Author: News Room

Corporate America is facing its sharpest drop in profits since the early stages of the coronavirus pandemic, according to Wall Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back demand.Companies on the S&P 500 index are expected to report a 6.8 per cent decline in first-quarter earnings compared with the same period a year earlier, according to analyst estimates compiled by FactSet. That would be the biggest fall since the more than 30 per cent plunge in the second quarter of 2020, which came as the rapid spread of Covid-19 led to a widespread…

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West Virginia has settled a lawsuit with e-cigarette maker Juul Labs for a total of $7.9 million, the state’s attorney general announced Monday. The company was accused of unfair, deceptive acts or practices in the advertising and marketing of Juul products in the state, specifically targeting teenagers. The lawsuit claimed Juul targeted these users through social media, influencer marketing and fashion bloggers and celebrities popular with teenagers. “This settlement puts companies like Juul in check to not copy big tobacco’s playbook and gear marketing strategies toward underage people,” West Virginia Attorney General Patrick Morrisey said. Morrisey said the court alleged…

BlackRock’s stock (NYSE: BLK) has lost 7% YTD as compared to the 7% rise in the S&P500 index over the same period. Further, at its current price of $656 per share, the stock is trading 13% below its fair value of $750 – Trefis’ estimate for BlackRock’s valuation. The company surpassed the consensus estimates in the fourth quarter of 2022, despite a 15% decrease in total revenues to $4.3 billion. The top line primarily suffered due to a drop in market valuations and the negative impact of foreign exchange movement, hurting the Assets under Management (AuM). Markedly, AuM reduced by…

BRASILIA (Reuters) – Brazilian President Luiz Inacio Lula da Silva said on Monday he would invite his Chinese counterpart Xi Jinping to Brazil, speaking on the eve of his departure the Asian country in a bid to tighten relations between the two countries. “I am going to invite Xi Jinping to come to Brazil, for a bilateral meeting, to get to know Brazil, to show him the projects that we have of interest for Chinese investment,” he said in an interview to state-owned broadcasting company EBC, adding he is planning to “consolidate” the relationship with China. The trip to China…

By Peter Nurse Investing.com – The U.S. dollar steadied in early European trade Monday on rising optimism the U.S. banking turmoil could be contained, although confidence in the sector remained fragile. At 03:15 ET (07:15 GMT), the , which tracks the greenback against a basket of six other currencies, traded largely unchanged at 102.745, above the seven-week low seen last week. News released early Monday that First Citizens BancShares (NASDAQ:) agreed to acquire Silicon Valley Bank’s deposits and loans has soothed market nerves surrounding the health of smaller U.S. banks. This followed both U.S. Treasury Secretary Janet Yellen and Federal…

By Barani Krishnan Investing.com — The bulls in oil are waiting for that next meaningful event for crude’s upside, after last week’s OPEC+ output cut announcement. As of now, there’s no sign there’ll be one that’s big enough, leaving the market to tread water, barring any surprises. New York-traded West Texas Intermediate, or , settled down 96 cents, or 1.2%, at $79.74 per barrel. London-traded settled down 94 cents, or 1.1%, at $84.18. Since surging more than 6% to a WTI peak of $81.81 and Brent high of $86.44 in the heat of the OPEC+ announcement, the past five sessions…

2/2 © Reuters. FILE PHOTO: Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence Lo 2/2 By Michael Martina and Patricia Zengerle WASHINGTON (Reuters) – The leader of a U.S. congressional committee on China said on Monday he was concerned about electric carmaker Tesla (NASDAQ:) Inc’s dependency on China, a day after the company revealed plans to open a Megapack battery factory in Shanghai. Tesla announced the factory in a tweet on Sunday, and Chinese state media said it…

The Chinese government has been engaged in a decade-long campaign to stave off a financial crisis triggered by excessive debt growth, an effort that has critically damaged its $10.7 trillion real-estate debt market and set the stage for a political showdown between local and central governments as the country attempts to navigate sharply slowing economic growth and new geopolitical headwinds. At the heart of Beijing’s debt problems has been the growth of the so-called shadow banking sector, made up of firms that act like banks by issuing loans but that are not subject to the same regulations and supervision as…