Nobel Prize-winning economist Joseph Stiglitz says the Federal Reserve should deliver a half-point interest rate cut at its forthcoming meeting, accusing the U.S. central bank of going “too far, too fast” with monetary policy tightening and making the inflation problem worse.His comments come ahead of Friday’s pivotal release of U.S. jobs data, with investors closely monitoring the August nonfarm payrolls count for clues on the size of an expected rate cut this month. The jobs data is scheduled out at 8:30 a.m. ET.Strategists have typically said that the most likely outcome from the Fed’s Sept. 17-18 meeting is a 25-basis-point…
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U.S. Federal Reserve Chairman Jerome Powell holds a press conference after the release of the Fed policy decision to leave interest rates unchanged, at the Federal Reserve in Washington, U.S, September 20, 2023. REUTERS/Evelyn HocksteinEvelyn Hockstein | ReutersAs investors await the upcoming rate decision by the U.S. Federal Reserve this month, Carl Weinberg of High Frequency Economics said that a deep interest rate cut was unlikely.Policymakers at the U.S. central bank are widely expected to begin lowering interest rates as they meet on Sept. 17-18, marking a shift from the post-pandemic policy tightening that has raised fears of a U.S.…
A man uses an umbrella for shade in Seoul on August 14, 2024, during a prolonged heatwave which has gripped much of the country.Anthony Wallace | Afp | Getty ImagesThe summer of 2024 was the hottest on record, according to the European Union’s climate monitor, extending an alarming run of temperature records that has put the planet firmly on course to notch its hottest year in human history.The EU’s Copernicus Climate Change Service (C3S) said on Friday that the global average temperature for the boreal summer, which refers to the Northern Hemisphere’s June through August period, was the highest on…
Customers exit a 7-Eleven convenience store, operated by Seven & i Holdings Co., in Kobe, Japan, on Friday, Aug. 30, 2024. Alimentation Couche-Tard Inc. had made a preliminary non-binding proposal to buy Seven & i, which operates more than 85,000 stores across the globe, and the deal would be the biggest-ever foreign takeover of a Japanese company. Photographer: Soichiro Koriyama/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty ImagesSeven & i Holdings has rejected the takeover offer from Canadian convenience store operator Alimentation Couche-Tard, saying the offer “is not in the best interest” of its shareholders and stakeholders.In a filing with…
Billionaire investor Mark Cuban on Thursday insisted that Democratic presidential nominee Kamala Harris would not tax unrealized gains as president.”Every conversation I’ve had is that it’s not going to happen,” Cuban said on CNBC’s “Squawk Box.”Cuban, who says he speaks with Harris’ team frequently, maintained to CNBC that she is not interested in taxing unrealized gains.He cautioned, “I’m not going to speak for the vice president, she makes the final decision.”Still, “I’m talking to these folks three, four times a week, having back-and-forth conversations, and their verbatim words to me is, ‘That’s not where we want to go.'””We need to…
Emerging markets have been making headlines this year, with growing economies, populations and consumer demand all garnering the attention of investors — but not all EMs are created equal. China in particular has been of concern, given uncertainty over how its economy will perform looking ahead. George Boubouras, managing director for research, investment and advisory at the Melbourne-headquartered K2 Asset Management, shared his views on China — and elsewhere — with CNBC’s “Street Signs Asia”. “The Chinese economy in aggregate has got some opportunities. But, when you divide it all up, there’s a lot of complexities and some issues to…
Scott Olson | Getty ImagesThe New Mexico attorney general has filed a lawsuit against Snap, alleging that the design and algorithmic recommendations of its social media app Snapchat “openly foster and promote illicit sexual material involving children and facilitate sextortion and the trafficking of children, drugs, and guns.”The suit calls Snapchat “a breeding ground for predators to collect sexually explicit images of children and to find, groom and extort them.”New Mexico Attorney General Raúl Torrez, who has a pending lawsuit against Facebook owner Meta alleging the company enables the sexual exploitation of children, in a statement Thursday said, “Snap has…
Boeing 787-9 Dreamliner, from American Airlines company, taking off from Barcelona airport, in Barcelona on 24th February 2023. JanValls | Nurphoto | Getty ImagesAs social media feeds make their seasonal shift from the Parthenon to pumpkin patches, airlines are busy preparing for the 2025 Europe travel season, a bet that strong demand for international travel will continue next summer.American Airlines on Thursday unveiled new routes to Europe for spring and summer next year. The carrier rolled out nonstop service from Chicago to Madrid starting March 30; Philadelphia to Milan starting May 23; Philadelphia to Edinburgh, Scotland, beginning May 23, back for…
Broadcom CEO Hock Tan.Lucas Jackson | ReutersBroadcom reported fiscal third-quarter results on Thursday that beat Wall Street expectations for revenue and earnings.Broadcom shares fell 7% in extended trading after guidance was in-line with expectations.Here is how the chipmaking conglomerate did versus LSEG consensus estimates for the quarter that ended Aug. 4:Earnings per share: $1.24 adjusted vs. $1.20 expectedRevenue: $13.07 billion vs. $12.97 billion expectedBroadcom projects current-quarter revenue of $14 billion, versus $1.36 per share on $14.04 billion expected.Broadcom reported a net loss of $1.88 billion, or a loss of 40 cents per share, versus net income in the year-ago quarter…
Marc Benioff, CEO of Salesforce.com, speaks during a keynote at the Dreamforce 2023 conference in San Francisco on Sept. 12, 2023.Marlena Sloss | Bloomberg | Getty ImagesSalesforce announced Thursday that it would pay $1.9 billion in cash for Own Co., a startup specializing in tools for backing up data in cloud-based applications. Salesforce intends to close the deal in the quarter ending in January 2025 if regulators give it their blessing, according to a statement.The startup, formerly known as OwnBackup, was valued at $3.35 billion in a 2021 funding round. Salesforce Ventures, the cloud software company’s venture arm, invested in…