Author: Press Room
Stay informed with free updatesSimply sign up to the Financial services myFT Digest — delivered directly to your inbox.US asset managers are launching their second wave of job cuts this year, with Charles Schwab, Prudential and Invesco each announcing cost controls amid a flight of customers into safer investments with lower fees.Schwab and Prudential have in recent days divulged plans to cut about 2,000 and 240 positions, respectively. Invesco last month reported severance and reorganisation expenses of about $39mn in the third quarter of 2023 — about twice as much as expected — while posting a marginal drop in headcount.…
© Reuters. PBF Energy (NYSE:) Inc. is set to increase its periodic dividend by 25%, raising it to $0.25 from the previous year’s $0.20, yielding a modest 1.7%. This decision comes in spite of an anticipated significant drop in earnings per share (EPS) over the next year. The company’s robust earnings sufficiently cover the dividend, indicating effective reinvestment for business growth. However, the expected 53.7% decrease in EPS in the coming year could result in a payout ratio of 7.6%. PBF Energy’s dividend history shows instability, with at least one cut over the past decade and an average annual decrease…
Sundry Photography/iStock Editorial via Getty Images The collapse of Silicon Valley Bank earlier this year was likely not an isolated incident, and many other banks may fail, according to a Duke University business school professor. “The point I’m making is that Silicon Valley Bank was not a one-off,” Campbell Harvey, Duke University professor of finance, told CNBC in an interview on Friday. “There are many banks; indeed, we’ve estimated that perhaps 10% of all banks look pretty similar to SVB. So this is not a one-off, and those long rates going up is punishing.” “When those commercial real estate loans…
The governor’s race in Mississippi is days away, and Republicans may not have their typical upper hand over Democrats in this red state contest. In a state where Republicans hold all statewide offices and a large majority in the legislature, the governor’s race should be a done deal for incumbent Republican Gov. Tate Reeves, said Glenn Antizzo, a political science professor at Mississippi College. “He should be winning by a huge margin, not 5%,” said Antizzo. Prior to being elected governor in 2019, Reeves served two terms as lieutenant governor and two terms as state treasurer. Former President Donald Trump endorsed Reeves last…
The softer jobs report seems to mark a turning point for the economy, with almost every part of the … [+] report coming in below expectations and past job growth revised lower. The unemployment rate ticked up to 3.9%. (Photo by Justin Sullivan/Getty Images)Getty Images The reporting period slows down after the busiest week of earnings. 51 S&P 500 companies are scheduled to report. Earnings built on the improvement in the previous week and all but assured year-over-year earnings growth for the quarter. With some relief from rising yields and better earnings, the S&P 500 soared by 5.9% for the…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.As the pumpkins, sweet-wrappers and ghostly garbs are cleared away, forecasters expect American Halloween spending bills to have broken records. The average shopper was projected to spend $108 on sweets, costumes and decorations during this trick-or-treating season — with total expenditure set to exceed $12bn. But even before the October 31 festivities, it has been clear that the US consumer is experiencing a sugar rush.America’s economy grew at a 4.9 per cent annualised rate in the third quarter; the fastest since 2021.…
© Reuters. In the third quarter of 2023, the US smartphone market experienced a significant downturn with shipments dropping by 19%, as reported by Counterpoint Research. The decline was felt across industry giants Samsung (KS:), Google (NASDAQ:), and TCL, which saw their shipments fall by 26%, 37%, and 51% respectively. Apple (NASDAQ:)’s shipments also took a hit, decreasing by 11%, largely due to the delayed release of the iPhone 15 series, according to analysts. On the other hand, Motorola (NYSE:) and Nokia (HE:) HMD managed to buck the trend, witnessing shipment growth of 31% and 17% respectively. Despite robust promotions…
Warning: TBNK is at high risk of cutting its dividend
Four years ago, Joe Biden was the electability candidate — the broadly appealing, moderate Democrat from Scranton who promised to win the white working-class voters who elected Donald J. Trump.There are few signs of that electoral strength today.In a new set of New York Times/Siena College polls, Mr. Trump leads Mr. Biden in five of the six battleground states likeliest to decide the presidency, as widespread discontent with the state of the country and growing doubts about his ability to perform his job as president threaten to unravel the diverse coalition that elected him in 2020.Overall, Mr. Trump leads by…
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