Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.When asked whether he would resign if requested to by Trump, the Fed chair simply said: “No.” Powell subsequently told reporters that the president does not have the power to fire or demote him.”Not permitted under the law,” Powell told reporters at a news conference, after the Fed cut interest rates by a quarter percentage point. Investors will be closely watching the president-elect’s contentious relationship with the Fed chair. Trump appointed Powell in 2017, but repeatedly lashed out against the central…
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Red Bull recently brought their 2011 championship-winning Formula 1 car, the RB7, to the Kyalami Circuit in South Africa for a demonstration run. This marked a symbolic event, as Formula 1 has not raced in South Africa for over 30 years, with the last South African Grand Prix held in 1993. The showcase of the RB7, flown in by helicopter, stirred enthusiasm for the potential return of F1 to the continent. David Coulthard, former F1 driver, highlighted the excitement by running demonstration laps at Kyalami, a track that previously hosted F1 races from 1967 to 1985 and briefly again in…
Mainers voted in support of bond questions that would boost funding for a statewide trail system and science research and development grants, and appear on track to approve a third one to restore historic buildings. The total worth of three bond initiatives is $65 million. The measures asked voters to approve $30 million to develop and maintain a statewide trail system and a $25 million investment in technological advancements in science, environment and manufacturing. With 94% of votes counted, the third measure appears on track to be approved with 51% of voters supporting it, according to The Associated Press. It…
With the election in the rear-view mirror and President-elect Donald Trump headed back to the White House, it could be a good time for income investors to revisit their portfolios. While any policies that could affect investments will take time to enact, the bond market has already responded to the coming change in leadership. The yield on the 10-year Treasury topped 4.4% on Wednesday, hitting its highest level since July during the session. On Thursday, yields were lower, with the 10-year Treasury at about 4.34%, down from nearly 4.43% as the Federal Reserve announced another quarter point rate cut. The…
LONDON–(BUSINESS WIRE)–Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that Pershing Square Capital Management L.P. will hold its third quarter investor conference call on 21 November 2024 at 16:00 GMT (11:00 EST). During the call, CEO Bill Ackman and the other members of the Pershing Square investment team will provide an update on the portfolio and address questions emailed in advance by investors to: ir@persq.com. An audio webcast of the conference call will be available on PSH’s website at www.pershingsquareholdings.com. Following the call, a replay of the event will be available by audio webcast until Thursday, 5 December 2024…
Lance Stroll’s off-track antics during the Brazilian Grand Prix sparked criticism, with former racing peer Jarno Opmeer and pundit Timo Glock questioning his place in Formula 1. Stroll, who drives for a team owned by his father, has often faced scrutiny as a “pay driver” despite his eight-year career and notable achievements, such as three podium finishes and a pole position. However, his performance during the Brazilian GP raised eyebrows when he went off-track on the formation lap, blaming his Aston Martin AMR24’s brakes for the incident. Stroll claimed that a sudden rear brake lock made him lose control, suggesting…
(Reuters) – The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has “generally eased” while inflation continues to move towards the U.S. central bank’s 2% target. “Economic activity has continued to expand at a solid pace,” the central bank’s rate-setting Federal Open Market Committee said at the end of a two-day policy meeting in which officials lowered the benchmark overnight interest rate to the 4.50%-4.75% range, as widely expected. The decision was unanimous. MARKET REACTION: STOCKS: The S&P 500 held a 0.66% gain after the…
In the aftermath of the Brazilian Grand Prix, former Formula 1 team owner Eddie Jordan expressed doubts about Lando Norris’s readiness to compete at Max Verstappen’s level despite acknowledging Norris’s raw speed. Jordan noted that, while Norris undeniably has the pace, his performance in Brazil, where Verstappen rose from 17th to victory, did not show the same level of skill or strategic maturity that defines top-tier champions like Verstappen. Starting from pole, Norris eventually finished sixth, a position that underlined his struggle to convert strong qualifying results into wins against seasoned competitors. Jordan pointed to Norris’s repeated inability to defend…
David P. Heintzman, a director at Stock Yards Bancorp, Inc. (NASDAQ:), recently sold 3,000 shares of the company’s common stock. The shares were sold on November 6, 2024, at an average price of $74.59, totaling approximately $223,756. Following this transaction, Heintzman holds 30,150 shares directly. In addition to the sale, Heintzman acquired 13,273 shares through the exercise of stock appreciation rights at a price of $40 per share, amounting to a total value of $530,920. These transactions reflect Heintzman’s ongoing management of his holdings in Stock Yards Bancorp. In other recent news, financial services firms Piper Sandler and Stephens have…
Mick Schumacher’s chances of returning to a full-time Formula 1 (F1) seat are rapidly diminishing. His uncle, Ralf Schumacher, a former F1 driver, stated that it is “rather unrealistic” for Mick to secure a spot on the 2025 grid unless he remains in a reserve role. Even that is uncertain, as Mercedes, where Mick has been a reserve driver since 2023, may choose to bring back Valtteri Bottas if talks with Sauber fall through. Mick had hoped for a return after his departure from Haas at the end of 2022, but as teams finalize their driver lineups, his options are…