The U.S. Securities and Exchange Commission is facing a crucial decision regarding the approval of ether exchange-traded funds, but doubts loom over the outcome due to the absence of a comprehensive regulatory framework for cryptocurrencies. Ric Edelman, head of the Digital Assets Council of Financial Professionals, highlighted the need for updated regulations to protect investors
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The past week saw all three major averages close higher, influenced by softer retail sales and consumer price data for April. Despite the weaker-than-expected reports, Wall Street embraced the news as it hinted towards further disinflation. This outcome is crucial for any possibility of the Federal Reserve reducing interest rates by the year 2024. The
The Tax Cuts and Jobs Act of 2017, which lowered income taxes for most Americans, is set to expire in 2025 unless Congress takes action. The looming battle over these tax breaks adds further complications to the federal budget deficit. As we approach this crucial deadline, it is essential to understand the implications of these
Last year, media giants faced challenges during Upfront meetings due to a Hollywood strike and cost cutting that impacted their content offerings. This year, although stars returned post-strike, the presentations continued to rely heavily on sports content as opposed to scripted shows. The repercussions from the previous year’s pause in work meant that some companies
The recent decision by Mercedes-Benz workers in Alabama to vote against union representation by the United Auto Workers (UAW) has come as a surprise blow to the UAW’s organizing efforts. The National Labor Relations Board (NLRB) announced on Friday that 56% of the workers, totaling 2,642, were against the UAW. This comes just a month
The recent announcement by the U.S. Department of Education regarding interest rates on federal student loans has left parents grappling with some unpleasant news. In the upcoming 2024-2025 academic year, parents looking to avail Direct PLUS loans will be facing a hefty 9.08% interest rate. This rate marks the highest percentage in over three decades,
Friday’s session in the U.S. stock market saw little movement, with the Dow surpassing the 40,000 mark for the first time. Although the Nasdaq Composite and S & P 500 reached intraday records on Thursday, they closed slightly lower. Jim Cramer described the market as “muted,” lacking significant activity in any particular sector. One standout
Chinese authorities have recently announced new support for state-owned enterprises (SOEs) to stimulate the purchase of unsold apartments in an effort to address issues in the real estate sector. The People’s Bank of China has pledged to provide 300 billion yuan ($42.25 billion) to financial institutions to lend to local SOEs for the acquisition of
Richemont, the Swiss luxury group behind renowned brands like Cartier, has seen a significant boost in its shares following the announcement of record full-year sales. Despite a 1% decline in fiscal fourth-quarter sales driven by a slowdown in Asia-Pacific, the company managed to achieve an all-time high of 20.6 billion euros in group sales for
China released economic data indicating a slowdown in consumer growth, alongside robust industrial activity in April. Retail sales only rose by 2.3% from a year ago, falling short of the 3.8% increase forecasted by a Reuters poll. On the other hand, industrial production saw a significant rise of 6.7% year-on-year, surpassing the expected 5.5% growth
