New York – US stocks fell on Friday after a mixed start to the earnings reporting season. Concerns about the possibility of escalating tensions in the Middle East have shaken financial markets, prompting investors to look for safer places for their money.The S&P 500 fell 1.5% to close its worst week since October, when a major rally began on Wall Street. The Dow Jones Industrial Average fell 1.2%, and the Nasdaq Composite Index fell 1.6% from the record it set the previous day.JPMorgan Chase was one of the heaviest heavyweights in the market. It fell by 6.5% despite announcing stronger…
Author: ricardofrancois
Movie theaters need more movies. Will they get enough to truly thrive again? That was the central question at CinemaCon 2024, the annual convention that brings together Hollywood studios and cinema operators in Las Vegas this week. Exhibitors have pleaded with major studios to release more films with different budgets on the big screen, while studios have made it clear that their upcoming slate is strong enough to keep them in business.Once again, CinemaCon, where studios invite executives and movie stars to showcase their upcoming blockbusters, has arrived at a particularly difficult time for the film industry.After surviving a devastating…
Tesla has cut the price of its Full Self-Driving (FSD) software subscription to $99 per month, down from $199 per month, as the electric car maker aims to boost adoption of its advanced driver assistance system ahead of first-quarter earnings. The price cut comes two weeks after Tesla launched a free one-month trial of FSD to every US customer with a compatible Tesla vehicle. That trial is still ongoing. Previously known as FSD Beta, Tesla now refers to the program as “Supervised FSD” to clarify that the program does not convert Teslas into self-driving vehicles, and human drivers still need…
The city of Los Angeles will provide informational resources to 99-cent-only workers who have lost their jobs as a result of impending discount store closures, Mayor Karen Bass announced Friday. She added that the support will extend to people who work in more than 30 of the company's stores in the city. 99 Cents Only Stores, which operates 371 discount stores in California, Texas, Arizona and Nevada, announced last week that it would close all of its locations and end its business after 42 years. “We must do everything we can to support Angelenos during this difficult time,” Bass said.…
Stay informed with free updatesSimply sign up for the War in Ukraine myFT Digest – delivered straight to your inbox.The United States has accused China of supplying Russia with cruise missiles, drone engines and ballistic missile robotic tools, as it urges Europe to step up diplomatic and economic pressure on Beijing to halt the sales.In revealing previously classified intelligence, senior US officials said that Chinese and Russian groups are jointly working on producing drones inside Russia. They added that China also supplied Russia with 90% of the chips it imported last year, which were used in manufacturing tanks, missiles and…
US President Joe Biden delivers a virtual address to the National Action Network Conference, in the South Court Room of the Eisenhower Executive Office Building, next to the White House in Washington, D.C., on April 12, 2024. Mandel Ngan | AFP | Getty ImagesPresident Joe Biden said on Friday that he expects Iran to strike Israel soon, and reiterated that the United States will support and defend Israel in the event of such an attack.At a White House event, when asked by reporters whether he believed an attack by Iran was imminent, Biden said that although he did not want…
After storms inundated California in early 2023, the IRS and state Franchise Tax Board gave most taxpayers in the state until mid-November to file their returns and pay what they owe.After storms deluged California in early 2024, the IRS and Franchise Tax Board gave San Diego County taxpayers until mid-June to file their returns and pay what they owe. For everyone else in the state, Monday remains the filing deadline — at least for now. If you don't pay at least a significant portion of your 2023 taxes by then, you'll automatically be penalized, even if you file for an…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Jane Street is suing Millennium Management and two former employees for stealing trade secrets in a rare public spat between two major Wall Street investment firms. In a complaint filed in federal court in Manhattan on Friday, Jane Street alleged that Douglas Shadewald and Daniel Spottiswoode, two former employees who defected to the multi-manager firm earlier this year, stole a “high-value, unique and proprietary” trading strategy.Jane Street said in the complaint, parts of which were redacted, that her profits from the secret…
Robert McNeil, whose coverage of the Watergate scandal led to PBS's first nightly newscast, died Friday after a long illness. He was 93 years old.A PBS representative confirmed McNeil's death. The cause of death was not mentioned.MacNeil was the founding anchor of “PBS NewsHour,” which was first launched in 1975 as “The Robert MacNeil Report” and later renamed “The MacNeil/Lehrer NewsHour.” In the years before cable news and the Internet, the program was the only national television alternative to the newscasts on ABC, CBS and NBC.MacNeil was born in Halifax, Nova Scotia, on January 19, 1931, the son of a…
The StubHub logo appears at its headquarters in San Francisco.Andrei Sokolov | Image Alliance | Getty ImagesStubHub is eyeing an IPO in the summer, a person familiar with the matter told CNBC.The online ticketing service is aiming for a valuation of at least $16.5 billion, which was estimated in late 2021 during the latest round of private financing.The company has been working with JP Morgan And Goldman Sachs During the past two years since the IPO. The information was the first to report the news.StubHub has been a long-time player in the ticketing industry since its launch in 2000. It…