Faraday Future has avoided being kicked out of its Los Angeles headquarters — for now. The struggling electric car startup reached an agreement April 2 with its owner, Rexford Industrial, to remain in the building as long as it meets certain conditions. If the startup violates any of the terms, Rexford has the right to demand payment within 48 hours and can run Faraday Future if it doesn't pay up. If Faraday Future makes its payments, it could remain in the building until September 2025 when its lease expires. The decision comes as Faraday Future is once again in financial…
Author: ricardofrancois
Check out the companies making headlines in midday trading. Intel – the tech giant sank 8% after revealing a $7 billion operating loss at its semiconductor manufacturing – or foundry – business in 2023. Spotify Technology – the music streaming company jumped more than 8%. Spotify is raising prices for its premium subscription service in several markets, including the United States, Bloomberg reported. These increases will be the second time the company has raised prices within one year. Ulta Beauty – Shares of the beauty retailer fell more than 15%. Ulta warned at a conference that category growth was slowing…
The Los Angeles City Council on Wednesday backed a developer's plans to replace the popular Sportsmen's Lodge in Studio City with a 520-unit apartment complex and mixed-use development.The council voted 13-1 to deny the project's appeal, allowing Midwood Investment & Development to demolish the popular event center and hotel at Ventura Boulevard and Coldwater Canyon Avenue.In addition to 520 residential units, 78 of which will be allocated to low-income tenants, the project will provide 46,000 square feet of commercial space. A bicycle and pedestrian path is also planned along the Los Angeles River.Grocery chain Erewhon, which operates a store at…
For the fourth time in Powerball history, the jackpot crossed the $1 billion threshold after Monday's drawing revealed no winners. The prize now stands at $1.09 billion to the person who correctly guesses Wednesday night's numbers. Starting in 2016, Powerball changed the rules, charging higher fees per ticket and making it more difficult to win. the influence? Hitting faster and bigger jackpots tempts even the most rational people. We could continue to see jackpot numbers rise to ever more ridiculous levels even as the chances of winning remain 1 in nearly 300 million, said Jonathan Cohen, historian and author of…
Alexander Spatari | moment | Getty ImagesThe Biden administration moved this week to limit how much rent can rise in some affordable housing units across the country.While some housing experts criticized the move, tenant advocates said the new rule, which will cap rent increases at 10%, will help people stay in their homes.“Rent is still very high, but this cap will provide stability for more than a million tenants,” said Tara Raghuveer, director of the National Federation of Tenants Union.More personal finance:Top colleges are expanding financial aid awards to eliminate student loansWhat you need to know about Social Security's new…
(L-R) Walt Disney Company CEO and Chairman Bob Iger and Mickey Mouse look on before the opening bell at the New York Stock Exchange (NYSE), November 27, 2017 in New York City. Drew Angerer | Getty ImagesDisney Preliminary results showed that shareholders on Wednesday re-elected the media conglomerate's full board of directors, handing a tough defeat to activist Nelson Peltz and former Marvel CEO Ike Perlmutter, both of whom called for change at one of America's most iconic companies.The widely expected victory culminates a months-long combative process and confirms the board's decisions, from the move to bring back Chief Executive…
Stay informed with free updatesSimply subscribe to Education myFT Digest – delivered straight to your inbox.The writer chairs the Board of Trustees of National Numeracy, a UK charityWe know the UK has a productivity problem. The gender pay gap is also well documented. A number of recent reports have identified career barriers faced by women, which include the prevalence of gender stereotypes and a lack of representation of female entrepreneurs and role models. The 2019 Rose Review concluded that if the UK achieved the same rates of female entrepreneurship and business ownership as our “best-in-class” peers, it could add £200…
ISM Services: Activity in the US services sector is expected to expand again in March, reaching a reading of 52.7 from 52.6 in February, according to economists polled by Reuters.US Private Payrolls: Payroll processing company ADP will release its US employment report for March, providing insight into the labor market ahead of official government numbers on Friday. Private sector employers are expected to add 148,000 jobs in March, compared to 140,000 jobs added in February.Earnings: Denim retailer Levi Strauss is expected to report first-quarter revenue down from a year earlier as consumers continue to cut back on discretionary spending amid…
Jerome Powell, Chairman of the US Federal Reserve, during a Fed listening event in Washington, DC, US, Friday, March 22, 2024. Three decisions from the central bank this week sent a clear message to markets that officials are preparing to ease monetary policy, This reignited investors' appetite for risk.Bloomberg | Bloomberg | Getty ImagesFederal Reserve Chairman Jerome Powell said on Wednesday that it will take some time for policymakers to assess the current state of inflation, making the timing of potential interest rate cuts uncertain.Speaking specifically about stronger-than-expected price pressures to start the year, the central bank chief said he…
[The stream is slated to start at 12:10 p.m. ET. Please refresh the page if you do not see a player above at that time.]Federal Reserve Chairman Jerome Powell speaks Wednesday at the Stanford Business, Government and Society Forum. He will deliver prepared remarks followed by a question and answer session with the moderator.The Latest: Fed's Powell stresses need for more evidence that inflation is falling before cutting interest ratesThe appearance comes after the Fed's meeting last month in which it held interest rates steady and Powell indicated the central bank was likely to cut interest rates later this year.…