Author: Press Room

jetcityimage/iStock Editorial via Getty Images Eli Lilly (NYSE:LLY) is planning to invest about a single-digit billion dollars for a new production plant in western Germany amid a shortage of a new class of weight-loss drugs called GLP-1 receptor agonists in the country, Reuters reported Wednesday. “It’s about an investment in the single-digit billion range,” a person familiar with the matter said ahead of a company-organized press conference on Friday. The state of Rhineland-Palatinate on the French border will be home to the new production plant, which is expected to require a considerable number of skilled employees. The news comes days…

The United States and China, the world’s two largest climate polluters, have agreed to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels.The announcement comes as President Biden prepares to meet Wednesday with President Xi Jinping of China for their first face-to-face discussion in a year. The climate agreement could emerge as a bright spot in talks that are likely to focus on sensitive topics including Taiwan, the war in Ukraine and the war between Israel and Hamas.The statements of cooperation released separately by the United States and China…

Hedge funds are starting to take profits in their Nvidia stakes, according to recent 13F filings.Nvidia is the best performing S&P 500 stock in 2023, surging 234% year-to-date.Hedge funds linked to Dan Loeb, George Soros, and Stanley Druckenmiller trimmed or sold all of their Nvidia stock. 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 Nvidia is the best performing S&P 500 stock in 2023, and some hedge funds are starting to take profits and sell shares, according to third-quarter 13F filings with the Securities…

Are you ready for some big tax savings from tax loss harvesting?getty As we approach year’s end, now may be the time to see if tax-loss harvesting could help you lower your 2023 taxes. If you have turned on the TV or followed the news, you likely know that pretty much all parts of the stock market were down in 2022. For its part, 2023 has also been quite volatile, even though many people have seen some decent returns across their investment accounts. Even if your portfolio has gone up gangbusters over the years, you may have a few losers…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Lawyers for the former boss of hydrogen truck start-up Nikola have argued he should spend no time in prison after being convicted on three counts of fraud, saying he “sees the world differently than most other people”.The filing on Tuesday said that a sentence of probation “will allow Trevor to stay home with his family and serve his community”, noting his wife is ill. He is due to be sentenced on November 28. In the filing, Milton’s lawyers asked the judge to “resist…

NEW YORK – The Federal Reserve Bank of New York announced today the appointment of Kartik B. Athreya as the new director of research and head of the Research & Statistics Group. Athreya, who is currently serving as executive vice president and director of research at the Federal Reserve Bank of Richmond, will take up his new role in February 2024 and join the Executive Committee. Athreya has built a notable career over two decades with the Federal Reserve System. His leadership at the Richmond Fed has been marked by significant contributions, including the establishment of the Center for Advancing…

© Reuters. FILE PHOTO: Comedian and talk show host Jon Stewart arrives on the red carpet before receiving the Mark Twain Prize For American Humor, at The Kennedy Center in Washington, U.S., April 24 2022.  REUTERS/Cheriss May/File Photo By Patricia Zengerle and Michael Martina WASHINGTON (Reuters) -U.S. lawmakers asked Apple Inc (NASDAQ:) to explain the abrupt end of political comedian Jon Stewart’s television show on its streaming service, according to a letter made public on Wednesday, citing concerns that content related to China was behind the cancellation. The New York Times reported last month that Stewart’s show on Apple’s streaming service…

© Reuters WASHINGTON – The U.S. Department of Energy’s Energy Information Administration (EIA) is scheduled to release a closely watched report later today, which is anticipated to show an increase in domestic crude oil inventories. According to a survey conducted by the Wall Street Journal, industry experts are expecting a swell in commercial crude stockpiles, with forecasts suggesting an 800,000-barrel rise for the week ending November 10. The survey, which aggregated predictions from eight analysts and traders, also projected an uptick in gasoline stocks, while distillates, which include and diesel, are predicted to have seen a slight decline. This inventory…

Ian Tuttle/Getty Images Entertainment Roblox stock (NYSE:RBLX) jumped nearly 6% after (as promised) it gave an inkling of financial guidance for the coming year, guiding to the high side for 2024 bookings. Chief Financial Officer Michael Guthrie said Roblox is “comfortable” with FactSet’s mean consensus estimates for the fiscal fourth quarter, and that in February, the company will offer guidance for the first quarter and full year of fiscal 2024. Based on this week’s numbers, Guthrie indicated that comfortable consensus for full 2024 was bookings of $4.03B (higher than analyst forecasts for $3.98B). He also pointed to adjusted earnings before…

FBI Director Christopher Wray on Wednesday said that the number of illegal immigrants evading Border Patrol agents and escaping into the country is a source of “great concern” for the agency — as he told lawmakers that threats from the other side of the border are “consuming” FBI field offices.Wray testified to lawmakers on the House Homeland Security Committee about “worldwide threats” to the U.S. Chairman Mark Green asked Wray about the numbers of gotaways — illegal immigrants at the border who evaded Border Patrol — which have exceeded 600,000 in FY 23. Customs and Border Protection (CBP) sources tell…