A 2.8-magnitude earthquake was reported Tuesday at 8:19 a.m. PT in the View Park-Windsor Hills neighborhood of Los Angeles, according to the U.S. Geological Survey.The epicenter was 7.1 miles below the intersection of Overland Drive and Northridge Drive, near Windsor Hills Elementary School. .In the past 10 days, there have been no earthquakes of magnitude 3.0 or greater at a nearby epicenter.An average of 59 earthquakes of magnitude between 2.0 and 3.0 occur annually in the greater Los Angeles area, according to a recent three-year data sample.Did you feel this earthquake? Consider reporting how you felt to the USGS.Are you…
Author: ricardofrancois
American bank On Tuesday, it reported first-quarter earnings that beat analysts' estimates for earnings and revenue thanks to better-than-expected interest income and investment banking.Here is what the company said:Earnings: 83 cents per share, adjusted, vs. 76 cents expected, according to LSEG Revenue: $25.98 billion, vs. $25.46 billion expectedThe bank said profits fell 18% to $6.67 billion, or 76 cents per share. Excluding an FDIC valuation of $700 million, profit was 83 cents per share. Revenue fell 1.6% to $25.98 billion with net interest income lower than the previous year.Net interest income, or the difference between what the company earns on…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Morgan Stanley's profits rose 14 percent in the first quarter, helped by a recovery in its investment and commercial banking businesses and a better-than-expected performance from its juggernaut wealth management division. Morgan Stanley said net income in the first three months of the year was $3.4 billion, up from $3 billion a year earlier, and comfortably exceeding analysts' estimates compiled by Bloomberg of $2.7 billion. It was the first quarter under new CEO Ted Beck, and it highlighted the ability of Morgan…
Spotify isn't the only one getting to grips with AI-powered playlists; on Tuesday, Amazon announced it would do the same. Amazon Music is now testing Maestro, an AI-powered playlist builder, allowing US customers on both iOS and Android to create playlists using spoken or written prompts, which can even contain emojis. Amazon suggests that in addition to emojis, customers can type prompts that include activities, sounds, or emotions. They can also choose from quick suggestions at the bottom of the screen if they don't know what to type. Seconds later, an AI-generated playlist will appear with songs that – in…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.When the share price of a UK company falls, just blame the London market. Increasingly, companies or their investors are citing poor trading liquidity, or a supposedly widening valuation gap, compared to their U.S. counterparts due to poor stock performance. The London market is not at its best. But it also cannot be the scapegoat for all the UK's corporate problems. Activist investor Sparta Capital Management is calling on London-listed Wood Group to consider a US listing to address the “continued weak…
Crowds march under neon signs on Nanjing Road. The street is the city's main shopping district and one of the busiest in the world.nicada | E+ | Getty ImagesThe International Monetary Fund on Tuesday slightly raised its global growth forecast, saying the economy had proven “surprisingly resilient” despite inflationary pressures and monetary policy changes.The IMF now expects global growth of 3.2% in 2024, a modest 0.1 percentage point increase from its previous forecast in January, and in line with growth forecasts for 2023. Growth is then expected to expand at the same 3.2% pace in Year 2025. .The International Monetary…
Stay informed with free updatesSimply sign up for the myFT Digest Renewable Energy – delivered straight to your inbox.The former Shell CEO has joined private equity group KKR as a senior advisor on energy transition investments in his first role at the company since stepping down from the oil and gas major.Ben van Beurden, who started with KKR on a part-time basis in January, is advising the $553 billion asset investment group on its new global climate strategy within its infrastructure investment unit.The Dutch executive spent 39 years at Shell, including nearly a decade in the top job. He stepped…
There are still four years remaining until the 2028 Summer Olympics in Los Angeles – a long time to prepare for this international sporting event – but local organizers appear to have taken a step back this week.The privately run LA28 committee announced in a brief statement that it had “decided to part ways amicably” with one of its largest sponsors in Salesforce, the customer relations software company.It was not clear where this disconnect left organizers in their stated quest to attract $2.5 billion in sponsorships. They previously generated about $1 billion of that total and were optimistic about landing…
Dow Jones Industrial Average Futures The 30-stock index rose on Tuesday, as the 30-stock benchmark appeared to snap a six-day losing streak as attention turned to the latest batch of corporate earnings.Dow Jones futures added 209 points, or 0.6%. Standard & Poor's 500 futures And Nasdaq 100 futures They both blinked around flat.UnitedHealth Shares rose more than 7% premarket on the back of better-than-expected first-quarter revenue. Johnson & JohnsonAnother member of the Dow Jones posted mixed quarterly results, sending stocks slightly lower.Morgan Stanley It jumped about 3% before the bell after beating analysts' expectations on both lines. Although expectations were…
Volkswagen assembly plant on March 20, 2024 in Chattanooga, Tennessee.Ilya Novelage | Getty ImagesDetroit — “ Volkswagen Workers in Chattanooga, Tennessee, will vote this week on whether to organize with the United Auto Workers union in a key test of the union's influence.A win would give the UAW its first major win for overseas automakers General Motors, ford motorand parent Chrysler Stellantis. It will also provide a starting point for the union's unprecedented regulatory push that includes 13 U.S. automakers after winning major contracts in 2023 with Detroit companies.The loss would mark the latest organizational failure for the Detroit-based union…