Author: Press Room
Topline Inflation sank to its lowest level in more than two years last month, according to the Federal Reserve’s preferred measure released Thursday, as the ongoing dip in price increases fuels a sustained equity market rally. Americans’ rate of spending increases is slowing down considerably.TNS Key Facts The core personal consumption expenditures price index, which tracks how much Americans actually spent on goods and services other than the more volatile food and energy inputs, increased 3.5% in October on an annual basis and 0.2% month-over-month, according to the Commerce Department report. Economists had forecasted the same 3.5% annual jump and…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.New members of the global super-rich gained more of their assets through inheritance than through wealth creation this year — the first time that this has been recorded by Swiss bank UBS in its nine years of surveying global billionaires.A total of $141bn was amassed by 84 self-made billionaires around the world in 2023, while $151bn was passed on to 53 heirs, the bank’s research found.“The heirs to billionaires are gaining prominence,” said Benjamin Cavalli, UBS’s head of global wealth management strategic…
© Reuters. FILE PHOTO: A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo (Reuters) – Traders on Thursday maintained bets the Federal Reserve will hold interest rates steady for three more meetings before starting to cut interest rates, after a government report showed inflation edging lower. Futures contracts that settle to the Fed’s policy rate reflected a better-than-even probability that the U.S. central bank will deliver its first reduction to the benchmark target at the May meeting, to a 5%-to-5.25% range from 5.25% to 5.50% currently. The personal consumption expenditures price…
© Reuters Immunogen (IMGN) shares surge on news of takeover by AbbVie (ABBV) AbbVie (NYSE:) announced Thursday that it will acquire Immunogen (IMGN) and its flagship cancer therapy, Elahere, in a deal worth $31.26 per share. The transaction values ImmunoGen (NASDAQ:) at a total equity value of approximately $10.1 billion and is expected to close in the middle of 2024. Elahere is considered a “first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC).” ABBV believes the deal accelerates its commercial and clinical presence in the solid tumor space. “The acquisition of ImmunoGen demonstrates our commitment to deliver on our…
© Reuters. OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo By Alex Lawler LONDON (Reuters) -Saudi Arabia, Russia and other members of OPEC are scheduled to meet online on Thursday and could make further changes to an agreement that already limits supply into 2024, according to analysts and OPEC+ sources, to support the market. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, delayed the meeting from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since…
SolarBank GAAP EPS of C$0.05, revenue of C$7.7M; reaffirms FY24 guidance
© Reuters. FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie”, is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/File Photo OTTAWA (Reuters) -Most financial institutions consulted by the Bank of Canada (BoC) expressed skepticism about the benefits of a potential digital currency, the central bank said on Wednesday. Canada, like most other countries, is exploring a digital version of its currency to avoid leaving digital payments to the private sector as COVID-19 pandemic helped accelerate a decline in the use of cash. As part of that effort, the BoC consulted civil society…
The Democratic anxiety that has swirled around President Biden for over a year has kicked into overdrive in recent weeks, as his approval ratings have stayed stubbornly low and polls have shown the possibility of his losing to former President Donald J. Trump.That anxiety has crystallized into one question, repeated like a drumbeat: Can’t some big-name Democrat challenge him? Someone more prominent than Marianne Williamson or Dean Phillips?The answer: In theory, sure. In practice, the prospects are remote.There are several reasons for that, most of which boil down to it being really hard to run a successful primary campaign against…
Rep. George Santos, facing his own likely expulsion, says he’s pushing to expel Rep. Jamaal Bowman.Bowman pulled a fire alarm in a House office building in September.Santos said it’s a matter of “consistency.” Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Facing his own likely expulsion vote, Rep. George Santos says he intends to force a vote on expelling fellow New York Rep. Jamaal Bowman from Congress.The New York Republican characterized it as a matter of “consistency” at a Thursday morning press conference, pointing to…
Free Application for Federal Student Aid (FAFSA).getty The 2024-2025 Free Application for Federal Student Aid is full of changes — from the opening date in December, to the replacement of the Expected Family Contribution with the Student Aid Index. The result of these changes is they potentially allow more student aid to become available to low-income borrowers via additional Pell Grants. Larger families may also receive less financial aid overall due to the closure of a loophole that lets those with multiple dependents divide their income for college aid purposes. The SAI will also consider the value of businesses as…