Wall Street banks eye investment banking resurgence amid multifaceted economic challenges
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Wall Street banks reported a rise in investment-banking activity and a healthier pipeline of deals during the second quarter earnings season. Citigroup saw a 60% increase in investment banking revenue, JPMorgan's investment banking fees rose 50%, and Wells Fargo's investment banking revenue surged 38%. Despite these gains, the stock market reacted cautiously. The CFO of Citi, Mark Mason, stated that the pipeline of announced deals looks strong and should materialize by the end of the year and into 2025.
#WallStreet #InvestmentBanking #EconomicChallenges
https://www.wionews.com/business-economy/wall-street-banks-eye-investment-banking-resurgence-amid-multifaceted-economic-challenges-740658
USPS embarks on aggressive price hike amid unprecedented financial overhaul
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Beginning on Sunday, the price for first-class US mail stamps will jump to 73 cents from 68 cents, marking a 7.8% rise in the price of mailing services products. USPS has been aggressively increasing stamp prices due to losing over $100 billion since 2007. The Postal Service is undergoing a restructuring plan to erase $160 billion in projected losses over the next decade. The new pricing policy is expected to generate $44 billion in additional revenue by 2031. First-class mail volume dropped 6.1% in the 12 months ending September 30, 2023, to 46 billion pieces, the lowest volume since 1968. President Joe Biden signed legislation offering USPS about $50 billion worth of financial relief for a decade. US Postmaster General Louis DeJoy agreed not to further consolidate the Postal Service's processing network until at least January. The constant restructuring and price adjustment aim to ensure the long-term survival of USPS.
#Usps #PriceHike #FinancialOverhaul #MailStamps #MailingServices #Restructuring #Revenue #MailVolume #JoeBiden #LouisDejoy
https://www.wionews.com/business-economy/usps-embarks-on-aggressive-price-hike-amid-unprecedented-financial-overhaul-740655
JPMorgan Chase beats profit estimates on strong dealmaking, trading
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JPMorgan Chase, the largest bank in the United States, reported better-than-expected second-quarter profits due to its strong investment banking business and high merger and acquisition activities. The bank's investment banking fees increased by 50% from the previous quarter, surpassing the company's prediction. CEO Jamie Dimon expressed optimism about the economy but warned of risks, including geopolitical tensions, inflation, and higher interest rates. Despite increasing provisions for possible loan losses, lending remained healthy. JPMorgan's overall profit rose 25% to $18.15 billion, exceeding analyst expectations. Trading revenue increased by 10% year-over-year, and the commercial and investment banking unit achieved record revenue for the first half of the year. The bank's succession plans are being reviewed as CEO Dimon is expected to retire in the next couple of years.
#JpmorganChase #ProfitEstimates #InvestmentBanking #MergerAndAcquisition #JamieDimon #Economy #LoanLosses #TradingRevenue #CommercialAndInvestmentBanking #SuccessionPlans
https://www.wionews.com/business-economy/jpmorgan-chase-beats-profit-estimates-on-strong-dealmaking-trading-740323
What Saudi's decision to end the 'Petrodollar' deal mean?
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Saudi Arabia officially ended its 50-year 'Petrodollar' agreement with the United States, shifting to a multicurrency system for oil sales. This transition allows the kingdom to sell oil in various currencies and is a welcome sign for those countries looking at options other than the dollar use. The shift away from the Petrodollar deal by Saudi Arabia would alter the global economic landscape and threaten the dollar's dominance in international trade. The move coincides with Saudi Arabia's recent participation as a guest nation at the BRICS outreach ministerial meeting in Russia, where BRICS emphasized the necessity for reforms in International Financial Institutions. The decision to end the Petrodollar deal is driven by the broader rhetoric of financial sanctions as a geopolitical tool by the US, which is causing countries to move away from the dollar for global trade settlements. Central bank reserve managers are increasingly worried about the safety of their foreign currency holdings, with the "weaponization" of foreign exchange reserves being deemed a high risk. If people flee dollar-denominated assets, the dominance of the US currency could be further challenged. Global central banks are diversifying away from the dollar by increasing their yen and euro allocations and increasing their gold reserves.
#SaudiArabia #Petrodollar #MulticurrencySystem #Brics #FinancialSanctions #GeopoliticalRisk #ForeignExchangeReserves #GlobalTrade #DollarDominance #InternationalTrade
https://www.wionews.com/business-economy/what-saudis-decision-to-end-the-petrodollar-deal-mean-740090
Japan makes it mandatory for people to laugh out loud once a day
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Japan has passed a rule making it mandatory for citizens to laugh at least once a day based on evidence that it reduces the risk of heart attack. The rule is based on a scientific paper published five years ago in the Journal of Epidemiology, which states that laughter has numerous health benefits. Workplaces have also been directed to create an 'environment filled with laughter'. However, the rule is being opposed by some politicians who argue that it infringes on constitutional rights and adversely affects those who cannot laugh due to illness or other reasons.
#Japan #Laughter #Health #Law
https://www.wionews.com/trending/japan-makes-it-mandatory-for-people-to-laugh-out-loud-once-a-day-739837
Is the Fed's hesitation fuelling a surge in oil prices?
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Oil prices nudged higher as signs of another inventory draw in the US offset concerns on the timeline for Federal Reserve interest-rate cuts following Chair Jerome Powell's testimony. Brent crude hovered close to $85 a barrel from a slide of more than 3 per cent in the previous three sessions, and West Texas Intermediate well below $82. The American Petroleum Institute stated that the US crude stockpiles had a drop of 1.92 million barrels for the last week, with a big draw at the key Cushing, Oklahoma hub, according to sources with knowledge of the data. Despite recent volatility, oil prices are still easier for the year to date, underpinned by OPEC+ production cuts allied to expectations of easier monetary policy in the US. Traders now await the monthly report from the Organization of the Petroleum Exporting Countries, due later in the day, which is expected to shed more light on the global market outlook. A similar report by the International Energy Agency is due tomorrow.
#OilPrices #FederalReserve #InventoryDraw #Opec #MonetaryPolicy
https://www.wionews.com/business-economy/is-the-feds-hesitation-fuelling-a-surge-in-oil-prices-739753
Aliens trying to communicate with humans, keep getting blocked by mysterious Earth barrier, claims Reddit user
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A Reddit user named @Blit_Blitt99 claims that multiple aliens have told humans that there is a barrier around Earth, preventing them from coming to our planet without permission. The user cited sources, including an Irishman who has been studying UFOs for more than 20 years, who believes that the orbs discussed at NASA meetings are a global defense network. The Reddit post has sparked reactions from netizens, with some praising the claim and describing the barrier as a means of limiting humans. Others believe the barrier is a quarantine to keep humans in. The post has reignited interest and debate around the existence of extraterrestrial life. A recent paper from researchers at Harvard suggests that aliens might already be on Earth, potentially living underground or on the moon. The study explores the hypothesis of "cryptoterrestrials," beings that could be descendants of ancient civilizations or evolved intelligent species hiding in plain sight. As technology advances, we may one day uncover the truth behind these mysteries.
#Aliens #EarthBarrier #Reddit #Ufos #ExtraterrestrialLife
https://www.wionews.com/science/aliens-trying-communicating-to-humans-keep-getting-blocked-by-mysterious-earth-barrier-claims-reddit-user-739612
Aliens trying to communicate with humans, keep getting blocked by mysterious Earth barrier, claims Reddit user
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A Reddit user named @Blit_Blitt99 claims that multiple aliens have told humans that there is a barrier around Earth, preventing them from coming to our planet without permission. The user cited sources, including an Irishman who has been studying UFOs for more than 20 years, who believes that the orbs discussed at NASA meetings are a global defense network. The Reddit post has sparked reactions from netizens, with some praising the claim and describing the barrier as a means of limiting humans. Others believe the barrier is a quarantine to keep humans in. The post has reignited interest and debate around the existence of extraterrestrial life. A recent paper from researchers at Harvard suggests that aliens might already be on Earth, potentially living underground or on the moon. The study explores the hypothesis of "cryptoterrestrials," beings that could be descendants of ancient civilizations or evolved intelligent species hiding in plain sight. As technology advances, we may one day uncover the truth behind these mysteries.
#Aliens #EarthBarrier #Reddit #Ufos #ExtraterrestrialLife
https://www.wionews.com/science/aliens-trying-communicating-to-humans-keep-getting-blocked-by-mysterious-earth-barrier-claims-reddit-user-739612
Asian stocks rise on Wall Street optimism; Eyes on Fed & economic data
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Asian stocks opened higher today, buoyed by gains on Wall Street. Japan’s Nikkei 225 rose 1 per cent, while South Korea’s Kospi climbed 0.3 per cent. Hong Kong’s Hang Seng index futures were slightly up. The S&P 500 and NASDAQ composite closed at all-time highs on Monday. The S&P 500 gained 0.1 per cent and the NASDAQ rose 0.3 per cent. The Dow Jones industrial average dipped 0.1 per cent. Crude oil prices fell to a one-week low. Brent futures settled around 85 per dollar barrel. Gold prices fell by more than 1 per cent. Markets will be closely monitoring Federal Reserve Chair Jerome Powell’s testimony before Congress, key inflation data with the June consumer price index on Thursday, and the producer price index on Friday. Earnings reports from PepsiCo, Delta Air Lines, Citigroup, and JPMorgan Chase will also be pivotal in gauging market sentiment and economic health.
#AsianStocks #WallStreet #FederalReserve #EconomicData
https://www.wionews.com/business-economy/asian-stocks-rise-on-wall-street-optimism-eyes-on-fed-economic-data-739230
US and Australia vow to bolster Pacific banking as China expands influence
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The United States and Australia have pledged to bolster financial services in the Pacific Islands, where China is increasing its influence. Western banks retreating from the region have limited opportunities for key services, causing Pacific island nations to feel the impact. The US Treasury Undersecretary Brian Nelson acknowledged the issue and stated that the United States is committed to addressing bank de-risking in the Pacific. Australia, a traditional regional powerhouse, pledged to continue as an important partner to Pacific Island nations. China has been expanding its economic and political influence across the Pacific, signing trade and financing agreements with Pacific Island countries and establishing Bank of China offices in the region. The US and Australia have not announced concrete plans to counter China's influence, but discussions during the co-hosted US-Australia Pacific Banking Forum focused on improving financial integration and access to banking services. The Treasury Secretary of the US, Janet Yellen, emphasized the need for a free, open, connected, prosperous, secure, and resilient Pacific.
#Us #Australia #PacificIslands #China #Banking #Influence
https://www.wionews.com/business-economy/us-and-australia-vow-to-bolster-pacific-banking-as-china-expands-influence-739008
India & Turkiye lead global gold buying as China holds back
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China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Gold prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce. Despite this, gold prices were boosted by emerging economies like India & Turkiye. India increased its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes, the largest monthly increase in two years. China was the largest institutional buyer of gold in 2023, but economic slowdown and property woes have forced China to wait for gold prices to drop before resuming buying. Gold prices are expected to continue rising due to geopolitical uncertainties, with India leading the gold demand in 2024. Central banks and emerging markets are crucial to sustaining gold demand as supply challenges loom.
#Gold #China #India #Turkiye #CentralBank #GoldPrices #Reserves #GeopoliticalUncertainties #EmergingMarkets
https://www.wionews.com/business-economy/india-turkiye-lead-global-gold-buying-as-china-holds-back-738787
Beef prices plunge in China as demand wavers
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Beef prices in China have reached a five-year low due to wavering consumer demand and a slowing economy. Wholesale prices have dropped 18% from last year's peak to around $8.53 per kilogram. The government is pushing farmers to increase production and open the door for more imports. China's beef imports have increased by 23% in the first five months of 2024, with the aim of boosting relations with countries like Spain and Brazil. However, overall demand in China is easing, expected to be just 0.4% in 2024. The country is also facing a demand slump post-COVID, with major food retailers reporting a drop in sales and a production glut across industries.
#BeefPrices #Demand #China #Economy #Imports
https://www.wionews.com/business-economy/beef-prices-plunge-in-china-as-demand-wavers-737345
Biden vs Trump US Presidential Debate: Age, economy, and immigration among key issues
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Democratic President Joe Biden and his Republican rival Donald Trump traded attacks on abortion and their handling of the economy early in their debate on Thursday night, giving voters a rare side-by-side look at the two oldest candidates ever to seek the US presidency.
#Biden #Trump #PresidentialDebate #Age #Economy #Immigration
https://www.wionews.com/videos/biden-vs-trump-us-presidential-debate-age-economy-and-immigration-among-key-issues-735828
NASA entrusts SpaceX with $843 million ISS deorbit mission
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NASA has signed a deal with SpaceX for $843 million to develop the vehicle that will deorbit the International Space Station (ISS) as its service life comes to an end. The deorbit vehicle will be developed by SpaceX, headed by Elon Musk, while the mission will be overseen by NASA. The ISS, launched in 1998, is expected to be deorbited by 2030, and this mission will involve international partners. The contract with SpaceX highlights the company's achievements in space exploration and its role in the future of space travel. Elon Musk's vision for SpaceX has advanced space travel and amassed an estimated fortune of $220 billion.
#Nasa #Spacex #Iss #DeorbitMission #SpaceExploration
https://www.wionews.com/business-economy/nasa-entrusts-spacex-with-843-million-iss-deorbit-mission-735517
Japanese yen hits lowest level since 1986
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The Japanese yen has fallen to its lowest level since 1986, prompting concerns of possible intervention by the central bank. Japan's Ministry of Finance and Central Bank previously spent $62 billion to stabilize the currency when it fell below 160. However, the yen has already dropped 5% since May. The currency's decline is attributed to sluggish export numbers, rising imports, and a growing trade deficit of $38 billion in the last fiscal year. Japan is currently following a 'hawkish stance' on interest rates, similar to the US Fed. The anticipation of an early stimulus is growing as the country faces a potential currency crisis amid rising debt. The Bank of Japan hinted at a July rate hike, marking a historic pivot from its decade-long policy of negative interest rates. The yen has experienced a currency plunge of over 13% in 2024 and has reached three-decade lows against the US dollar. It is one of the worst-performing currencies of the year.
#JapaneseYen #Currency #CentralBank #TradeDeficit #InterestRates
https://www.wionews.com/business-economy/japans-yen-hits-lowest-level-since-1986-735418
'The Big Fat Indian 'Paychecks': Wedding industry drives consumption & economic boom
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The Indian wedding industry is a $130 billion industry, ranking second only to food and grocery. The average expenditure on a wedding is around $15,000, with Indian couples spending twice as much on weddings compared to education. The current average expenditure per wedding is around $14,500, which is five times India's per capita GDP and three times the average annual household income. Weddings in India involve five to six functions, hotel accommodations, catering, décor, and entertainment. The industry is highly diversified, benefiting small-scale businesses and individual service providers. Prime Minister Narendra Modi has urged people to explore destinations within India for weddings.
#WeddingIndustry #Consumption #EconomicBoom #IndianWeddings
https://www.wionews.com/business-economy/the-big-fat-indian-paychecks-wedding-industry-drives-consumption-economic-boom-734884
Crypto giant Tether introduces new digital token backed by gold
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Tether holdings, issuer of the largest stablecoin, is launching a new synthetic dollar backed by gold. The new gold-backed stablecoin operates on Tether's platform called Alloy, built on the Ethereum blockchain. Users can mint tokens by depositing Tether Gold, another token representing the value of physical gold. This launch comes after Tether reported a profit of $4.5 billion in Q1 2024. The launch marks a step towards portfolio diversification beyond the US Dollar and offers an open ecosystem for creating various Tether assets. The gold-backed token resonates with the gold standard used in the monetary system until 1971.
#Tether #Stablecoin #Gold #Cryptocurrency #PortfolioDiversification
https://www.wionews.com/business-economy/crypto-giant-tether-introduces-new-digital-token-backed-by-gold-732775
30-hour ordeal for Air India passengers: Technical glitch, AC failure on Delhi-San Francisco flight
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Over 200 passengers on Air India flight AI-183 experienced a delay exceeding 30 hours due to technical issues and cargo loading problems. The flight was initially scheduled for May 30 but was delayed for nearly 6 hours before being rescheduled for May 31. The takeoff finally occurred on May 31 at around 21:55 hours. The flight was delayed due to a technical glitch and later payload issues were noticed. Air India took special permission to land in San Francisco due to night flight restrictions. The Directorate General of Civil Aviation (DGCA) issued a show cause notice to Air India regarding the flight delay and lack of care for passengers. Passengers were made to board the plane without air conditioning, and some fainted, leading to their deplaning. Pictures showed passengers, including children, sitting on the floor and appearing exhausted.
#AirIndia #FlightDelay #TechnicalGlitch #CargoLoadingProblems #Dgca
https://www.wionews.com/india-news/30-hour-ordeal-for-air-india-passengers-technical-glitch-ac-failure-on-delhi-san-francisco-flight-727681
Why Mexico’s election holds greater significance than ever for the US
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Mexico's general election on June 2 is set to become the largest in the country's history, with over 98 million eligible voters, around 70,000 candidates, and over 20,000 public offices up for contention. The country is likely to elect its first female president, with the two front-runners being Claudia Sheinbaum of the Morena party and Xóchitl Gálvez, backed by an opposition coalition. The election gains significance as it coincides with the US presidential election and occurs during a period of transition in the relationship between the two nations. Mexico became the United States' top trading partner last year, surpassing China and Canada, due to geopolitical issues and the rearrangement of supply chains. The next president of Mexico will have to deal with legal disputes filed by the US and Canada within the framework of the USMCA trade agreement. Migration is a shared concern, but it is lower on Mexican politicians' agenda than in the US. The next Mexican government will need to assume responsibility for the large migrant population.
#Mexico #Election #Us #FemalePresident #Trade #Usmca #Migration
https://www.wionews.com/world/why-mexicos-election-holds-greater-significance-than-ever-for-the-us-727631
Tyson Foods accused of discriminatory employment practices against US citizens
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Tyson Foods is accused by America First Legal (AFL) of discriminating against American residents by favoring the employment of immigrants, particularly youngsters and those in the country illegally. AFL has sent letters to the US Department of Justice, the Equal Employment Opportunity Commission (EEOC), and an Iowa civil rights organization, requesting investigations into Tyson Foods' employment standards. AFL claims that Tyson Foods employs 42,000 foreign workers, accounting for more than one-third of its US workforce, and actively participates in recruitment programs. Tyson Foods denies the allegations and states that it does not discriminate against Americans in favor of immigrants. The Justice Department, the EEOC, and the Iowa agency have the option to investigate the accusations and potentially reach an agreement with Tyson or file a lawsuit. This is the first instance of AFL charging bias against American workers, as they have previously filed complaints against large US firms for alleged discrimination in diversity programs. The EEOC has not commented on whether it is looking into the allegations.
#TysonFoods #Discrimination #EmploymentPractices #Immigrants #AmericaFirstLegal #UsDepartmentOfJustice #EqualEmploymentOpportunityCommission #IowaCivilRightsOrganization
https://www.wionews.com/business-economy/tyson-foods-accused-of-discriminatory-employment-practices-against-us-citizens-726946
Former FTX executive Ryan Salame sentenced to 90 months in prison for illegal campaign donations
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Ryan Salame, former co-CEO of FTX's Bahamian firm, has been sentenced to 90 months in prison by a US federal court for making tens of millions of dollars in illegal campaign contributions. Salame pleaded guilty in September to supporting groups backed by his former boss, Sam Bankman-Fried, the operator of a now-defunct cryptocurrency exchange. The sentence exceeds the prosecutors' recommendation of five to seven years. Salame must also serve three years of supervised release and pay nearly $6 million in forfeiture and over $5 million in restitution. Salame, Bankman-Fried, and former FTX engineering chief Nishad Singh are accused of using FTX customer funds to support politicians who favor crypto-friendly laws. Salame's counsel argued that he was deceived into believing the company was legitimate and financially healthy. Salame made significant political contributions totaling over $24 million during the 2022 election season. He pleaded guilty to conspiracy to make illegal political contributions and conspiracy to run an unregistered money-transmitting company. Salame's imprisonment follows Bankman-Fried's 25-year sentence for stealing $8 billion from FTX consumers.
#RyanSalame #Ftx #CampaignDonations #Illegal #PrisonSentence #SamBankmanfried #CryptocurrencyExchange #NishadSingh #PoliticalContributions #UsFederalCourt
https://www.wionews.com/business-economy/former-ftx-executive-ryan-salame-sentenced-to-90-months-in-prison-for-illegal-campaign-donations-726532
Senior Republican Congressman warns of US security risks over Microsoft's UAE AI deal
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Michael McCaul, Republican chairman of the US Foreign Affairs Committee, has warned of national security implications following Microsoft President Brad Smith's announcement that the company's high-profile partnership with UAE-backed AI firm G42 may include the transfer of sophisticated processors and tools. Smith told Reuters that the pact might enter a second phase, which would involve the export of critical AI technology components such as model weights. The deal's progress is contingent on approval by the US Department of Commerce. McCaul expressed concerns about the lack of a complete briefing from the executive branch on the arrangement and questioned whether sufficient safeguards are in place to protect vital US technology from Chinese espionage. The Microsoft-G42 transaction aims to promote AI technology and increase the United States' technology dominance in the face of strategic rivalry from China. Microsoft is investing $1.5 billion in G42, and Smith will join its board. Details on the exact technologies to be transferred and the security precautions are few, but the arrangement aims for Microsoft and G42 to collaborate to promote AI technology in areas where neither could do so effectively alone. The deal requires both businesses to convince their home governments of security procedures, but there is no direct agreement between the United States and the UAE overseeing sensitive technology transfers. Microsoft retains the ability to impose financial penalties on G42 if the agreement is broken.
#Microsoft #Uae #Ai #NationalSecurity #TechnologyTransfer #UsDepartmentOfCommerce #China
https://www.wionews.com/business-economy/senior-republican-congressman-warns-of-us-security-risks-over-microsofts-uae-ai-deal-724515
US regulators may cut bank capital hikes
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US regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, are considering reducing the steep increase in capital requirements for the largest banks in the country. The initial proposal of nearly 20% may be reduced to slightly over 50% of the original amounts for banks like JPMorgan Chase and Goldman Sachs. The changes come after pressure from industry players like JPMorgan Chase CEO Jamie Dimon. The concrete establishment of the new capital rules is still uncertain, as officials continue to negotiate modifications. The proposed changes are part of the Basel III regulators' efforts to increase banks' ability to cope with potential losses and minimize failures or bailouts. Major US banks argue that they are already sufficiently capitalized and that the changes are unnecessary. The banking industry has strongly criticized the Basel proposal, claiming that it would require alterations or the end of many products and services.
#UsRegulators #BankCapitalHikes #FederalReserve #FederalDepositInsuranceCorporation #OfficeOfTheComptrollerOfTheCurrency #JpmorganChase #GoldmanSachs #BaselIii #CapitalRules #BankingIndustry
https://www.wionews.com/business-economy/us-regulators-may-cut-bank-capital-hikes-723443
Gigantic sunspot, wide enough to fill 15 worlds, hits Earth with powerful X-class solar flare
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A gigantic sunspot, AR3664, on the surface of the sun ballooned and grew so massive that it can fit 15 Earths and has become the most active one in the current solar cycle. The sunspot released a powerful X-class solar flare towards the Earth, leading to radio blackouts in various areas. The National Oceanic and Atmospheric Administration (NOAA) Space Weather Prediction Center had issued a warning of increased solar flare risk from the Sun. The giant sunspot fired a colossal X-class solar flare on May 9 morning, causing shortwave radio blackouts across parts of Europe and Africa. The sunspot AR3664 is currently 15 times wider than Earth and visible from Earth without magnification. NASA shared images of two powerful solar flares unleashed by the sunspots AR3663 and AR3664. The sun goes through periods of higher and lower activity, and high activity can lead to solar flares or dramatic explosions of energy out from the Sun.
#Sunspot #SolarFlare #Xclass #RadioBlackout #Noaa #Nasa
https://www.wionews.com/science/gigantic-sunspot-wide-enough-to-fill-15-worlds-hits-earth-with-powerful-x-class-solar-flare-720050
US intelligence warns Taiwan of growing China-Russia military cooperation
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US intelligence officials warn of increased military cooperation between China and Russia, particularly on Taiwan. Lt Gen. Jeffrey Kruse, director of the Defense Intelligence Agency, stated that if the US were to have a conflict with one, there is a high chance of a second front. China and Russia have been exercising together in relation to Taiwan, and China wants Russia to work with them in this area. China claims Taiwan as its territory and has carried out military exercises with Russia. The US Department of Defense is factoring in the increased cooperation between Beijing and Moscow in its plans. China denies accusations that Chinese companies are the source of drones and drone-related components used by Russian forces in Ukraine.
#UsIntelligence #China #Russia #Taiwan #MilitaryCooperation
https://www.wionews.com/world/us-intelligence-warns-taiwan-of-growing-china-russia-military-cooperation-718041
US job openings hit three-year low amidst easing labour demand
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Job openings in the US have plunged to a three-year low in March, with figures dropping by 325,000 to 8.488 million, the lowest level since February 2021. The decline in job openings was particularly pronounced in sectors such as construction and finance, which collectively witnessed a reduction of 182,000 unfilled positions in construction and 158,000 in finance and insurance. The decrease in job postings was more prominent in the Western and Midwestern regions of the United States, with fewer open positions also observed in the South. However, job postings increased in the Northeast. The number of people quitting their jobs decreased significantly, reaching the lowest level since January 2021. Challenges persist in managing inflationary risks, especially with input costs for manufacturers soaring to a near two-year high in April.
#UsJobOpenings #LabourDemand #Inflation #FederalReserve #Jolts
https://www.wionews.com/business-economy/us-job-openings-hit-three-year-low-amidst-easing-labour-demand-717284
Biden's Iran oil sanctions likely to spare global market from major disruption
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Legislation aimed at intensifying sanctions on Iranian crude oil is expected to become law, proposing broader restrictions on Iran's oil exports. Despite the legislative push, analysts anticipate Biden will exercise caution, leveraging waiver authority to avoid major disruptions to global oil supplies and mitigate potential price hikes. The proposed sanctions aim to curtail China's reliance on Iranian oil, which accounts for approximately 80 per cent of Iran's total exports. While the sanctions introduce a new layer of risk for entities engaged in Iranian oil transactions, waivers offer Biden flexibility to mitigate unintended consequences. However, increased Iranian aggression toward Israel could complicate Biden's stance, increasing political risks associated with sanctions waivers.
https://www.wionews.com/business-economy/bidens-iran-oil-sanctions-likely-to-spare-global-market-from-major-disruption-714094
Priyanka Chopra will not be attending Met Gala 2024. Here's why
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Priyanka Chopra will not be attending the Met Gala 2024 as she is currently filming. The actress confirmed her absence during a recent interview while promoting a new documentary film. The Met Gala is scheduled to take place on May 6, 2024, in New York City. Priyanka expressed her excitement to see the creativity of the attendees and mentioned her admiration for Zendaya, who will be present at the event. Priyanka and her husband Nick Jonas made their first public appearance at the Met Gala in 2017. The 2024 Met Gala will have the theme 'The Garden of Time' and will be co-chaired by Zendaya, Jennifer Lopez, Bad Bunny, and Chris Hemsworth.
#PriyankaChopra #MetGala2024 #Fashion #Celebrities
https://www.wionews.com/entertainment/priyanka-chopra-will-not-be-attending-met-gala-2024-heres-why-713720
Sweden joins Artemis Accords vowing commitment to peaceful space exploration
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Sweden has officially joined the Artemis Accords, becoming the 38th country to pledge its commitment to principles such as transparency, interoperability, and the peaceful use of space. The announcement came at a ceremony in Stockholm where Sweden's Minister for Education Dr Mats Persson signed the accords. The Artemis Accords are a set of principles and guidelines for international cooperation in space exploration, named after NASA's Artemis program. The accords have been signed by 38 countries so far, including the United States, United Kingdom, Australia, Canada, and Japan. NASA Administrator Bill Nelson welcomed Sweden to the coalition, emphasizing the commitment to exploring the heavens openly, transparently, responsibly, and in peace. Minister Persson highlighted the strategic partnership between Sweden and the U.S. in space research and the space industry. The Artemis Accords are spearheaded jointly by NASA and the U.S. Department of State.
#Sweden #ArtemisAccords #SpaceExploration #Nasa
https://www.wionews.com/science/sweden-joins-artemis-accords-vowing-commitment-to-peaceful-space-exploration-712716
South Korea elections: Opposition set to achieve sweeping win dealing blow to President Yoon Suk Yeol
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The liberal opposition parties in South Korea achieved a sweeping win in the parliamentary election, dealing a significant blow to President Yoon Suk Yeol and his conservative party. The election is seen as a referendum on Yoon's leadership, with his popularity suffering due to his administration's handling of the economy and political scandals. The Democratic Party is projected to secure over 170 of the 300 seats in the new legislature, while Yoon's People Power Party is projected to win just over 100 seats. The election saw a record-high turnout of nearly 29.7 million people, or about 67% of eligible voters. Yoon's ability to push his legislative agenda may be significantly affected by the election results, potentially relegating him to a "lame duck" status near the end of his term.
#SouthKorea #Elections #Opposition #SweepingWin #PresidentYoonSukYeol
https://www.wionews.com/world/south-korea-elections-opposition-set-to-achieve-sweeping-win-dealing-blow-to-president-yoon-suk-yeol-709966
Boeing faces Congressional probe following whistleblower charges: Report
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Boeing is facing a Congressional probe after a whistleblower, identified as Boeing engineer Sam Salehpour, raised concerns about safety and quality standards in the production of Boeing's 787 and 777 jets. Salehpour alleges that the company ignored safety concerns and employed shortcuts in the assembly process that could compromise the structural integrity of the aircraft. The US Federal Aviation Administration (FAA) has launched an investigation into the allegations. Boeing responded by expressing confidence in the safety of the 787 Dreamliner and dismissing Salehpour's claims as inaccurate. A Senate subcommittee has called Boeing CEO David Calhoun to testify regarding the safety of the company's aircraft in response to the whistleblower allegations. Boeing has offered to cooperate with the inquiry and address the concerns raised by Salehpour.
#Boeing #CongressionalProbe #WhistleblowerCharges #SafetyConcerns #QualityStandards
https://www.wionews.com/business-economy/boeing-faces-congressional-probe-following-whistleblower-charges-report-709651
Biden administration to grant Samsung a $6.6 bn subsidy for Texas chip expansion
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The Biden administration has decided to award Samsung a $6.6 billion subsidy to strengthen domestic semiconductor production. The funds are designated to expand Samsung's chip output in Taylor, Texas. The announcement will be made by Commerce Department Secretary Gina Raimondo next week. The subsidy is intended to support the construction of four facilities in Taylor, including a $17 billion chipmaking plant, an additional factory, an advanced packaging facility, and a research and development center. Samsung's investment in the US will more than double, soaring to over $44 billion as part of this deal. The subsidy for Samsung is the third-largest within the program, trailing behind Taiwan's TSMC. The Biden administration's subsidy for Samsung is part of a broader initiative to enhance domestic chip production and reduce US dependence on China and Taiwan. The Chips and Science Act allocated $52.7 billion for research and manufacturing subsidies, and lawmakers approved $75 billion in government loan authority. Samsung has indicated it will not be availing any loans for this expansion. Governor Greg Abbott of Texas has been invited to attend the subsidy announcement event, although President Biden will not be present.
#BidenAdministration #Samsung #Subsidy #Texas #ChipExpansion
https://www.wionews.com/business-economy/biden-administration-to-grant-samsung-a-66-bn-subsidy-for-texas-chip-expansion-709238
Hong Kong considers further steps to revitalise stock market while economic challenges persist
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Hong Kong's Chief Executive, John Lee, announced that the government is exploring additional measures to strengthen the city's securities market. The proposed measures aim to stimulate the market through enhanced transaction mechanisms and investment services. The backdrop for these considerations includes China's economic slowdown and capital flight, with the Hang Seng Index falling sharply by about 14% in 2023. The city also experienced a 28.5% drop in the value of IPOs in the first quarter of this year. Despite the challenges, Lee expressed confidence in Hong Kong's resilience and highlighted the government's focus on ensuring sustainable growth in the stock market and enhancing overall market competitiveness.
#HongKong #StockMarket #EconomicChallenges #SecuritiesMarket #InvestmentServices
https://www.wionews.com/business-economy/hong-kong-considers-further-steps-to-revitalise-stock-market-while-economic-challenges-persist-708887
Trump's Florida fundraiser collects over $50mn; outshines tri-presidential event for Biden campaign
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Former US President Donald Trump's campaign raised $50.5 million at a fundraising event in Florida, nearly double the $26 million raised by Biden's campaign at a gathering with former Presidents Bill Clinton and Barack Obama. The event, titled 'Inaugural Leadership Dinner,' aimed to signal a resurgence of Trump and the Republican Party's fundraising. Trump announced earlier in the week that his campaign raised over $65.6 million in March and had $93.1 million on hand. Biden and the Democrats raised over $90 million last month and had $192 million-plus on hand. The fundraising event hosted about 100 guests, including billionaires, and guests were asked to contribute $814,600 per person as a 'chairman' contributor or $250,000 per person as a 'host committee' contributor.
#DonaldTrump #JoeBiden #Fundraising #RepublicanParty #DemocraticParty
https://www.wionews.com/world/trumps-florida-fundraiser-collects-over-50mn-outshines-tri-presidential-event-for-biden-campaign-708529
Joe Biden inspects collapsed Baltimore Bridge, pledges help
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President Joe Biden inspects the collapsed Baltimore Bridge and pledges federal help in rebuilding the span. A cargo ship crashed into the Francis Scott Key Bridge on March 26, killing six people. Biden took an aerial tour of the scene and met with local officials for a briefing on the economic impact to the Baltimore port. He called on Congress to approve funding for the new bridge and stated that those responsible for the collapse will help pay for the repairs. Biden later met with the families of the victims. Efforts are underway to open a temporary alternate channel for marine traffic. The Port of Baltimore is a vital hub for trade, with $80.8 billion worth of foreign cargo moving through it in 2023. The ship that crashed into the bridge, Dali, was heading out of the harbor bound for Sri Lanka and suffered power loss. Six workers were reported missing and two bodies have been recovered.
#JoeBiden #BaltimoreBridge #BridgeCollapse #FederalAid #CargoShip #FrancisScottKeyBridge #BaltimorePort
https://www.wionews.com/world/joe-biden-inspects-collapsed-baltimore-bridge-pledges-help-708222
India: 10-year-old girl dies shortly after eating her birthday cake ordered online
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A 10-year-old girl in Patiala, Punjab died from suspected food poisoning after eating a cake ordered online for her birthday. The girl's younger sister and the rest of her family also fell sick after consuming the cake. The cake was ordered from a bakery called 'Cake Kanha' in Patiala. Videos of the girl's cake-cutting and birthday celebration were shared on social media before her death. The family ordered the cake at 6:00 pm on March 24, and by 10:00 pm the same night, the family fell sick. The girl complained of thirst and a dry mouth, and later went to sleep. Her condition worsened the next morning, and she was taken to the hospital where she was declared dead. The family suspects that the cake may have been poisonous. An FIR has been filed against the owner of 'Cake Kanha' and an investigation is underway. The postmortem has been conducted, and a sample from the cake has been sent for testing.
#FoodPoisoning #Cake #OnlineOrder #Patiala #Punjab
https://www.wionews.com/india-news/10-year-old-girl-dies-shortly-after-eating-her-birthday-cake-ordered-online-706044
Why Randeep Hooda thinks Christopher Nolan's Oppenheimer is a ‘propaganda’ film?
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Randeep Hooda criticized Christopher Nolan's film Oppenheimer, calling it a 'propaganda film' that only shows America's greatness. In an interview, Hooda highlighted the pain caused by the atomic bomb in Hiroshima and Nagasaki and questioned America's portrayal as the 'good guys' in movies. He also mentioned America's actions in Vietnam and criticized the way history is written. Hooda is currently promoting his movie Swatantra Veer Savarkar, which has received mixed reviews and earned Rs 13.98 crore at the box office.
#RandeepHooda #ChristopherNolan #Oppenheimer #PropagandaFilm #Hiroshima #Nagasaki #America #Vietnam #SwatantraVeerSavarkar #BoxOffice
https://www.wionews.com/entertainment/why-randeep-hooda-thinks-christopher-nolans-oppenheimer-is-a-propaganda-film-706196
Ukraine war: France's Macron says Russia will be asked to observe ceasefire during Paris Olympics
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French President Emmanuel Macron stated that Russia will be asked to observe a ceasefire in Ukraine during the Paris Olympics. The International Olympic Committee (IOC) has condemned Russia's offensive in Ukraine, stating that Moscow breached the 'Olympic Truce'. The IOC has imposed sanctions on Russia and Belarus, allowing only some athletes to compete in Paris under tight restrictions. The committee has also established a Solidarity Fund for Ukraine to support athletes facing challenges. Senior IOC Vice President John Coates mentioned that he is unsure how many Russian athletes will compete as neutral athletes at the Paris Games, speculating it could be as few as 40.
#UkraineWar #Ceasefire #ParisOlympics #Russia #InternationalOlympicCommittee
https://www.wionews.com/world/ukraine-war-frances-macron-says-russia-will-be-asked-to-observe-ceasefire-during-paris-olympics-701050
Major breakthrough! Giant volcano found on Mars with glacier ice beneath it. What could it mean for humans?
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Scientists announced the discovery of a giant volcano on Mars along with a possible sheet of buried glacier ice in the Tharsis volcanic area near the equator. The volcano, provisionally named 'Noctis Volcano,' measures +9,022 meters in elevation and spans 450 kilometers in width. It has been active for a very long time and shows signs of recent volcanic activity. The discovery opens up new possibilities for studying Mars and potential future exploration. The presence of glacier ice at shallow depths near the equator could allow humans to extract water for hydration and manufacturing rocket fuel. The announcement was made at the 55th Lunar and Planetary Science Conference held in The Woodlands, Texas.
#Mars #Volcano #GlacierIce #SpaceExploration
https://www.wionews.com/science/major-breakthrough-giant-volcano-found-on-mars-with-glacier-ice-beneath-it-what-could-it-mean-for-humans-699969
Conference board retracts US recession prediction; economy set to grow despite index decline
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The Conference Board has retracted its prediction of an imminent recession in the United States. Despite a decline in its Leading Economic Index (LEI), positive signals indicate economic resilience. The LEI experienced a 0.4% decline in January, reaching its lowest level since April 2020. However, the rate of decline over a six-month period has slowed, suggesting a less pessimistic outlook. Factors contributing to the reversal of the recession forecast include the recent surge in stock prices and the Federal Reserve's signaling of a shift in monetary policy. Concerns remain about the economy's short-term performance, but economists remain hopeful for continued economic expansion.
#UsEconomy #RecessionPrediction #EconomicGrowth
https://www.wionews.com/business-economy/conference-board-retracts-us-recession-prediction-economy-set-to-grow-despite-index-decline-692241
FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial
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The Federal Trade Commission (FTC) has scheduled an October 2026 trial for its antitrust lawsuit against Amazon. The lawsuit, filed on September 26, accuses Amazon of operating an illegal monopoly by impeding sellers from offering lower prices on other platforms. The trial date was set by US District Judge John Chun in response to the four-year investigation. The FTC is seeking a permanent injunction to halt anti-competitive practices and has raised the possibility of divesting parts of Amazon's business. Amazon argues that the FTC has misconstrued standard retail practices as anti-competitive behavior and has failed to demonstrate harm to consumers. The FTC alleges that Amazon used an algorithm called "Project Nessie" to increase prices for US households by over $1 billion, but Amazon denies these claims and states that it stopped using the algorithm years ago. The legal battle highlights the complexity of antitrust regulations in the digital age.
#Ftc #Amazon #AntitrustLawsuit #Trial #Monopoly #E-commerce
https://www.wionews.com/business-economy/ftcs-antitrust-lawsuit-against-amazon-scheduled-for-october-2026-trial-690168
FTC's antitrust lawsuit against Amazon scheduled for October 2026 trial
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The Federal Trade Commission (FTC) has scheduled an October 2026 trial for its antitrust lawsuit against Amazon. The lawsuit, filed on September 26, accuses Amazon of operating an illegal monopoly by impeding sellers from offering lower prices on other platforms. The trial date was set by US District Judge John Chun in response to the four-year investigation. The FTC is seeking a permanent injunction to halt anti-competitive practices and has raised the possibility of divesting parts of Amazon's business. Amazon argues that the FTC has misconstrued standard retail practices as anti-competitive behavior and has failed to demonstrate harm to consumers. The FTC alleges that Amazon used an algorithm called "Project Nessie" to increase prices for US households by over $1 billion, but Amazon denies these claims and states that it stopped using the algorithm years ago. The legal battle highlights the complexity of antitrust regulations in the digital age.
#Ftc #Amazon #AntitrustLawsuit #Trial #Monopoly #E-commerce
https://www.wionews.com/business-economy/ftcs-antitrust-lawsuit-against-amazon-scheduled-for-october-2026-trial-690168
Russia puts Estonian PM Kaja Kallas, Baltic politicians on ‘wanted’ list for destruction of Soviet monuments
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Russia has placed Estonian Prime Minister Kaja Kallas, Lithuania’s culture minister, and other officials from Baltic nations on its 'wanted' list for their alleged involvement in the destruction of Soviet-era monuments. The move comes after the three Baltic nations, Estonia, Latvia, and Lithuania, demolished most of their Soviet-era monuments following the Russian invasion of Ukraine. The Russian police have accused those on the 'wanted' list of taking 'hostile actions against historical memory' and Russia. The Estonian PM and other Baltic politicians would not be arrested unless they enter Russian territory. The Russian Investigative Committee has ordered a criminal investigation into the matter.
#Russia #Estonia #BalticNations #SovietMonuments #Destruction #WantedList
https://www.wionews.com/world/russia-puts-estonian-pm-kaja-kallas-baltic-politicians-on-wanted-list-for-destruction-of-soviet-monuments-689953
Super Bowl LVIII: Vegas set for Chiefs vs 49ers blockbuster
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The San Francisco 49ers and Kansas City Chiefs are set to face off in Super Bowl LVIII in Las Vegas. The game is expected to break US television viewing records. Pop star Taylor Swift and Chiefs player Travis Kelce's relationship is one of the storylines of the game. The game is being held at the Allegiant Stadium, with around 500 private jets flying in for the event. Over 300,000 visitors have come to Las Vegas for the Super Bowl weekend, contributing an estimated $600-700 million to the local economy. The American Gaming Association predicts that a record 67.8 million Americans will place bets on the Super Bowl, generating an estimated $23.1 billion. The Chiefs are aiming to win their third Super Bowl in five seasons and become the first team since the New England Patriots in 2003 and 2004 to win back-to-back Super Bowls. The 49ers are looking to win their sixth Super Bowl and their first since 1994-1995. The game is a rematch of the 2020 Super Bowl, where the Chiefs beat the 49ers 31-20. San Francisco head coach Kyle Shanahan is hoping to finally win the Vince Lombardi Trophy after previous losses in the Super Bowl.
#SuperBowl #Chiefs #49ers #LasVegas #Nfl
https://www.wionews.com/sports/nfl/news-super-bowl-lviii-vegas-set-for-chiefs-vs-49ers-blockbuster-689285
Britain: PM Rishi Sunak says he is 'totally up for the fight' to win UK general elections
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British Prime Minister Rishi Sunak expresses his determination to win the upcoming UK general elections. In an interview, Sunak highlights the positive direction of the economy and prospects for a better future. He emphasizes his commitment to cutting taxes for hardworking individuals and states that discussions about tax cuts have been ongoing. Despite trailing behind the Opposition Labour Party in surveys, Sunak affirms his readiness for the upcoming battle. He also reveals that he paid over £508,308 in taxes and made a £1.8 million profit from his investment in a US fund.
#RishiSunak #UkGeneralElections #ConservativeParty #TaxCuts #Economy
https://www.wionews.com/world/britain-pm-rishi-sunak-says-he-is-totally-up-for-the-fight-to-win-uk-general-elections-689237
Jellyfish with possibly venomous bright red cross and 240 tentacles found near remote deep-sea volcano
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Scientists have discovered a new jellyfish species called Santjordia pagesi near the Sumisu Caldera, a hydrothermally active deep-sea volcanic structure in Japan's Ogasawara Islands. The jellyfish has a unique red cross in its stomach and 240 tentacles. It was captured in 2002 by a remotely operated vehicle (ROV) at a depth of 812 meters. The environment around the volcanic structure is inhospitable and accessible only through specialized equipment. The species is smaller than other deep-sea medusae and its red cross on the stomach is believed to be related to capturing food. The researchers speculate that the jellyfish may possess a venomous arsenal. The discovery is significant as it signals evolutionary divergence and possible novel adaptations. The classification of S. pagesi within a new subfamily, Santjordiinae, has been proposed. The researchers hope to draw attention to the species present at the site, which has the potential for commercial development.
#Jellyfish #Deep-sea #Volcano #SpeciesDiscovery
https://www.wionews.com/science/jellyfish-with-possibly-venomous-bright-red-cross-and-240-tentacles-found-near-remote-deep-sea-volcano-688201
Uncertainty looms over US treasury market as Fed signals caution
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Investors who rode the explosive rally that elevated bond prices at the close of 2023 are now facing heightened risks as they reassess their bets on when the Federal Reserve might cut interest rates this year. Late last year, a surge in Treasury investments was fueled by the anticipation of a first-quarter rate cut by the Fed. However, the landscape is shifting following a blowout US jobs report and a cautious Federal Reserve message, warning that premature rate cuts could trigger an inflationary rebound. Yields on the 10-year Treasury have surged by 20 basis points from December's lows, prompting investors to reconsider their strategies. The uncertainty reflects in the futures market as well, with investors now assigning only a 20 percent chance of a Federal Reserve rate cut in March, down from 64 percent a month ago. The looming uncertainty is also fueled by expectations of nearly $2 trillion in new US government bond issuance this year. Despite the rise in yields, the stock market has remained resilient. The S&P 500 is up over 4 percent for the year and near a record high. Federal Reserve officials, projecting three quarter-point rate cuts this year, signal a cautious approach, adjusting the pace rather than ruling out rate cuts altogether.
#UsTreasuryMarket #FederalReserve #InterestRates
https://www.wionews.com/business-economy/uncertainty-looms-over-us-treasury-market-as-fed-signals-caution-688134
WION Business Wrap | Paytm’s rising competition, Toyota’s recent profits and more
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Paytm, India's leading digital payments platform, faces regulatory hurdles, allowing retail giants Walmart and Google to make inroads into the market. Toyota has revised its profit forecast upwards following strong earnings in the October to December quarter. Nintendo has increased its sales forecast for the Switch console. Paytm's CEO met with the Finance Minister to discuss the Reserve Bank of India's restrictions. Europe grapples with Chinese solar panel imports and their impact on local manufacturers. DBS Group reported record profits but its CEO's pay was slashed due to digital banking disruptions. Honda is recalling 750,000 vehicles in the US due to an airbag defect. China is implementing measures to curb short-selling. Fox Corp, Disney, and Warner Bros Discovery plan to launch a joint sports streaming service.
#Paytm #Walmart #Google #Toyota #Nintendo #ReserveBankOfIndia #Europe #DbsGroup #Honda #China #FoxCorp #Disney #WarnerBrosDiscovery
https://www.wionews.com/business-economy/wion-business-wrap-paytms-rising-competition-toyotas-recent-profits-and-more-687796
Iran's Covert Cash Trail: Lloyds & Santander implicated in global sanctions-evasion scandal
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Documents obtained by the Financial Times (FT) reveal that Iran illicitly used Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services. The state-controlled Petrochemical Commercial Company (PCC) and its British subsidiary, PCC UK, have been under US sanctions since November 2018, accused of raising funds for the Iranian Revolutionary Guards Quds Force and collaborating with Russian intelligence agencies. Both banks allegedly provided accounts to British front companies secretly owned by PCC. PCC has been accused of using UK companies to receive funds from Iranian front entities in China, concealing their ownership through trustee agreements and nominee directors. Santander and Lloyds Banking Group stated their compliance with sanctions laws but did not comment on specific customer relationships. Politicians expressed concerns about the UK's failure to curb such activities on its soil and called for stronger actions against IRGC-connected entities. PCC UK continued operations in the UK and entered contracts with a Turkish company later sanctioned by the US for collaborating with senior IRGC officials. PCC UK's Belgravia office is also revealed to be the registered address for NIOC International Affairs (London) Ltd, a division of Iran's US-sanctioned national oil company implicated in financing IRGC and Iranian military activities.
#Iran #Sanctions #Lloyds #Santander #PetrochemicalCommercialCompany #PccUk #FrontCompanies #MoneyLaundering #Uk #Us #Irgc #RussianIntelligence #Compliance #Politicians #Nioc
https://www.wionews.com/business-economy/irans-covert-cash-trail-lloyds-santander-implicated-in-global-sanctions-evasion-scandal-687029
Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer
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Tesla CEO Elon Musk lost his $56 billion pay package in a significant legal defeat brought forth by Richard Tornetta, a former heavy metal drummer. Tornetta, who held just nine shares of Tesla, initiated the lawsuit in 2018 and emerged victorious when a judge deemed the pay deal unfair to him and all fellow Tesla shareholders. This case represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials. Critics argue that cases initiated by individual investors may lead to potentially abusive litigation, while experts argue that individuals like Tornetta play a vital role in overseeing boardrooms.
#ElonMusk #Tesla #RichardTornetta #LegalBattle #PayPackage #HeavyMetalDrummer
https://www.wionews.com/business-economy/elon-musk-loses-56-bn-pay-package-in-legal-battle-led-by-former-heavy-metal-drummer-686281
US job cuts soar in January, financial and tech sectors hit hard: Report
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Job cut announcements in the United States reached the highest level in a decade in January, with a 136% surge from December, totaling 82,307 layoffs. The financial and technology sectors witnessed a drastic rise, with the financial industry announcing 23,238 job cuts, more than double the figures from the previous year. The surge is attributed to a combination of factors, including potential policy changes, broader economic trends, and a strategic shift towards increased automation and AI adoption. The primary reasons cited for layoffs were 'restructuring' and the closure of plants, units, or stores. Prominent companies such as United Parcel Service, Amazon, Alphabet, Microsoft, and PayPal Holdings Inc. announced job reductions during the earnings reporting season in January.
#UsJobCuts #FinancialSector #TechnologySector #Layoffs #Automation #AiAdoption
https://www.wionews.com/business-economy/us-job-cuts-soar-in-january-financial-and-tech-sectors-hit-hard-report-686250
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