United States Steel Mon Valley Works Clairton Plant and Clairton Coke Works facility in Clairton Pennsylvania, Monday, September 11, 2023.Thomas O’Neil | Nurphoto | Getty ImagesU.S. Steel shares tumbled nearly 18% on Wednesday as the White House is reportedly preparing to block the company’s planned sale to Japan’s Nippon Steel.People familiar with the matter told the Washington Post that President Joe Biden was preparing to announce that he will block the $14.9 billion deal. Vice President Kamala Harris, the Democratic presidential nominee, said U.S. Steel “should remain American-owned and American-operated” during a campaign event in Pittsburgh Monday. Former President Donald…
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Ilya Sutskever, co-founder and chief scientist of OpenAI, speaks at Tel Aviv University in Tel Aviv, Israel, June 5, 2023.Jack Guez | AFP | Getty ImagesOpenAI co-founder Ilya Sutskever, who left the artificial intelligence startup in May, has raised $1 billion from investors for his new AI company, Safe Superintelligence, or SSI.The company announced in a post on X that investors included Andreessen Horowitz, Sequoia Capital, DST Global and SV Angel, as well as NFDG, an investment partnership co-run by SSI executive Daniel Gross.”We will pursue safe superintelligence in a straight shot, with one focus, one goal, and one product,” Sutskever wrote on…
The energy markets are sending a rather important message to investors and to Federal Reserve policymakers concerning both the risk of impending weakness in the domestic and global economies and the future direction of consumer inflation. One is bad news, the other good. The rather steep decline in crude oil, natural gas and gasoline prices is even more remarkable given the geopolitical risk in oil producing regions of the world, including the following: Continued sanctions against Iranian and Russian oil A recently announced production cut by Iraq An oil blockade in Libya And the attendant risk of the war between…
A view of a ESPN cameraman during the game between the Jacksonville Jaguars and the Cincinnati Bengals on December 4, 2023 at EverBank Stadium in Jacksonville, Fl. David Rosenblum | Icon Sportswire | Getty ImagesIn 2021, the National Football League signed an 11-year, $111 billion media rights deal. In July, the National Basketball Association signed an 11-year, $77 billion deal of its own.What’s next? Well, not much all that soon.While Ultimate Fighting Championship and Formula 1 have deals expiring in 2025, the vast majority of major college and professional sports have recently signed long-term media rights deals with U.S. TV networks…
speaking at Jackson Hole on August 23, 2024. David A. Grogan | CNBCAtlanta Federal Reserve President Raphael Bostic signaled Wednesday that he is ready to start lowering interest rates even though inflation is still running above the central bank’s target.Previously one of the more hawkish policymakers, or in favor of tighter policy to fight inflation, Bostic noted that his focus is shifting more towards the employment side of the Fed’s mandate as signs increase of labor market softening.”I believe we cannot wait until inflation has actually fallen all the way to 2 percent to begin removing restriction because that would risk…
Here are the most important news items that investors need to start their trading day:1. Off to a rough startStocks kicked off the new month in the red, with all three major averages suffering their worst days since the Aug. 5 global market sell-off. The Dow Jones Industrial Average fell more than 600 points during Tuesday’s session, moving 1.51% lower to close at 40,936.93. The S&P 500 moved 2.12% lower, finishing the session at 5,528.93. The tech-heavy Nasdaq Composite saw the biggest percentage drop of the three, falling 3.26% to close at 17,136.30. Follow live market updates.2. Still in a…
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