In late 2024, retail giant Macy’s revealed a shocking accounting scandal involving its parcel delivery expenses. It said a single employee had managed to hide approximately $151 million in delivery costs over nearly three years, causing significant disruption to the company’s financial reporting and raising questions about its internal controls.Macy’s uncovered the issue during the preparation of its financial statements for the third quarter of 2024. The company immediately launched an independent investigation, which it says revealed that a lone employee responsible for small package delivery expense accounting had intentionally made erroneous entries to conceal delivery expenses from the fourth…
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Japanese shipowner NYK has reached a deal with Eneos to buy conventional bunker fuel with attached carbon credits, or offsets. This will reduce NYK’s net emissions in years to come. Under the agreement, Eneos will purchase carbon credits from 1PointFive, an initiative of Occidental Petroleum and BlackRock. Each credit represents an equivalent amount of carbon that 1PointFive removes from the atmosphere using direct air capture (DAC) technology and stores underground. Eneos will then sell the bunker fuel and the attached carbon credits to NYK. 1PointFive is building its first direct air capture plant in Ector County, Texas. It…
Investing.com — The Federal Reserve cut interest rates by 25 basis points on Wednesday, but halved the number of rate cuts expected for next year as the battle to bring inflation down toward the central bank’s target is now expected to take longer than previously expected. The Federal Open Market Committee, the FOMC, cut its by 25 bps to a range of 4.25% to 4.5%. “Today was a closer call, but we decided it was the right call because we thought it was the best decision to foster achievement of both of our goals, maximum employment and price stability.” Fed…
Photo courtesy Rafael Villela/Agência Pública, used with permission. This article, written by Clarissa Levy and edited by Marina Amaral, was originally published on the Agência Pública website on October 16, 2024. It has been edited for length and context and republished here under a partnership agreement with Global Voices. In the centre of the village is a football field. Around it, in nicely painted wood, are the main community buildings of the roughly 1,000 Kapohn Indigenous people who live on the banks of the Kako River, in an area of preserved Amazonian forest less than 40 kilometres from the Guyanese-Venezuelan…
MIDLAND, MI – Dow (NYSE:DOW) has announced the immediate appointment of Karen S. Carter as the new Chief Operating Officer. Carter, who has been with the company since 1994, brings over 30 years of experience within Dow to her new role. As COO, she will oversee Dow’s business operating segments, including Packaging (NYSE:) & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. Carter’s (NYSE:) responsibilities will extend to driving business and operational performance, with an emphasis on enhancing customer engagement and accelerating the commercialization of Dow’s innovation pipeline. Her strategic oversight will also encompass the Integrated Supply…
With 2024 quickly coming to the end, investors have plenty of reasons to build more equity exposure outside of mega caps for the new year. Source link
In a turbulent market environment, Mars Acquisition Unit (MARXU) stock has reached a 52-week low, dipping to $5.5. According to InvestingPro data, the stock’s RSI indicates oversold territory, while trading 63% below its 52-week high of $15. This significant downturn reflects a broader trend of investor caution, as the company grapples with a challenging economic landscape. Over the past year, MARXU has seen its value decrease by a stark 47.87%, underscoring the difficulties it has faced in maintaining investor confidence and navigating market headwinds. Despite these challenges, the company maintains strong liquidity with a current ratio of 25.91, and InvestingPro…
Trader work on the floor at the New York Stock Exchange.Brendan McDermid | ReutersThe Nasdaq Composite surged Wednesday after November’s inflation report met economists’ projections, clearing the way for the Federal Reserve to cut interest rates again at its December meeting next week.The tech-heavy index rose 1.77% to end at 20,034.89 and post an all-time high and a closing record. The broad market S&P 500 gained 0.82% to close at 6,084.19. The Dow Jones Industrial Average was the outlier, falling 99.27 points, or 0.22%, to 44,148.56.The broader tech space helped lift the market, with the Technology Select Sector SPDR Fund…
The Federal Reserve lowered interest rates on Wednesday by 25 basis points to a range of 4.25%-4.5% at its final meeting of the year and signaled that it would slow down the pace of its cuts. Along with its policy announcement, which lowered the benchmark interest rate to a range of 4.25% and 4.5%, the Fed released updated economic forecasts in its Summary of Economic Projections (SEP), including its “dot plot,” which maps out policymakers’ expectations for where interest rates could be headed in the future. Fed officials see the fed funds rate peaking at 3.9% in 2025, higher than…
Yes, it’s called Fartcoin. Yes, it is totally useless.And yes, it has nevertheless grown in value over the past week to a market capitalization of more than $800 million — about equal to those of Office Depot, Guess jeanswear, and the parent company of Steak N’ Shake.In the day after this article published, Fartcoin’s value seesawed. Starting at about $620 million (7 a.m. Sunday), it rose to a peak of $889 million before settling back $836 million at 9:35 p.m. ET Monday. The carnival-casino era of cryptocurrencies has come back with a vengeance, riding a broader wave of investment in bitcoin that was itself spurred by…