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Biden admin carefully ramps up criticism of Israel over the Gaza war but stops short of cutting off military aid 2024-03-05 15:30:00+00:00 - President Joe Biden is trying to ramp up political pressure on Israel’s government to allow in more humanitarian aid and rein in its offensive in the Gaza Strip but has stopped short of cutting off weapons deliveries to America’s main ally in the Middle East, current and former officials say. Reluctant to enter into a full-blown confrontation with Israel, the Biden administration instead has airdropped humanitarian aid for Palestinian civilians and held talks in Washington with a political rival of Prime Minister Benjamin Netanyahu, Benny Gantz. It has also stepped up public criticism of Israel’s tactics in Gaza — though, as NBC News has reported, apparently not as much as Vice President Kamala Harris would like. Dismayed at the plight of Palestinian civilians and with no letup in the Israeli campaign, the White House National Security Council asked the Pentagon in recent weeks for possible options to get more aid into Gaza by air, land and sea, two administration officials told NBC News. Based on the Pentagon’s advice, the president opted for airdrops of aid, and U.S. aircraft over the weekend began dropping pallets of food and other supplies on parachutes just off Gaza’s coast. On Tuesday, three U.S. Air Force planes dropped 60 bundles with 36,000 meals, accompanied by four Royal Jordanian Air Force planes that dropped additional supplies, a U.S. official said, and more deliveries are expected. The administration’s “soft power” approach emphasizing humanitarian relief is shaped by both the domestic political pressure Biden is under at home to help stop the suffering of Palestinian civilians in Gaza, as well as a pragmatic belief that focusing on aid is the president’s best option while delicate negotiations continue to secure a six-week cease-fire deal, current and former officials said. The U.S. military has carried out airdrops in other conflicts over the decades, helping Kurds facing attacks from Saddam Hussein’s regime in Iraq, Bosnian Muslims besieged by Serb forces in eastern Bosnia, and civilians under assault by Islamic State group militants in Iraq and Syria. But the airdrops over Gaza were unusual, with the U.S. launching the operation to assist civilians affected by a military offensive carried out by an ally armed by Washington. Harris delivered blunt criticism of Israel on Sunday, marking the latest in a series of critical comments from the White House over the unfolding humanitarian crisis in Gaza. NBC News reported that the original draft of her speech contained much harsher language before it was softened by the White House National Security Council. Yet her public condemnation was still notable, and it foreshadowed what will likely be more criticism from the president in his State of the Union address later this week. “People in Gaza are starving. The conditions are inhumane, and our common humanity compels us to act,” Harris said at an event marking the 59th anniversary of Bloody Sunday in Alabama. “The Israeli government must do more to significantly increase the flow of aid. No excuses.” A maritime corridor? Apart from more airdrops, the administration is looking at other options to move more food and aid into Gaza, including possibly building a floating dock or makeshift causeway off the coast of the enclave to enable ships to deliver humanitarian supplies, a U.S. official said. Such an undertaking likely would require other countries or international agencies to secure the area and ferry aid to shore, as the administration has ruled out any presence of American troops in Gaza. Referring to a possible “maritime assistance corridor,” State Department spokesperson Matthew Miller told reporters that “we are in discussion with a number of partners about this initiative and while it is still in the development phase, we are optimistic about its potential to supplement our air and land efforts.” Expanding humanitarian access to Gaza will be at the top of the agenda when Secretary of State Antony Blinken meets Gantz on Tuesday, with the secretary planning to appeal for the opening of the key Erez crossing, Miller said. The distribution of aid within Gaza, especially in the enclave’s north, continues to pose a challenge after civilians were killed as they rushed an aid convoy. The U.S. has told Israel that the security situation must be addressed and Palestinian civilians cannot be allowed to starve. “We will be happy to work with Israel and with the United Nations to find the best alternative to ensure that those trucks can safely deliver their food, their water, their medicine,” Miller said, “but an unacceptable answer is leaving those trucks just sitting in warehouses and not getting the aid distributed to the people who desperately need it.” Opening the door to Netanyahu’s rival Some administration officials say the Israeli government is starting to listen to the administration’s view that the way the war is unfolding is damaging for Israel over the long term. Israeli officials say they remain grateful for the support of U.S. officials as they continue to try to destroy Hamas. Privately some of them have said they are worried by the criticism from the Biden administration. “The Americans are not being very nice to us,” a senior Israeli government official said.
Apple China iPhone sales plunge 24% as Huawei's popularity surges 2024-03-05 15:22:00+00:00 - BEIJING (Reuters) — Apple's iPhone sales in China fell 24% year-on-year in the first six weeks of 2024, according to research firm Counterpoint, as the U.S. company faced increased competition from domestic rivals such as Huawei. The U.S. tech giant's chief competitor in China in premium smartphones, Huawei, saw unit sales rise by 64% in the period, according to the report. Apple's share of the Chinese smartphone market dropped to 15.7%, putting it in fourth place, compared with second place in the same period of 2023 when it accounted for 19% of the market. Huawei rose to second place as its market share expanded to 16.5% from 9.4% a year earlier. The overall smartphone market in China shrank 7%, the report said. Apple "faced stiff competition at the high end from a resurgent Huawei while getting squeezed in the middle on aggressive pricing from the likes of OPPO, Vivo and Xiaomi,” said Counterpoint's senior analyst Mengmeng Zhang. Apple began subsidizing certain iPhone models by as much as 1,300 yuan ($180.68) last week through flagship stores on Tmall, Alibaba's major marketplace platform. It had already offered iPhone discounts of up to 500 yuan on its official sites last month. Customers are selecting and buying Apple products at an Apple store in Shanghai, China, on January 29, 2024. (Photo by Costfoto/NurPhoto via Getty Images) (NurPhoto via Getty Images) Huawei has seen a resurgence in its premium smartphone sales since it released its Mate 60 series in August after struggling for years with U.S. restrictions on the exports of key components to the company. Honor, the smartphone brand spun off from Huawei in 2020, was the only other top-five brand to see unit sales increase during the first six weeks of the year, up 2%. Chinese brands Vivo, Xiaomi and Oppo dropped 15%, 7% and 29% respectively. (Reporting by Yelin Mo and Brenda Goh; Editing by Jacqueline Wong, Kirsten Donovan)
Dartmouth basketball players vote to form first union in college sports 2024-03-05 15:07:00+00:00 - Dartmouth University basketball players voted on Tuesday to unionize, a historic step toward forming the first union in college sports that could have broad ramifications for other amateur athletes. Members of the Ivy League school's men's basketball team voted 13-2 in favor of joining Service Employees International Union Local 560, which already represents some Dartmouth workers. Unionizing allows the players to negotiate a salary, along with working conditions like practice hours and travel. A college athletes' union is unprecedented in American sports. "Today is a big day for our team," players Cade Haskins and Romeo Myrthil said in a statement. "We stuck together all season and won this election. It is self-evident that we, as students, can also be both campus workers and union members. Dartmouth seems to be stuck in the past. It's time for the age of amateurism to end." Hours after the vote, Dartmouth administrators filed a formal appeal to the unionizing effort, according to a statement issued Tuesday by the National Labor Relations Board. The NLRB will review Dartmouth's reason for the appeal and issue a decision later, a spokeswoman for the agency said Tuesday. Dartmouth, in Hanover, New Hampshire, said Tuesday it objects to the union drive, arguing that basketball players at the school aren't employees of the college. "For Ivy League students who are varsity athletes, academics are of primary importance, and athletic pursuit is part of the educational experience," the college said in a statement. "Classifying these students as employees simply because they play basketball is as unprecedented as it is inaccurate. We, therefore, do not believe unionization is appropriate." Why Dartmouth's union vote is important The NCAA has long maintained that players at member schools are "student-athletes" who don't need to be paid because their scholarship serves as fair compensation. But players are pushing back on that notion as college sports has become a billion-dollar industry. Some players, like at Dartmouth, are pushing back by trying to unionize while others are monetizing their name, image and likeness under NCAA guidelines approved in 2021. The Dartmouth vote comes roughly a month after the NLRB decided that the basketball players are technically employees of the college. That decision may serve as the kindling other college basketball players need to unionize their teams. "We will continue to talk to other athletes at Dartmouth and throughout the Ivy League about forming unions and working together to advocate for athletes' rights and well-being," Haskins and Myrthil said. Haskins, a 6-foot-6 forward from Minneapolis, is already a member of the SEIU local as a school employee, working 10-15 hours a week on a 10 p.m.-2 a.m. shift in the dining halls to earn spending money. Myrthil, a 6-foot-2 guard from Solna, Sweden, also has a part-time job checking people into the gym. Support from pro athletes The Dartmouth vote drew support Tuesday from a prominent labor group that represents professional athletes. Major League Baseball Players Association executive director Tony Clark applauded the players "for their courage and leadership in the movement to establish and advance the rights of college athletes." "By voting to unionize, these athletes have an unprecedented seat at the table and a powerful voice with which to negotiate for rights and benefits that have been ignored for far too long," he added. Myrthil and Haskins have said they would like to form an Ivy League Players Association that would include athletes from other sports on campus and other schools in the conference. —With reporting from the Associated Press.
TikTok faces more heat in Washington as House members introduce legislation demanding ByteDance divestiture 2024-03-05 14:42:00+00:00 - Lawmakers introduced a bill in Congress on Tuesday that would require China's ByteDance to divest TikTok in order to avoid a ban of the video app in the U.S. Representatives Mike Gallagher, R-Wis., and Raja Krishnamoorthi, D-Ill., introduced the legislation, dubbed the Protecting Americans From Foreign Adversary Controlled Applications Act. The bill says TikTok is controlled by a foreign adversary and poses a threat to U.S. national security. "This is my message to TikTok: break up with the Chinese Communist Party or lose access to your American users," said Gallagher, chairman of the House Select Committee on the Chinese Communist Party, in a press release announcing the bill. Krishnamoorthi is the committee's ranking member. Should the bill pass, ByteDance would have about five months to divest TikTok, while web-hosting companies and app stores such as those owned by Apple and Google would be forced to stop supporting the app and others tied to ByteDance. "This bill is an outright ban of TikTok, no matter how much the authors try to disguise it," a TikTok spokesperson said in a statement. "This legislation will trample the First Amendment rights of 170 million Americans and deprive 5 million small businesses of a platform they rely on to grow and create jobs." The proposed legislation marks the latest action in a multiyear effort in Washington, D.C., to take on TikTok and its alleged connections to the Chinese Communist Party, which TikTok CEO Shou Zi Chew has denied in Senate hearings. President Joe Biden signed legislation in 2022 intended to prevent TikTok from being accessed and used on government-owned devices, and other states have enacted similar government-related TikTok app bans. Before that, Donald Trump, Biden's predecessor in the White House, claimed that TikTok represented a national security threat because it collects American users' data, which could then be accessed by the Chinese government. In mid-2020, the Committee on Foreign Investment in the United States released a ruling that ByteDance needed to divest its U.S. assets within 90 days. Earlier attempts to ban TikTok in the U.S. appear to have stalled, leaving some states such as Montana to try and impose their own bans. In November, a Montana federal judge blocked the state's law, saying that Montana failed to show how it would be "constitutionally permissible." Montana is now appealing the judge's ruling. In February, Biden's reelection campaign debuted an official TikTok account, which Gallagher criticized. "That's unacceptable," Gallagher said in a media interview at the time. "I urge the president's, you know, Gen Z TikTok adult campaign staffers to reverse course in the interest of national security." The Pew Research Center released a survey in December showing that support for a U.S. government ban on TikTok is declining. The survey showed that 38% of U.S. adults support a TikTok ban as of October compared to 50% in March. WATCH: The Biden campaign joins TikTok, despite ban on app on government phones.
How women can step out of their comfort zone to build wealth: 'Be intentional' managing fear, expert says 2024-03-05 14:40:00+00:00 - The author, Bola Sokunbi Credit: Bola Sokunbi When it comes to managing money, women commonly use the word "fear" to describe what stands between them and the life they want. But achieving financial success means stepping out of our comfort zone, said Bola Sokunbi, founder of Clever Girl Finance and author of "Choosing to Prosper" — and that requires practice and intention. "We can't ditch our fears, but we can be intentional about managing our fear," Sokunbi said during CNBC's Women & Wealth event Tuesday. Often, it's women who feel financially insecure, according to Northwestern Mutual's 2023 Planning and Progress Study. Regardless of their household income, 93% of women feel stress when it comes to money, a recent report by Fidelity Investments found. Women are also more likely to live paycheck to paycheck and consider themselves financially fragile, other reports show. Most women are worried about money For women, "financial stress is pretty consistent across all age groups and income," said Lorna Kapusta, head of women and engagement at Fidelity. However, financial stress levels drastically decrease with each additional month of emergency savings set aside, according to Fidelity. Roughly 81% of women with no emergency savings felt a fair amount or a lot of stress. Once women have three months' worth of emergency savings, only 26% report high stress levels, Fidelity found. Most financial experts recommend having at least three to six months' worth of expenses as a cushion, or more if you are the sole breadwinner in your family or in business for yourself. The right amount for you comes down to peace of mind. "Emergency savings is your 'sleep at night' number," Kapusta said. 'Financial freedom means living life on your own terms' "Having that financial freedom means living life on your own terms," Clever Girl Finance's Sokunbi said. "You can walk away from circumstances or jobs that no longer serve you." "It gives you options. It allows to you achieve the life you want," she said. watch now
Facebook and Instagram restored after users report widespread outages 2024-03-05 14:33:00+00:00 - Meta social media platform outage ongoing Meta social media platform outage ongoing 00:40 Meta says its Facebook and Instagram services have been restored, after more than half a million users reported widespread issues earlier in the day, with many saying they were booted out of the social media platforms and unable to log back in. DownDetector, a site that monitors internet service outages, on Tuesday said it received more than 500,000 reports of problems by U.S. Facebook users and more than 70,000 reported problems with Instagram as of about 10:30 a.m. ET. The most frequently reported problems were with logging into the Facebook app and issues with the Instagram app, according to DownDetector. "Earlier today, a technical issue caused people to have difficulty accessing some of our services," a Meta Spokesman said in a statement on Tuesday. "We resolved the issue as quickly as possible for everyone who was impacted, and we apologize for any inconvenience." Facebook users from across the globe reported that they were unable to log in to the service, ranging from Egypt to Oklahoma, according to DownDetector. Some people on social media expressed concern that their accounts had been hacked because they had been booted out of the service and were unable to get back in with their passwords. "Meta platforms including Facebook, Instagram, Messenger and Threads are currently experiencing outages related to login sessions in multiple countries; incident not related to country-level internet disruptions or filtering," according to NetBlocks, a global internet monitor, on X earlier Tuesday. Meta Quest's artificial reality headsets were also signed out, according to tech site 9to5Mac. WhatsApp, which is also owned by Meta, appeared unaffected. The issue represented a "major outage incident," wrote NetBlocks director of research Isik Mater on X during the service interruption. "[E]ven the company's official status page is currently showing status 'Unknown' across the board." Amidst an ongoing disruption to Meta services, even the company's official status page is currently showing status "Unknown" across the board. Major outage incident. #Metadown https://t.co/0Hhfmb4uSM pic.twitter.com/9GrOICiIpl — Isik Mater (@isik5) March 5, 2024 A senior official with the U.S. Cybersecurity and Infrastructure Security Agency told reporters Tuesday that the agency was "not aware of any specific election nexus nor any specific malicious cyberactivity nexus to the outage." The outage came just ahead of Thursday's deadline for large technology companies to fall in line with the European Union's new Digital Markets Act. To comply, Meta is making changes, like allowing users to separate their Facebook and Instagram accounts so personal information can't be combined to target them with online ads. It's not clear whether the outage is connected to any preparations Meta might be implementing to adhere to the law. Facebook has more than 2 billion daily active users worldwide, according to Meta. —With reporting by the Associated Press.
This stock market is 'toppy' — not bubbly — and there is a very big difference 2024-03-05 14:22:00+00:00 - Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We're no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Bracing for a decline? The market has been a bit sluggish for the last two sessions after reaching a record high on Friday. Even though the S & P 500 is only down a bit more than 1% from its all-time high, we have become more guarded due to the sudden and steep increases in certain stocks. This has led us to raise a caution flag, at least for the short term. Although some are claiming that the recent price surge in stocks with AI ties indicates an emerging bubble, we don't think that's the case. What we are warning about instead is some of the topping action that has formed. It's important to differentiate between the two. "This is not bubbly, it's toppy and there's a very big difference," Jim Cramer said. "People keep confusing them. We have pockets of worrisome action. The market is going to attack different areas of over-extension. The charts will develop right shoulders and people will fear the patterns." For the uninitiated, "toppy" is financial slang for a stock market that climbs to new highs and then falls back. Bubbly, on the other hand, refers to a period when stock prices greatly exceed the fundamental value of their underlying companies. He added: "They will go after stocks like Super Micro , which continues to trade in erratic patterns. Celsius is totally nutty. They will go after Gitlab because it guided poorly. Take-Two Interactive is worrisome too. Target was down $5 yesterday and today it is up $19. Do you really need to pay up $19? Toppy, toppy, toppy." If the market is indeed toppy, what could happen over the next few weeks is a shakeout of some of this excess froth. Healthy pullbacks happen every year, but feel horrible when going through them. The bright side is that pullbacks tend to create great buying opportunities in high-quality companies, and we've positioned the portfolio to be ready for such declines by maintaining a large cash position. Pockets of green: While many big-name tech stocks traded in the red, not everything sold off. The energy, consumer staples, utilities, and financial sectors were positive despite the weak market action. Some of this outperformance could be explained by the move in interest rates, as these dividend-heavy sectors get a little more attractive when the 10-year yield falls. But these stocks also tend to be less volatile on a day-to-day basis. So when there's a lot of profit-taking action in the high flyers that may have been over-extended, money tends to rotate back into these groups for their stability. Later: Earnings after the closing bell include CrowdStrike , Ross Stores , and Nordstrom . A good number and bullish commentary from Crowdstrike could turn around the cybersecurity group, which has suddenly become controversial after a big run over the past year. Speaking of controversial, Foot Locker reports Wednesday before the opening bell. After a stretch of heavy promotional activity, we're most interested in seeing if the sneaker and apparel retailer managed to clear its excess inventory, paving the way for a fresh start in 2024. If they didn't haven't, margins will continue to be pressured. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. David Paul Morris | Bloomberg | Getty Images
Cryptoverse: Asian traders give bitcoin blast-off 2024-03-05 14:08:00+00:00 - By Jihoon Lee and Jaspreet Kalra SEOUL/MUMBAI (Reuters) - Bitcoin's runaway rally is being driven by investors in Asia. Traders in South Korea, China and other Asian countries are responsible for roughly 70% of bitcoin trading volumes, much like they were in 2021 when bitcoin last hit such heady highs, according to crypto exchange data from The Block. Asia accounted for $791 billion of the $1.17 trillion worth of bitcoin traded in February, with North American investors lagging way behind with $113 billion, broadly reflecting a trend seen since November, the data shows. In China, FOMO has gripped many small investors frustrated with an anaemic stock market. On popular messaging app WeChat, searches for "bitcoin" jumped 12-fold in February. "I want to buy some bitcoin at a good price and hold," Mia Wang, a finance industry employee based in China's eastern province of Zhejiang, told Reuters. "It has jumped a lot and is expensive now, but I worry it won't have any correction." Bitcoin is trading at around $65,000 - close to its record of $69,000 - after an eye-popping 148% rise since early October, primarily driven by U.S. regulators approving spot bitcoin exchange-traded funds (ETFs). BlackRock's iShares bitcoin trust has been a major beneficiary of such investment flows. Traders have also poured into the world's biggest cryptocurrency ahead of April's "halving" event, which could reduce supply and push prices up. Supply of bitcoin is limited to 21 million, of which 19 million tokens have already been mined. The legality of trading and owning of bitcoin varies across Asian jurisdictions, ranging from Japan which has comparatively liberal regulations to China where there's a ban. Spot bitcoin ETFs are banned in South Korea, but local brokers offer easy access to bitcoin futures ETFs. KOREA GOES BIG ON BITCOIN South Korea commands a 10% share of the bitcoin cash tokens and listed futures markets, estimates Hong Song-uk, a cryptocurrency analyst at NH Investment & Securities. Story continues South Koreans have made a net investment of $23.4 million in the U.S.-listed 2X Bitcoin Strategy ETF this year, compared with $25.1 million in all of 2023, according to the Korea Securities Depository. In February, they also invested $6.89 million in Proshares Bitcoin Strategy ETF. "Because trading of bitcoin ETFs has been banned here, more and more Koreans are buying bitcoin ETF futures, which is helping with its pop now," said Hong. Bitcoin trading volumes on Upbit roughly trebled to 67,000 coins last week versus the previous week, the South Korean exchange said. Yet U.S.-based exchanges such as Coinbase, Bitstamp and Binance, which operate in some Asian markets, continue to have the biggest share of global volumes at 50%, according to research firm Kaiko. Hong Kong has decriminalised crypto trading over the past year, while allowing bitcoin ATMs and shops to cater to small investors and even offshore Chinese financial institutions. The city's largest bitcoin futures ETF, managed by CSOP Asset Management, has seen its assets under management swell five-fold in the past five months to over $100 million. There is also huge interest in India, where several local crypto exchanges operate legally, but more trading is done on offshore exchanges such as Binance and KuCoin which do not levy the 1% transaction monitoring tax that local operators do. Between July 2022 and July 2023, Indians traded crypto worth 350,000 crore rupees via offshore crypto platforms, accounting for more than 90% of the total crypto trading volume by Indians, according to estimates from the Esya Centre, a local think-tank. (Reporting by Jaspreet Kalra, Lisa Pauline Mattackal, Summer Zhen, Jason Xue, Cynthia Kim and Jihoon Lee; Graphics by Vineet Sachdev; Writing by Vidya Ranganathan; Editing by Pravin Char)
Two major U.S. chain restaurants could combine and share dining spaces 2024-03-05 13:16:00+00:00 - Two of America's large chain restaurants may soon be combined. Applebee's and IHOP, both owned by Dine Brands Inc., may soon have dual-branded locations that share a back-of-house and a blended front-of-house, according to an earnings call from the company last week. Dine Brands CEO John Peyton said they've already tested out the model on eight "prototypes" internationally, including the newest Applebee's-IHOP restaurant in Leon, Mexico. The company hopes to open in the dual-branded restaurants in the U.S. when they find "the right opportunity to introduce it," Peyton said on the call. In an interview with Nation's Restaurant News, Peyton said the hybrid restaurants will have "discrete entrances" that allow guests to flow between Applebee's and IHOP. "At breakfast, when there are more IHOP customers, customers can be seated in the Applebee's area and vice versa at dinner," he said. On the earnings call, he said the dual-branded restaurants are making twice as much money as the traditional, standalone Applebee's and IHOP locations."Which you would expect," he told NRN. "They continue to perform well in their markets because they address all four dayparts." "It's a fantastic opportunity because the two brands are complementary," he said. Two of America's large chain restaurants may soon be combined. Applebee's and IHOP, both owned by Dine Brands Inc., may soon have dual-branded locations that share a back-of-house and a blended front-of-house, according to an earnings call from the company last week. Scott Olson/Getty Images Several other companies with various food chains under its umbrella have combined brands. Focus Brands, which owns Auntie Anne's, Carvel, Cinnabon, Jamba, McAlister's Deli, Moe's Southwest Grill and Schlotzsky's, announced in 2023 it had more than 175 dual-branded locations and was expanding that number. For example, Auntie Anne's and Jamba might share a space, or even three brands – Auntie Anne's, Cinnabon and Carvel – might share a space. In 2019 IHOP Corp. agreed to buy Applebee's International Inc. for about $1.9 billion in cash. At the time, IHOP's market capitalization was roughly half of Applebee's and the pancake house was going to take on debt to fund the purchase, the Wall Street Journal first reported. IHOP paid $25.50 per share for Applebee's, the country's largest sit-down restaurant chain. Dine Brands was formed as a result of the purchase. Dine Brands, which owns Fuzzy's Taco Shop in addition to Applebee's and IHOP, says these three brands have more than 3,500 locations combined over 18 countries. Dine Brands Inc. had a total revenue of $831.1 million for 2023, down from $909.4 million the previous year. In 2023, they developed 72 new Applebee's and IHOP franchisees but closed 75 restaurants.
Is UnitedHealth Group Stock a Strong Buy or a Falling Knife? 2024-03-05 12:08:00+00:00 - Key Points UnitedHealth Group stock has given up almost all of its 12-month gains due to a cyber attack at its Change Healthcare subsidiary and the announcement of a DOJ probe. While investors are selling the news, only one event may bring long-term uncertainty. Interested buyers may want to wait for confirmation of support before venturing into UNH stock. 5 stocks we like better than UnitedHealth Group UnitedHealth Group Inc. NYSE: UNH has given up almost all of its 12-month gains in the last week after two unrelated incidents have rocked the company. At the close of trading on March 1, 2024, UNH stock had lost more than $25 billion in market value. The health insurance provider continues to grapple with the fallout from the cyber attack initiated by the "Blackcat" ransomware gang on its Change Healthcare subsidiary. The attack created significant disruptions to electronic prescription deliveries as well as insurance transactions, particularly among independent healthcare providers. Get UnitedHealth Group alerts: Sign Up The bad news kept coming on February 28 when the U.S. Department of Justice (DOJ) announced that it had launched an investigation into UnitedHealth Groupo over concerns about certain relationships between the company's insurance division and its Optum health-services unit. And specifically, how the company's purchases of doctors' groups may have affected rivals. For all the bad news, investors can now acquire shares of UNH at six-month lows. Is this a dip to buy or a falling knife to avoid? UnitedHealth Group - Two Different Concerns Investors don't like uncertainty. As unfortunate and serious as the cyber attack is, UnitedHealth Group is not the first company, nor will it be the last, to fall prey to these attacks. There's a public policy discussion to be had, but as far as the stock's fortunes, this wouldn't appear to be a reason to sell. UnitedHealth Group insists that there is no evidence the cyber attack went beyond Change Healthcare. The company is also working closely with cybersecurity companies such as Palo Alto Networks Inc. NYSE: PANW to investigate this attack. The company is also offering temporary funding assistance to affected providers. The Federal investigation is another matter altogether. United HealthGroup is the nation's largest Medicare Advantage insurer. However, it has repeatedly drawn criticism for denying necessary care and overcharging taxpayers. This falls in line with anti-monopoly campaigners who have argued for years that the consolidation in the healthcare industry has harmed patients through higher costs for worse care. Curiously, UnitedHealth Group delivered an optimistic outlook about the state of its Medicate Advantage business despite the rising costs. The same couldn't be said of competing medical stocks such as Humana Inc. NYSE: HUM, and The Cigna Group NYSE: CI, both of which have been wrestling with increased Medicare Advantage costs. UnitedHealth Group Stock, One Analyst Remains Bullish Since the cascade of bad news began, at least one analyst has reiterated its bullish opinion of UNH Stock. The UnitedHealth Group analyst ratings on MarketBeat show that on February 29, 2024, Royal Bank of Canada NYSE: RY reiterated its outperform rating on the company. The bank also has a $596 price target for UNH stock, which is 3% higher than the analysts' consensus price target of $575.79. Is UnitedHealth Group Stock a Buy? Early March 4, 2024, technical action suggests some buyers may be coming in. However, the stock is still down over 1.3% in morning trading and is at a key support level. If it fails to hold at around $480, it's not unthinkable that UNH stock could drift close to the $460 range it hit in early summer. With market sentiment largely dependent on the Fed remarks this week, UNH looks like a Hold until there is clear confirmation of a reversal in the trend. Before you consider UnitedHealth Group, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and UnitedHealth Group wasn't on the list. While UnitedHealth Group currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Lemonade Stock: Unusual Call Volume Highlights Sweet Trade 2024-03-05 12:08:00+00:00 - Key Points Lemonade bulls were disappointed by guidance, but a new opportunity has arrived. Sell-side activity is consistent with a trading range that traders can target. Covered calls could bring in 8% to 10% monthly in March and April. 5 stocks we like better than Lemonade Lemonade NYSE: LMND turned up on Marketbeat’s radar before the Q4 release, popping up for unusual call volume activity, highlighting its tradability if not a good trade. Investors hoping to cash in on a ramp in share prices were disappointed by the guidance, which soured the market and shaved nearly 30% off the share prices. The takeaway for today is that Lemonade continues to experience unusually high options activity and may see additional volatility this month, meaning it is still a good target for options traders. But what trade? Get Lemonade alerts: Sign Up The Technical Outlook: Lemonade Is Stuck In a Range-Sell Covered Calls Lemonade is stuck in a trading range and unlikely to move outside it soon. The floor is near $15.50, the ceiling near $20, setting a solid range for traders to target. Because the company is expected to pivot significantly during the year, LEAPs and long-term calls may be a winner. LEAPs and long-term calls provide a cheaper entry than buying the stock and can be used as collateral to sell covered calls until the next catalyst emerges. Covered calls could provide income while the stock price moves sideways within the range but will cap gains if the stock moves up to a new high, so traders should keep this in mind when planning their traders. The next visible catalyst for the stock isn’t until May when it reports for Q1, which is three months away, plenty of time for covered call traders. However, the guidance may have set this company to deliver a positive catalyst when it reports. The company expects about $112 in revenue, which is up YOY but sequentially down despite an expectation to increase its in-force premiums and a history of outperformance. The company may outperform because it is an AI-powered insurance platform in its early growth phase. The company has been increasing revenue steadily and plans to double its investment spending this year, increasing its business book. Among the highlights from the Q4 report is guidance for accelerating growth in 2024 and a pivot to positive cash flow in 2025. One scenario for traders today is buying a call with a $14 or $15 strike price and expiration in June or July. Those are running in the $4 to $5 range and provide enough time to sell two calls, one in March and one in April, and possibly another short-duration call before earnings. Sold calls will be at the high end of the range and may bring in as much as $0.40 per contract or 8% to 10% monthly income. Insiders And Analysts Help Drive Volatility The sell-side activity is mixed in Lemonade but consistent with a trading range. Insiders and institutions own a substantial amount of the stock, and activity supports the market, but the analysts aren’t buying. Analysts rate Lemonade as Reduce, leading the market lower with their price target revisions. The consensus target firmed slightly following the Q4 release but is down 35% YOY and is 15% below the current market, so it will weigh on action for the foreseeable future. Institutional holdings are solid, helping to limit the downside risk. The institutions bought consistently from Q2 2023 to Q1 2024, raising their ownership to 55% while helping the market to bottom. Ownership is about 50/50 funds and private equity, including large holdings by Vanguard and Baillie Gifford & Co. Baillie Gifford & Co. is a Scotland-based independent investment advisor focused on game-changing assets that can sustain long-term growth. It is the 2nd largest holder. Risks Are Present For Lemonade Traders, But Rewards Outweigh The downside risk is minimal for this tech stock but still present. The company’s lack of profits and uncertain trajectory have the short sellers interested, and the short interest is high. The last report had short interest above 30%, unlikely to change soon, so volatility should be expected. The worst-case scenario is that short-sellers will drive the action below critical support, which is unexpected. Before you consider Lemonade, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lemonade wasn't on the list. While Lemonade currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Cathie Wood Likes UiPath Stock Over NVDA, Should You? 2024-03-05 12:00:00+00:00 - Key Points Cathie Wood is one of the notable investors who has not benefited from the meteoric rise of NVDA stock. Wood is partial to UiPath, the world's largest provider of end-to-end robotic process automation (RPA) and business process automation (BPA) platforms. UiPath represents the next leg of the AI journey, which Wood seems to be banking on. 5 stocks we like better than UiPath If you missed out on the 244% gain in Nvidia Corporation NASDAQ: NVDA in the past 12 months, you have impressive company. Cathie Wood, head of Ark Investment Management, sold NVDA stock in 2023 and never looked back. Critics of Wood, of which there are many, will see this as more ammunition for their critiques of her investment style. Detractors point most commonly to her Ark funds' heavy concentration in highly volatile disruptive technology stocks, the lofty valuations of many top picks, and – in some cases – underwhelming short-term performance. Get UiPath alerts: Sign Up But could this be a tortoise and hare situation where Wood will, over time, enjoy the last laugh? Wood hasn't abandoned artificial intelligence stocks. She's just taking a different path. Whether or not she succeeds will depend on one stock that her funds have been buying hand over fist, that of UiPath Inc. NYSE: PATH. A Path to Future Riches? Wood started buying PATH stock in April 2022, which coincided with the company going public. She has continued to hold or add to her position to this day. Today, UiPath is the second largest holding by share count in her signature Ark Innovation ETF NYSEARCA: ARKK. At the time of her first purchase, Wood expressed "high conviction in UiPath's ability to integrate Robotic Process Automation (RPA) into many business processes across large enterprises around the world." To that end, UiPath has customers in several sectors, including healthcare, banking and financial services, insurance, government, telecom, and manufacturing. The company's mantra is "UiPath is AI at work." Its AI software bots can help enterprise customers move from discovery to fully automated operations. Since the first quarter of its 2022 fiscal year, UiPath has grown its annualized renewal run rate (ARR) at a compound annual growth rate (CAGR) of 35% through its most recent quarter ending in September 2023. It's the Egg to the Chicken The growth of Nvidia reminds investors that the AI story is still in its early stages. That's why investors continue to rush into Nvidia. AI chips will be essential to enabling AI applications. But no chip can make an application happen with software. Perhaps that's the bet that Wood is taking on UiPath. The question is, should you? PATH stock is down more than 66% since its initial public offering (IPO). However, the stock is up 52% in the last 12 months, but the UiPath analyst ratings on MarketBeat have a Hold rating on the stock with a $22.32 consensus price target that is 6% below the price on March 4, 2024. Looking at the option chain for PATH stock, $23.50 seems to be a sweet spot for short-term call and put options. Going out until mid-April, traders anticipate that the stock will be range-bound around its current level. One catalyst could be the company's next earnings report on March 13, 2024. The company is forecasting revenue of $381 million. That's slightly below the consensus estimate of $382.84 million. Additionally, the company expects annual recurring revenue (ARR) to be between $1.45 billion and $1.455 billion. Before you consider UiPath, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and UiPath wasn't on the list. While UiPath currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Foot Locker Stock Is the Retail Value Play Growing at 46% 2024-03-05 11:15:00+00:00 - Key Points The retail industry could soon see a rebound on a coming up on potential Federal Reserve interest rate cuts. Within the peer group, it is clear that Foot Locker is the most discounted stock, opening the way for a bargain hunt. Analysts understand there is much more upside to be had, and markets have yet to wake up to that fact. 5 stocks we like better than Foot Locker The market has now gone through a complete cycle in record time. From 2020 to today, it seems that interest rates and the underlying business cycle have gone from one end of the spectrum to the other without causing any of the turmoil that typically comes with such a swing. These cycle swings can be a time for you to start fishing for outsized returns. Still, you don't want to go about it blindly. So here's how the professionals tend to go about it on Wall Street. For simplicity, there are consumer staples stocks which are characterized by their relative immunity to the business cycle. Consumer discretionary stocks, in contrast, are known for their high exposure to where the cycle is or is expected to be. Get Foot Locker alerts: Sign Up Knowing what you know now, it would be unlikely that you'll choose to look into stocks like Procter & Gamble NYSE: PG, which falls into the staples sector. People will likely keep buying their products regardless of whether it is a booming or busting recession. For this same reason, stocks like Foot Locker Inc. NYSE: FL become highly interesting to investors looking for value in an upcoming swing. The Macroeconomic Breakdown is Favorable What could make the prominent market players even look into these cyclical stocks in the first place? After all, the Consumer Discretionary Select Sector SPDR Fund NYSEARCA: XLY has underperformed the broader S&P 500 index by as much as 5% during the past six months. However, zooming into the past five days, the consumer discretionary sector outperformed the broader market, meaning that traders and investors could already be pricing in their future expectations as to where the market could rotate in the coming months. Here's why their views are starting to change. The Federal Reserve (the Fed) has expressed the potential for interest rate cuts coming this year. Yet, some market participants still need to be convinced about the timing of these cuts. According to the FedWatch tool at the CME Group Inc. NASDAQ: CME, traders are now pricing these interest rate cuts as soon as May of this year. Lower interest rates mean cheaper money in the market. You better believe that the American consumer will be first in line to take advantage of cheaper money, more flexible financing rates, and promotions from their favorite brands, such as Foot Locker. Considering that other players in the retail space, such as Dick's Sporting Goods Inc. NYSE: DKS, are trading at much more expensive levels relative to Foot Locker, not only on a price action basis but also on a traditional valuation basis. This is the fundamental case for investors to start a value-seeking investigation. Beginning with price action, the overall sector trades at an average of 90% of their 52-week high prices. In contrast, Foot Locker sits at an attractive discount of 73% today. Digging into this performance gap, institutions like Charles Schwab Co. NYSE: SCHW and the Royal Bank of Canada NYSE: RY have started to buy the stock. And the bullish case for Foot Locker gets better. Why Foot Locker? From the price discount considered to previous levels over the past twelve months, investors will notice other valuation metrics that make Foot Locker a clear buy target. By upping their stakes by as much as 9% and 12% over the past month, institutions lead the way to show you what's next. On a price-to-book basis, the overall industry trades at an average of 4.1x, whereas direct competitor Dick's is an overvalued name at 5.8x P/B and also trading at 99% of its 52-week high to offer no discount to its shareholders. Foot Locker, on the other hand, trades at a 78% discount to the industry with its 0.9x P/B valuation. But that is all in the present; it gives you a leg to stand on, but if you want to run, then it is the future you must understand. Analysts are projecting an average earnings per share growth rate of 8% over the next twelve months for the industry and a more specific 4% for Dick's. At the same time, analysts see a lot more upside in Foot Locker's financials, projecting a significantly higher EPS growth rate of 46% over the year. Considering that EPS typically drives stock prices, you can now see why Foot Locker's discount is not pricing in the 46% growth whatsoever. In contrast, other stocks are not only already pricing in their growth but also overextending these projections. Before you consider Foot Locker, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Foot Locker wasn't on the list. While Foot Locker currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Stock market today: US stocks close mixed as investors await this week's Fed testimony 2024-03-05 10:39:00+00:00 - Stock market today: US stocks close mixed as investors await this week's Fed testimony U.S. Federal Reserve Board Chairman Jerome Powell arrives at a news conference at the headquarters of the Federal Reserve on December 13, 2023 in Washington, DC. Win McNamee/Getty Images Stocks ended mixed on Monday as investors looked ahead to Jerome Powell's testimony this week. Fed policy will also be informed by the latest jobs data, set for release on Friday. Nvidia and Super Micro Computer rose over 3% and 19% on Monday. US stocks were mixed on Monday, with limited upside for the S&P 500 and Nasdaq. It's a marked slowdown from last week's record-setting rally, as investors hold back ahead of key central bank commentary. Federal Reserve Chairman Jerome Powell is set to testify before Congress on Wednesday and Thursday. Though markets still expect interest rate cuts to start in June, his comments could clarify where monetary policy is headed. "While a lot of economists are expecting Chair Powell to reiterate many of his comments that he made at the end of the January Fed meeting, there's always the potential some surprises which could lead to some volatility," Commonwealth Financial Network Director of Fixed Income Sam Millete said. Alongside Powell, this week will also feature other Fed speakers. That includes Philadelphia Fed President Tom Harker on Monday and presidents Neel Kashkari and Loretta Mester later in the week. Policy will further be informed by the upcoming February nonfarm payrolls report, scheduled for release on Friday. Estimates are for 210,000 jobs gained last month, compared to 353,000 in January. While broader market moves were muted on Monday, tech stocks continued their upswing. Chipmakers Nvidia and Super Micro Computer led with gains of over 3% and 19%, respectively. Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: Here's what else is going on: Story continues In commodities, bonds, and crypto: Oil prices rose, with West Texas Intermediate dropped 1.5% to $78.78 a barrel. Brent crude, the international benchmark, fell 0.85% to $82.84 a barrel. Gold rose 1.4% to $2,125.90 per ounce. The 10-year Treasury yield climbed three basis points to 4.217%. Bitcoin gained 7% to $67,583. Read the original article on Business Insider
UK economy ‘turns a corner’ as growth picks up; Jeremy Hunt expected to freeze fuel duty again – business live 2024-03-05 09:56:00+00:00 - From 22m ago 09.41 GMT UK economy 'turning corner' as private sector growth hits nine-month high Newsflash: UK private sector output hit a nine-month high last month, a new survey shows, bolstering hopes that Britain is leaving recession. The S&P Global composite Purchasing Managers Index, which tracks activity at services companies and manufacturers, has risen to 53.0 in February, up from 52.9 in January. That shows a pick-up in growth, with service sector companies reporting a sustained increase in business activity last month, with the fastest rise in new work since May 2023. Improving export sales helped to boost total order books in February, today’s services PMI report shows. While output growth at service sector firms softened slightly in February, growth forecasts were the most upbeat since February 2022. It suggests that the shallow recession that began at the end of 2023 may be ending, which should cheer the chancellor ahead of tomorrow’s budget. Photograph: S&P Global Tim Moore, economics director at S&P Global Market Intelligence, explains: “Another solid expansion of business activity across the service sector in February adds to signs that the UK economy has turned a corner after entering a technical recession during the second half of 2023. New business intakes were a particularly bright spot as service providers reported the fastest order book growth since May 2023. Survey respondents cited rising business and consumer spending, linked to improved optimism towards the broader economic outlook. Resilient export sales also provided support to service sector growth, as signalled by the strongest rise in new work from abroad for eight months. BUT…. firms also reported that cost pressures have not abated. The PMI report says: On the inflation front, latest data indicated the strongest rise in input costs across the UK private sector since August 2023. Inflationary pressures intensified in both the manufacturing and service sectors in February, with the latter again posting a much faster overall rise in business expenses. Share Updated at 09.56 GMT 43m ago 09.21 GMT UK car dealers are also urging Jeremy Hunt to provide more incentives for people to buy electric cars, in tomorrow’s budget. Following the news that UK car sales jumped in February, due to business customers, Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), says: “It is promising to see that electric sales continue to grow after a bounce back last month, particularly as OEMs seek to meet the targets set by the ZEV mandate for this year. In recent months, this has primarily been driven by fleet rather than private demand. “In spite of encouraging progress, it is crucial that the Government continues to work with dealers to attain the best outcomes for consumers. “The Spring Budget provides a prime opportunity for the Government to keep this momentum going. NFDA urged the Government, in its Spring Budget submission, to increase consumer confidence in EVs through price incentives and improving electric charging infrastructure. NFDA also stressed to the Government to prioritise investment and growth in the UK automotive sector.” Share 52m ago 09.11 GMT UK's new car market records best February for 20 years It’s official: UK car sales hit a 20-year high for a February last month, driven by business customers. There were 84,886 new car registrations last month, the Society of Motor Manufacturers and Traders has just reported. That’s a 14% increase on last year, and the best performance for any February since 2004. But…… this growth is being driven by business customers, expanding their fleets of cars. Sales to private buyers dropped by 2.6%. The SMMT says: It was the 19th month of consecutive growth, which has primarily been driven by fleets investing in the latest vehicles. Indeed, fleets and businesses were responsible for the entirety of February’s increase, with registrations up 25.2% and 15.5% respectively. Private uptake continued to struggle, with a -2.6% decline to record a 33.7% market share. February is traditionally volatile as the lowest volume month of the year, with buyers often electing to wait until March and the new number plate. New car market records best February for 20 yearshttps://t.co/pFIbdMpsZo pic.twitter.com/lF3gpPpQ8Y — SMMT (@SMMT) March 5, 2024 Sales of battery-powered electric cars rose by 21.8% year-on-year, lifting their market share to 17.7%, while petrol sales rose 13.3% and diesel shrank by 7.4%. As flagged earlier, the SMMT is also urging the chancellor to cut taxes on new electric cars, and lower the tax on public EV charging. The group says: While consumers do not pay VAT on other emission reduction technologies such as heat pumps and solar panels, private EV buyers pay the full 20% levied on all cars, whether they be electric, petrol or diesel. Halving VAT on new EV purchases would save the average buyer around £4,000 off the upfront purchase price – yet cost the Treasury less than the Plug-in Car Grant that was scrapped in 2022.2 Share 1h ago 08.38 GMT Shares in Greggs have jumped 2.5% in early trading, after it reported a 27% rise in profits this morning (see 7.47am). Most of the bakery chain’s staff will also benefit, as Greggs shares 10% of its profits with team members with at least six months of service. That means thousands of Greggs workers will share £17.6 million in bonuses this month, PA Media reports. Share 2h ago 08.33 GMT Another freeze in fuel duty would be welcomed by the UK’s petrol retailers. Gordon Balmer, executive director of the Petrol Retailers Association (PRA), said yesterday: “The Spring Budget presents a pivotal moment for addressing the pressing concerns facing petrol retailers across the UK. Fuel duty has long been a key concern, providing relief to motorists amidst escalating living costs. Temporary cuts and freezes have been welcome, offering relief amidst economic uncertainty. However, the prospect of reversing these measures poses a threat, potentially aggravating the financial strain on consumers already grappling with volatile global energy prices. Conservative MP Jonathan Gullis is also cheered by today’s report that the chancellor will not lift duty tomorrow: A big win for motorists with the Chancellor keeping the 5p cut in fuel duty & continuing the inflation freeze. Delighted to have campaigned with my friend @HowardCCox & @TheSun to deliver this, with drivers £16.50 better off every time they fill up.https://t.co/Rvy1u8tkBM — Jonathan Gullis MP (@GullisJonathan) March 5, 2024 But as this chart shows, the 14-year freeze in fuel duty has cost the Treasury billions of pounds in lost tax, and also lowered the pressure on fossil fuel-powered motorists to drive less, or shift to electric cars. A helpful reminder of why carbon taxes are a great idea in theory, but trickier in practice👇 Each year for more than a decade the UK govt pencilled in a rise in fuel duty (the biggest & simplest of all UK environmental taxes). Each year it bowed to pressure & cancelled the rise pic.twitter.com/75AJLP1872 — Ed Conway (@EdConwaySky) March 4, 2024 Share 2h ago 08.10 GMT The slowdown in the UK housing market has hit earnings at building materials supplier Travis Perkins. Travis Perkins has reported a 61% drop in operating profits, from £285m in 2022 to £110m in 2023, after “a challenging year in weak market conditions”. CEO Nick Roberts cautions that 2024 will be tough too: “Ongoing economic challenges have significantly impacted our trading performance, driven by weakness in the new build housing and domestic RMI sectors, and compounded by deflationary pressures on commodity products. Faced with these challenges, we have invested to protect and build our leading market positions. With market conditions expected to remain a headwind through 2024, the business is fully focused on improving profitability and enhancing cash generation. Shares in Travis Perkins are down 3.3% in early trading. Share 2h ago 07.54 GMT Conditions in the London rental market are returning to normal, estate agent Foxton reports this morning. In its latest financial results, Foxtons says: Lettings market supply and demand dynamics have normalised, with increased levels of available rental stock and fewer tenants registering for each available rental property compared to 2023. Rents soared in the capital last year, as a shortage of properties on the market allowed landlords to push up rental costs. Foxtons lettings book propped up sales in 2023, ⬆️16% while their sales revenue & financial arm both fell by 14%. Rental action boosted their adj operating profit ⬆️2% along with EBITDA ⬆️6% but their integration of Ludlow Thompson dented their profit before tax ⬇️ 34% pic.twitter.com/yWCnw1wesu — Emma Fildes (@emmafildes) March 5, 2024 Foxtons has reported a 5% rise in revenues for last year, while adjusted operating profits rose 2%. Foxtons revenues up 5% in 2023 to £147m profit down from £11.9m to £7.9m mainly due to Ludlow Thompson takeover costs. Sales revenue down 14% to £37m but letting revenue up 16% to £101m and is ‘now largest lettings agent in the UK.” Looks like the direction of travel. pic.twitter.com/sXDyBDgcBr — Peter Bill (@peterproperty) March 5, 2024 Share Updated at 08.05 GMT 2h ago 07.47 GMT Bakers Greggs eyes more growth in 2024 View image in fullscreen Photograph: Danny Lawson/PA In the City, bakery chain Greggs is aiming for more growth in 2024 after reporting a record financial performance for last year. Greggs grew its like-f0r-like sales by 13.7% in 2023, its latest financial results show. Total sales were up almost 20%, with Greggs’ expansion plans leading to a net increase of 145 stores (taking its total estate to 2,473 shops by the end of December) Pre-tax profits jumped by 27% to £188.3m – swelled by a £20.6m insurance payout due to business interruption in 2020 during the pandemic. Greggs benefitted from the slowdown in price rises for raw materials and energy last year Greggs also reports that it has started 2024 “well”, with like-for-like sales up 8.2% ao far this year, and is confident of another year of good progress. Roisin Currie, Greggs chief executive, says: Our strong growth during these tough years for the British economy gives me great optimism for the years ahead. Back in 2021, we were bold when we set out our ambition to double our sales by 2026 but we are ahead of our plan and have proven that our strategy to open new shops, extend into the evening, and build up our digital presence is a successful one. Share 3h ago 07.30 GMT Britain’s AI sector expected to get £100m extra funding in budget Larry Elliott Jeremy Hunt is planning to provide a budget boost to Britain’s growing artificial intelligence sector through a doubling of funding for the Alan Turing Institute – the national body for data science and artificial intelligence. Despite being restricted in his scope for pre-election giveaways by the weakness of the public finances, the chancellor is expected to announce a five-year package of funding worth £100m. The Treasury said the money would allow the Turing – set up in 2015 and named after the pioneering computer scientist and mathematician who died in 1954 – to make fresh advances in data science and AI. The extra funding will be allocated to research in three areas where AI is seen as having an important role to play: transforming healthcare, protecting the environment, and strengthening defence and national security. Treasury sources said the money would have a direct impact on the public through better healthcare and tackling biodiversity challenges. More here: Britain’s AI sector expected to get £100m extra funding in budget Read more Share 3h ago 07.20 GMT Jeremy Hunt set to freeze fuel duty in budget boost for drivers Jeremy Hunt is expected to give motorists a £5bn pre-election tax break in tomorrow’s budget, by – once again – freezing fuel duty. There are multiple reports this morning that the chancellor will extend the current 5p cut in fuel duty for another year. Hunt is also expected to scrap an inflation-linked rise in duel duty – extending a freeze that began in 2011. Another freeze would help motorists through the cost of living squeeze, at a time when motor fuel is rising at the fastest rate in five months. The Daily Mail says it’s a bid to show “the government is on the side of ordinary motorists”. The Times reports: Although not raising fuel duty in line with inflation and keeping the 5p cut will cost the Treasury £5 billion in the next fiscal year, it does not affect Hunt’s room for other tax cuts because they are deemed to be temporary — even though fuel duty has been frozen since 2011. Jeremy Hunt is preparing to freeze fuel duty for another year in a move that will be welcomed by motorists but cost the Treasury about £5bn ⬇️ https://t.co/suRcvDwUla — The Times and The Sunday Times (@thetimes) March 5, 2024 New data from the RAC this morning shows that average price of petrol rose by 4p a litre in February while diesel shot up by nearly 5p. Yesterday, the chancellor insisted that he wants to move the UK to become a “lower taxed economy” but will only do so in a “responsible” way. That implies tax cuts funded by lower spending, rather than higher borrowing. But new data today shows NHS funding faces the biggest cuts in real terms since the 1970s, an influential analysis shows, adding to the pressure on Hunt to prioritise public service funding over tax cuts. NHS funding faces biggest real-terms cuts since 1970s, warns IFS Read more A year ago, the Institute for Fiscal Studies pointed out that the chancellor could fund a bigger pay rise for public sector workers by cancelling plans for a fuel duty freeze…. Share 3h ago 07.20 GMT The Society of Motor Manufacturers and Traders has also repeated its plea for “fairer” taxation of electric vehicles (EVs), urging chancellor Jeremy Hunt to halve VAT on the purchase of new EVs. They also want public charging to be “as easy and affordable as plugging in at home”. Currently, public EV chargers attract a full VAT rate of 20%; but if electric car drivers charge up at home, they only pay 5%. Share 3h ago 07.19 GMT New car market 'records strongest February in 20 years' The new car market recorded its strongest February in 20 years, figures due this morning are expected to show. The latest car registration figures from the Society of Motor Manufacturers and Traders (SMMT) are expected to show that new car sales rose more than 10% last month compared with February 2023. The SMMT also reports that battery-powered electric vehicles had a market share of around 17% last month. We’ll get the full sales data at 9am… Share
UN warns of climate change impact on farms and rural households run by women in poor countries 2024-03-05 09:51:02+00:00 - ROME (AP) — Women who run farms and rural households in poor countries suffer more from climate change and are discriminated against as they try to adapt to other sources of income in times of crises, the United Nations warned Tuesday. A new report by the Food and Agriculture Organization, “The Unjust Climate,” found that female-headed rural households lose on average 8% more of their income during heat waves and 3% more during floods, compared to male-headed households. That disparity translates into a per capita reduction of $83 due to heat stress and $35 due to floods — coming up to an annual total of $37 billion and $16 billion respectively in poor countries, the U.N. agency said in the report. “Considering the significant existing differences in agricultural productivity and wages between women and men, the study suggests that if not addressed, climate change will greatly widen these gaps in the years ahead,” FAO said. The Rome-based FAO came up with the statistics by surveying 100,000 rural households across 24 poor and middle-income countries around the world. The agency then integrated that data with 70 years of precipitation and temperature data. Significantly, the report noted that few government plans to address climate change and promote adaptation strategies take into account the specific vulnerabilities of rural women and youths. Only 6% of the more than 4,000 proposals contained in the national climate adaptation plans of the countries surveyed mentioned women. The report noted that in many poor countries, women are discriminated against in their ability to have rights to land or to make decisions over their work. When they then try to diversify their sources of income as a result of climate crises reducing farm and livestock productivity, they also face discrimination in gaining access to information, financing and technology. The report called for targeted strategies to address the particular vulnerabilities of rural households headed by women. ‘’Social differences based on locations, wealth, gender and age have a powerful, yet poorly understood, impact on rural peoples’ vulnerability to the impacts of the climate crisis,” said FAO’s director general, Qu Dongyu. “These findings highlight the urgent need to dedicate substantially more financial resources and policy attention to issues of inclusivity and resilience in global and national climate actions,” he said.
China is laying out ambitious growth goals for 2024, and even Beijing knows they'll be hard to hit 2024-03-05 09:43:59+00:00 - China's premier, Li Qiang, announced a 5% economic growth target for 2024. The ambitious goal faces headwinds like a property crisis, deflationary pressure, and a demographic crisis. Economists suggest Beijing may need to inject more stimulus into its economy to reach the target. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement China is laying out ambitious growth goals for 2024, and Beijing knows they'll be hard to hit. China — the world's second-largest economy — is targeting economic growth of around 5% this year, Li Qiang, the country's premier, announced on Tuesday. In comparison, China's GDP grew 5.2% in 2023. This was after a brief growth spurt early in the year following the lifting of lockdowns. It's an ambitious target. The country is battling significant headwinds including a property crisis, deflationary pressure, and a demographic crisis. Li acknowledged there are challenges ahead for China while delivering his first work report at the annual meeting of the National People's Congress. Advertisement "Achieving this year's expected goals is not easy," said Li, who took office as premier in March 2023. "It requires focused policies, redoubled efforts, and concerted efforts from all parties." Economists, too, expect the going to be tough for China. "Achieving the 'around 5%' growth target will be very challenging," Nomura economists wrote in a note on Tuesday. The economists said the key challenges China faces are a "still faltering property sector, the crackdown on local government debt accumulation in 12 high-risk provinces, the likely significant slowdown of investment in the new energy sector, and the lacklustre data so far available for January and February." Advertisement ING also thinks the going will be "challenging" as consumption this year is unlikely to be as strong as it was last year due to weak consumer confidence, wrote Lynn Song, the Dutch bank's chief economist for Greater China. "Trade is unlikely to be a major engine of growth as well, with global trade growth expected to remain below historical averages," particularly amid heightened trade protectionism, added Song. Economists are watching to see whether Beijing will inject more stimulus into its economy to help it hit its 5% growth target. Li announced 1 trillion yuan, or $139 billion, of "ultra-long" special central government bonds to stimulate the economy, but more can be done, wrote the Nomura economists. They suggested boosting central government and regional government spending. Advertisement As Deutsche Bank's analysts wrote about China's efforts to drive its economy, "the market's big question will be whether they can back up their growth target with enough stimulus." China and Hong Kong markets don't appear encouraged by Li's announcement. Hong Kong's Hang Seng Index was down 2.7% at 3:49 p.m. local time on Tuesday. The Hang Seng China Enterprises Index was also 2.7% lower. China's blue-chip CSI300 Index edged up 0.7%.
Conformal Coatings Market for PCBs to Reach USD 5.3 billion, Growing 5.5% CAGR | Reports Transparency Market Research, Inc. 2024-03-05 09:33:00+00:00 - Loading... Loading... Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global conformal coatings market for PCBs is estimated to flourish at a CAGR of 5.5% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue conformal coatings market for PCBs is estimated to reach US$ 5.3 billion by the end of 2031. The increasing adoption of PCBs in medical devices necessitates conformal coatings that meet stringent regulatory requirements for biocompatibility, sterilization, and long-term reliability in harsh medical environments. The proliferation of renewable energy technologies such as solar panels and wind turbines requires PCBs with durable conformal coatings to withstand outdoor exposure to UV radiation, moisture, and temperature fluctuations. The expansion of telecommunications infrastructure, including 5G networks and satellite communication systems, drives demand for high-performance PCBs with conformal coatings optimized for reliability and longevity in demanding outdoor environments. The growing interest in space exploration and satellite technology necessitates PCBs equipped with conformal coatings capable of withstanding extreme temperature variations, vacuum conditions, and radiation exposure in space environments. Download Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44288 Key Findings of the Market Report Silicone conformal coatings lead the PCB market, offering superior moisture resistance, flexibility, and thermal stability for electronic components. Spray coating leads the conformal coatings market for PCBs due to its efficiency, uniform coverage, and suitability for various PCB sizes and shapes. UV-cured technology leads the conformal coatings market for PCBs due to its rapid curing, low VOC emissions, and enhanced performance properties. Conformal Coatings Market for PCBs Growth Drivers & Trends Demand for smaller, more compact electronic devices drives the need for thinner and more efficient conformal coatings. Increasingly complex PCB designs necessitate advanced conformal coatings to ensure optimal performance and reliability. Growing focus on eco-friendly and low-VOC coatings spurs innovation in environmentally sustainable conformal coating formulations. The proliferation of electronic components in automobiles fuels demand for robust conformal coatings that can withstand harsh operating conditions. Adoption of high-performance materials such as silicone and acrylic-based conformal coatings enhances PCB reliability and longevity in demanding applications. Loading... Loading... Global Conformal Coatings Market for PCBs: Regional Profile In North America , stringent regulatory standards and a robust electronics manufacturing sector drive market growth. Key players like Henkel AG & Co. KGaA and Dow Chemical Company dominate with advanced formulations tailored to meet stringent requirements. The region's emphasis on innovation and technology adoption fuels continuous product development and market expansion. , stringent regulatory standards and a robust electronics manufacturing sector drive market growth. Key players like Henkel AG & Co. KGaA and Dow Chemical Company dominate with advanced formulations tailored to meet stringent requirements. The region's emphasis on innovation and technology adoption fuels continuous product development and market expansion. Europe boasts a mature conformal coatings market, with Germany, the UK, and France leading the way in electronics manufacturing. Companies like Electrolube and H.B. Fuller cater to diverse industry needs, offering a wide range of conformal coating solutions tailored to specific applications and environmental conditions. boasts a mature conformal coatings market, with Germany, the UK, and France leading the way in electronics manufacturing. Companies like Electrolube and H.B. Fuller cater to diverse industry needs, offering a wide range of conformal coating solutions tailored to specific applications and environmental conditions. Asia Pacific emerges as a vibrant hub for electronics production, led by China, Japan, and South Korea. Rapid industrialization, coupled with the proliferation of consumer electronics, drives substantial market demand. Local players like Shin-Etsu Chemical Co., Ltd. and MG Chemicals capitalize on this growth, offering cost-effective and high-performance coatings to meet the region's evolving requirements. Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44288 Conformal Coatings Market for PCBs: Competitive Landscape The Conformal Coatings Market for PCBs is fiercely competitive, characterized by key players like Henkel AG & Co. KGaA, Dow Chemical Company, and Chase Corporation. These industry giants dominate with extensive product portfolios and global presence. Emerging players such as MG Chemicals and Electrolube are rapidly gaining traction, offering innovative formulations and tailored solutions to meet specific customer needs. Competition is driven by factors like product performance, environmental regulations, and technological advancements. As electronics become more pervasive across industries, the demand for high-quality conformal coatings continues to rise, intensifying competition and spurring innovation in the market. Some prominent players are as follows: Henkel AG & Co. KGaA Dow Chase Corporation Electrolube Shin-Etsu Chemical Co. Ltd. Europlasma N.V. H.B. Fuller Company MG Chemicals Al Technology Inc. Chemtronics Aalpha Conformal Coatings KISCO Ltd. Product Portfolio MG Chemicals offers a comprehensive range of chemical solutions for electronics, automotive, and industrial applications. With a focus on quality and innovation, MG Chemicals provides adhesives, coatings, cleaners, and lubricants designed to meet the evolving needs of modern manufacturing and maintenance industries. offers a comprehensive range of chemical solutions for electronics, automotive, and industrial applications. With a focus on quality and innovation, MG Chemicals provides adhesives, coatings, cleaners, and lubricants designed to meet the evolving needs of modern manufacturing and maintenance industries. Al Technology Inc. specializes in advanced aluminum manufacturing solutions for aerospace, automotive, and industrial sectors. With state-of-the-art technology and expertise, Al Technology delivers lightweight, high-strength aluminum components and assemblies, empowering industries to achieve unparalleled performance and efficiency. specializes in advanced aluminum manufacturing solutions for aerospace, automotive, and industrial sectors. With state-of-the-art technology and expertise, Al Technology delivers lightweight, high-strength aluminum components and assemblies, empowering industries to achieve unparalleled performance and efficiency. Chemtronics is a leading provider of precision cleaning and maintenance solutions for electronic assemblies and industrial equipment. Offering a diverse portfolio of solvents, wipes, swabs, and coatings, Chemtronics ensures optimal performance and reliability while adhering to the highest safety and environmental standards in the industry. Conformal Coatings Market for PCBs: Key Segments By Product Acrylics Silicone Polyurethane Ероху Parylene Fluoropolymers By Operation Method Dip Coating Spray Coating Brush Coating CVD By Technology Solvent-based Water-based UV-cured By End Use Consumer Electronics Medical Automotive Defense Aerospace Marine Industrial Machinery & Equipment Others By Region North America Europe Asia Pacific Latin America Middle East & Africa Buy this Premium Research Report @ https://www.transparencymarketresearch.com/checkout.php?rep_id=44288<ype=S More Trending Reports by Transparency Market Research – Paints & Coatings Market - The global industry was valued at US$ 181.89 Bn in 2021 and it is estimated to grow at a CAGR of 5.2% from 2022 to 2031 and reach US$ 369.85 Bn by the end of 2031 Decorative Coatings Market - The global decorative coatings market is expected to reach US$ 98.6 Bn by the end of 2031 and it is estimated to rise at a CAGR of 4.3% from 2022 to 2031 About Transparency Market Research Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. Contact: Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Email: sales@transparencymarketresearch.com Follow Us: LinkedIn | Twitter | Blog | YouTube
Elon Musk just can't seem to resist the dark urge to start beef with Mark Cuban 2024-03-05 09:29:56+00:00 - Elon Musk mocked Mark Cuban after the latter said he'd vote for Joe Biden's reelection. Cuban said he would still vote for Biden even if the president "was being given last rites." In a jab at Cuban, Musk said Cuban would vote for Biden even if he was a "flesh-eating zombie." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Elon Musk couldn't resist the urge to rip Mark Cuban after the latter voiced his support for President Joe Biden. On Monday, Cuban told Bloomberg in an interview that he'd still vote for Biden even if the president "was being given last rites." "'If Biden were a flesh-eating zombie with 5 seconds to live where, upon being re-elected, Earth would plunge into a 1000 years of darkness, I would still vote for him.' – Mark Cuban," Musk wrote in an X post on Monday. Musk has been a harsh critic of Biden's leadership. Musk, who said he voted for Biden in 2020, has been critical of Biden since the White House excluded Tesla from the president's 2021 EV summit. Advertisement "I think I would not vote for Biden," Musk told moderator Andrew Ross Sorkin at The New York Times Dealbook Summit in November. "I'm not saying I'd vote for Trump." Cuban, for one, didn't seem too fussed by Musk's jab. "While I have your attention. Wanted to say thank you! Your consultants for Tesla followed up today about using Mark Cuban Cost Plus drugs to save the company money. Truly appreciate it," Cuban wrote in a reply. "And my limit is 300 years of darkness," Cuban added. Advertisement While I have your attention. Wanted to say thank you! Your consultants for @tesla followed up today about using @costplusdrugs drugs to save the company money. Truly appreciate it. (And my limit is 300 years of darkness) https://t.co/MpaJp8Ocde — Mark Cuban (@mcuban) March 5, 2024 This isn't the first time Musk has gone after Cuban for the latter's views and remarks. The two billionaires in January feuded over their differing views on corporate diversity, equity, and inclusion (DEI) efforts. Musk has been slamming DEI on X, calling it immoral and illegal and saying that companies who adopt DEI initiatives are discriminating "on the basis of race, gender, and many other factors." Cuban disagreed with Musk's views and defended DEI. At one point, the argument heated up, and Musk called Cuban a "racist" for supporting DEI. Cuban isn't the only one who has been caught in Musk's crosshairs. Musk has lately been picking fights with his business rivals. Advertisement The mercurial billionaire slammed Google for their Gemini chatbot's image-generate feature last month. In a post on X, accused Google of running "insane racist, anti-civilizational programming." And on Thursday, Musk filed a lawsuit against OpenAI, the AI company that he co-founded with Sam Altman. In his lawsuit, Musk accused the company of violating its nonprofit mission when it partnered with Microsoft. Representatives for Musk and Cuban did not immediately respond to a request for comment from Business Insider sent outside regular business hours.
Instagram DMs Just Got Better: Edit Messages, Pin Chats, And More In Latest Update - Meta Platforms (NASDAQ:META) 2024-03-05 09:26:00+00:00 - Loading... Loading... Meta Platforms Inc.‘s META Instagram is introducing new direct messaging (DM) features. The updates aim to enhance user connectivity and messaging experience. What Happened: Instagram announced a series of new DM features that will enable users to have a more flexible and enjoyable messaging experience, the company revealed in a blog post on Monday. The new features include the ability to edit messages within 15 minutes of sending, pinning chats to the top of the inbox, and toggling read receipts in DMs. Users can also save their favorite stickers, upgrade their replies, and personalize their chats with more themes. See Also: Apple Hit With $1.95B EU Fine In Spotify Antitrust Case These features are designed to make the messaging experience more convenient and enjoyable for users. The changes are expected to be rolled out gradually to all users over the coming weeks. Why It Matters: The new DM features come at a time when Instagram is under scrutiny for its updates. In a report by Bloomberg in January, Instagram’s creator community expressed dissatisfaction with the platform’s frequent updates, which they felt led to clutter and confusion. Moreover, the timing of these updates is interesting, given that Instagram is also working on a new feature that mimics Snapchat’s “Friends Map”. These updates could be part of a larger strategy by Meta Platforms to enhance Instagram’s functionality and user experience, potentially addressing some of the platform’s criticisms in recent months. Photo by Gabrielle Henderson on Unsplash Read Next: Big Brother Knows Your Alerts? FBI’s Push Notification Tracking Raises Privacy Alarms Photo by rafapress on Shutterstock Engineered by Benzinga Neuro, Edited by Pooja Rajkumari The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.