A worker stocks shelves at a CVS Pharmacy store on February 07, 2024 in Miami, Florida. Joe Rydell | Getty ImagesUS job growth will likely slow in February while still far from stalling speed as companies continue to maintain demand for workers.When the Labor Department releases its nonfarm payrolls report on Friday at 8:30 a.m. ET, it is expected to show growth of 198,000 and the unemployment rate to hold at 3.7%, according to Dow Jones estimates.If the forecast is close to accurate, it would represent a significant shift from January's massive growth of 353,000, but it still represents a…
Author: ricardofrancois
A producer known for TV shows like “Six Feet Under,” “Blue Bloods” and “How to Get Away With Murder” is facing sexual assault charges after being accused of drugging a man unconscious before performing sex acts.Lawrence Andres, 66, was charged with six felony counts, including sodomy on a victim who was prevented from resisting with a controlled substance, oral copulation of an intoxicated victim, and penetration of an intoxicated person, authorities said. Authorities claimed the assault occurred in Los Angeles on June 30, 2022.Andres, who has pleaded not guilty to the charges, was released on $150,000 bail and has not…
Rivian CEO RJ Scaringe reacts at an event to unveil a smaller R2 SUV in Laguna Beach, California, US, March 7, 2024.Mike Blake | Reutersshares Rivian Cars The EV company's stock rose 13% Thursday as the electric vehicle maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction at a plant in Georgia.Two of those electric cars came as a surprise to consumers and investors. While announcing the company's upcoming R2 SUV, Rivian CEO RJ Scaringe revealed two more crossovers called the R3 and the R3X, which is the performance variant.The R2 is…
Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled “Semiannual Monetary Policy Report to Congress” in the Dirksen Building on Thursday, March 7, 2024.Tom Williams | Cq-roll Call, Inc. | Getty ImagesFederal Reserve Chairman Jerome Powell indicated Thursday that interest rate cuts may not be too far away if inflation signals cooperate.In his remarks to the Senate Banking Committee, the central bank chief did not provide a specific timeline for when he sees easing occurring, but indicated that day could come soon.“We are waiting to become more confident that inflation is moving…
LONDON — Former President Trump has been ordered to pay a six-figure legal bill for a company founded by a former British spy that he unsuccessfully sued for making what his lawyer called “shocking and scandalous” false claims that damaged his reputation. A London judge, who dismissed the case against Orbis Business Intelligence last month saying it was “doomed to failure,” ordered Trump to pay $382,000 in legal fees, according to court documents released Thursday.The case before the British court was one of the few in which Trump, who is almost certain to win the Republican presidential nomination in 2024,…
Stay informed with free updatesSimply subscribe to the myFT Digest of US and Canadian companies – delivered directly to your inbox.The United States is finalizing another round of regulations for global banks. That means it's time for the best (and worst!) regulatory lobbying campaigns money can buy. Federal Reserve Chair Jay Powell assured Congress this week that there would be “broad and material changes” to proposed bank capital rules — known by the cheesy name “Basel III endgame” — by the end of this year. This shouldn't be a shocking development, as Powell expressed concern about the potential downsides of…
Two days after the food hospitality operator of a trendy downtown hotel closed its restaurants and laid off food and beverage employees, a new outside management company moved in and hired an entirely new group of workers, according to a complaint filed with the Los Angeles City Attorney's Office.The laid-off food and beverage workers had tried to unionize months earlier. They claim Figueroa Hotel and its hospitality operator, The Botanical Group, left them out of hiring, potentially violating the city's “right to return” ordinance that requires new hotel owners or operators to retain on-site employees for a transitional period, according…
US companies are flush with cash and are buying back a near-record amount of stock this year. President Biden wants to raise taxes on those buybacks. In his State of the Union address tonight, Biden will reportedly propose raising the taxes companies pay when they buy back their own stock, to 4% from 1%. The theory is that additional taxes on buybacks will encourage companies to invest in hiring more people or making capital expenditures (more plants, buildings, or technology) rather than buying back their own stock. While the validity of this theory is debatable, there is no doubt that…
Konstantin Trubavin | Cavan | Getty ImagesThe investor's psychological state can be volatile. Consider this common scenario: The stock market is going through a rough patch, and skittish investors bail out their money and put it on the sidelines, thinking it's a “safer” way to weather the storm.However, the mathematics suggests – quite convincingly – that this is usually the wrong strategy.“Getting in and out of the market, it's a loser's game,” said Lee Baker, a certified financial planner and founder of Apex Financial Services in Atlanta.Why? Withdrawal during volatile periods may cause investors to miss the biggest trading days…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.The roadshow for Reddit's closely watched public debut will begin on the New York Stock Exchange on Monday, as it prepares to begin trading the following week in a slate of technology that will set the tone for the market in 2024.The social media platform is trying to secure a major investor as it touts its fast-growing advertising business and the promise of revenue from the sale of its data. Reddit plans to price its initial public offering on March 20 and…