserve
https://finance.yahoo.com/video/bofa-ceo-explains-inflation-shifting-200706977.html
Why You Should Replace Daily Work Tasks With AI To See If Your Paycheck Is at Risk
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Since OpenAI’s ChatGPT launched in November 2022, fear of job security has increased among the workforce. The chatbot is capable of numerous tasks and some workers may be in danger of being replaced with AI. Some of the jobs in peril include teachers, coders, writers, day traders, graphic designers, accountants, and customer service agents. According to a recent report by the McKinsey Global Institute, activities that account for up to 30 percent of hours currently worked across the US economy could be automated by 2030. The report projects an additional 12 million occupational shifts will take place through 2030 as a result of AI. AI can be an advantageous powerful tool and boost productivity, but it can also threaten the livelihood of many. AI can streamline tasks to help increase efficiency, but it can't do everything. There still has to be a person using and coordinating all those AIs, along with doing the abstract thinking that, for now, remains the sole domain of humans.
#Ai #JobSecurity #Workplace #Automation
https://finance.yahoo.com/news/why-replace-daily-tasks-ai-194010491.html
CAUT calls on the Alberta government to scrap Bill 18
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The Canadian Association of University Teachers (CAUT) is urging the Government of Alberta to withdraw or amend Bill 18, which would give the government the power to review federal research funds received by university-based researchers. CAUT argues that the bill threatens scientific integrity, academic freedom, and could result in the loss of millions of dollars in funding for the province's researchers. CAUT is working with its member academic staff associations to explore potential legal challenges if the bill becomes law.
#Caut #AlbertaGovernment #Bill18 #ScientificIntegrity #AcademicFreedom #ResearchFunding
https://finance.yahoo.com/news/caut-calls-alberta-government-scrap-180000413.html
Exclusive-US plans to restore tariffs on dominant solar technology, sources say
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The Biden administration is expected to grant a request by South Korea’s Hanwha Qcells to reverse a two-year-old trade exemption that has allowed imports of a dominant solar panel technology from China and other countries to avoid tariffs. The request comes as Qcells is seeking to protect a pledged $2.5 billion expansion of its U.S. solar manufacturing presence against competition from cheaper Asian-made products. The solar division of Korean conglomerate Hanwha Corp outlined the request in a formal petition to the U.S. Trade Representative on Feb. 23. No decision has been made on the timeline of the expected reversal. Duties on imports of bifacial panels, the main technology in utility-scale solar projects, would be a boon to the more than 40 solar equipment factories planned since U.S. President Joe Biden signed his landmark climate change law, the Inflation Reduction Act, in 2022. The top U.S. solar trade group, the Solar Energy Industries Association, lobbied for the bifacial exemption. Qcells, which has two factories in Georgia, is the largest U.S. producer of silicon-based solar products. In its petition, the company asked Biden to revoke an exemption of so-called bifacial panels from duties first imposed by Republican former President Donald Trump in 2018 and extended by Biden, a Democrat, in 2022. The tariffs on imported modules started at 30% and currently stand at 14.25%. They are due to expire in 2026. Bifacial panels can generate electricity on both sides. The technology was nascent when the tariffs were first imposed but now accounts for 98% of imported modules, according to the petition. Qcells' request is supported by seven other solar manufacturers with U.S. factories - First Solar, Heliene, Suniva, Silfab, Crossroads Solar, Mission Solar and Auxin Solar - according to the petition documents. Georgia U.S. Senators Jon Ossoff and Raphael Warnock, both Democrats, have also advocated for elimination of the bifacial exemption.
#SolarEnergy #Tariffs #Trade #SolarPanels #HanwhaQcells
https://finance.yahoo.com/news/exclusive-us-plans-restore-tariffs-174552592.html
Tesla asks shareholders to reinstate Musk's $56 billion pay package, approve move to Texas
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Tesla has asked its shareholders to vote on two big requests in its latest proxy statement: to move Tesla's state of incorporation to Texas and to ratify CEO Elon Musk's 2018 pay package. The decision to move Tesla's state of incorporation to Texas comes after a Delaware chancery court rescinded Musk's pay package earlier this year. Musk's pay package was worth around $56 billion. Tesla board chair Robyn Denholm stated that the time is right for Tesla to move its corporate home to Texas, where the company has been headquartered since December 2021. Proxy adviser firms Glass Lewis and ISS have not yet recommended whether shareholders should vote for or against the proposals.
#Tesla #ElonMusk #Shareholders #PayPackage #Texas
Trudeau’s Ex-Finance Minister Criticizes Capital Gains Tax Hike
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Bill Morneau, former finance minister under Prime Minister Justin Trudeau, criticized the idea of hiking the capital gains tax, stating it would stunt Canada's economic growth. He called the move 'very troubling for many investors.' The federal budget unveiled a measure to raise the capital gains tax inclusion rate to two-thirds from one-half, applicable to all gains made by corporations and trusts. The measure is projected to raise C$19.4 billion over five years. Morneau expressed concerns about the growth of the country and the negative impact on long-term economic growth and investment. He also criticized the amount of new spending in the budget and the lack of effort to reduce spending. Ontario Finance Minister Peter Bethlenfalvy also criticized the move to raise tax revenue, stating that taxing one's way to prosperity is not possible.
#Canada #CapitalGainsTax #EconomicGrowth #FederalBudget #TaxRate
https://finance.yahoo.com/news/trudeau-ex-finance-minister-criticizes-164500699.html
Microsoft’s $13 Billion OpenAI Deal to Avoid Formal EU Probe
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Microsoft's $13 billion investment into OpenAI Inc. is set to avoid a formal investigation by European Union merger watchdogs. The European Commission has decided that the tie-up doesn't merit a formal probe because it falls short of a takeover and that Microsoft doesn't control the direction of OpenAI. The EU's antitrust arm said in January it was reviewing whether Microsoft's involvement with OpenAI should be vetted after a mutiny at the ChatGPT creator exposed deep ties between the two firms. Microsoft's $13 billion OpenAI investments piqued the interest of regulators, including the UK's Competition and Markets Authority and the US Federal Trade Commission. The EU said it would look at Microsoft's investments as part of a broader examination into anticompetitive risks brought by Big Tech involvement in next-generation AI technologies.
#Microsoft #Openai #EuMergerInvestigation #AiTechnologies
https://finance.yahoo.com/news/microsoft-13-billion-openai-deal-160149352.html
Stock market today: Tech leads stocks lower amid mixed earnings, rate cut worries
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US stocks were mixed on Wednesday, struggling to mount a comeback as investors' interest rate worries coincide with a fresh slate of corporate earnings. The S&P 500 and the Dow Jones Industrial Average were down about 0.1%, while the tech-heavy Nasdaq Composite slipped roughly 0.3%. Stocks have struggled to reprise their early-year rally, buffeted most recently by worries over heightened tensions in the Middle East and uncertainty over the timing and depth of rate cuts. Investors increasingly expect a 'no landing' scenario for the US economy, where inflation doesn't reach the Fed's 2% target, but the US economy keeps growing. United Airlines shares rose 12% after posting better-than-expected quarterly results. Earnings season is under scrutiny as companies that miss estimates for both earnings per share and revenue have seen a negative stock reaction of more than 10% the next day. Tesla shares have fallen 27% year to date, and investors are concerned about the company's outlook for the back half of the year. Zoom and Peloton shares hit fresh lows as people return to the office and gyms. Tesla has had an awful start to 2024, with layoffs, estimate cuts, delayed Cybertruck deliveries, and the scrapping of the promised cheap Tesla.
#UsStocks #InterestRateWorries #CorporateEarnings #Inflation #UnitedAirlines #EarningsSeason #Tesla #Zoom #Peloton
Tennessee VW workers begin voting in key test for union
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Volkswagen employees in Tennessee have started voting in a three-day election to determine whether the United Auto Workers (UAW) union will represent them. If successful, this would make Volkswagen the first foreign carmaker to unionize in the American South. The UAW has historically struggled to gain traction in the region, but hopes are high due to the success of last fall's strikes at Detroit's 'Big Three' carmakers. The UAW has targeted 13 companies with nearly 150,000 workers in an ambitious organizing campaign, primarily focused on the American South. Tennessee Governor Bill Lee and other Republican governors have denounced the UAW campaign, while Volkswagen has taken a neutral stance and stated that it respects its workers' right to decide on union representation.
#Volkswagen #UnitedAutoWorkers #Uaw #LaborUnion #Tennessee #AmericanSouth
https://finance.yahoo.com/news/tennessee-vw-workers-hold-key-013845540.html
LinkUp Launches Compass, a Visual Multitool for Job Market Insight
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LinkUp, the leading provider of global job market data, has launched Compass, a digital toolset for analyzing labor demand in real time. Compass allows users to query a large dataset through an intuitive interface and provides interactive visual renderings of LinkUp's raw data. The platform is powered by LinkUp's comprehensive dataset of job openings sourced directly from employer websites since 2007. The initial release of Compass includes the U.S. Macro Dashboard, which offers monthly and weekly labor demand data, providing insights on U.S. job growth faster than traditional reports. LinkUp plans to release additional products on its Compass platform, including offerings focused on individual employers and specific industry verticals. The goal is to provide accurate insights on the job market at unprecedented speed.
#JobMarket #LaborDemand #DataAnalysis #Visualization #Linkup #Compass
https://finance.yahoo.com/news/linkup-launches-compass-visual-multitool-150500313.html
Strong Q4 FY23 Numbers and Guidance Pushed CRH plc (CRH) in Q1
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CRH plc (CRH), a building materials manufacturer and distributor, saw a strong rally in its stock after delivering strong Q4 FY23 numbers and providing FY24 guidance that was 5% ahead of consensus expectations. The company is expected to benefit from the exceptional growth in U.S. infrastructure spending, with the Infrastructure Investment and Jobs Act, Inflation Reduction Act, and the Chips and Science Act adding roughly $2 trillion in investment to aging U.S. infrastructure. CRH plc has a market capitalization of $54.899 billion and was held by 65 hedge fund portfolios at the end of Q4. The portfolio of L1 Long Short Fund, an investment management firm, returned 7.4% in Q1 2024 compared to 5.3% for the S&P/ASX 200 AI index.
#CrhPlc #BuildingMaterials #Q1Performance #Guidance #UsInfrastructureSpending
https://finance.yahoo.com/news/strong-q4-fy23-numbers-guidance-140946146.html
US auto sector 'whipsawed' by politicians, Ford chairman says
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The U.S. auto industry needs regulatory certainty from politicians in Washington and the back and forth as the White House changes hands doesn't help, but the adoption rate of electric vehicles will continue to grow, Ford Motor's executive chairman Bill Ford said on Wednesday. The growth rate on EV sales has slowed, but globally they are being adopted quickly and Ford will follow even as it hedges it bets with its gasoline-powered and hybrid electric vehicles. Michigan is a key battleground state in the election this fall and both Biden and Trump have been speaking to voters, including many industry workers, about the challenges the U.S. auto sector faces. Bill Ford said when he talks with politicians in Washington, he gets very different viewpoints from the two parties. Ford Motor on Tuesday resumed shipments of its F-150 Lightning electric pickup after an undisclosed quality issue led to a nine-week halt starting in February. Ford CEO Jim Farley has said the U.S. automaker was committed to scaling up its EV business profitably. It lost nearly $4.7 billion on its EV business in 2023 and projected it will lose $5 billion to $5.5 billion this year.
#UsAutoIndustry #ElectricVehicles #FordMotor #BillFord #JoeBiden #DonaldTrump
https://finance.yahoo.com/news/us-auto-sector-whipsawed-politicians-140643150.html
This Tampa woman says she has to ‘starve’ herself just to ‘survive’ in the US — why she’s not alone
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Sammy, a server in Tampa, went viral on TikTok for expressing her struggles with the high cost of living in the US. After taxes and other expenses, she is left with only $30,000 per year to cover food, insurance, and other necessities. Sammy's situation is not unique, as a 2024 Pew Research Center study found that over 90% of Americans are concerned about the cost of food and consumer goods. The USDA's latest report on food security revealed that 12.8% of American households experienced food insecurity in 2022. The price of food has increased by 25% between 2019 and 2023. Some TikTokers have been sharing grocery hacks and ways to stretch food until the next paycheck. Relocating to tax-free states like Florida is becoming a common strategy for Americans who want to keep more of their income. Some individuals are even leaving the US altogether in search of a better quality of life and lower cost of living. Adalia Aborisade, a TikToker, moved to Mexico in 2020 and claims to have a better quality of life despite a lower income.
#CostOfLiving #FoodInsecurity #Taxes #Tiktok #Usda
https://finance.yahoo.com/news/tampa-woman-says-she-starve-134100550.html
Tesla wants shareholders to reinstate $56 billion pay package for Musk rejected by Delaware judge
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Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year and to move the electric car maker’s corporate home from Delaware to Texas. In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018. Musk has already moved his privately held brain implant company, Neuralink, from Delaware to Nevada. Tesla's board wrote that if there is any significant vote against future executive pay packages, 'we will consider our stockholders' concerns, and the compensation committee will evaluate whether any actions are necessary to address those concerns.'
#Tesla #ElonMusk #CompensationPackage #Shareholders #Delaware #Texas
https://finance.yahoo.com/news/tesla-ask-shareholders-reinstate-pay-112125905.html